Ge Long Hui·2025-11-03 03:31Core Viewpoint - Goldman Sachs reported that AIA's new business value for the third quarter increased by 25% and 27% year-on-year at fixed and actual exchange rates respectively, significantly exceeding the bank's and market's forecast of a 17% increase at actual exchange rates, primarily due to record high new business value in Hong Kong and strong growth in mainland China [1] Group 1: Business Performance - AIA's new business value in Hong Kong reached a historical high for the quarter [1] - Strong growth was also observed in mainland China, contributing to the overall performance [1] - Thailand experienced double-digit growth, while Singapore showed strong growth, both meeting expectations [1] - Malaysia recorded positive growth, surpassing expectations [1] Group 2: Market Reaction and Projections - Given the significant outperformance in quarterly new business value, AIA's stock price is expected to react positively following the earnings announcement [1] - AIA's quarterly new business contract service margin grew by 25% year-on-year, which will continue to drive profit growth and free surplus generation [1] - Goldman Sachs currently sets a target price of HKD 85 for AIA, with a "Buy" rating [1]