Zurich Financial Services AG announced that they have sold US$283 million worth of shares in New China Life Insurance Co Ltd. The sale pared down the stake share of Zurich Financial Services in China's third biggest life insurer. Goldman Sachs was hired to act as the sole global coordinator for the selling. Zurich Financial Services offered 97.5 million Hong Kong share of New China Life at HK$22.50 per share. The pricing put the deal at HK$2.19 billion or US$283 million.
New China Life Insurance Co Ltd was established in 1996 with headquarters in Beijing. Products that New Life China includes traditional protection products, bonus products as well as the products that have strong financial management function.
Zurich Financial Services is a Swiss insurance company, commonly known as Zurich. Zurich Financial Services is Switzerland's biggest insurer. The company was founded in 1872 as a marine reinsurance under the name "Versicherungs-Verein". After a number of acquisitions, the company was unified to form one holding company which now name the Zurich Financial Services.
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