The cabinet plans to list nationalised insurance company ASR on the stock exchange before the end of June, government officials said on Friday.

The official ‘intention to float’ notice did not say how much of the company would be sold off but did say it would be a ‘considerable portion’. According to the Financieele Dagblad, this keeps all the government’s options open.

The shares will be sold to private and institutional investors.

The notice did not indicate how much the government is hoping to raise but the Financieele Dagblad said that given the size of the company ASR could be the second biggest flotation of the year, behind Philips’ lighting division.

ASR, once Fortis Verzekering Nederland, was nationalised in 2008 when financial services group Fortis needed rescuing. The unit has never been in financial trouble itself and has not had any state support, the FD said.