INSPENONLINE: SNS Reaal sells insurance arm to China's Anbang Group

Monday 16 February 2015

SNS Reaal sells insurance arm to China's Anbang Group

THE HAGUE, Netherlands — The Dutch government says nationalized bank SNS Reaal has agreed to sell its insurance division, Reaal NV, to Chinese insurer Anbang Group Holdings Co. Ltd.

Finance Minister Jeroen Dijsselbloem says in a letter to Parliament the deal "offers clear perspective to Reaal, its employees and policy holders."

The government said it would spin off the insurance arm of SNS Reaal after it injected 2.2 billion euros to recapitalize the bank and insurer in 2013.

According to terms released Monday by Dijsselbloem, Anbang will pay 150 million euros ($171 million) for Reaal. The Chinese company also will inject up to 1 billion euros ($1.14 billion) to recapitalize the business and pay off 552 million euros ($630 million) in internal loans to SNS Bank.

Dutch and Chinese regulators must approve the deal.

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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