Goldman Sachs released research reports, lowering China Taiping's (00966.HK) 2024 fiscal year life insurance business profit forecast by 26%, and then further reducing its net profit forecast by 22%, reflecting a decline in Taiping Life's investment performance by quarter despite a strong stock market; as well as Taiping Life's effective tax rate soaring to 55% in the third quarter of this year.

Goldman Sachs adjusted the net profit forecast for China Taiping for the fiscal years 2025 to 2026, leading to a 2% to 7% reduction in the forecasted book value for the fiscal years 2024 to 2026. In addition, Goldman Sachs raised the new business value forecast for China Taiping for the fiscal years 2024 to 2026 by between 6% and 8%, mainly due to the entire industry's repricing of products, with profit margins of other listed Chinese life insurance companies expanding better than expected, thus driving profit margins up.

Goldman Sachs slightly lowered China Taiping's target price from 10.5 yuan to 10.4 yuan, maintaining a 'sell' rating.