SNS Reaal

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Naamloze vennootschap under public ownership
Traded asEuronextSR
IndustryFinancial services
HeadquartersUtrecht, Netherlands
Key people
Gerard van Olphen[1] (CEO), Rob Zwartendijk (Chairman of the supervisory board)
ProductsRetail banking, insurance
Revenue€7.068 billion (2010)[2]
Decrease (€225 million) (2010)[2]
Total assets€127.67 billion (end 2010)[2]
Total equity€4.833 billion (end 2010)[2]
Number of employees
7,110 (FTE, 2010)[2]
SubsidiariesASN Bank, AXA Nederland, REAAL, SNS Bank, SNS Regiobank, Zwitsersleven

SNS REAAL is a Dutch financial institution in insurance and banking which focuses on the private market and small to medium businesses and is since its nationalisation on 1 February 2013 a government-owned corporation.

The services to private and corporate clients are mainly from SNS Bank and insurance brand REAAL. SNS Bank serves its customers through its own stores, independent intermediaries, internet and telephone. REAAL sells its products and services exclusively through independent brokers.

As of 2011 the company had assets amounted to €132 billion, with about 7,000 full-time equivalent employees.



SNS was listed on the Euronext Amsterdam from 18 May 2006[3] until 31 January 2013. The "Foundation SNS REAAL" sold part of its stake in the company, its share decreased from 100% to 65.5%. The sale resulted in proceeds of approximately €950 million. At the flotation, SNS REAAL also gave out about 25 million new shares, this yielded €415 million. The shares were placed at a price of €17 each. End of 2006, the market capitalization of SNS amounted to €3.9 billion. The importance of the foundation in SNS has now fallen to just over 50%.


The bank used the money raised as part of the IPO for acquisitions and in particular wanted to buy an insurance company. 2006 and 2007 saw three major acquisitions.


In the summer of 2006, Bouwfonds Property Finance (BPF) was acquired, which was part of Bouwfonds Nederlandse Gemeenten NV, a former semi-public company that is mainly focused on owner-occupied homes and mortgages. The fund was fully privatized in 2005, because the latter municipalities sold their shares to the new owner ABN AMRO.[4] In 2005, BPF had a net profit of €87 million. After the acquisition, the part resumed its activities under the name SNS Property Finance.

Seller ABN AMRO received €810 million for this activity.[5] SNS REAAL strengthened in this way its position in the small to medium business market, and reduced its dependence on the mortgage market. At end of 2006, the loan portfolio of SNS Property Finance's was valued at €8.8 billion, of which 77% was in the Netherlands. Eventually, this acquisition ended up disastrous for SNS REAAL. The depreciation on real estate purchase eventually led to the forced nationalization of SNS REAAL on 1 February 2013.


In early June 2007 it was announced that SNS Reaal took over the Dutch activities of the French insurance group AXA for an amount of €1.75 billion.[6] This was partly financed by the issuance of new shares. After this acquisition, SNS was the fifth player in the Dutch insurance market. Only Eureko, ING, Fortis and Aviva have a larger share. The acquisition increases the market share, on the basis of the premium, to over 9%.


In November 2007 SNS REAAL and Swiss Life announced that the Dutch and Belgian activities of Zwitserleven is taken over by SNS REAAL.[7] SNS became the second pension and life insurance company in the Netherlands. Winterthur, AXA and the pension and life insurance products of SNS then continued under the name Zwitserleven. SNS paid over €1.5 billion, which was almost 17 times the annual profit for the acquisition.

Capital injections[edit]

As a direct result of the credit crunch SNS received €750 million from the government in November 2008. The government received in exchange for this special effects based on a price of €5.25 per piece, under the Dutch standard terms.


On 1 February 2013 the Dutch Minister of Finance, Jeroen Dijsselbloem, announced the decision to expropriate securities and assets of SNS REAAL and SNS Bank NV in connection with the stability of the financial system, thus bringing the bank under State control.[8] The initial cost of the nationalisation was put at 3.7 billion euros.[9] Unlike in many previous European bank bailouts, junior bondholders were not bailed out and lost their investment completely, although senior bondholders were still protected.[10]

Insurance Division Sale to Anbang[edit]

It was announced in February 2015 that the firm would sell its Vivat insurance arm to Chinese financial group Anbang in a deal worth €1.4 billion.[11] In 2017 CEO of Anbang has been detained by Chinese authorities for misconduct and Anbang is investigating the sale of various assets to improve financial stability


SNS also operates under various other brands in specific markets:

The Life Insurance Companys of the group are:[12]

  • SRLEV NV, also the trade Europe Life, Extra Medium, Happy Service Insurance, Insurance Hooge Huys, Hooge Huys Virtual Workshop, REAAL, REAAL Virtual Workshop
  • Proteq levensverzekeringen NV

Financial results[edit]

Year[13] Turnover Net income Balance sheet total Employees
2011 Decrease €6,119,000 Increase €87 million Increase €132,174,000 Decrease 6928
2010 Decrease €7,068,000 Decrease – €260 million Decrease €127,713,000 Decrease 7113
2009 Increase €8,497,000 Increase €17 million Increase €128,900,000 Decrease 7520
2008 Increase €5,137,000 Decrease – €504 million Increase €125,359,000 Increase 7535
2007 Increase €4,543,000 Increase €465 million Increase €103,074,000 Increase 6713


  1. ^
  2. ^ a b c d e "Annual Results 2010". SNS Reaal. Archived from the original on 24 July 2011. Retrieved 27 February 2011. Cite uses deprecated parameter |dead-url= (help)
  3. ^ Trouw, Beursgang SNS Reaal, 22 mei 2006 klik hier voor artikel, geraadpleegd op 12 November 2012
  4. ^ Trouw, SNS Reaal neemt Bouwfonds Property Finance over, 10 oktober 2006 Link naar article, geraadpleegd op 9 November 2012
  5. ^ FEM Business & Finance, Vastgoedfinanciering: SNS Reaal koopt risico’s, 5 August 2006 klik hier voor artikel, geraadpleegd op 12 November 2012
  6. ^ NRC Handelsblad, SNS Reaal koopt Axa Nederland voor 1,75 miljard, 4 juni 2007 Link naar artikel, geraadpleegd op 9 November 2012
  7. ^ NRC Handelsblad, SNS Reaal koopt Zwitserleven, 19 November 2007 klik hier voor artikel, geraadpleegd op 9 November 2012
  8. ^
  9. ^ "Dutch nationalise SNS Reaal bank group in $14 billion rescue". Reuters. 1 February 2013.
  10. ^ In New Euro Boss, a Hard-Line Future, New York Times, 8 March 2013
  11. ^ "China's Anbang to buy SNS insurance arm in deal worth $1.6 billion" (Press release). Reuters. 16 February 2015.
  12. ^ DNB register levensverzekeraars
  13. ^ Various reports SNS REAAL

External links[edit]