Goldman buys into AXA’s Chinese life disposal
by Gill Montia
Story link: Goldman buys into AXA’s Chinese life disposal
Goldman Sachs has acquired a 12.02% stake in Taikang Life, China’s fourth-largest life insurance company, Reuters has reported.
Last month AXA announced that it was selling its 15.6% stake in the business to a consortium of new and existing shareholders, for $1.2 billion.
The group said it would continue to actively develop its life insurance business in China through AXA-Minmetals, its joint venture with Minmetals Corporation.
The sale was motivated principally by Chinese regulatory demands that restrict the ability of foreign investors to hold multiple interests in the Chinese life insurance sector.
Taikang has about $44 billion in assets and 54 million customers across China and according to Reuters, Goldman is paying $900 million for its stake in the business.