Zurich Financial buys $420m of Chinese insurer

09:50, October 28, 2010      

Email | Print | Subscribe | Comments | Forum 

Swiss insurer Zurich Financial Services AG said it would purchase shares in New China Life Insurance Co (NCI) worth around $420 million as it seeks to benefit from China's fast-growing insurance sector, Reuters reported on Wednesday.

Zurich said on Wednesday it would buy up to 280 million shares at 10 yuan ($1.50) with the aim of maintaining its current stake of 20 percent in NCI.

"Our decision to participate in NCI's share issue reflects our belief that China's fast-growing insurance sector represents an attractive investment opportunity," said Zurich chief executive Martin Senn, adding China planned to develop the country's insurance market further.

Zurich first bought into the unlisted Chinese insurer in 2000, it said, adding its investment was $131 million as of end-June 2010.

NCI had gross written premiums of $9.6 billion in 2009 and a 9.3 percent share of the Chinese life insurance market as of June 2010, Zurich said. "In addition to our investment in NCI, we continue to focus on building our own insurance business in this important growth market," Senn said.

Source: China Daily/Agencies


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Chinese Navy soldiers hold an evening party marking the upcoming 62nd National Day aboard Chinese Navy hospital ship "Peace Ark" in the Pacific on Sept. 28, 2011. The Chinese National Day falls on Oct. 1. (Xinhua/Zha Chunming)
  • Photo taken on Sept. 30, 2011 shows the crowd at the plaza of Beijing Railway Station in Beijing, capital of China. The railway transportation witnessed a travel peak with the approach of the seven-day National Day holidays on Friday. (Xinhua)
  • A man wearing high-heel shoes takes part in the 3rd annual Walk a Mile in Her Shoes, an event when men literally walk in women's shoes to raise awareness about ending violence against women, at Yonge-Dundas Square in Toronto, Canada, Sept. 29, 2011. (Xinhua/Zou Zheng)
  • Photo taken on Sept. 29, 2011 shows a cargo ship in danger on the sea near Zhuhai City, south China's Guangdong Province. Cargo ship Fangzhou 6 of Qingzhou of southwest China's Guangxi Zhuang Autonomous Region lost control after water stormed into its cabin due to Typhoon Nesat on the sea near Zhuhai Thursday, leaving 12 crew members in danger. Rescuers rushed to the ship and saved them by using a helicopter. (Xinhua)
  • Actress Gong Li poses for L'Officiel Magazine. (Xinhua Photo)
  • Demonstrators from the Occupy Wall Street campaign hold placards as they march in the financial district of New York September 29, 2011. After hundreds of protesters were denied access to some areas outside the New York Stock Exchange on September 17, demonstrators set up a rag-tag camp three blocks away. Zuccotti Park is a campground festooned with placards and anti-Wall Street slogans. The group is adding complaints of excessive police force against protesters and police treatment of ethnic minorities and Muslims to its grievances list, which includes bank bailouts, foreclosures and high unemployment. (Xinhua/Reuters Photo)
Hot Forum Discussion