M&G has recorded an adjusted operating profit of £375m in its half-year results for 2024 as it looks to merge its wealth and life insurance operations and exit its digital adviser platform.
The firm's asset management division saw a 9% improvement in contribution. However, the Life and Wealth segments faced challenges, registering a 7% decline in operating profit. This decrease was attributed to lower contractual service margin amortisation rates and reduced returns on surplus assets. M&G is merging its Life and Wealth operations under a unified leadership, headed by Clive Bolton. The aim is to increase focus on serving the UK retail market and improve the efficiency of its offerings, the business outlined. M&G bucks industry trend with £1.5bn wholesale asset manageme...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
