M&G Prudential net inflows halve in H1 2018

Anne Richards departs on 10 August

M&G Prudential saw external net inflows shrink to £3.5bn in the first six months of 2018, compared to £7.2bn for the same period last year, while the group said its demerger from parent firm Prudential is "progressing well".

The group reported assets under management for the overall M&G Prudential business fell to £341.9bn, £9bn lower than at the end of 2017, mainly as a result of the £12bn of annuity liabilities reinsured to Rothesay Life, announced in March. Meanwhile, IFRS operating profit from M&G Prudential asset management increased by 10% to £272m, reflecting a stable cost-income ratio of 54%. Prudential to merge UK businesses to create M&G Prudential; Record retail net inflows for M&G Flows M&G Prudential said external net inflows were "robust" despite the first half of 2018 seeing net sales ...