Quilter FY Profit Down

Quilter plc reported that its IFRS profit after tax for the year ended 31 December 2020 declined to 88 million pounds or 4.9 pence per share, from 146 million pounds or 7.8 pence per share in the prior year. The prior year result included profit after tax from discontinued operations of 167 million pounds, which related to the QLA business that was sold on 31 December 2019.

IFRS profit after tax from continuing operations was 89 million pounds in 2020, compared to a loss after tax of 21 million pounds in 2019, primarily due to the impact of a decrease in policyholder tax, which can vary significantly year-on-year as a result of market volatility, and a reduction in IFRS operating and administrative expenses during 2020 driven by the costs associated with the delivery of the Optimisation program and the Platform Transformation Program.

Adjusted profit before tax was 168 million pounds for the year, 8% lower than the prior year.

Total income for the year dropped to 4.71 billion pounds from 7.42 billion pounds in the previous year.

Quilter said that it appointed Tazim Essani as an independent Non-executive Director of the Company with effect from 9 March 2021.

The Board recommended a final dividend of 3.6 pence per share which, together with the interim dividend of 1.0 pence per share, takes the proposed full year dividend to 4.6 pence per share. This compares to a 2019 dividend of 5.2 pence per share.

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