Zurich Insurance shifts gaze away from China

Zurich Insurance sold $283 million of shares in New China Life, at a time when foreign insurers are struggling to develop a profitable China strategy.

Zurich Insurance shifts gaze away from China
New China Life's share price performance year to date.

Zurich Insurance Group sold shares in China’s third-biggest life insurer by premium income, New China Life Insurance, for about $283 million, according to a term sheet seen by FinanceAsia.

“The sale reflects Zurich’s desire to manage its financial exposure to a large single holding of shares,” said Geoff Riddell, Zurich’s chairman for Asia-Pacific, the Middle East and Africa.

Zurich said it intends to reinvest the proceeds of the sale into...

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