The insurer announced earlier this month that it was transferring 36 billion pounds ($47.58 billion) of assets to Luxembourg, which is to become the company’s hub for its 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.