(Bloomberg) -- Zurich Insurance Group AG sold its entire stake in New China Life Insurance Co. for $943 million, or HK$25 a share, according to the terms of the deal obtained by Bloomberg News, with Swiss Re Ltd. agreeing to buy just over half of the shares.

Switzerland’s biggest insurer offered 292.5 million New China Life shares, representing 9.4 percent of the total issued share capital of the Chinese company, the terms show. Swiss Re, the world’s second-largest reinsurer, said in an e-mailed statement today that it will buy a 4.9 percent stake in New China Life for $493 million.

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