Glonghui, April 29 | Goldman Sachs released a report saying that AIA's new business was worth US$1,327 billion in the first quarter, up 31% year-on-year at a fixed exchange rate and 27% at the real exchange rate, far higher than the bank's expectations of a 19% increase in real exchange rate. Among them, new business value growth was stronger in mainland China and major ASEAN markets (Thailand, Singapore, and Malaysia combined), while Hong Kong, China is still the fastest growing market, in line with this forecast. According to the report, AIA also proposed a capital management policy, including a promise to distribute 75% of the net surplus each year and allocate an additional $2 billion to repurchase shares over the next 12 months. Goldman Sachs expects this move to be welcomed by investors, as uncertainty about long-term shareholder returns is a major concern in the market after the announcement of the 2023 fiscal year results. Goldman Sachs rated AIA as a “buy” with a target price of HK$98.