Zurich reduces its stake in New China Life Insurance Company Ltd. to 9.4% Freitag, 12. Juli 2013 - 07:15
Zurich reduces its stake in New China Life Insurance Company Ltd. to 9.4%
NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA
THIS NEWS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE SALE SHARES OR ANY OTHER SECURITIES IN THE UNITED STATES OF AMERICA OR ELSEWHERE.
Zurich, July 12, 2013 – Zurich Insurance Group (Zurich) announces that Zurich Insurance Company Ltd (the Company), a wholly owned subsidiary of Zurich, has successfully priced the sale of 97.5 million H shares (the Sale Shares) in New China Life Insurance Company Ltd. (NCI), representing 3.1% of the total issued share capital of NCI. The sale of the Sale Shares is being carried out by way of a private placement to a small group of institutional investors conducted on the Hong Kong Stock Exchange.
The Sale Shares have been priced at HKD 22.50 (approximately USD 2.90) per share. Upon the completion of the sale, which is expected to take place on July 16, 2013, the gross sale proceeds to be realized by Zurich will be HKD 2,194 million (approximately USD 283 million).
Following completion of the transaction, the Company will continue to hold 292.5 million H shares in NCI, representing approximately 9.4 % of the total issued share capital of NCI.
Geoff Riddell, Zurich’s Chairman for Asia-Pacific, the Middle East and Africa, commented: “Zurich is a long-time investor in NCI, and appreciates its high quality management team, clear strategy and good prospects within China’s life insurance market. The sale reflects Zurich’s desire to manage its financial exposure to a large single holding of shares. Zurich intends to reinvest the proceeds of the sale into investments in Asia. This will allow Zurich to hold its position in Asian markets while also diversifying its investment portfolio.”
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Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations. Zurich employs about 60,000 people serving customers in more than 170 countries. The Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.
The information contained in this news release is restricted and not for release, publication or distribution, directly or indirectly, in whole or in part, in, into or from the United States of America or any other jurisdiction in which the same would be unlawful.
This news release is for information purposes only and does not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire the Sale Shares in the United States of America, Switzerland, Hong Kong or any other jurisdiction. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions. The Sale Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (Securities Act) or with any securities regulatory authority of any state or jurisdiction of the United States of America, and may not be offered, sold or transferred, directly or indirectly, in the United States of America absent registration under the Securities Act or an available exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the securities laws of any state or other jurisdiction of the United States of America. No public offering of the Sale Shares is being made in the United States of America, Switzerland, Hong Kong or elsewhere.
The distribution of this news release and the offering of the Sale Shares in certain jurisdictions may be restricted by law. No action has been taken by Zurich or the Company that would permit an offering of such shares or possession or distribution of this news release or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this news release comes are required by Zurich and the Company to inform themselves about, and to observe, such restrictions.
The information in this news release may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.
For further information:
Zurich Insurance Group Ltd
Mythenquai 2, 8022 Zurich, Switzerland
www.zurich.com
SIX Swiss Exchange/SMI: ZURN, Valor: 001107539
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investor.relations@zurich.com
For Asia media enquiries, please contact:
FTI Consulting
David James (Hong Kong)
phone +852 3768 4733, mobile +852 6398 3877
david.james@fticonsulting.com
Pui Shan Lee (Shanghai)
phone +86 186 0163 6810
ps.lee@fticonsulting.com

