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Final split-up of SNS REAAL in the course of 2015

Thursday, April 2, 2015

RESTRUCTURING PROCESS SNS REAAL ENTERS FINAL STAGE

  • Completion of sale VIVAT to Anbang Insurance Group expected in the third quarter of 2015
  • SNS Bank will be transferred from SNS REAAL to the Dutch State following completion of sale VIVAT
  • SNS REAAL to be dismantled following transfer of VIVAT and SNS Bank

SNS BANK IN 2014: ENCOURAGING COMMERCIAL DEVELOPMENTS; SOLID FINANCIAL PERFORMANCE

  • SNS Bank welcomed 231,000 gross new customers; market share new retail mortgages doubled to 3.7%; market share retail savings increased to 10.7%
  • Higher 2014 net profit excluding one-off items of € 294 million (2013: € 263 million), supported by higher net interest income and lower loan impairments
  • Net profit of € 151 million, including a one-off charge of € 76 million for the resolution levy on Dutch banks related to the nationalisation of SNS REAAL and a € 67 million goodwill impairment
  • Solid Common Equity Tier 1 ratio of 15.6%, up compared to year-end 2013 (15.1%)

VIVAT IN 2014: RESULTS AND SOLVENCY UNDER PRESSURE

  • Market share in individual regular life premiums slightly lower at 17%; market share regular group life premiums lower at 7%; market share non-life premiums lower at 5%
  • Lower 2014 net profit excluding one-off items of € 85 million (2013: € 135 million) due to pressure on technical results and lower investment income
  • Net loss of € 605 million due wholly to € 690 million of one-off items, mainly driven by the IFRS LAT shortfall
  • Decline in regulatory solvency to 136% at year-end 2014 (year-end 2013: 172%) due to changes in models and cost parameters and unfavourable movements in interest rates

SNS REAAL IN 2014: NET PROFIT EXCLUDING ONE-OFF ITEMS OF € 327 MILLION

  • Held for sale classification Insurance activities due to announced sale led to a € 206 million write-off of all remaining (in)tangible fixed assets of VIVAT at SNS REAAL level
  • Net loss SNS REAAL of € 712 million due to VIVAT’s net loss and held for sale classification

"I would like to thank all our customers and express my appreciation to our employees for their commitment to the restructuring process of SNS REAAL."

Gerard van Olphen, CEO SNS REAAL

“In 2014, the Holding, Banking and Insurance activities of SNS REAAL have been almost fully disentangled. On 16 February 2015 we announced the sale of VIVAT, completion of which will safeguard the interests of policyholders and employees. With the intended subsequent transfer of SNS Bank to the Dutch State, the split-up of SNS REAAL will be finalised in the course of 2015. SNS Bank posted solid commercial and financial results in 2014. Both customer satisfaction and market shares improved. Solvency of SNS Bank remained strong. In contrast, VIVAT had a difficult year, with earnings and solvency under severe pressure. One-off items pushed results of VIVAT sharply into the red. In all, SNS REAAL posted a net loss for 2014 of € 712 million. I would like to thank all our customers and express my appreciation to our employees for their commitment to the restructuring process of SNS REAAL, thereby laying the foundation for a separate future of VIVAT and SNS Bank”, said Gerard van Olphen, Chairman of the Executive Board.

For more information please contact

Corporate Communications

Chantal van den Berg

Chantal van den Berg

+31 (0)6 - 51 41 49 69

corporatecommunicatie@snsreaal.nl

Hilbert Bredemeijer

Hilbert Bredemeijer

+31 (0)6 - 13 88 03 81

corporatecommunicatie@snsreaal.nl

Elvira Bos

Elvira Bos

+31 (0)6 - 83 24 50 14

corporatecommunicatie@snsreaal.nl

 

Investor Relations

Jacob Bosscha

Jacob Bosscha

+31 (0)30 291 42 46

jacob.bosscha@snsreaal.nl

Kagan Köktas

Kagan Köktas

+31 (0)30 291 42 47

kagan.koktas@snsreaal.nl