Thursday, February 13, 2014

  • Core activities SNS REAAL post net profit excluding one-off items of € 386 million; Including one-off items net loss of € 414 million
  • Strong core Tier 1 ratio SNS Bank of 16.6%; Regulatory solvency Insurance activities slightly lower at 172%; Double leverage SNS REAAL markedly improved
  • Strategic restructuring further implemented following final EC-decision: Property Finance split off on 31 December 2013 and renamed Propertize; Insurance activities being prepared for divestment
  • Net loss SNS REAAL of € 1,950 million driven by loss at Property Finance and one-off items at the Insurance activities
SNS RETAIL BANK
  • Sharply higher net profit excluding one-off items of € 269 million (2012: € 124 million), mainly due to higher net interest income
  • Sharply higher net profit of € 190 million (2012: € 88 million), in spite of a one- off charge related to revaluation of DBV securitisation structures
  • SNS Retail Bank welcomed over 50,000 new clients; Retail savings balances increased to € 33.3 billion; Production new retail mortgages picked up in the fourth quarter
  • Core Tier 1 ratio Banking activities improved to 16.6% (6.1% at year-end 2012)
INSURANCE ACTIVITIES
  • Lower net profit excluding one-off items of € 124 million (2012: € 402 million), driven by lower realised gains on bonds and a lower underlying profit
  • Net loss of € 623 million (2012: net loss of € 147 million), due to one-off impairments of intangible assets, mainly related to acquisitions of AXA NL and Zwitserleven
  • Regulatory solvency slightly lower at 172% (176% at year-end 2012)
PROPERTY FINANCE
  • Net loss of € 1,536 million due to write-off to bring valuation real estate finance portfolio in line with transfer value as determined by Dutch State
  • Property Finance separated from SNS REAAL as of 31 December 2013; Funding guaranteed by Dutch State
FINAL EC APPROVAL RESTRUCTURING PLAN
  • Financial disentanglement of the holding company, Banking and Insurance activities in progress
  • Banking and Insurance activities to be split up; Insurance activities being prepared for divestment; SNS REAAL NV to be wound down over time

"In this turbulent year, we are very thankful to our customers for their loyalty and our employees for their motivation and dedication"

Gerard van Olphen, CEO SNS REAAL

"The final decision on 18 December 2013 by the European Commission on the state aid, including the approval of the restructuring plan, has laid the foundation for the future of SNS REAAL. It provides clarity for the customers of SNS REAAL and for our employees. Just before the end of 2013, Property Finance was separated from SNS REAAL. In the course of 2013 we had already made preparations, enabling us to press ahead in 2014 with the execution of the restructuring plan. The net loss posted for 2013 is mainly driven by Property Finance, including a required write-off following the nationalisation. Furthermore, impairments of intangible assets and a lower underlying performance led to a net loss at the Insurance activities. SNS Retail Bank posted a solid profit and its capital position improved to robust levels. In this turbulent year, we are very thankful to our customers for their loyalty and our employees for their motivation and dedication." said Gerard van Olphen, Chairman of the Executive Board.

For more information please contact

Corporate Communications

Jeroen de Graaf

+31 (0)6 - 18 30 65 75

corporatecommunicatie@snsreaal.nl

Chantal van den Berg

+31 (0)6 - 51 41 49 69

corporatecommunicatie@snsreaal.nl

Investor Relations

Jacob Bosscha

+31 (0)30 291 42 46

jacob.bosscha@snsreaal.nl

Kagan Köktas

+31 (0)30 291 42 47

kagan.koktas@snsreaal.nl

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