Britain’s largest insurer, Prudential, has devoted 35 staff and £27mn on the new Luxembourg operation, as reported in Reuters.

In the article, Prudential CEO Mike Wells also said that their strategy was “not to assume any shape on Brexit, but to look at what retail and institutional clients would want, regardless of the shape of Brexit”.

On Wednesday, Prudential released its 2018 year-end statement. Its 2018 group operating profit totalled £4.8bn, citing strong performance in Asia, where 10 markets achieved double-digit growth.

Prudential has over 26 million customers worldwide.