UK-based insurance titan Prudential could be upping sticks and moving its headquarters outside Europe to avoid strict new capital rules for European insurers.
In response to week-end press speculation that the Pru's increasing focus on Asia could see it shift its headquarters there the company has issued a statement that only went so far as to admit that it regularly reviews its range of options to maximise its strategic flexibility. "This includes consideration of optimising the group's domicile, including as a possible response to an adverse outcome on Solvency II."
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"There continues to be uncertainty in relation to the implementation of Solvency II and implications for the group's businesses. Clarity on this issue is not expected in the near term," Prudential said.
jh
-
Will UK inflation rise ahead of BoE meeting?August’s inflation report will be published at 7am this morning, one day before the Bank of England’s next rate-setting meeting
-
Thousands of savers with £250k pensions take cash over tax-free money and IHT fearsWith a record £70 billion withdrawn from pensions in the year to March, experts are concerned savers are making knee-jerk decisions without advice that could affect their long term wealth
