HONG KONG - Goldman Sachs has bought a 12.02 percent stake worth more than $900 million in China's Taikang Life Insurance Co Ltd, as the US banking giant looks to benefit from growing demand for insurance products in the world's second-largest economy, Reuters reported on Friday.
French insurer AXA SA said last month it agreed to sell its 15.6 percent in Taikang to a group of investors for $1.2 billion. The company did not disclose who the other investors are.
Taikang has about $44 billion in assets and 54 million clients across China. The stake purchase was approved by the China Insurance Regulatory Commission, the statement said.
