02378 Overview

Earnings Announcement Period: The earnings announcement period for Hong Kong/China insurers for FY2025 will start on March 19, led by AIA, PRU, and ZA ONLINE.

Growth Expectations: Citi Research anticipates strong growth in new business value for Chinese life insurers, with China Life, Ping An, and CPIC expected to lead with growth rates of 38%, 32%, and 28%, respectively.

Earnings Forecast: The broker predicts solid earnings growth for FY2025, with significant increases expected for China Taiping, China Life, and NCI, among others.

Short Selling Data: The report includes short selling data for various insurers, indicating varying levels of short selling activity and ratios across different companies.

Stock Performance: PRU (02378.HK) and AIA (01299.HK) experienced declines of 8% and 4% respectively, influenced by weak sales from MANULIFE-S and concerns over AI disruptions.

Short Selling Data: PRU had short selling of $980.80K with a ratio of 1.625%, while AIA saw significantly higher short selling at $515.96M and a ratio of 11.135%.

Goldman Sachs Outlook: Despite recent declines, Goldman Sachs maintains a positive outlook, reiterating a Buy rating for both PRU and AIA, citing an attractive risk-reward profile at current valuations.

Target Prices: Goldman Sachs has set target prices of HKD96 for AIA and HKD150 for PRU, indicating confidence in their growth potential despite market fluctuations.

Market Confidence: AIA (01299.HK) is expected to see a rebuild in market confidence due to strong improvements in free surplus and cash flow generation, as highlighted in a JPMorgan report.

Stock Revaluation Potential: JPMorgan suggests that attractive capital returns and free cash flow yield could lead to a revaluation of AIA and PRU (02378.HK) stock prices, particularly with growth momentum in Hong Kong presenting upside risks.

Profit Growth Expectations: Citi Research forecasts a 12% year-on-year increase in PRU's FY2025 new business profit, driven by growth in Indonesia, Hong Kong, and mainland China, with stable profit margins.

Operating Profit Projections: The adjusted operating profit for PRU's insurance business is expected to grow by 5% year-on-year, with an anticipated 11% increase in operating profit per share due to share buybacks.

Target Price Adjustments: The target price for PRU's London-listed shares has been raised from GBP11.22 to GBP14.25, while the target price for H-shares increased from $118.1 to $150, maintaining a Buy rating.

Short Selling Data: As of February 2, 2026, PRU has a short selling amount of $133.77K and a ratio of 5.200%.

Acquisition Details: PRU's subsidiary PCHL has acquired 19% of SHS from Detik Ria for MYR1.52 billion (approximately USD375 million), resulting in PCHL and Detik Ria holding 70% and 30% of SHS, respectively.

Detik Ria's Shareholding: Before the acquisition, Detik Ria was a 49% shareholder of SHS, which is the holding company for PRU's conventional life insurance business in Malaysia.

Share Repurchase Announcement: PRU (02378.HK) announced the repurchase of approximately 307,900 shares on the London Stock Exchange at prices between GBP11.78 and GBP11.965, totaling GBP3.6627 million.

Total Shares Repurchased: Since the initiation of the repurchase mandate, PRU has bought back around 60.8026 million shares, which accounts for 2.334451% of its total issued shares.