M&G: Net client flows and pre-tax profits dip in H1 results
IFRS losses after tax amounted to £56m, compared to a £309m profit during H2 last year
IFRS losses after tax amounted to £56m, compared to a £309m profit during H2 last year
The increase was driven by improved profitability in its General Insurance businesses
The fees involved with merging its investment management and capital divisions proved costly, weighing on its half-year results
Company also achieved a 28% increase in adjusted profit
The business was impacted by outflows and lower margins in its Investments arm
Plans for cost base reduction aim to reach full run-rate savings of £100m by 2027
More than 60% of the firm’s portfolios beat their benchmarks over 12 months