Zurich Insurance (ZURN.VTX) has offloaded its remaining 9.4% stake in New China Life Insurance (NCI; 1336.HKG) for US$943 million, Reuters reported, citing the Swiss insurer’s statement on Wednesday. The sale echoes Zurich’s plan to diversify its portfolio. The price is equivalent to a 7.7% discount to the company’s closing price on Wednesday. Zurich said it had sold just over half of its shares in NCI to cross-town rival Swiss Re (SRENH.VTX), while the remaining 47.7% of shares have been sold to undisclosed investors. It expects the sale to be completed on November 25.
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