First-half adjusted operating profit rose 15% to £435mn (£429mn expected). Assets under management rose 3% from the start of the year to £387bn.
Net flows from open business rose 14% to £2.4bn, with Asset Management delivering £2.2bn of net inflows from external clients.
Operating capital generation fell 9% to £372mn (£360mn expected). The Shareholder Solvency II coverage ratio, a measure of balance sheet strength, rose from 242% to 247% over the half.
An interim dividend of 6.8p was announced, up from 6.7p.
Full-year adjusted operating profit growth is now expected to land in the low double digits (previously ‘meaningful acceleration’).
The shares fell 1.7% in early trading.
Our view
HL view to follow.
M&G key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.