Interesting comment from the Pru today in their preliminaries on Solvency II progress, noting;
"We are engaging directly with our peers, politicians and regulators to ensure a fair and reasonable outcome before the regime becomes law."
For the £45m they have booked under 'Solvency II Implementation' in the IFRS result for 2010 (p37), they could have funded the 2010 UK election campaign for all parties and still had change left over to buy a nippy left winger for the company 5-a-side team.
As we have seen recently with the accounting treatment on the Keydata levy (try here, here, or here), when one is required to bust out expenses from the standard format, it is normally to make a point - judging by the quality of their actual results, I hope they feel it is money well spent!
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
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