Bancassurer SNS Reaal booked a net loss of EUR 225 mln in 2010 following a write-down totalling EUR 790 mln on its Property Finance division. In 2009, the group booked a profit of EUR 17 mln.

SNS Property Finance saw its net losses widen to EUR 593 mln in 2010 from EUR 219 mln a year ago. The bulk of the write-downs were booked in the second half of the year.

SNS Reaal announced last November that it would wind down the Dutch portfolio of SNS Property Finance as well as its international activities. The portfolio will be phased out within the next two to four years.