NEW YORK, Oct. 27 /PRNewswire/ -- See video from Zurich at:
Zurich Financial Services Group (Zurich), the global insurance-based financial services provider, has signed an agreement to participate in a private share subscription and capital increase program of New China Life Insurance Co., Ltd. (NCI). As part of this program, Zurich will purchase up to 280 million new NCI shares at a fixed price of RMB 10 per share, for a total of approximately USD 420 million. The transaction enables Zurich to maintain its current 20% ownership stake in NCI.
Zurich's first investment in NCI, in 2000, was USD 131 million as of June 30, 2010. With gross written premiums of USD 9.6 billion in 2009 and a compound annual USD premium growth rate of 34% from 2004 to 2009, NCI had a 9.3% share of the Chinese life insurance market as reported by the China Insurance Regulatory Commission (CIRC). Available story package includes general views from Zurich` s headquarters as well as still images
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SOURCE thenewsmarket.com; Zurich Financial Services Group