March 10, 2020 / 7:22 AM / a month ago

Insurer M&G posts in-line operating profit in first results, pays special divi

LONDON, March 10 (Reuters) - British insurer and asset manager M&G posted an in-line 2019 adjusted operating profit of 1.15 billion pounds ($1.5 billion) on Tuesday and said it would pay a special demerger dividend.

M&G, in its first set of results since splitting from parent Prudential in Oct 2019, said assets under management and administration (AUMA) totalled 352 billion pounds, a 10% rise mainly reflecting strong investment returns.

Operating profit was forecast at 1.14 billion and AUMA at 342 billion pounds, according to a company-supplied consensus poll. Profit fell 29% from 2018 however, in what the insurer described as a “challenging market”.

M&G said it would pay an ordinary dividend of 11.92 pence per share and special demerger dividend of 3.85 pence.

$1 = 0.7680 pounds Reporting by Carolyn Cohn, editing by Sinead Cruise

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