Pru may move to Hong Kong to escape capital rules
Prudential, Britain's biggest insurer, is considering plans to move its headquarters from London to Hong Kong to escape tough new capital rules from European regulators.
Tidjane Thiam, chief executive, is said to have asked executives to review the options for a move due to fears that planned European regulations demanding insurers increase their capital requirements could force the Pru to hold billions of extra pounds in reserve.
Solvency II rules, due to come in next year, are set to force European insurers to hold extra cash against divisions operating in countries with less exacting capital standards. That could significantly increase the reserves the Pru would be forced to hold against its US business, Jackson Life. But if the insurer which was founded in London 163 years ago instead moved its headquarters to Hong Kong, only the British part of its business would be subject to Solvency II rules.
EU regulators have not yet decided whether American capital rules for insurers are compatible, but Mr Thiam has already voiced heavy criticism of the plans. Pru declined to comment.
- 1 PlayStation and Xbox hacked by Lizard Squad
- 2 Christmas comes early to Hong Kong, as millions of bank notes spill out onto busy street
- 3 The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
- 5 Vagina canoe artist defends herself over ‘obscenity’ charges
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...