M&G (LON:MNG) reported a sharp rise in first-half profit on Wednesday, powered by stronger investment returns and inflows into its open business.
Pretax profit more than doubled to £559 million in the six months to June, compared with £209 million a year earlier. Net insurance and investment result also more than doubled to £1.60 billion from £766 million, while investment return climbed 18% to £5.30 billion.
Insurance revenue edged up 0.4% to £1.99 billion, but the insurance service result slipped 4.5% to £514 million as expenses rose.
The FTSE 100 asset manager declared an interim dividend of 6.7 pence per share, up 1.5% from last year.
CEO Andrea Rossi highlighted £2.1 billion in net inflows from open business, a £3.2 billion turnaround from last year, underpinned by £2.6 billion in net inflows from external clients in Asset Management.
M&G also said it has achieved £213 million of cost savings since launching its efficiency programme, nearing its £230 million target. International clients now account for 58% of third-party assets under management, up from 37% five years ago.
Shares dipped over 1.5% at the open but recovered ground in morning trading. M&G shares remain up 28% in 2025 so far.