Dutch insurance company Delta Lloyd NV, a unit of U.K. insurer Aviva PLC (AV.LN), may issue new shares to finance acquisitions if the buys will boost earnings per share, Chief Executive Niek Hoek said Monday.

An issue of 10% of outstanding shares is possible without shareholder approval, Hoek told reporters at a press conference.

Earlier Monday, Aviva PLC (AV.LN) said it plans to raise a gross sum of about EUR1.2 billion by floating 42% of Delta Lloyd.

Delta Lloyd's Niek Hoek said the flotation isn't driven by the consolidation in the Dutch insurance sector. "The base case is that Delta Lloyd is an attractive option for investors in its current state", he said.

Aviva will offer institutional and retail investors 42% of Delta Lloyd, or around 63.5 million ordinary shares at EUR15.50-EUR19 each, with an over-allotment option of up to 6.35 million more.

Delta Lloyd shares are expected to start trading in Amsterdam on the Euronext exchange Nov. 3.

-By Archie van Riemsdijk, Dow Jones Newswires; +31 20 571 5201; archie.vanriemsdijk@dowjones.com