M&G plc (MNG) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to M&G's 2024 full-year results presentation. Today, as usual, we'll have Andrea and Catherine going through the results, but they will also be joined by Clive Bolton and Joseph Pinto, the CEO of our live and asset management businesses, respectively. So it's going to be slightly longer than usual, but don't worry, we'll keep it still short and crisp to about 45 minutes, 50 minutes, and then after that, we'll move on to Q&A. So without further ado, Andrea. Thank you. Good morning, and welcome to MNG's full year results. It is a pleasure to be here with you. Today, I am joined by Catherine, who will cover our strong financial performance, and by Joseph Pinto and Clive Bolton, who run our asset management and live segments, respectively. They will share more color on the progress being made and explain the contribution of our business to the growth ambition for M&G and how we are collectively delivering for our clients. But first, let me start with a review of our main achievements. In 2024, we delivered meaningful progress across our three strategic priorities. First, on financial strength. By generating over 900 million of capital, we beat our upgraded OCG target. This allowed us to reduce debt and to increase the dividend cash spent for the first time since we listed in 2019. Given our recent achievements and our confidence in the outlook of the business, I am delighted to announce that from today, we are moving to a progressive dividend policy. Second, on simplification. We moved at pace on our transformation efforts, delivering 188 million of savings in the first two years of the program. Given this progress, we are upgrading our cost target again to 230 million by the end of 2025. And let me be clear. We will continue to tackle...