Swiss Re may have sold its stake in Beijing-based New China Life Insurance Co. as per reports from Caixin. Swiss Re previously purchased 152.9mn shares in 2013 and then sold around half of the shares for $455mn. Records on the Hong Kong Stock Exchange show that Swiss Re raised about $300mn via a sale of its remaining 77.9mn New China Life shares at a price of $3.79 per share. With the two sales combined, Swiss Re generated about $750mn, up $262mn on its original investment. Swiss Re’s interest in 152.9mn shares represented at its height a 4.9% stake in New China Life. This move could also indicate that Swiss Re is intending to free up cash after reporting a net loss of $878mn due to $3.9bn of Covid-related claims and reserves. According to Caixin’s reports, Swiss Re did not issue any statement on the sale of its remaining stake in New China Life.

Swiss Re’s USD bonds were slightly up. Its 5% Perps are up 0.23 to 113.223, yielding 3.08%.

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