BRIEF-China Pacific Insurance gets regulatory approval for chairman appointment
* Says it has recently received the approval of appointment qualification of Kong Qingwei as chairman by China Insurance Regulatory Commission (CIRC)
ZURICH, March 27 Zurich Insurance has no plans at the moment to raise capital, a spokesman said on Monday after Italian paper Il Sole 24 Ore reported the Swiss insurance group could issue new shares worth up to 20 percent of its current market capitalisation.
"As mentioned several times since last November, Zurich's strategy will deliver earnings and dividend growth without the need to pursue M&A (mergers and acquisition) activities. We do not need M&A to deliver on our financial targets," the spokesman said in an emailed statement.
"The proposed change to the authorised and contingent capital is an overall and comprehensive proposal to provide the board with more flexibility with regard to capital raising." (Reporting by Brenna Hughes Neghaiwi; Writing by Joshua Franklin; Editing by Michael Shields)
* Entered into contracts for sale of Wodonga Plaza in Victoria for $43.5 million1 and Terrace Central in Raymond Terrace for $33.5 million Source text for Eikon: Further company coverage: