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Carlyle cuts shares in China Pacific Insurance to 4.94%

Feb. 1, 2012 (China Knowledge) - Carlyle Group, a global private equity investment firm based in Washington D.C., has reduced its shareholdings in China Pacific Insurance (Group) Co<601601><2601>, the country's third largest life insurer by premium, from 5.15% to 4.94% via Parallel Investors Holdings Ltd.

On January 18, Parallel Investors sold 18 million H shares of China Pacific Insurance with a price range of HK$22.70 to HK$23.45 apiece or between HK$408.6 million and HK$422.1 million in total.

This is the fourth time Carlyle cut H shares in China Pacific Insurance after the insurer entered the H share market in 2009, said a person familiar with the matter, adding that Carlyle might have earned HK$28.7 billion in total sales.

In December 2010, Carlyle sold the insurer's 216 million H shares for HK$31.15 apiece for the first time.

In January 2011, Carlyle sold 4.83% or 415 million H shares of China Pacific Insurance at a price of HK$33.45 per share, and the insurer's 249.12 million H shares were sold for HK$30.9 apiece last July.

Last year, China Pacific Insurance's premium income from life insurance and property insurance business was RMB 93.2 billion and RMB 61.6 billion, reflecting an increase of 6.03% and 19.5%, respectively.

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