M&G Plc paid a dividend of 12.2 pence per share, equal to £311 million, on 28 April 2022. In addition, they paid an interim ordinary dividend of 6.2 pence per share, equal to £154 million, in line with their policy of paying one-third of the previous year total dividend, on 29 September 2022. A second interim dividend of 13.4 pence per share, equal to roughly £310 million, will be paid on 27 April 2023.
Other Financial Highlights:
- Operating capital generation of £821 million (2021: £1,117 million) with improved underlying capital generation of £628 million (2021: £484 million) demonstrating the resilience of their business model offset by a lower benefit from management actions
- Shareholder Solvency II coverage ratio remained strong at 199% (2021: 218%) which includes the impact of dividends, the share buy-back1 and the dilutive impact from the recognition of deferred tax assets due to mark to market losses on their assets
- Adjusted operating profit (AOP) before tax of £529 million (2021: £721 million), affected by £(172) million non-cash items from duration mismatching losses in the annuity portfolio and foreign exchange losses on theirr USD denominated subordinated debt
- Assets under management and administration decreased by £28 billion to £342 billion (2021: £370 billion), predominantly driven by adverse market movements
- IFRS loss after tax of £1,619 million (2021: £92 million profit), impacted by non-cash losses in the fair value of the surplus assets in their annuity portfolio and derivatives used to hedge the Solvency II balance sheet caused by increasing yields