Prudential, AIA and other HK insurers’ shares slump on report China to tax offshore insurance income
Hong Kong-listed insurers including Prudential and AIA fell after Caixin reported China’s tax authorities are applying 20% personal income tax on returns from Hong Kong insurance policies, such as dividends and interest on prepaid premiums. Analysts said it could tighten scrutiny of offshore investments and slow mainland-linked sales. Reuters cited no response from China’s finance ministry or regulators.