UK's M&G posts higher inflows on growth in asset management, bulk annuity
UK's M&G posts higher inflows on growth in asset management, bulk annuity Nov 5 (Reuters) - British insurer and money manager M&G MNG.L on Thursday posted £1.8 billion ($2.43 billion) in net inflows from open business in the third quarter, as growth in its asset management arm and a boom in bulk annuity sales (BPA) kept momentum going.
Here are some details:
M&G said its asset management segment delivered £0.7 billion in net inflows in the quarter, driven by UK and international institutional clients
The company, under CEO Andrea Rossi, has leaned on its tie-up with Daiichi Life 8750.T to drive asset management growth, alongside a push into the bulk annuity market
M&G now expects full-year BPA sales to exceed £2.5 billion, a more than 60% rise year-on-year, with a further £0.8 billion of deals already in exclusivity, Rossi said in a statement
Its total assets under management and administration edged down to £384.9 billion at the end of September from £387.4 billion at the end of June, as small adverse market movements more than offset net inflows
($1 = 0.7413 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sonia Cheema)