M&G Sets Targets for 2025 and Publishes Restated Results for 2022

M&G has affirmed its long-term goals and shared its restated results for 2022 under the new accounting standard, IFRS 17.

Maintaining Strategy and Financial Position

The British savings-and-investments company is confident that the implementation of IFRS 17 will not affect its strategy, solvency position, capital management framework, or dividend policy.

Under the new standard, M&G reports that its IFRS shareholder equity has increased by over 50%, reaching £4.3 billion ($5.56 billion). This significant growth can mainly be attributed to the allocation of approximately 10% of the with-profits fund IFRS to shareholders. The restated adjusted operating profit for the year has also risen by 4%, reaching GBP552 million. This increase is primarily due to changes in the profit signature of the annuities and with-profits business, as well as revised methodologies.

Targeting Ambitious Goals

M&G is committed to achieving its objectives over the next few years. The company aims to generate GBP2.5 billion in operating capital between 2022 and 2024, as well as meeting its targets through the end of 2025. These goals include earning more than half of its earnings from its asset management and wealth operations, delivering GBP200 million in cost savings, and reducing its solvency II leverage ratio to below 30%.

Overall, M&G is confident in its ability to successfully navigate the new accounting standard and maintain its strategic plans for the future.