Zurich gets CIRC nod to sell NCI stake to Nomura

SHANGHAI, July 4 (Reuters) - The China Insurance Regulatory Commission (CIRC) has approved a plan by Zurich Financial Services AG to sell a small stake in New China Life Insurance (NCI) to Nomura Securities Co Ltd.

Under the plan, the Swiss insurer will sell 65 million New China Life shares to Nomura, the CIRC said in a statement posted on its website. (www.circ.gov.cn).

Nomura will own 2.5 percent of New China Life following the transaction while Zurich's stake in the Chinese insurer will be reduced to 15 percent, it said.

Zurich made known its plan to dispose of a quarter of its stake in New China Life in February but the identity of the buyer was not revealed.

Zurich would gain about $500 million from proceeds of the sale, the company had said, valuing the remainder of the stake at about $1.5 billion.

New China Life, which has an asset base of about 300 billion yuan ($46.4 billion), is eyeing a $4 billion dual-listing in Hong Kong and China later this year, local media reported.

($1 = 6.465 yuan) (Reporting by Soo Ai Peng; Editing by Jonathan Hopfner)