Insurer Zurich has made close to $1bn from the sale of its stake in Chinese insurer New China Life (NCI).
The sale, which will take place on 25 November, will see Zurich exit its entire 292.5 million share holding in NCI, representing 9.4% of the total issued share capital of NCI. Zurich has agreed on a price of approximately $3.23 per share, which will be sold in the form of a block listing on the Hong Kong Stock Exchange, delivering gross proceeds for the insurer of approximately $943.3m. Swiss Re will acquire 52.3% of the shares as part of an anchor investment agreement, while the remaining shares will be snapped up by investors procured by international investment banks. Zurich re...
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