M&G Plc have declared an interim ordinary dividend of 6.2 pence per share, payable on 29 September 2022.
With the interim dividend, they have returned over £1.5 billion to shareholders in dividends since their establishment as an independent listed company in 2019. In addition, they are also making progress with their £500 million share buy-back programme having deployed almost £150 million to date.
Other financial highlights include:
- Operating capital generation of £433 million, up 40% on the same period last year
- Shareholder Solvency II coverage ratio remains very strong at 214% despite total capital generation falling to £24 million (30 June 2021: £869 million) as a result of increasing yields and falling equity markets
- Adjusted operating profit before tax decreased to £182 million, impacted by current market conditions
- IFRS loss after tax of £1,045 million; impacted by short-term fluctuation losses in the fair value of the surplus assets in our annuity portfolio and derivatives used to hedge the Solvency II balance sheet caused by increasing yields
- Assets under management and administration decreased by £21.1 billion to £348.9 billion, driven mainly by adverse market movements, with net client inflows (excluding Heritage) of £1.2 billion
- We are well on track with their buy-back programme having deployed almost £150 million to date
