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Prudential may axe move threat

The threat of a departure of Prudential from these shores receded yesterday as chief executive Tidjane Thiam welcomed moves to improve Britain's regulatory environment for insurers.

Prudential has said it would consider upping sticks to Hong Kong unless European proposals on beefing up insurance company capital allowances were watered down.

However, Mr Thiam recognised the efforts made by the government to reduce the threat of European firms being made uncompetitive. "We are positive we will get equivalence," he said.

Profits powered 13 per cent higher to £1.3bn in the first half on the back of Asian expansion.

The insurer is racing ahead in its four largest Asian markets of Hong Kong, Indonesia, Singapore and Malaysia.