According to The Sunday Telegraph, the company, which is led by Tidjane Thiam, has had discussions with the Brazilian government over the possibility of relaxing current legislation preventing an insurer from controlling its sales force, in preparation for an entrance into the market.
The Telegraph said, while Prudential could enter the country now via the bancassurance market, its senior management believes it would be more profitable if it could control its own sales. The newspaper added that it is not known how successful Prudential has been in its lobbying efforts, however.
Prudential is due to publish its results tomorrow, although it is not anticipated that there will be any mention of its plans in Brazil or elsewhere in Latin America.
It is however, expected that Thiam will again raise concerns over impending European regulation which he feels will have a negative impact on Prudential. These concerns have sparked several rounds of speculation, most recently at the end of last month, that Prudential will move its headquarters to Asia where it now generates a higher percentage of its income than Europe.
Prudential is already listed in both Hong Kong and Singapore.