ZURICH Insurance has sold its remaining stake in New China Life Insurance for $943m (£584.7m), as it pushes ahead with an attempt to diversify its Asian portfolio.
The Swiss insurer said yesterday it had offered its 292.5m shares in NCI, representing a 9.4 per cent stake, at a fixed price of HK$25.00 each. The price is equivalent to a 7.7 per cent discount to the company’s closing price yesterday.
Zurich sold just over half of its 9.4 per cent stake in NCI to cross town rival Swiss Re for $493m.
City A.M. Reporter