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Carlyle Sells $738 Million of China Pacific Insurance Stake

Funds controlled by Carlyle Group LP, the world’s second-largest private-equity firm, are selling as much as $738 million of shares in China Pacific Insurance (Group) Co.

Carlyle Holdings Mauritius Ltd. and Parallel Investors Holdings Ltd. are selling 220 million shares in the Chinese insurer for HK$25.5 to HK$26 ($3.35) each, the terms show. The selling price represents a discount of as much as 5.2 percent to the stock’s closing price in Hong Kong today, according to terms for the sale obtained by Bloomberg News. Last July, Carlyle sold about $1 billion of the insurer’s shares.

First-half net income may decline about 55 percent from the year-ago period, as investment income dropped and business growth slowed, the Shanghai-based insurer said in a statement last week. China Pacific is listed in both Shanghai and Hong Kong.

The Hong Kong-listed shares of China Pacific gained about 22 percent this year, outperforming the city’s benchmark Hang Seng Index, which rose about 6.5 percent.

Parallel Investors is an entity controlled by Carlyle-managed funds, according to China Pacific’s website.

Carlyle spokesman Randall Whitestone declined to comment on the process.

Washington-based Carlyle led the investor group that agreed almost six years ago to take a 25 percent stake in China Pacific Life Insurance Co., a unit of Pacific Insurance, for 3.3 billion yuan ($510 million). The investment was converted into a stake in the parent company in 2007, and then into Pacific Insurance’s Hong Kong-listed shares in 2009 as the insurer sold stock in the city.

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