M&G plc full year 2023 results
STRONG FINANCIAL RESULTS UNDERPINNED BY DIVERSIFIED BUSINESS MODEL mitsubishi plc
CONTINUED PROGRESS ON STRATEGIC PRIORITIES AND BUSINESS TARGETS
Andrea Rossi, Group Chief Executive Officer, said:
“M&G has performed very well in 2023. Today’s results show positive business momentum and meaningful improvements across key financial metrics. Net client flows, adjusted operating profit, operating capital generation, and the shareholder Solvency II ratio are all up materially year-on-year.
“This financial performance underscores the importance of our balanced and diversified business model, with strong growth achieved despite continued macroeconomic uncertainty. The contribution to earnings from our Life and Wealth operations increased meaningfully year-on-year, while Asset Management showed great resilience delivering net client inflows of £0.8bn at a time when the market for active investment solutions suffered significant redemptions.
“I am also very pleased with our operational progress in the first full year since outlining our three strategic priorities: Financial Strength, Simplification and Growth. We took steps forward on our business targets, and in particular, we are well placed to achieve our three-year cumulative Operating capital generation of £2.5 billion by the end of the year.
“As we look ahead, I am confident about the prospects for M&G as we remain focused on executing our strategic plan. Our diversified business model puts us in an excellent position to continue delivering attractive outcomes for both our clients and shareholders over the long-term.”
i Net client flows (excluding Heritage) consist of net client flows in Asset Management, PruFund and other Wealth and exclude the expected outflows in our Heritage business in Life.
ii 2022 comparative results, which were previously prepared under IFRS 4, have been restated following the adoption of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023.
i Definitions of key performance measures are provided in the Supplementary information section of the Annual Report and Accounts on page 366 to 367.
ii 2022 comparative results, which were previously prepared under IFRS 4, have been restated following the adoption of IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments from 1 January 2023.
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