Zurich Insurance sells out of New China Life

Half of the $943 million block trade is taken up by Swiss Re, giving it a 9.4% stake in the company at a time when analysts say the Chinese life insurance sector is undergoing a positive re-rating.

Zurich Insurance sells out of New China Life

Zurich Insurance Group has sold its remaining 9.4% stake in New China Life Insurance, taking advantage of the sharp spike in the share price in the past five days after China flagged a set of economic reforms that is seen as beneficial to the domestic insurance sector.

The deal, launched and completed after the Hong Kong market closed on Wednesday, raised HK$7.31 billion $943 million, but 52.3% of that was taken up by...

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