• 12-JUL-2013

  • SOURCE: Zurich

Zurich reduces its stake in New China Life Insurance Company Ltd. to 9.4%

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Zurich Insurance Group (Zurich) announces that Zurich Insurance Company Ltd (the Company), a wholly owned subsidiary of Zurich, has successfully priced the sale of 97.5 million H shares (the Sale Shares) in New China Life Insurance Company Ltd. (NCI), representing 3.1% of the total issued share capital of NCI. The sale of the Sale Shares is being carried out by way of a private placement to a small group of institutional investors conducted on the Hong Kong Stock Exchange.

The Sale Shares have been priced at HKD 22.50 (approximately USD 2.90) per share. Upon the completion of the sale, which is expected to take place on July 16, 2013, the gross sale proceeds to be realized by Zurich will be HKD 2,194 million (approximately USD 283 million).