* H1 net loss 30 million euros vs consensus 2 million profit
* Impairments in property finance drive half-year loss
* Can not say yet when will repay state aid * Shares open down 7 percent
(Adds analyst comments, updates stock)
By Ben Berkowitz
UTRECHT, Netherlands, August 18 (Reuters) - Dutch bancassurer SNS Reaal on Tuesday disappointed the market with a surprise net loss and a lack of clarity on when it will repay the government aid it received last year, sending shares sharply lower.
Chief Executive Ronald Latenstein also told Reuters the company will concentrate on integrating past acquisitions rather than consider buying any of a number of insurance assets seen coming onto the market soon.
SNS shares fell about 7 percent at the open.
Analysts pinned the stock's sharp decline on the lack of good news on repaying the state. Last week, insurer Aegon sold 1 billion euros in stock to repay about a third of its help, and the market had hoped to hear SNS would do the same.
"We believe one of the main reasons of the recent share price rally was that the market was speculating on this, and this should be a significant disappointment," RBS analyst Thomas Nagtegaal said in a note.
SNS received a 750 million euro loan from the state last October as part of a wave of intervention in financial companies, and Latenstein told Reuters "all options are open" when it comes to repaying the aid.
It can repay one-third of the aid by Dec. 8 without incurring financial penalties or paying a coupon, saving approximately 125 million euros at current stock prices.
There had been speculation in June that SNS was considering a rights issue to repay the aid, but the company at the time said talk about such a move was "hypothetical".
KBC Securities analyst Dirk Peeters said in a note Tuesday that SNS would probably have to issue Tier 1 instruments of some kind if it made early repayment, in order to keep its crucial Tier 1 strength ratio above 8 percent.
NO ACQUISITIONS
In the meantime, Latenstein said SNS is focused primarily on operational efficiencies, including the integration of past insurance acquisitions. That has to take priority, he told Reuters, over any possible new purchases.
A number of insurance assets appear likely to come onto the Dutch market soon, including a stake in Delta Lloyd and the entirety of Robein Leven. But Latenstein said he doubted any of SNS's competitors could step in to roll up those assets.
"I feel personally nobody is in the shape at this point in time to do anything in that regard," he said in an interview.
Latenstein spoke just after reporting that SNS lost 30 million euros for the first half, better than the 730 million euros it lost in the second half of 2008 but worse than the profit of 226 million euros it reported a year ago.
Analysts polled by Reuters, on average, expected the company to turn a first-half profit of 2 million euros, though their estimates were in a 96 million euro range.
The company said it would have been profitable but for a goodwill impairment of 55 million euros in its property finance business. Following a review SNS Reaal said it will focus that business exclusively on the Dutch domestic market, gradually winding down its international operations in coming years.
SNS shares were down 3.90 percent at 4.68 euros at 0921 GMT in Amsterdam. Since a recent market bottom on July 13 the stock is up 38 percent, compared to a rise of 21 percent for the Amsterdam midcap index, of which it is a component. (Reporting by Ben Berkowitz; editing by Simon Jessop and Hans Peters)