Brexit or not, Prudential says it made sense to move some business to Luxembourg
European business after Brexit.
But even without the divorce between the U.K. and the EU, it made sense for Prudential to make such a move, the insurer’s Chief Executive Mike Wells said on Sunday.
“Even without Brexit, the Luxembourg product probably would have been an appropriate strategic step. I would say Brexit effectively defined the time frame that you want to make sure the work is accomplished,” he said. “We finished that actually last weekend.”
Consultancy EY said in a report this month that an estimated 1 trillion pounds of assets have been moved out of the U.K. because of Brexit.