Nationale Nederlanden (NN Group), the insurance arm of financial services group ING, was launched on the Amsterdam stock exchange on Wednesday priced at €20 a share.

Trading in Nationale Nederlanden opened 5% up at €21.
ING sold 77 million shares in NN, up from the earlier announced 70 million, because of extra demand.

ING was ordered to sell off its insurance activities by the European Commission because it received Dutch government support during the credit crisis.

The flotation generated €1.5bn for ING, which still retains 71.4% of the shares.

ING must reduce its stake in NN to less than 50% by the end of next year and have sold it all a year later.