By Iain Gilbert
Date: Thursday 11 Aug 2022
LONDON (ShareCast) - (Sharecast News) - Investment manager M&G said on Thursday that improved fund flows in the six months ended 30 June had helped it deliver a "resilient" operational and financial performance despite posting sharp declines in profits and assets under management.
M&G said interim operating capital generation was up 40% year-on-year at £433.0m, while its shareholder solvency II rating remained "very strong" at 214% despite total capital generation tumbling from £869.0m to £24.0m as a result of increasing yields and falling equity markets.
Adjusted pre-tax operating profits fell from £327.0m to £182.0m, impacted by current market conditions, and short-term fluctuation losses in the fair value of surplus assets in the group's annuity portfolio and derivatives used to hedge its Solvency II balance sheet led to a first-half IFRS loss after tax of £1.04bn.
Assets under management and administration decreased by £21.1bn to £348.9bn, driven mainly by adverse market movements, with net client inflows of £1.2bn, excluding its Heritage business.
M&G also declared an interim dividend of 6.2p per share, in line with its policy of paying one-third of the previous year's total dividend, with the dividend per share up 2% as a result of its share buy-back programme.
Reporting by Iain Gilbert at Sharecast.com
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Currency | UK Pounds |
Share Price | 200.50p |
Change Today | -1.40p |
% Change | -0.69 % |
52 Week High | 238.80p |
52 Week Low | 183.05p |
Volume | 4,411,565 |
Shares Issued | 2,380.25m |
Market Cap | £4,772.41m |
RiskGrade | 186 |
Value |
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Income |
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Latest | Previous | |
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2nd Interim | Interim | |
Ex-Div | 28-Mar-24 | 28-Sep-23 |
Paid | 09-May-24 | 03-Nov-23 |
Amount | 13.20p | 6.50p |
Time | Volume / Share Price |
16:35 | 28,958 @ 200.50p |
16:35 | 1,912,804 @ 200.50p |
16:35 | 1,968 @ 200.50p |
16:35 | 4,025 @ 200.50p |
16:35 | 1,726 @ 200.50p |
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