Zurich reaps $1bn on New China Life sale

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...