M&G has recorded an adjusted operating profit of £375m in its half-year results for 2024 published today (4 September) as it looks to merge its wealth and life operations and exit its digital adviser platform.
The firm's asset management division saw a 9% improvement in contribution. However, the life and wealth segments faced challenges, registering a 7% decline in operating profit. This decrease was attributed to lower contractual service margin amortisation rates and reduced returns on surplus assets. M&G is merging its life and wealth operations under a unified leadership, headed by Clive Bolton. The aim is to increase focus on serving the UK retail market and improve the efficiency of its offerings, the business outlined. It is also set to exit its digital adviser platform, accordin...
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