CLSA has issued a research report stating that AIA (01299) demonstrated robust new business growth last year, along with strong cash generation capabilities and improved capital efficiency. The brokerage expects the company's capital efficiency to continue improving this year, driving total shareholder returns above market expectations, while new business value is forecast to grow by approximately 15%. CLSA made minor adjustments to its earnings forecasts for AIA, maintained an "Outperform" rating, and reiterated a target price of HK$110. The firm continues to regard AIA as its top pick in the Asian insurance sector. CLSA predicts that AIA's total share buybacks for 2026 and 2027 will reach $1.7 billion and $1.8 billion, respectively, exceeding market expectations of $1.3 billion to $1.7 billion. Additionally, the brokerage anticipates dividend growth of 10% and 12% during the same periods.