(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.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access