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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| M&g Plc | LSE:MNG | London | Ordinary Share | GB00BKFB1C65 | ORD �0.05 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.45 | 0.73% | 199.35 | 199.30 | 199.40 | 199.75 | 197.90 | 199.45 | 5,003,157 | 16:35:06 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Life Insurance | 10.63B | 297M | 0.1265 | 15.76 | 4.68B |
From Apr 2022 to Apr 2024
TIDMMNG
RNS Number : 9963T
M&G PLC
23 March 2023
M&G plc NEWS RELEASE
23 March 2023
M&G plc
Annual Report and Accounts 2022
Following the release by M&G plc (the "Company") on 9 March 2023 of the Company's 2022 Full Year Results Announcement for the year ended 31 December 2022, the Company announces that it has today issued the 2022 Annual Report and Accounts ("Annual Financial Report").
The document is available to view on the Company's website and, in accordance with Listing Rule 9.6.1, a copy has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
Printed copies of the Annual Financial Report are expected to be mailed to shareholders on or around 13 April 2023, together with the Company's Notice of Annual General Meeting, in line with shareholder communication preferences.
Enquiries:
Alan Porter, Group General Counsel and Company Secretary +44 (0)20 8162 4064 George Bayer, Deputy Company Secretary +44 (0)20 8162 2655 Jonathan Miller, Head of External Communications +44 (0)20 8162 1699
Information required under the Disclosure & Transparency Rules ("DTR")
The following information is extracted from the M&G plc Annual Report 2022 (page references are to pages in the Annual Report) and should be read in conjunction with M&G plc's Full Year Results announcement issued on 9 March 2023. Together they constitute the material required by DTR 6.3.5(1) to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the M&G plc Annual Report 2022 in full.
LEI: 254900TWUJUQ44TQJY84
Classification: 1.1 Annual Financial Report
Principal risks and uncertainties
Key:
Strategic Priorities
1. Maintain our financial strength
2. Simplify our business
3. Deliver profitable growth
Hot Features
Premium
1 Business environment and market forces
============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
Changing client Our annual strategic Macroeconomic headwinds 1, 2, Increased
preferences, together planning process are expected to continue 3
with economic and is overseen by the during 2023 including
political conditions, Risk function and inflationary pressures,
could adversely impact the Board, and results rising interest rates,
our performance against in our approved strategy. UK political instability,
our strategy. heightened recessionary
The process of strategy fears in Europe and
We operate in highly approval considers US and geopolitical
competitive markets, the potential impact instability. These
while our client of the wider business headwinds may have
needs and expectations environment and economy. an impact on investment
are changing rapidly. Throughout the year, performance and strategy.
Economic factors, we monitor and report
including heightened on the delivery of The market continues
levels of inflation, this plan. to evolve with a
may impact product convergence of asset
demand and our ability The new M&G plc Group management and wealth,
to generate an appropriate Chief Executive Officer and changes to the
return. commenced in role value chain. There
during 2022, with continues to be competitive
Increased geopolitical changes to M&G plc pressure on fees
risks and conflicts, Executive Committee and an acceleration
and policy uncertainty, and the organisational of pension de-risking.
may impact our products, structure made shortly
investments and operating thereafter. This Prioritisation of
model. included decentralisation investment and the
and increased accountability successful delivery
Our key savings for delivery of the of initiatives is
proposition, PruFund, Business Plan for required to achieve
accounts for a significant the CEOs of the Retail our Business Plan.
proportion of our and Savings and Asset
inflows. We are also Management business
reliant on our intermediated units.
channel for savings
solutions sales.
This heightens our
exposure to changing
economic conditions
and client preferences.
Our success depends
upon our capacity
to anticipate and
respond to these
external influences.
============================ ============================ ============================= ============== ===========
2 Sustainability and ESG
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities(1) last year
============================ ============================ ============================= ============== ===========
A failure to address Recognising the complex The importance of 1, 2, Neutral
and embed sustainability range of risks that robust ESG risk management 3
considerations within sit under ESG, we and controls will
our strategy, products, have developed a continue to grow
operating model, specific ESG risk as the industry further
communication approach management framework develops its approach
and our internal/ to further enhance to ESG, addressing
external changing our approach to the issues such as the
landscape could adversely identification, assessment quality of ESG data,
impact on our financial and management of greenwashing, enhancement
performance, reputation ESG risks, based of climate change
and future growth. on the three lines methodologies and
Consequently we recognise of defence model. implementation of
the risk and opportunity The framework is regulatory requirements.
of sustainability supported by the
in our business and ESG Risk Policy, We anticipate the
the companies we which articulates external ESG risk
invest in. our ESG risk appetite environment to continue
and sets out key to develop, with
We consider and business requirements. climate physical
act upon a broad and transition risks
range of issues including The ESG risk management accelerating, biodiversity
those concerning framework consists emerging and social
greenwashing, climate of five core components: issues continuing
impact, diversity ESG risk culture; to be important.
and inclusion, and identifying and assessing
corporate governance. ESG risk; managing As ESG approaches
and reporting effectively continue to mature,
ESG Risk is considered on ESG risk; embedding we expect enhanced
in three broad dimensions: risk governance; scrutiny from various
Inside out - how and protecting reputation. stakeholder groups,
our business impacts including clients,
on the planet and Consideration of investors and regulators.
society, as we seek ESG Risk is built Associated with increased
to create and drive into the decision-making scrutiny is the ability
value for our clients; processes and a requirement to manage greenwashing
Outside in - the of key strategic risk.
impact of ESG factors board risk assessment
on our organisation, papers and regular Greenwashing has
ensuring that any reporting. the potential for
"real time" response long-term impact
aligns to our positioning Climate change risk upon reputational
on ESG; Reputation is integrated into risk if expectations
- Our ability to our scenario analysis and deliverables
meet a range of key process with both are not met.
stakeholder expectations top down and bottom
on sustainability up consideration Sustainability disclosures,
and ESG issues, whilst over a range of time driven by regulatory
reinforcing our brand horizons. reporting requirements,
values of care and will continue to
integrity. improve transparency,
consistency and
comparability.
We will implement
enhancements to our
reporting capabilities
to meet developing
reporting requirements.
============================ ============================ ============================= ============== ===========
3 Investment risk
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
We agree investment Our fund managers Strong investment 1, 3 Increased
objectives and risk are accountable for performance underpins
profiles of our funds the performance of the success of our
and segregated mandates the funds they manage, business. Absolute
with our clients. and management of performance was impacted
the risks to the by headwinds of rising
A failure to deliver funds. interest rates, inflation
against these objectives and recessionary
(including sustained Independent Investment fears during 2022
underperformance Risk and Performance with these set to
of funds), to maintain teams monitor and continue in 2023.
risk profiles that oversee fund performance, Sustainable strategies
are consistent with liquidity and risks, have also faced headwinds
our clients' expectations, reporting to the as they are underweight
or to ensure that Chief Risk and Compliance in energy and materials
fund liquidity profiles Officer. sectors which have
are appropriate for performed well recently.
expected redemptions Such activities feed
may all lead to poor into established Underperformance
client outcomes and oversight and escalation is expected to be
result in forums to identify, recovered over the
fund outflows. measure and oversee longer term as these
investment performance, trends are expected
If these risks materialise investment risk and to be cyclical in
for our larger funds fund liquidity risks. nature.
or a range of funds,
it may impact our
profitability, reputation
and growth plans.
============================ ============================ ============================= ============== ===========
4 Credit
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
We are exposed to Our Credit Risk Policy Our credit risk exposure 1, 3 Increased
the risk that a party sets standards for is expected to reduce
to a financial instrument, assessing, over time as our
banking transaction measuring and managing annuity business
or reinsurance contract credit risk, monitored runs off.
causes a financial by a dedicated, independent
loss to us by failing team. In the near term,
to discharge an obligation. threats to credit
We set and regularly sectors arise from
For invested assets, review limits for the deteriorating
this relates to the individual counterparties, economic environment.
risk of an issuer issuers and ratings, We continue to monitor
being unable to meet and monitor exposures and review our credit
their obligations, against these limits. risk exposures, including
while for trading assessments of the
or banking activities Our policy is to impact (including
this relates to the undertake transactions any indirect/second
risk that the counterparty with counterparties order impacts) for
to any contract the and invest in instruments the shareholder annuity
business enters into of high quality. fund of a potential
is unable to meet We have collateral downgrade of the
their obligations. arrangements for UK government credit
derivatives, secured rating. However,
Our solvency is lending, reverse trading over the
also exposed to changes repurchase agreements last decade has led
in the value of invested and reinsurance to a significant
credit assets arising transactions. increase in the proportion
from credit spread of secured assets
widening, or credit and a defensive and
rating downgrades. diversified credit
portfolio.
============================ ============================ ============================= ============== ===========
5 Market
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
Our profitability Market risk appetite Our market risk exposure 1, 3 Neutral
and solvency are is set and monitored is expected to remain
sensitive to market to limit our exposure broadly level over
fluctuations. to key market risks, the Business Plan
and we have prescribed period, primarily
Significant changes limits on the seed driven by PruFund
in the level or volatility capital provided new business sales
of prices in equity, for new funds. offset by the runoff
property or bond of existing in-force
markets could have Where appropriate, business. 2022 was
material adverse and subject to risk a challenging year
effects on our revenues limits and procedures, for most global equity
and returns. we use derivatives and fixed income
for risk reduction markets.
Exchange rate movements - to hedge equities,
could impact fee interest rates and Persistent inflationary
and investment income currency risks, for pressures, recessionary
denominated in foreign example. fears across Europe,
currencies. central bank tightening
We review regularly (through increase
Material falls in our hedging and investment in interest rates
interest rates may strategies, including and unwinding of
increase the amount asset-liability matching, quantitative easing)
we need to set aside informed by stress and rising geopolitical
to meet our future testing. risk continue to
obligations. drive negative market
We have procedures sentiment.
to respond to significant
market events and Surging energy prices
disruptions, bringing and supply chain
together colleagues disruptions driven
across M&G to provide by China's zero Covid
an enhanced monitoring policy continue to
and decision-making adversely impact
capability. markets, posing a
longer-term risk
to market stability,
although gas prices
have started to reduce
in late 2022/ early
2023 and China has
relaxed some Covid
restrictions.
============================ ============================ ============================= ============== ===========
6 Corporate liquidity
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
We must carefully Risk appetite is We expect the nature 1 Neutral
manage the risk that set such that we of our exposure to
we have insufficient maintain adequate liquidity risk to
cash resources to liquid resources remain materially
meet our obligations and our liquidity unchanged in the
to policyholders position is regularly short term. We maintain
and creditors as monitored and stressed. strong liquidity
they fall due. We have detailed buffers and continue
liquidity contingency to investigate options
This includes ensuring funding plans in and management actions
each part of our place to manage a to further strengthen
business and M&G liquidity crisis. the liquidity position.
plc as a whole has
sufficient resources Liquidity, cash and
to cover outgoing collateral is managed
cash flows, under for the Group by
a range of severe Prudential Capital,
but plausible scenarios. which holds liquid,
high grade assets
and has access to
external funding.
============================ ============================ ============================= ============== ===========
7 Insurance
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
We are exposed to We conduct annual Our exposure to insurance 1, 3 Neutral
the risk of loss reviews of longevity risk is expected
or of adverse change assumptions, supported to reduce over the
in the financial by detailed assessments near term mainly
situation of our of actual mortality driven by a projected
business, or that experience and have reduction in longevity
of our clients, resulting a team of specialists risk, as the closed
from changes in the undertaking longevity non-profit annuity
level, trend, or research. book runs-off.
volatility of mortality;
longevity; morbidity; We perform regular Expense risk is also
persistency; expense stress and scenario projected to reduce,
and margin pricing testing to understand driven by the run-off
experience. the size of insurance of the non-profit
risk exposures. annuity business
We make assumptions partially offset
regarding the life We have undertaken by increases in PruFund
expectancy (longevity) longevity risk transfer new business.
of our clients when transactions, where
determining the amount attractive financial
that should be set terms are available
aside to pay future from suitable market
benefits and expenses. participants.
Unexpected changes
in the life expectancy
of our clients could
have a material adverse
impact on both profitability
and solvency. This
risk mainly arises
from our large annuity
book and, although
we currently do not
write new annuity
business in the open
market, the size
of the back-book
remains significant.
============================ ============================ ============================= ============== ===========
8 Operational
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
A material failure Our Operational Risk Positive progress 1, 2 Neutral
or operational disruption Policy defines our was made across the
in the processes approach to identifying, business during 2022
and controls supporting assessing, managing in building on the
our activities, that and reporting operational risk and control
of our third-party risks and associated framework foundations
suppliers or of our controls across the previously put in
technology could business - including place. We are focused
result in poor client IT, data and outsourcing on fully embedding
outcomes, reputational arrangements. the framework and
damage, increased reaching operational
costs and regulatory We apply business maturity.
censure. continuity and crisis
management requirements The increased cyber-security
We are highly dependent across M&G. Our key threat arising from
on technology and business services geopolitical tensions
the loss or sustained and the critical and the continually
unavailability of shared services on evolving external
key hardware or software, which they rely need cyber-threat landscape,
inadequate information an enhanced approach technological disruption
security arrangements to avoid causing and data loss remains
and ineffective use intolerable harm. a significant threat
of digital solutions We achieve this through both to our business
could impact our our risk-based approach, and that of our third
ability to operate which considers the party suppliers.
effectively. harm a service could Our sustainable secure
cause if disrupted. programme continues
Additionally, serious to improve the control
failings in the delivery, We created our Technology environment by delivering
or persistent under Key Control framework additional security
performance of third-party in line with recognised capabilities.
supplier arrangements, best practice, including
could impact the the Information Security
delivery of services Forums Standard of
to our clients. Good Practice and
Control Objectives
for Information and
Related Technologies
Governance and Management
Objectives.
We have enhanced
oversight and risk
management of third
parties across M&G,
including our approach
to selection, contracting
and onboarding, management
and monitoring, and
termination and exiting.
============================ ============================ ============================= ============== ===========
9 Change
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
We have a number Project governance Our strategy and 1, 2, Neutral
of significant change is in place (including the business plan 3
programmes underway oversight) with reporting is underpinned by
to deliver our strategy and escalation of a number of change
for growth, key financial risks to management activities which
and non-financial and the Board. are expected to drive
benefits (including fund flows and efficiencies.
cost savings, improved Our Efficiency Board As we simplify the
client experiences, is responsible for way we operate, our
greater resilience prioritisation decisions, change activities
and strengthening ensuring that the will strengthen critical
our control environment) activities that maximise capabilities to streamline
and regulatory change. our ability to achieve how we serve our
Failure to deliver the Business Plan, clients. Careful
these programmes key regulatory items prioritisation of
within timelines, and growth activity investment spend
scope and cost with are delivered and and delivery within
our available people funded appropriately. expected timescales
and skill-set capacity is required to achieve
may impact our business We employ a suite our Business Plan
model and ability of metrics to monitor outcomes.
to deliver against and report on the
our Business Plan delivery, costs and
and strategy. benefits of our
transformation
programmes. We conduct
regular deep-dive
assessments of
transformation
programmes, individually
and collectively.
============================ ============================ ============================= ============== ===========
10 People
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
The success of our Our HR framework We remain focused 2, 3 Neutral
operations is highly is designed to align on culture and work
dependent on our colleague objectives on our culture programme
ability to attract, and remuneration continues with our
retain and develop to our business strategy core foundations
highly qualified and culture. of having a safe
professional people and respectful organisation.
with the right mix It includes policies
of skills and behaviours, and standards for Colleague responses
to support our positive diversity and inclusion, to our regular surveys
culture and growth. employee relations, reflected their belief
remuneration, talent, that people are treated
As a large and listed resourcing, performance with respect and
public company, and and learning. dignity in our organisation,
as we continue to and that they feel
re-focus our strategy, Our management and it is safe to speak
our people risk and Board receive regular their mind.
associated reputational reporting on colleague
impact is heightened issues and developments, Our surveys have
in areas including for example: succession also highlighted
our pay practices, plans for critical some uncertainty
workloads and morale, talent; management amongst colleagues,
the conduct of colleagues of industrial relations; this being predominantly
or groups of colleagues, pay; culture and driven by the cost
and industrial relations diversity. of living crisis.
(our own and that Our 2023 annual salary
of key third-party We conduct regular review focused on
providers). surveys to better giving a greater
understand our colleagues' percentage increase
views on our business to staff at the lower
and culture. Findings end of the salary
from these surveys scale and a cost
drive actions that of living support
improve our colleagues' payment was also
experience. made to UK Colleagues
during 2022 with
a commitment for
a further payment
to be made in 2023.
============================ ============================ ============================= ============== ===========
11 Regulatory compliance
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
We operate in highly Accountability for In December 2022, 1, 2, Neutral
regulated markets compliance with regulatory the Chancellor of 3
and interact with and legal requirements the Exchequer announced
regulators across sits with our senior a set of reforms
the globe, in an management. Our Compliance to drive growth and
environment where function supports competitiveness in
the nature and focus our businesses by the financial services
of regulation and providing guidance sector. These 'Edinburgh
laws remain fluid. to, and oversight Reforms' will increase
of, the business the volume and pace
There are a large in relation to regulatory of regulatory change
number of national compliance, Financial that will be introduced
and international Crime Compliance in the coming years
regulatory initiatives and conflicts of and are also likely
in progress, with interest, and carries to accelerate the
a focus on solvency out routine monitoring UK's regulatory divergence
and capital standards, and deep-dive activities from the EU.
financial crime, to assess compliance
conduct of business with regulations Aligned to our strategic
and systemic risks. and legislation. objectives, ESG and
international expansion
There are wide-ranging National and global will also be key
consequences of regulatory developments areas of focus. We
non-compliance are monitored and have activities underway
or failing to adequately form part of our addressing these
consider regulatory engagement with government priorities and are
expectations, standards policy teams and engaged with our
or principles, including regulators, which regulators on delivery
client detriment, includes updates in line with their
reputational damage, on our responses expectations.
fines and restrictions to the changes.
on operations or
products.
============================ ============================ ============================= ============== ===========
12 Reputational
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
Our reputation is Our Reputational We have a relatively 1, 2, Neutral
the sum of our stakeholders' Risk Management framework new corporate identity, 3
perceptions, which and dedicated Reputational with a newly appointed
are shaped by the Risk team monitor Group Chief Executive
nature of their expectations and report on reputational Officer and so we
and our ability to risks, using a suite are subject to significant
meet them. There of metrics to monitor scrutiny from different
is a risk that through stakeholder groups. stakeholders.
our activities, behaviours
or communications, We have embedded Key to managing evolving
we fail to meet stakeholder Reputational Risk stakeholder expectations
expectations and Champions throughout is the need to address
adversely impact our business. They the material aspects
trust and reputation perform an active of sustainability
in M&G or our brands. role in identifying risk, in addition
and monitoring key to our current sustainability
Failure to effectively reputational risks priorities - climate
manage reputational and drivers. change and diversity
risk could impact and inclusion.
our revenues and They also support
cost base, our ability our businesses by
to attract and retain creating processes
the best staff and that include full
potential regulatory consideration of
intervention or action. reputational risks
in key decisions.
============================ ============================ ============================= ============== ===========
13 Conduct
========================================================================================= ============== ===========
Principal risk Management and mitigation Outlook Strategic Change from
Priorities last year
============================ ============================ ============================= ============== ===========
There is a risk Observing the proper The FCA Consumer 1, 2, Neutral
that through the standards of conduct Duty regime which 3
acts or omissions in all its forms will come into effect
of the firm, or individuals is essential at M&G. on 31 July 2023 (for
within the firm, Due to the broad new and existing
we deliver poor or nature of conduct products and services)
unfair outcomes for risk, management requires firms to
clients, colleagues, is pervasive and deliver good client
or other stakeholders, reflected in policy outcomes with focus
or that we affect and processes including on four areas (products
market integrity. our Code of Conduct and services, price
and our Conflict and value, consumer
of Interest, Market understanding and
Abuse and Investment consumer support)
Communications Recording and to consider the
policies. needs, characteristics
and objectives of
Our Asset Management clients at every
business has launched stage of the customer
a Conduct Management journey.
Framework to provide
a consistent process
for conduct management
in relation to these
policies and our
Retail and Savings
business is undertaking
a Consumer Duty programme.
============================ ============================ ============================= ============== ===========
Statement of Directors' Responsibilities and Financial information
The Directors are responsible for preparing the Annual Report and Accounts and the financial statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with UK-adopted international accounting standards and the Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law).
Under company law, Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Company and of the profit or loss of the Group for that period.
In preparing the financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- state whether applicable UK-adopted international accounting standards
have been followed for the Group financial statements and United Kingdom
Accounting Standards, comprising FRS 101 have been followed for the
Company financial statements, subject to any material departures disclosed
and explained in the financial statements;
- make judgements and accounting estimates that are reasonable and prudent;
and
- prepare the financial statements on the going concern basis unless
it is inappropriate to presume that the Group and Company will continue
in business.
The Directors are responsible for safeguarding the assets of the Group and Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are also responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006.
The Directors are responsible for the maintenance and integrity of the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' confirmations
The Directors consider that the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's and Company's position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in Directors' Report confirm that, to the best of their knowledge:
- the Group financial statements, which have been prepared in accordance
with UK-adopted international accounting standards, give a true and
fair view of the assets, liabilities, financial position and profit
of the Group;
- the Company financial statements, which have been prepared in accordance
with United Kingdom Accounting Standards, comprising FRS 101, give
a true and fair view of the assets, liabilities and financial position
of the Company; and
- the Strategic Report includes a fair review of the development and
performance of the business and the position of the Group and Company,
together with a description of the principal risks and uncertainties
that it faces.
Signed on behalf of the Board of Directors
Andrea Rossi
Group Chief Executive Officer
9 March 2023
36 Related party transactions
The Group and its related parties comprise members of the M&G plc Group, as well as the Group's joint ventures and associates, and any entity controlled by those parties.
36.1 Transactions with the Group's joint ventures and associates
The Group received dividends and interest of GBP91m for the year ended 31 December 2022 (2021: GBP21m) from joint ventures or associates accounted for using the equity method. In addition, the Group had balances due from joint ventures or associates accounted for using the equity method of GBP88m as at 31 December 2022 (2021: GBP105m) and balances due to joint ventures or associates accounted for using the equity method of GBPnil as at 31 December 2022 (2021: GBPnil).
Furthermore, in the normal course of business a number of investments into and divestments from investment vehicles managed by the Group were made. This includes investment vehicles which are classified as investments in associates and joint ventures measured at FVTPL. The Group entities paid amounts for the issue of shares or units and received amounts for the cancellation of shares or units. These transactions are not considered to be material to the Group.
36.2 Compensation of key management personnel
The members of the Board and the Group Executive Committee are deemed to have power to influence the direction, planning and control the activities of the Group, and hence are also considered to be key management personnel.
Key management personnel of the Company may from time to time purchase insurance, asset management or annuity products marketed by the Group companies in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons.
Other transactions with key management personnel are not deemed to be significant either by virtue of their size or in the context of the key management personnel's respective financial positions. All of these transactions are on terms broadly equivalent to those that prevail in arm's length transactions.
The summary of compensation of key management personnel is as follows:
2022 2021
For the year ended 31 December GBPm GBPm
Salaries and short-term
benefits 11.4 12.2
Post-employment benefits 0.5 0.6
Share-based payments 4.8 7.2
Total 16.7 20.0
=============================== ==== ====
Information concerning individual Directors' emoluments, interests and transactions are provided in the single figure tables in the Annual Report on Remuneration on pages 141 and 145.
--END--
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