Zhi Tong Cai Jing·2025-11-03 08:17Core Viewpoint - Goldman Sachs has raised the target price for AIA Group (01299) to HKD 99.5, reflecting an optimistic outlook on the company's long-term growth prospects, supported by various strategic factors [1][1][1] Group 1: Business Performance - AIA's new business value for the third quarter grew by 25% year-on-year at constant exchange rates, significantly up from 14% in the first half of 2025, amounting to USD 1.476 billion, which exceeded market expectations [1][1][1] - The new business value margin improved by 5.7 percentage points year-on-year to 58.2%, with first-year standard premium growth of 14% [1][1][1] Group 2: Distribution Channels - The agent channel showed strong performance with a year-on-year growth of 19%, contributing over 70% of the group's new business value [1][1][1] - The partnership distribution channel also achieved a remarkable 46% year-on-year growth in new business value [1][1][1] Group 3: Profitability Metrics - The new business contract service margin (NB CSM) saw a year-on-year increase of over 25% in the third quarter [1][1][1]