Goldman Sachs has released a research report indicating that current valuations present an attractive risk-reward profile. The firm has reaffirmed its "Buy" ratings for both AIA (01299) and Prudential (02378), setting a target price of HK$96 for the former and HK$150 for the latter. The share prices of Prudential and AIA fell by 8% and 4% respectively last Friday (the 13th). Investors cited a combination of factors, including weak Q4 2025 sales reported by Manulife-S (00945) on February 12th and concerns about potential disruption from artificial intelligence. The bank believes the direct correlation drawn from Manulife's results is limited, as the weak Q4 2025 sales were jointly impacted by a high base effect and disruptions in the agency channel due to regulatory changes. Compared to Manulife, AIA and Prudential have a much lower contribution to annualized new premiums from the agency channel, making them less susceptible to adverse factors affecting that channel. Regarding AI disruption concerns, while the bank acknowledges future risks, it emphasizes that agency sales focus on products with complex policy terms, long premium payment periods, and/or large premium amounts. The bank believes these products are less vulnerable to AI disruption because customers value human interaction. It maintains that the narrative of sustained growth remains intact, with most pandemic-related disruptions now in the past.