M&G reports record profits despite £1.7bn UK outflow

M&G has reported a fifth consecutive year of record profits despite net outflows for its UK business increasing to £1.7bn in 2014.

The fund group reported a 13% increase in IFRS operating profit to £446m in parent Prudential’s full-year results today, driven by inflows in continental Europe. M&G took in £8.1bn from the region in 2014, up from £7.6bn in 2013, to more than offset increased outflows from its UK business. Net outflows in the UK rose from £700m to £1.7bn for the year as a whole, M&G said. Around £600m of this figure came in the fourth quarter. Property was a brighter spot: the M&G Property Portfolio saw record net inflows in the UK last year, according to the group. Meanwhile its £25bn Optimal ...