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TOP NEWS: M&G sees 28% jump in annual profit after cost reductions

21st Mar 2024 09:26

(Alliance News) - M&G PLC on Thursday said lower costs drove its annual profit, and remains "well-positioned" going into the new financial year.

The London-based investment manager said that in 2023 its adjusted operating pretax profit surged to GBP797 million, up 28% from GBP625 million a year ago.

M&G said this was driven by cost savings of GBP 73 million, which offset inflationary pressures and freed up resources to support growth.

Net client flows surged to GBP1.1 billion, excluding its Heritage division, up from about GBP200 million. These consist of net client flows in Asset Management, PruFund and Wealth, it said.

Its shareholder solvency II ratio improved to 203% from 199%, it added.

On the back of the results, M&G said it will pay out a total dividend of 19.7 pence per share, up from 19.6p a year ago.

Looking ahead, M&G said is "well positioned" to navigate the current uncertain economic climate due to its diversified business model, international footprint, compelling products and services, investment capabilities and expertise.

Commenting on the results, Chief Executive Officer Andrea Rossi said: "This financial performance underscores the importance of our balanced and diversified business model, with strong growth achieved despite continued macroeconomic uncertainty.

"As we look ahead, I am confident about the prospects for M&G as we remain focused on executing our strategic plan. Our diversified business model puts us in an excellent position to continue delivering attractive outcomes for both our clients and shareholders over the long-term."

Shares in M&G rose 1.1% to 234.10 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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