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A regulatory shift taxing offshore policy returns could damp demand for such products, reducing PRU's potential Asia revenue and slowing growth, similar to other insurance firms’ sensitivity to cross-border product taxation observed in past regulatory shifts.
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Prudential's stock dropped more than 10% after Caixin reported that mainland tax authorities have begun levying personal income tax on returns from offshore insurance policies. The development could dent demand for offshore products and weigh on PRU's Asia earnings and growth in the near term. Investors should monitor Chinese regulatory updates and PRU's response plans for product structuring.
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