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M&G adjusted profit falls 31%; targets 'stable or increasing' dividend
StockMarketWire.com
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M&G, the UK wealth manager and insurer recently spun out of Prudential, posted a fall in annual adjusted profit, which it said reflected a first full year of listed infrastructure costs.
Bottom-line net profit for the year through December rose 7.2% to £1.14 billion, but was boosted by short-term fluctuations in investment returns.
Adjusted pre-tax operating profit fell 31% to £788 million, even as assets under management and administration rose to £367.2 billion, up from £351.5 million.
M&G declared a full-year dividend of 12.23p per share.
'In our first year as an independent company, we have delivered a strong and resilient performance in one of the most challenging operating environments ever,' chief executive John Foley said.
"This demonstrates the value of our diversified and integrated business model, both to customers and clients, and to shareholders.
'Our balance sheet has remained robust throughout the COVID-19 pandemic and capital generation was strong at £995 million for the year.'
'We remain committed to our ambitious three-year £2.2 billion target for total capital generation to the end of 2022 and to our current policy of a stable or increasing dividend.'
Story provided by StockMarketWire.com
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