Nationalised financial services group SNS Reaal posted a net loss of €712m in 2014, due to one-offs at its insurance arm.

Excluding one-offs, net profit would have reached €327m, the company said in a statement on Thursday.

SNS Reaal, nationalised at the beginning of 2013, has been divided into a banking arm (SNS Bank) and an insurance company (Vivat), which will be sold to Chinese insurer Anbang this year. That deal is expected to be completed in the third quarter.

The bank itself, which will remain in state hands for some time, booked net profit of €151m.

The bank increased its client base by 98,000 last year and doubled its share of the Dutch mortgage market to 3.7%. SNS Bank also has almost 11% of private savings under management.