According to a research report from Goldman Sachs, AIA's fiscal 2025 performance was largely in line with expectations. The new business value for the fiscal year reached USD 5.5 billion, meeting market forecasts but coming in 1% below the bank's projection of USD 5.6 billion. This was primarily due to slower growth in the fourth quarter in Thailand and mainland China, while Hong Kong maintained strong growth momentum in the second half of 2025. The weak sales performance in mainland China during the fourth quarter is likely in preparation for a strong start to sales in 2026, with new business value from January to February 2026 increasing by more than 20% year-on-year. Additionally, the report noted that AIA announced a new share buyback program totaling USD 1.7 billion, exceeding market expectations of USD 1.6 billion. Goldman Sachs reiterated a "Buy" rating on AIA with a target price of HK$96.