Nationalised SNS Reaal posts a loss of almost €2bn on write-downs

Nationalised banking and insurance company SNS Reaal booked a loss of almost €2bn in 2013.

The loss was largely due to a €1.54 write-off on its property division Property Finance, which caused the company’s financial problems in the first place. That unit was separated from the rest of the company at the end of last year.

Insurance divisions AXA and Zwitserleven were also written down. Excluding write-offs and one-offs, the company would have booked net profit of €386m.

The company says it added 50,000 new clients and a €1.8bn increase in savings last year, taking the total to €33bn.

The European Commission approved the nationalisation, which took place a year ago, on condition SNS Reaal separates into two and divests its insurance activities. The finance ministry is currently looking into the options.

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