Prudential has been fined £30m by the Financial Services Authority for failing to be "open and co-operative" about a takeover attempt of an Asian rival three years ago.
The FSA said the UK's largest insurer should have informed regulators at the earliest opportunity about its efforts to acquire AIA, which - if successful - would have transformed the company's financial position.
The regulator also criticised the company's boss, Tidjane Thiam, who it said played "a significant role" in the decision not to inform the regulator about its expansion plans.
In one of its last actions before it is replaced by the UK's new regulatory regime on Monday, the FSA revealed that it only found about the deal - worth £23bn - after details were leaked to the media in February 2010.
There were calls for Tidjane Thiam to resign when the bid collapsed The takeover attempt, which would have involved a UK record shareholder cash call of £14.5bn, collapsed after AIA's parent company AIG rejected a lower offer.
It cost Prudential's shareholders, who were mostly opposed to the deal from the start, £377m in costs, and led to calls for Mr Thiam to step down.
But although the FSA said the company's boss was "knowingly concerned in this breach", it stopped short of declaring him unfit.
The FSA's director of enforcement and financial crime, Tracey McDermott, said it was essential for companies to communicate with regulators.
"Prudential, led by Thiam as CEO, failed to give due consideration to its obligation to inform the FSA of this transaction, which would have had a huge impact on the group had it gone through," she said in a statement.
"That was a serious error of judgement for which Prudential is paying the price.
"This case should send a clear message to all board members of their collective and individual responsibility for the decisions they make on behalf of their companies."
Prudential said it regretted not informing the FSA earlier about the deal, but stressed the investigation did not concern current conduct.
"We wish to draw a line under the matter, and to ensure our constructive relationship with our regulators remains good," new chairman Paul Manduca said in a statement.
"Tidjane acted at all times in the interests of the company and with the full knowledge and authority of the board."
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