Business
M&G plc Full Year 2024 Results
M&G plc Full Year 2024 Results.
About this update from M&g Plc
[{"type":"text","content":"\n\nM&G plc full year 2024 results\nNEW PROGRESSIVE DIVIDEND POLICY WITH 2024 TOTAL DIVIDEND PER SHARE INCREASED BY 2%\nPROGRESS ON BUSINESS STRATEGY, OPERATING PROFIT UP 5% WITH RESILIENT CAPITAL GENERATION\nNEW CAPITAL GENERATION, NEW PROFIT GROWTH AND UPGRADED COST TARGETS\n \n\n\n\n\n \nNet Flows from Open Business1\n \n£(1.9)bn\n \n2023: £1.7bn\n\n\n \n\n\nAdjusted\nOperating Profit Before Tax\n \n£837m\n \n2023: £797m\n\n\n \n\n\n \nOperating Capital Generation\n \n£933m\n \n2023: £996m\n\n\n \n\n\n \nShareholder\nSolvency II Ratio\n \n223%\n \n2023: 203%\n\n\n \n\n\n \nTotal Dividend\nper Share\n \n20.1p\n \n2023: 19.7p\n\n\n\n\n \nAndrea Rossi, Group Chief Executive Officer, said:\n\"Over the last 12 months, we have delivered strategic and operational momentum with meaningful progress across our three priorities: Financial Strength, Simplification, and Growth. This is reflected in our strong financial performance with adjusted operating profit before tax up 5% and resilient operating capital generation of £933 million.\n\"Since starting at M&G, my priority has been to strengthen the foundations of the business. Despite a tough market environment we have done this. In 2024 we have reduced debt, simplified our operating model, grown Asset Management adjusted operating profit by nearly 20%, and continued to drive positive momentum in Life, completing £0.9 billion of bulk purchase annuity deals and launching a new innovative solution.\n\"We are now moving into a new phase for the Group, where we will deliver sustainable and diversified growth across Asset Management and Life. In line with this ambition, we are today announcing two new targets for 2025-2027: to grow adjusted operating profit before tax on average by 5% or more per annum, and to generate £2.7 billion of operating capital2.\n\"We also remain focused on operational efficiency as demonstrated by the reduction in the Asset Management Cost-to-Income ratio from 79% to 76% excluding performance fees and the £188 million cost savings delivered by our transformation programme so far. We are not resting there and are upgrading our cost target, for the second time, from £220 million to £230 million by the end of 2025.\n\"Given our confidence in the outlook of M&...