November 20, 2013 / 5:11 PM / 4 years ago

Swiss Re to buy stake in New China Life for $493 mln

ZURICH, Nov 20 (Reuters) - Swiss Re, the world’s second-largest reinsurer, said on Wednesday it had agreed to pay $493 million to buy a 4.9 percent stake in New China Life Insurance Company from cross town rival Zurich Insurance Group.

Zurich said earlier in the day that it had launched the sale of its 9.4 percent stake in New China Life Insurance, the third largest life insurer in China.

Reporting by Caroline Copley. Editing by Jane Merriman

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