Pru could move HQ to Asia

THE Prudential is building up its business in Asia and may even consider moving its corporate headquarters there.

Insiders say the insurance giant is unlikely to abandon its British roots in the foreseeable future, but chief executive Jonathan Bloomer is particularly interested in China, one of the world's fastest growing economies.

The Chinese market last year accounted for 40% of the group's overall new business profits.

Sales at the Pru's Asian arm have grown nearly sixfold since 1998 to more than £513m at the end of 2002.

Bloomer is considering a regional headquarters in Kuala Lumpur to cover Chinese-speaking regions such as Malaysia and Hong Kong. The Pru employs 6,000 staff in Asia, compared with about 7,000 in the UK.

It has secured licences to operate in two Chinese regions, including economic hub Beijing and intends to apply for more.

A spokesman said: 'This is a hugely successful part of our insurance business. We are not planning to move into any new geographical regions, but we do hope to get more licences in China.'