CBL Corporation’s senior management, including MD Peter Harris and Deputy Chairman Alistair Hutchison, have cut their stakes, selling 20 million shares at $3 each.

Mr Harris and Mr Hutchison offloaded a combined 10.4 million shares in the New Zealand insurer, representing 4.4% of issued capital.

The sale comes after directors and management were released from escrow following the release of CBL’s earnings results in February. Net profit fell 13.5% to $NZ30.7 million ($28.39 million) last year compared with 2015.