Glonghui, May 21 | Goldman Sachs released a report stating that China Taiping's life insurance and financial insurance branches adjusted their performance forecasts for China Taiping after announcing first-quarter results and financial data. The bank lowered the company's net profit forecast for this year by 10%, while life insurance's profit forecast was lowered by 11%. Taiping Life recorded a profit of 6.6 billion yuan before tax in the first quarter, but tax expenses far exceeded expectations of 5 billion yuan. The bank believes in the impact on investments related to deferred tax assets or liabilities. The bank lowered its profit forecast for the company, which also partly reflects tax changes. Furthermore, the book value of Taiping Life declined like that of its peers, and may be adversely affected by low debt interest rates. The margin is also the largest among life insurance companies covered by the bank. The bank lowered its shareholders' equity estimate for the current year to 2026 by 5% to 6%. Additionally, the bank raised its forecast for the company's new business value from this year to 2026 by 19%. The bank lowered its target price for the company from HK$6.4 to HK$6.3, mainly reflecting a decrease in book value and profit this year, maintaining the “sell and sell” rating.