M&G reports H1 net outflows of £1.5bn

4th Sep 2024 08:02

(Sharecast News) - Investment manager M&G reported net outflows of £1.5bn for the six months ended 30 June, excluding its Heritage division, a marked difference compared to net inflows of £700.0m at the same time a year earlier.

M&G said adjusted pre-tax operating profits also fell, dropping 3.8% year-on-year to £375.0m, while operating capital generated by the group slipped from £505.0m to £486.0m.

As a result, the FTSE 100-listed group announced an increased cost-savings target of £220.0m by FY25, up from £200.0m, and stated it was now eyeing operating capital generation of £2.7bn, up from £2.5bn.

Chief executive Andrea Rossi said: "Over the last 18 months, we have made meaningful progress transforming M&G by focusing on our strategic priorities: financial strength, simplification, and growth.

"Against the backdrop of a challenging market environment in the first half of the year, we have delivered another resilient financial performance with adjusted operating profit and capital generation nearly matching last year's excellent results."

As of 0905 BST, M&G shares were down 2.78% at 210.20p.

Reporting by Iain Gilbert at Sharecast.com