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 investments in Asia, without giving any details. Many of its US and European peers have targeted fast-growing Southeast Asia for new investment, where regulations are somewhat lighter and growth.
The disposal comes...