Goldman Sachs has released a research report indicating that AIA's (01299) fiscal year 2025 performance was largely in line with expectations. Although new business value growth slowed in the fourth quarter, the firm noted positive growth momentum in key markets for 2026. Management highlighted that new business value in mainland China for January to February 2026 increased by more than 20% year-on-year, while strong growth momentum in Hong Kong also continued into 2026. Goldman Sachs believes that concerns over the higher proportion of savings-type products are already reflected in the current price-to-embedded value (P/EV) multiple, which is below the historical average, making the risk-reward profile attractive at this level. The firm updated its forecasts, raising the projected new business value to EV ratio for fiscal years 2026 to 2028 by 1% to 2% and increasing its forecast for post-tax operating profit by 2% to 3%. The target price has been raised from HK$96 to HK$97, with a reiterated "Buy" rating.