M&G is in the unusual position of having a highly profitable business that is completely closed to new customers. Its legacy life insurance “Heritage” business made almost £500 million in operating profits in its last financial year, yet it is the smaller asset and wealth management businesses where Andrea Rossi, the recently installed chief executive, sees growth.
Rossi, who joined the business 16 months ago, has slowly been steering the company in this direction, dramatically improving his fund managers’ performance, cutting costs and simplifying organisational structure. The full works.
But it’s a London-listed insurer, so there is really only one thing that investors are after: a nice, fat dividend cheque. This is M&G’s key attraction. In the six months since this column last rated the
