Prudential is considering moving its headquarters out of the UK, partly as a response to what it fears may be an "adverse outcome" on Solvency II.
The UK's largest insurer said it regularly reviews its range of options to maximise the "strategic flexibility" of the group.
"This includes consideration of optimising the group's domicile, including as a possible response to an adverse outcome on Solvency II," it said in a statement.
Reports suggest a likely destination for Prudential could be Hong Kong. The group currently makes 45% of its sales in Asia.
A Sunday Times report suggested a conflict between US insurance regulations and the Solvency II rules would force Prudential to hold billions in additional capital to protect its American business Jackson Life.
It cited Prudential chief executive Tidjane Thiam as saying at the World Economic Forum in Davos last month that the new rules would force Prudential to dispose £11bn of investments in UK infrastructure projects and would force Prudential to lend less to banks.
Solvency II - due to come into force in 2014 - could mean European insurers have to to hold extra cash reserves against subsidiaries in countries with less strict rules on reserves.
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