New China Life is seeking to raise $2.3 billion in an initial public offering that would list the company on exchanges in Shanghai and Hong Kong.
New China Life is seeking the capital in market conditions that have been challenging for many of its peers.
China Life Insurance Company and Ping An Insurance have both seen their stock prices decline over 30 percent this year. China Pacific Insurance Group has dropped more than 20 percent this year.
A successful New China Life IPO would value the company at roughly $15 billion. The company generated roughly $11.6 billion in premium revenue during the first nine months of 2011.
Zurich Financial Services owns 15 percent of New China Life, and a unit of China’s sovereign wealth fund owns almost 40 percent of the company.
Source: Reuters and Bloomberg
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