Goldman Sachs has bought a 12.02 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 say, as the insurer seeks more capital to fund the rapid premium growth in China. Credit Suisse estimates China's insurance market to grow more than 20 percent per annum for the next decade. Goldman acquired the stake from French insurer AXA SA , which last month said it agreed to sell its 15.6 percent in Taikang to a group of investors for $1.2 billion. [ID:nLDE72A1VY]
Source
