Goldman Sachs interested in Axa's Taikang Life stake

Goldman Sachs’s private equity unit is in talks to buy some, or all, of Axa’s 15.6% stake in Chinese insurer Taikang Life, the Financial Times reported, citing people familiar with the situation. The French insurance company’s holding is estimated to be worth US$1 billion. Sovereign wealth fund Government of Singapore Investment Corp, which already owns 8% of Taikang, is also said to be interested in buying Axa’s holding. A stake in Taikang Life offers exposure to China’s fast-growing life insurance sector as well as the prospect of an IPO exit – the company is pushing for a stock market listing. Axa, which already has an insurance joint venture with China Minmetals Corp, is selling off its Taikang stake as overseas firms are prohibited from having financial interests in more than one insurance company in China. It inherited the Taikang stake when it acquired Winterthur Life from Credit Suisse in 2006.