M&G Surpasses Profit Expectations on Strong Inflows Despite Iran War Impact
Financial Performance and Market Impact
Profit Expectations and Results
Sept 3 (Reuters) - British insurer and money manager M&G beat half-year profit expectations on Thursday and forecast low double-digit annual profit growth, as strong client inflows from its Japanese partner Daiichi Life cushioned the impact of market volatility due to the Iran war.
Investor Reassurance Amid Market Volatility
Concerns Over Client Retention
The results offer reassurance to investors concerned about client retention after the prolonged Iran war whipsawed global markets and triggered heavy withdrawals across the sector.
Key Financial Figures
Adjusted Operating Profit
The company posted adjusted operating profit before tax of £435 million ($586.51 million) for the six months ended June 30, above the company-compiled consensus of £429 million, against net inflows of £2.4 billion from open business.
Exchange Rate Information
($1 = 0.7417 pounds)
Reporting Credits
(Reporting by Yamini Kalia and Simone Lobo in Bengaluru; Editing by Rashmi Aich)
