SNS Reaal narrows losses to €125m
Dutch financial services group SNS Reaal reported losses of €125m for the first half of 2014 which were largely due to its insurance branch Vivat, while the SNS Retail bank recorded profits.
The SNS Retail bank reported a profit of €114m, while the insurance division recorded losses of €225m. Last year, SNS Reaal reported a loss of €1.6bn, mainly due to loan impairments of property finance as a result of nationalisation.
SNS Reaal has been nationalised by the Dutch state in 2013 and is currently in the process of selling its insurance activities.