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    PRU   GB0007099541

PRUDENTIAL PLC

(PRU)
  Report
Delayed London Stock Exchange  -  11:35 2022-10-05 am EDT
926.80 GBX   -2.05%
11:03aEuropean ADRs Move Sharply Lower in Wednesday Trading
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06:03aCredit Suisse Keeps Prudential at Outperform, Cuts PT
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04:00aTranscript : Prudential plc - Special Call
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Inflows take sting out of M&G performance, shares rise

08/11/2022 | 02:35am EDT

* Inflows 1.2 bln stg

* AUM 349 bln stg

* Operating profit 182 mln stg

* Shares up 1.9%

LONDON, Aug 11 (Reuters) - M&G recorded net inflows into its asset management business in the first half, the British insurer and asset manager said on Thursday, helping its operating profit to come in above forecast and sending its shares higher.

M&G, which split off from Prudential in 2019, has suffered from net outflows and failed to boost its share price since listing.

A reduction in fees, improved risk analysis and rationalisation of some funds enabled M&G to post inflows from retail and institutional investors totalling 1.2 billion pounds ($1.47 billion) versus 2.0 billion in outflows a year ago.

"We've applied a lot of medicine and it's worked," CEO John Foley told Reuters, adding the firm had already won a "couple of significant mandates" from institutional investors in the second half.

M&G suffered a 44% fall in adjusted operating profit to 182 million pounds, but beat analysts' expectations of 144 million.

Insurers and asset managers have faced hits to their investment income and assets under management as a result of market shocks this year, while high inflation is encouraging potential customers to economise.

Rival abrdn's shares slid this week after its half-yearly profit missed expectations.

M&G's assets under management and administration dropped 6% in the first half to 349 billion pounds, but again this was above forecasts of 340 billion pounds.

Foley said M&G could make further acquisitions to strengthen its wealth business after buying financial advice provider Continuum this month, though he added valuations are high.

M&G's shares were up 1.9% at 0726 GMT, one of the top gainers in the FTSE 100. KBW analysts described the results as "respectable", reiterating their "outperform" rating on the stock.

Foley, who earlier this year announced plans to retire, said he had not yet set a date for his departure. A succession process is underway led by Edward Braham, who became chair in March.

M&G said it would pay an interim dividend of 6.2 pence per share.

($1 = 0.8178 pounds) (Reporting by Carolyn Cohn, editing by Sinead Cruise and David Evans)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ABRDN PLC -4.46% 137.15 Delayed Quote.-40.41%
FTSE 100 -0.48% 7052.62 Delayed Quote.-4.04%
M&G PLC -1.88% 169.8 Delayed Quote.-13.26%
PRUDENTIAL PLC -2.05% 926.8 Delayed Quote.-25.76%
All news about PRUDENTIAL PLC
11:03aEuropean ADRs Move Sharply Lower in Wednesday Trading
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Analyst Recommendations on PRUDENTIAL PLC
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Financials
Sales 2022 17 684 M 19 892 M 19 892 M
Net income 2022 1 429 M 1 607 M 1 607 M
Net Debt 2022 - - -
P/E ratio 2022 17,0x
Yield 2022 1,70%
Capitalization 25 363 M 28 530 M 28 530 M
Capi. / Sales 2022 1,43x
Capi. / Sales 2023 1,37x
Nbr of Employees 16 226
Free-Float 99,6%
Chart PRUDENTIAL PLC
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Technical analysis trends PRUDENTIAL PLC
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Last Close Price 926,80 GBX
Average target price 1 451,96 GBX
Spread / Average Target 56,7%
EPS Revisions
Managers and Directors
Anil Wadhwani Chief Executive Officer
Stuart James Turner Group Chief Financial Officer & Executive Director
Shriti Vinodkant Vadera Chairman
Mark Thomas FitzPatrick Group COO & Executive Director
Avnish Kalra Group Chief Risk & Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
PRUDENTIAL PLC-25.76%29 616
AXA-9.05%54 681
METLIFE, INC.4.75%52 212
AFLAC INCORPORATED2.77%37 921
PRUDENTIAL FINANCIAL, INC.-12.93%35 057
MANULIFE FINANCIAL CORPORATION-8.75%31 962