Transfer of European business
We have reviewed our operations across Europe since the UK voted to leave the European Union. Currently, our European operations are split across two companies, The Prudential Assurance Company Limited (PAC) and Prudential International Assurance plc (PIA). We have decided to consolidate all of our long-term European business (excluding the UK) into one entity, PIA. This will include policies written by the following:
- PAC Poland
- PAC France
- PAC Malta
- Overseas branches of the Equitable Life Assurance Society (ELAS) in Germany and Ireland which were transferred to PAC in 2007.
What are the next steps
The transfer of business from PAC to PIA will need to be approved by the High Court of England and Wales.
The High Court Hearing will be held in London on 11 December 2018 at 10.30am, at the Rolls Building, Fetter Lane, London, EC4A 1NL
If the proposed transfer is approved we expect the transfer of policies to take place on 1 January 2019. The transfer process will be governed by Part VII of the Financial Services and Markets Act 2000.
What this means for you and your rights
This means that PIA will become Prudential's main insurer in the EU. It will be a larger organisation with more policyholders in more countries, including a new branch in Poland. This won't affect PIA's relationship with its parent company PAC, and PIA will remain part of the Prudential group. The terms and conditions of your PIA policy, and the way it's run, will all stay the same.
You have the right to raise any concerns about or object to this transfer with us or the High Court.
You can call or write to us to tell us about your concerns or objections. We'll look at them and pass them on to the regulators, the Independent Expert (an independent consulting actuary) and the High Court. The High Court will consider your concerns and objections when it's deciding whether or not to approve the transfer.
Alternatively, you can write to the High Court at the Rolls Building, Fetter Lane, London EC4A 1NL, or you can appear in person or via a legal representative at the hearing on 11 December 2018. If the date of the hearing changes we'll post the new details on this website.
You can make representations to the High Court through us. If you want to do so, please let us know as soon as possible in writing, and by 7 December 2018. This is so we can make sure we have time to pass your representations to the High Court.
|This document sets out the Independent Expert's analysis of the impact of the transfer on policyholders. A summary of the Independent Expert Report is in the 'Policyholder Information Booklet'.
|The PIA Head of Actuarial Function at Prudential International Assurance plc (PIA) provides a report on the impact of the transfer on transferring and non-transferring PIA policyholders
Write to us:
Prudential International Insurance plc, Montague House, Adelaide Road, Dublin 2, Ireland
+353 1 476 5893 or Freephone 0808 1686 204 if you are calling from within the UK
9am - 5.30pm GMT, Monday to Friday, except on bank holidays