Andrea Rossi, Group Chief Executive Officer, 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.
"We have materially improved the Financial Strength of the business lifting our shareholder Solvency II coverage ratio to 210%, a very strong position. And we tackled our leverage too, reducing debt by £461 million.
"Our Simplification agenda continues at pace, delivering £121 million in cost savings so far. We have made considerable progress across all of our financial targets and, reflecting our track record of delivery and our commitment to strong shareholder outcomes, we are announcing today upgrades to our capital generation and cost savings targets.
"We are continuing to push further on our strategic priorities, combining our Life and Wealth operations to support the acceleration of our growth plan in the UK retail market. We also see growth opportunities in our international footprint and in the broadening of our product offering.
"As we look ahead, the strong foundations we have built give me confidence in the long-term outlook for M&G."
And later re the dividend;
Subsequent to 30 June 2024, the Board has declared a first interim dividend for 2024 of 6.6 pence per ordinary share, an estimated £157m in total. The dividend is expected to be paid on 18 October 2024 and will be recorded as an appropriation of retained earnings in the financial statements at the time that it is paid.
https://www.investegate.co.uk/announcem ... ts/8398089
I hold these in my HYP, and know others here do too, so this may be of interest here.
Ian.
