Goldman Sachs has bought a 12 percent stake worth more than $900 million in China's Taikang Life Insurance Co Ltd, giving the Wall Street giant a foothold into the world's biggest insurance market. Goldman's long-overdue purchase could pave the way for Taikang's planned initial public offering next year, bankers and analysts said, as the insurer seeks more capital to fund its rapid growth in China. Credit Suisse estimates China's life insurance market --which generated $124 billion premium income in 2009 -- will grow more than 20 percent per annum for the next decade.
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