Global reinsurer Swiss Re yesterday sold down 75 million Hong Kong-listed shares of New China Life Insurance in a deal worth about HK$3.55 billion (US$455 million), reported Reuters.
The shares were sold by Swiss Re Direct Investments at HK$47.30 apiece on the market, a 5.5% discount to the stock's closing price of HK$50.05 on Monday.
The shares sold represent about 7.3% of the Chinese insurer's total H-shares (which are listed on the Stock Exchange of Hong Kong), or 2.4% of its total share capital, a transaction termsheet showed. New China Life, which ranks among the top life insurers in the country, is also listed in Shanghai.
In November 2013, Swiss Re announced that it had entered into a transaction with Zurich Insurance to acquire a 4.9% stake in New China Life. Swiss Re acquired directly from Zurich Insurance 152.9 million New China Life H shares, representing 4.9% of the total issued share capital of the Chinese insurer. The total consideration of the transaction was HK$3,821 million .