M&G confirms dividend at 12.23p per share
M&G (LON:MNG), the UK insurance company and asset manager, confirmed a 31% fall in its operating profit to £788m.
The results, which came on Tuesday, were M&G’s first since becoming a stand alone company and were ahead of expectations.
Having split from Prudential in 2019, M&G said the results were a reflection of its first full year as a listed company, including head office and debt interest costs.
The company confirmed a dividend of 12.23p per share, in line with its policy of a stable or increasing dividend.
The FTSE 100 company’s IFRS profit after tax rose to £1.14bn, while its total capital generation was confirmed at £995m.
M&G’s share price rose by 5% on early morning trading to 215.5p.
John Foley, chief executive of M&G, commented on the company’s results:
“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. This demonstrates the value of our diversified and integrated business model, both to customers and clients, and to shareholders,” said Foley.
“We laid the foundations for M&G’s return to growth, including actions to fix Retail Asset Management and the creation of M&G Wealth following the acquisition of Ascentric. As responsible stewards of £367.2 billion in Assets Under Management and Administration (AUMA), we are also pivoting the entire company to sustainable investing – a shift which we believe will benefit customers, clients and shareholders, as well as wider society and the planet.”
“As responsible stewards of £367.2 billion in Assets Under Management and Administration (AUMA), we are also pivoting the entire company to sustainable investing – a shift which we believe will benefit customers, clients and shareholders, as well as wider society and the planet.”
“Our balance sheet has remained robust throughout the COVID-19 pandemic and capital generation was strong at £995 million for the year.”
