The Kuwait Investment Authority was the undisclosed shareholder behind the HK$26.8 billion ($3.4 billion) sale of a stake in insurer AIA Group Ltd, people with knowledge of the matter said.

The sovereign wealth fund offloaded a 3.7 percent stake in Hong Kong-based AIA through a series of block trades, the people said, asking not to be identified because the information is private.

The 394.4 million shares were sold at HK$68 apiece, according to data compiled by Bloomberg. That’s a discount of 6 percent from AIA’s Thursday close in Hong Kong, and the insurer’s shares dropped 4.4 percent on Friday.

READ MORE: AIA sees new business growth on HK, mainland demand

Bloomberg News reported earlier that a single unidentified seller was behind the trades.

A representative for KIA said the fund doesn’t comment on its investment activities.

A spokesperson for AIA didn’t immediately respond to queries outside regular business hours.

ALSO READ: HSBC's Mark Tucker moves to Asia insurer AIA as chairman

It’s Hong Kong’s fourth-largest share sale this year, according to data compiled by Bloomberg.

The deal comes amid a pick-up in deals in the city, which was the world’s second-largest market for equity offerings in the first half.

Morgan Stanley arranged the AIA selldown.