Citi has released a research report stating that, after advancing the valuation benchmark for Prudential (02378) to its 2026 fiscal year forecast and incorporating the latest equity Beta, it has raised the target price for Prudential's London-listed shares from £11.22 to £14.25. The target price for its H-shares has also been increased from HK$118.1 to HK$150, with both maintaining a "Buy" rating. Prudential is benefiting from policy volume growth in Indonesia, Hong Kong China, and Mainland China, while the Group's overall margin remains broadly stable. It is forecast that, at actual exchange rates, its projected new business profit for the 2025 fiscal year will increase by 12% year-on-year. The adjusted operating profit from the insurance business is expected to see a solid 5% year-on-year increase. After accounting for share repurchases, the operating profit per share is projected to grow by 11%. Regarding dividends, and after considering share buybacks, Citi predicts the Group's full-year dividend per share will increase by 13% annually to 26.14 US cents, which is also in line with management's guidance for the 2025 fiscal year of "dividend per share growth exceeding 10%".