SNS Reaal sells Dutch insurance arm to Anbang
Financial services company SNS Reaal has agreed to sell its Dutch insurance arm to Anbang Group, a subsidiary of Chinese insurer Anbang Insurance.
Anbang will acquire 100 percent of the shares of Vivat Verzekeringen for € 150 million. The sale is expected to complete in the third quarter of 2015.
SNS Reaal said that the solvency of Vivat will be strengthened to adequate levels through a capital injection. However, if there is a strong decline in IFRS equity between December 31, 2014 and June 30, 2015, the transaction will not materialise.
Following completion of the sale of, SNS Reaal will take the next step in the restructuring process following the nationalisation. In consultation with the Dutch State, the company has decided to work towards a standalone position for SNS Bank.
It is anticipated that the first step in this process will be a transfer of SNS Bank from SNS Reaal to the Dutch State at the time of the sale of Vivat.
Gerard van Olphen, chairman of the executive board: “SNS Reaal is pleased to announce the sale of VIVAT to the Anbang Insurance Group. Based in China, Anbang operates globally with activities in North America, Europe and Asia. We welcome the investment of Anbang in the Dutch insurance sector.
Through the sale, Vivat will fulfil an important role in further expanding the insurance activities of Anbang in the Netherlands. We have come to know Anbang as a very dedicated and professional party that is actively expanding its business outside of China.
“The transaction will safeguard the interests of policyholders and employees of VIVAT. With the separation of Propertize on 30 December 2013, the current sale of VIVAT and the forthcoming transfer of SNS Bank to the Dutch State, we are moving on to the final stage of the restructuring process of SNS REAAL.’’
