The ‘signs of stabilisation’ in its UK sales helped it post profits of £227m, 11% up on the first half of 2013. Cash remitted was up 24% to £135m.
M&G performed significantly better in continental Europe as funds under management increased by 32% to £27.9bn over the past year meaning they now account for 39% of its retail assets. Net inflows in the region were £4.2bn.
The firm’s Asia business Eastspring Investments profits were up 24%to £42m with funds under management up 22% over the past 12 months.
M&G said ‘favourable market movements’ have have increased its external funds under management by £14.7 billion to a record £132.8 billion from £118.1 billion this time last year.
Institutional funds under management now stand at £60.8 billion, 10% higher than a year ago.
“M&G has continued its successful, long-term strategy of geographic diversification,” said Tidjane Thiam, Prudential group chief executive.
