If there are any doubts about the potential riches of the Chinese market for foreign insurers, the case of Zurich Insurance should put them to rest.
One of the first international companies to team up with a Chinese insurer, Zurich acquired 20 per cent of New China Life in the early 2000s for a little less than Rmb500m ($60m at the time), later investing more than $400m to avoid dilution.
Zurich’s bet on China has more than paid off, with the investment nearly quadrupling in value.
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