Video and Stills from Zurich Available on thenewsmarket.com: Zurich Reduces Stake in New China Life Insurance to 15%
28 Feb, 2011, 03:48 ET
NEW YORK, Feb. 28, 2011 /PRNewswire/ -- Contents from Zurich at:
Zurich Financial Services Group (Zurich) announced it reduced its 20% stake in New China Life Insurance Co., Ltd. (NCI) to 15%. Zurich has agreed to sell 5% to undisclosed buyers. As announced with Zurich's annual results reporting on February 10, 2011, Zurich's 20% stake in NCI had been revalued up by approximately USD 1 billion as of December 31, 2010. The sale price for the 5% stake in NCI is slightly above the respective book value at year-end. Following the sale, Zurich will retain a 15% ownership stake in NCI.
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