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.