Zurich Insurance Pares New China Life Stake

by swisscham in Bank, Finance, Insurance

Zurich first reduced its stake in China’s third-largest life insurer by premium revenue ahead of the insurer’s dual listing in Shanghai and Hong Kong in December 2011, and has raised a total of USD 783 million including the recent share sale. Zurich said its wholly owned unit Zurich Insurance Co. sold 97.5 million New China Life H-shares, or 3.1% of the total share base, at HKD 22.50 (USD 2.90) each, representing a 6.4% discount to Thursday’s closing price of HKD 24.05. A person familiar with the situation said the capital gain realized through share sale will be about USD 152 million. New China Life’s Hong Kong-listed shares were down 6% at HKD 22.60 in afternoon trade, sharper than the benchmark index’s 0.75% decline.

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