European Insurance News & Views: Pru meeting takeaways

Research evidence excerpt

European Insurance News & Views: Pru meeting takeaways

Global Research

24 June 2026ab

European Insurance News & Views Equities

Europe including UKPru meeting takeaways

Financial

Nasib Ahmed, FIA

Headline: Pru meeting takeaways Analyst

nasib-za.ahmed@ubs.com

We met the Pru Investor Relations team yesterday and summarise key takeaways from +44-20-7568 8231

the meeting below. Will Hardcastle, CFA

Analyst

will.hardcastle@ubs.com

UBS Summary:

+44-20-7567 9763

Qian Lu

MCV business: Exposure has reduced from 80% pre-COVID to around 55% of the Analyst

Hong Kong sales. The main reasons for MCVs buying HK policies has been: 1) qian-za.lu@ubs.com

International savings exposures (funded through HK bank accounts); 2) Private Medical +44-20-7567 4657

care services , which were historically lacking in the Mainland but have developed well

Chloe Ryan

post-COVID;and 3) Certain coverages within Critical Illness products not available in Associate Analyst

China. Cross border business: MCV policies are written in Hong Kong, with no direct chloe.ryan@ubs.com

contact from authorities from the recent changes. There appears to be no direct impact +44-20-7567 3505

on Pru's business from the recent changes. However, note that Decree 835 (see here)

will come into effect on 1 July 2026. PRU already requires clients in HK to attest that

funds used to buy policies have been sourced legally with enhanced diligence on large

ticket sizes. From a tax perspective, a tax code is recorded and data shared with

international tax authorities.

China growth: There is potential for deposit rotation as higher locked in rates roll off.

Ageing population will also require investments to fund retirement. Given low insurance

penetration the opportunity is large. Singapore: There is some offshore business but