Business
1st Quarter Results
1st Quarter Results.
About this update from M&g Plc
[{"type":"text","content":"\n\n8 June 2023\nM&G plc Q1 2023 trading statement\nContinued positive momentum across all three Group priorities: Financial strength, Simplification and Growth\nDelivered positive net flows and strong investment performance across both the Asset Management and Wealth businesses\nCompleted the first phase of the Transformation programme, and maintained a strong and conservatively positioned balance sheet\n \n\n\n\nQ1 net client flows\nexcl. Heritage\n \n£0.4bn\n \n2022 FY: £0.3bn\n \n\n\n \n\n\n \nQ1 AUMA\n \n£344bn\n \n2022 YE: £342bn\n \n\n\n \n\n\nQ1 Shareholder\nSolvency II ratio\n \n200%\n \n2022 YE: 199%\n \n\n\n\n \nAndrea Rossi, Group Chief Executive Officer, said:\n\"M&G started the year building on our strong momentum from 2022. At Full-Year Results we identified three priorities for the Group: maintain financial strength through capital discipline, simplify the business, and deliver profitable growth focusing on Asset Management and Wealth. I am pleased to say we have made good progress on each of those fronts and are on track to deliver on our ambitious targets.\n\"I am particularly encouraged by the £1.0 billion net client inflows achieved in Wholesale Asset Management in just three months. Thanks to this success, we more than offset the expected redemptions from institutional clients and drove inflows into high-margin propositions. Much of this growth has come from our home market, the UK, where we were amongst the 'top five' managers by net flows in the period1, ending a long period of subdued performance.\n1 Source: The Pridham report\n\"In Institutional Asset Management, despite known headwinds in the UK, we have continued to expand our presence in Europe, winning large mandates in the Netherlands and Switzerland, where we secured £0.8 billion in funding from the Swiss Investment Fund for Emerging Markets.\n\"Turning to M&G Wealth, we continue to see good momentum, with PruFund sales growing to £1.6 billion in Q1. In May we launched PruFund Growth, PruFund Cautious and PruFund Risk Managed versions on our digital platform, further expanding the reach of this unique proposition. Making the wider PruFund range more accessible to financial intermediaries will support flows in the s...