Goldman Sachs: AIA's (01299) fiscal year 2025 performance roughly in line with expectations, target price of HK$96.

Goldman Sachs released a research report stating that AIA's performance in the fiscal year 2025 roughly met expectations. The new business value for the 2025 fiscal year is $5.5 billion, in line with market expectations, but 1% lower than the bank's expectation of $5.6 billion. The main reason is the slowdown in business growth in Thailand and mainland China in the fourth quarter, while Hong Kong maintained strong growth momentum in the second half of 2025. The weak sales in the mainland in the fourth quarter are likely to pave the way for a strong start in sales in 2026, with new business value growing by over 20% year-on-year in January and February 2026. In addition, the report notes that AIA has announced a new $1.7 billion share buyback, exceeding market expectations of $1.6 billion. AIA is rated as a "buy" with a target price of HKD 96.