The Quilter Board has recommended a final dividend of 3.5 pence per share at a total cost of £65 million. Subject to shareholder approval, the recommended final dividend will be paid on 18 May 2020 to shareholders on the UK and South African share registers on 3 April 2020. For shareholders on their South African share register a dividend of 72.78519 South African cents per share will be paid on 18 May 2020, using an exchange rate of 20.79577. This will bring the dividend for the full year to 5.2 pence per share (2018: 3.3 pence per share).
Other financial highlights include:
Adjusted profit before tax up 1% to £235 million (2018: £233 million excluding Single Strategy business; 2018: £259 million including Single Strategy business) of which £53 million (2018: £57 million) from QLA.
Adjusted diluted earnings per share of 11.3 pence (2018: 13.5 pence, of which 1.2 pence is in respect of the Single Strategy business).
Adjusted profit before tax for the Group up 3% to £182 million (2018: £176 million); for further details see overleaf.
Adjusted diluted earnings per share from continuing operations of 8.6 pence (2018: 8.9 pence) reflecting more normal tax charge.
Assets under Management/Administration ("AuMA") up 13% from 31 December 2018 to £110.4 billion (2018: £97.7 billion).
Operating margin stable at 26% (2018: 26%), despite investment in distribution, supported by optimisation initiatives.
Net Client Cash Flow ("NCCF") of £0.3 billion (2018: £4.7 billion).
Integrated net flows of £2.6 billion (2018: £4.7 billion).
IFRS loss before tax attributable to equity holders from continuing operations of £53 million (2018: profit of £41 million) reflecting a higher policyholder tax charge due to the increase in market levels during 2019.
Diluted earnings per share of 7.8 pence (2018: 26.5 pence).
Solvency II ratio of 221% after payment of the recommended final dividend (2018: 190% (including QLA)).