PRUDENTIAL, the UK’s largest insurer, is studying plans to move its headquarters from London to Hong Kong to escape onerous new capital rules, the Sunday Times reported.
Prudential’s chief executive Tidjane Thiam is understood to have ordered a review in response to new capital requirements – known as Solvency II – that will require European insurers to hold more capital to guard against the risk of insolvency.
The insurer is said to be concerned that a conflict between US insurance regulations and Solvency II would force it to hold billions of pounds of extra capital to protect its US business, Jackson Life.
Prudential is expected to admit to the review in its annual report, the paper said.
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