HK Stock Market Move | PRU(02378) closes up more than 4%, the company's first quarter NBV increased 10% year-on-year, and all three major divisions achieved double-digit growth.

PRU (02378) rose over 4% in the final trading session, as of the time of publication, it increased by 4.59% to 120.7 Hong Kong dollars, with a trading volume of 20.57 million Hong Kong dollars. On the news front, PRU previously released its first quarter financial report. Guotai Haitong pointed out that the company's NBV in the first quarter increased by 10% year-on-year in 26 years, with double-digit growth in NBV in the three major divisions of Hong Kong/China Mainland/Malaysia. The share buyback progress is steady and the expected shareholder return is expected to increase steadily, maintaining a "hold" rating. Lyon also stated that with the Hong Kong insurance market remaining hot, leading insurance companies are able to outperform the market. The new business value of AIA and PRU has resumed compound growth, while the embedded value is expected to achieve double-digit growth again, and capital efficiency is expected to improve, benefiting the overall shareholder return. The bank has raised the target price of PRUH shares from 140 Hong Kong dollars to 145 Hong Kong dollars.