Prudential is dusting off plans drawn up over three years ago to move its corporate base out of Britain and into Asia, according to the Sunday Times.
Prudential's pivot eastwards would be part of a bid to avoid tough new European Union rules for insurers known as "Solvency II" which are scheduled to come into force in January.
The FTSE 100-listed company is worried that the official body responsible for implementing the new rules, the Prudential Regulation Authority, won't take kindly to its large US and Asian operations.
Prudential's operations in Asia made £632m pre-tax profit in the first half of 2015, while its US business made £846m. This compares to £711m made by its UK arm.