We’re committed to UK, says the Pru

Speaking yesterday after posting 8 per cent first quarter sales growth largely fuelled by Asia, chief executive Tidjane Thiam called the Pru’s commitment to the UK “real and for the long term”.

The rising importance of its Asian business has fuelled speculation Prudential could change its domicile to Hong Kong to escape tough new European capital standards.

Thiam said the firm’s ongoing presence in the UK, where it was founded 165 years ago, provided an “anchor” to its A+ credit rating – crucial to the credibility of insurers.

“The strength of the balance sheet of the group and part of why we are able to grow in Asia is that anchor in the UK, so it is very important,” he said.

Prudential has avoided much of the economic turbulence afflicting Europe on account of a strong focus on fast-growing Asia, the source of nearly half its sales.