Zurich-headquartered Swiss Re has sold its entire stake in Beijing-based New China Life Insurance, according to exchange filings.
Swiss Re sold 77.9 million New China Life Insurance (NCI) shares for HK$2.3 billion ($296 million), according to the filing.
The sale valued each share at HK$29.2 and Swiss Re will thereafter own no shares in NCI.
NCI
NCI is a state-backed insurer that previously included Swiss Re as a significant minority shareholder.
The State Council of China is its parent with shares held through state entities including sovereign fund Central Huijin, Baosteel Group and China Securities Finance.
Although Swiss Re did not issue a statement explaining the share sale, a spokesperson said the move was consistent with the insurer’s equity investment strategy.
