This is a jukugo word that uses the on'yomi readings of the kanji. You didn't learn this reading for 抱 yet, so here's a mnemonic to help you:
Who gives the best hugs in the world? Harry Houdini (ほう)! He knows what it's like to be hugged too tightly because he's always in straight jackets. So his hugs are nice and gentle. Just the way you like them!
The scene in that movie where the two leading actors exchanged a sweet embrace was so beautiful.