SNS REAAL and Delta Lloyd Group have come to a mutual understanding concerning the sale of the shares of Swiss Life Belgium to Delta Lloyd Group for an amount of EUR135 million in cash.
SNS REAAL and Delta Lloyd Group have come to a mutual understanding concerning the sale of the shares of Swiss Life Belgium to Delta Lloyd Group for an amount of EUR135 million in cash.
SNS REAAL had decided to sell Swiss Life Belgium because the company’s strategic focus is on the Netherlands. The consideration of EUR135 million is based on financial data as at 31 December 2006. The final consideration will be based on financial data as at 31 December 2007. The transaction includes the same indemnities as were provided by Swiss Life Holding to SNS REAAL.
The acquisition of Swiss Life Belgium fits the ‘Future Secured’ strategy of Delta Lloyd Group, which seeks to further strengthen Delta Lloyd Group’s position in its key markets. The new combination underpins Delta Lloyd Life Belgium’s claim to being the pension insurer. Delta Lloyd Life will obtain a firm position on the Belgian market, reaching a top five position in Group Life.
The agreement between SNS REAAL and Delta Lloyd Group is subject to completion of the acquisition of the Dutch and Belgian activities of Swiss Life Holding as announced by SNS REAAL on 19 November. The completion of that transaction and the transaction with Delta Lloyd Group is subject to approval from the relevant regulators and works council and is expected to take place in the second quarter of 2008.
Swiss Life Belgium is a multi-line insurer with a strong focus on pension products. Swiss Life Belgium generated Euro 475 million GWP in 2006 of which 85% was traditional and 15% unit linked. The Belgian operations in Brussels employ 360 people (FTE).
The acquisition of the Dutch activities of Swiss Life –known under the brand name Zwitserleven – by SNS REAAL will not be impacted by the sale of Swiss Life Belgium. The acquisition of Zwitserleven is expected to be accretive to earnings per share for ordinary shareholders of SNS REAAL starting in the first 12 months following the completion of the acquisition.
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Enquiries:
Media
David Brilleslijper, director corporate communications, Delta Lloyd, +31 (0) 20 594 44 88
Notes to editors
About SNS REAAL
- SNS REAAL is an innovative service provider in the banking and insurance sector with a focus on the Dutch retail market and on small and medium-sized businesses. Its activities cover three core product groups: mortgages and property finance, savings and investments and insurance. SNS REAAL has a long history of commitment to Dutch society.
- With a balance sheet total of EUR 83 billion (as of June 2007), SNS REAAL is one of the leading bank-assurance institutions in the Netherlands. The company has approximately 7,000 employees. Its head office is located in Utrecht, the Netherlands.
About Delta Lloyd Group
- Delta Lloyd Group offers its customers security, by insuring risks and income as well as by building provisions for the future. It does so under the brand names Delta Lloyd, OHRA and ABN AMRO Verzekeringen and operates in the Benelux countries and Germany. In 2006, Delta Lloyd Group generated gross premium income of EUR 6 billion and posted profit before taxation of EUR 845 million. Delta Lloyd Group has approximately 7,000 employees. As at the end of June, 2007, the Group’s assets under management amounted to EUR 63 billion.
- In Belgium, Delta Lloyd Group is a mid-sized banc institution with 300 points of sale and a Life insurer with gross premium income amounting to EUR 300 million in 2006.
Disclaimer
- This press release contains only factual information and should not be regarded as an opinion or recommendation concerning the purchase or sale of shares or other securities issued by SNS REAAL N.V. This press release does not contain any value judgement or predictions with respect to the financial performance of SNS REAAL N.V