Business
M&G plc half year 2023 results
M&G plc half year 2023 results.
About this update from M&g Plc
[{"type":"text","content":"\n\n20 September 2023\nM&G plc half year 2023 results\n \nGOOD OPERATIONAL AND FINANCIAL PERFORMANCE WITH PROGRESS AGAINST CORE STRATEGIC PRIORITIES\n \n\n\n\nNet client flows\nexcl. Heritage\n \n£0.7bn\n \nHY 2022: £1.2bn\n \n\n\n \n\n\nAdjusted Operating Profit\n \n£390m\n \nHY 2022: £298m\n \n\n\n \n\n\nOperating Capital Generation\n \n£505m\n \nHY 2022: £433m\n \n\n\n \n\n\nDividends per Share\n \n6.5p\n \nHY 2022: 6.2p\n \n\n\n \n\n\nShareholder\nSolvency II ratio\n \n199%\n \nFY 2022: 199%\n \n\n\n\n \nAndrea Rossi, Group Chief Executive Officer, said:\n\"Today's results demonstrate the underlying strength of our business model, the resilience of our balance sheet, the attractiveness of our propositions as well as the hard work and commitment of our colleagues to deliver for our clients and execute on our strategic ambitions.\n\"Against the backdrop of ongoing market volatility and uncertainty we have made progress against all three pillars of the strategy that we launched in March - maintaining our financial strength through capital discipline; mobilising the Transformation programme to simplify our business and improve client outcomes; and delivering growth with positive net client inflows. \n\"As we look ahead, I remain confident we have the right ingredients for success that will enable us to continue to deliver attractive outcomes for our clients and shareholders. We are, however, not complacent and will continue to focus on ensuring that our balance sheet remains strong and we deliver on our purpose and strategic objectives.\"\nGrowth\n\n\n\n-\n\n\nPositive net client flows, excluding Heritage, of £0.7 billion (30 June 2022: £1.2 billion). Net flows remain positive into a third consecutive year despite known headwinds from UK institutional clients.\n\n\n\n\n-\n\n\nGross inflows to PruFund UK of £3.3 billion (30 June 2022: £2.5 billion) are the highest for a six-month period since 2019. The launch of all PruFund solutions on our M&G Wealth Platform will support further reach of propositions and underpin flows in H2 and beyond.\n\n\n\n\n-\n\n\nRe-entered the Defined Benefit pension market through two targeted deals with a combined premium of £617 million which maximise the synergies of our bus...