Zhi Tong Cai Jing·2025-10-31 09:54Core Viewpoint - Goldman Sachs has set a target price of HKD 85 for AIA Group (01299) with a "Buy" rating, highlighting strong performance in new business value for the third quarter [1] Summary by Category Business Performance - AIA's new business value increased by 25% and 27% year-on-year at fixed and actual exchange rates, significantly surpassing Goldman Sachs' and market expectations of a 17% increase at actual exchange rates [1] - The record high new business value in Hong Kong and robust growth in mainland China contributed to this performance [1] Market Analysis - In other markets, Thailand showed double-digit growth and Singapore demonstrated strong growth, both meeting expectations [1] - Malaysia recorded positive growth, exceeding expectations, while other markets remained flat, primarily due to underperformance in Australia and Taiwan, which was worse than anticipated [1] Future Outlook - Given the substantial outperformance in quarterly new business value and leading position compared to peers, AIA's stock price is expected to react positively following the earnings announcement [1] - The company's new business contract service margin grew by 25% year-on-year, which is expected to continue driving profit growth and free surplus generation [1]