M&G PLC (MNG)

[Dod101]

I see the upcoming interim dividend date is expected to be payable November 3rd.
X/d date is September 28th.
Last year it was September 29th with an x/d of18/8

Y

Last year they reported their results August 11th this year its going to be 20th September, more than a month later. Maybe they wanted more time due to the new reporting standards for insurance companies. So the xd and payment dates are going to be very close to the announcement date.

Just as is happening with Phoenix Holdings.

Dod

[richfool]

I suppose the time to really worry is if the date changes to the 31st September.

[idpickering]

M&G plc half year 2023 results.

Andrea Rossi, Group Chief Executive Officer, said:

"Today's results demonstrate the underlying strength of our business model, the resilience of our balance sheet, the attractiveness of our propositions as well as the hard work and commitment of our colleagues to deliver for our clients and execute on our strategic ambitions.

"Against the backdrop of ongoing market volatility and uncertainty we have made progress against all three pillars of the strategy that we launched in March - maintaining our financial strength through capital discipline; mobilising the Transformation programme to simplify our business and improve client outcomes; and delivering growth with positive net client inflows.

"As we look ahead, I remain confident we have the right ingredients for success that will enable us to continue to deliver attractive outcomes for our clients and shareholders. We are, however, not complacent and will continue to focus on ensuring that our balance sheet remains strong and we deliver on our purpose and strategic objectives."

Growth

Positive net client flows, excluding Heritage, of £0.7 billion (30 June 2022: £1.2 billion). Net flows remain positive into a third consecutive year despite known headwinds from UK institutional clients.

Gross inflows to PruFund UK of £3.3 billion (30 June 2022: £2.5 billion) are the highest for a six-month period since 2019. The launch of all PruFund solutions on our M&G Wealth Platform will support further reach of propositions and underpin flows in H2 and beyond.

Re-entered the Defined Benefit pension market through two targeted deals with a combined premium of £617 million which maximise the synergies of our business model and provide a third avenue of growth along with Asset Management and Wealth.

Further momentum in Wholesale Asset Management with net client inflows of £1.3 billion (30 June 2022: £0.8 billion) and continued strong investment performance. As of 30 June 2023, 70% of our mutual funds ranked in the upper two performance quartiles over one year (31 December 2022: 68%) and 71% over three years (31 December 2022: 67%).

Net client inflows of £0.7 billion in Private Markets; a core area of our Asset Management business accounting for c. 40% of total revenues, with resilient flows and attractive average margins of 55 bps.

Expected redemptions from UK clients as a result of the mini budget with net client outflows of £1.4 billion (31 December 2022: outflows of £0.7 billion) in Institutional Asset Management business but encouraging progress with positive net flows in Europe and the in-housing of a £5.5 billion Asian mandate from the internal client.

And later;

Dividend;

Subsequent to 30 June 2023, the Board has declared a first interim dividend for 2023 of 6.5 pence per ordinary share, an estimated £153m in total. The dividend is expected to be paid on 3 November 2023 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/7765948

Ian (I hold).

[idpickering]

It seems that the above results seem to have gone down well, with the MNG share price being up 3.3% as I type.

Ian.

[idpickering]

GOLDMAN SACHS INITIATES COVERAGE ON M&G AT 'BUY'

Analysts at Goldman Sachs initiated coverage on investment manager M&G with a 'buy' rating and 240.0p target price on Tuesday, stating it had "attractive growth, capital returns, and valuation".
Goldman Sachs noted that M&G operates three main segments - Asset Management, M&G Wealth, and Heritage. It said these were interconnected and, in its view, provide "attractive synergies".

"M&G is an asset manager with a large balance sheet which allows the firm to seed assets and helps to drive inflows, while also generating sufficient capital to cover its dividend and deleverage over time," said the analysts.

https://www.hl.co.uk/shares/shares-sear ... rd-gbp0.05

The above quote is from an item in the Company News segment, on the MNG page, on HL.

Ian (I hold, and am toying with adding to my MNG holdings).

[idpickering]

M&G plc Full Year 2023 Results.

Financial strength

Adjusted operating profit before tax of £797 million was up 28% year-on-year (2022: £625 millionii), reflecting a resilient performance in Asset Management, and improved contribution from Life, Wealth and Corporate Centre.

IFRS profit after tax of £309 million improved significantly (2022: £2,055 million lossii), benefitting from higher adjusted operating profit and a meaningful reduction in losses relating to short-term fluctuations in investment returns.

Operating change in contractual service margin (CSM) of £355 million was up 175% year-on-year (2022: £129 million), primarily due to higher expected real-world return on with-profits business CSM following the increase in risk-free rates during 2022.

Operating capital generation of £996 million was also up by 20% year-on-year (2022: £821 million), supported by a strong underlying capital generation of £752 million (2022: £628 million) and other operating capital generation of £244 million (2022: £193 million).

Over 2022 and 2023, we generated £1.8 billion of operating capital, which puts us in a very good position to achieve our three-year cumulative operating capital generation target of £2.5 billion by end of year.

Shareholder Solvency II coverage ratio improved to 203% (2022: 199%).

The 2023 total ordinary dividend of 19.7 pence per share (2022: 19.6 pence per share) is in line with our policy of stable or increasing dividends. The second interim dividend of 13.2 pence per share is payable on 9 May 2024.

https://www.investegate.co.uk/announcem ... ts/8098922

Ian (I hold).

[idpickering]

2023 Annual Report and Accounts

https://www.investegate.co.uk/announcem ... ts/8099064

Ian.

[idpickering]

Notice of AGM

M&G plc (the 'Company') today announces that its Notice of Annual General Meeting 2024 (the 'Notice') is available to view on the Company's website: mandg.com

The Company's Annual General Meeting 2024 will be held on Wednesday 22 May 2024 at 10:00 at 10 Fenchurch Avenue, London EC3M 5AG, with facilities for in person and virtual attendance and participation.

A copy of the Notice, Proxy Form and Voting Instruction Cards will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism later today.

Printed copies of the Notice and the 2023 Annual Report and Accounts will today be posted to those shareholders who have requested to receive hard copies.

https://www.investegate.co.uk/announcem ... gm/8140082

Ian (I hold).