Sale at the lower end of expectations and share price fell

Dutch insurer Delta Lloyd's initial public offering raised €995m ($1.5bn) for Aviva, which sold almost 39% of its stake in the insurer, Reuters reports.

Delta Lloyd shares sold at €16 - at the low end of the range - and were down 3.2% at €15.49 by 1416 GMT.

"It's less good than it could have been, but it's not something to sneer at. All financials are under pressure today and Delta Lloyd's fall is in line with the market," said Corne van Zeijl, fund manager at SNS Asset Management.

Delta Lloyd chief executive Niek Hoek told reporters he had not experienced competition from bank rights issues and was not worried about the stock's fall, saying its investors were focused on long-term returns.