Trade · Berlins TodaySept 3 (Reuters) - British insurer and money manager M&G beat half-year profit expectations on Thursday and forecast low double-digit annual profit growth, boosted by better-than-expected inflows as clients poured money into equities and European credit. The results reassured investors concerned about client retention after the prolonged Iran war whipsawed global markets and triggered heavy withdrawals across the sector. The company posted adjusted operating profit before tax of £435 million ($586.51 million) for the six months ended June 30, up 15% and above the company-compiled consensus of £429 million.
Net inflows from open business were £2.4 billion, up from £2.1 billion a year ago. M&G, which is midway through a turnaround under CEO Andrea Rossi, has leaned on its tie-up with Daiichi Life to power asset management growth, after the Japanese insurer took a 15% stake last year to become its biggest single shareholder. The company projected a positive outlook for the second half of the year, reporting £1.0 billion in net inflows from external clients in Asset Management for July and continued second-half growth in Bulk Purchase Annuity (BPA) volumes for its Life segment.
M&G said that despite a volatile external environment, new business momentum has remained positive across the group, allowing it to reiterate its profit targets from 2025 to 2027. ($1 = 0.7417 pounds) (Reporting by Yamini Kalia and Simone Lobo in Bengaluru; Editing by Rashmi Aich)
Source: Euronext Markets: Real-time Stock Market Data | live
