M&G Plc H1 Adj. Operating Profit Before Tax Declines - Quick Facts

M&G plc (MNG.L) reported that its first half adjusted operating profit before tax decreased to 182 million pounds from 327 million pounds impacted by current market conditions. IFRS loss before tax attributable to equity holders was 1.32 billion pounds compared to a loss of 304 million pounds, prior year. Loss per share was 41.4 pence compared to a loss of 9.8 pence. The Group noted that IFRS result was impacted by short-term fluctuation losses in the fair value of the surplus assets in its annuity portfolio and derivatives used to hedge the Solvency II balance sheet caused by increasing yields.

Gross premiums earned increased to 3.10 billion pounds from 2.39 billion pounds, previous year.

Operating capital generation was 433 million pounds, up 40% from last year, towards the achievement of new operating capital generation target of 2.5 billion pounds by the end of 2024.

The Board has declared an interim ordinary dividend of 6.2 pence per share, payable on 29 September 2022.

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