2024-05-06 05:31:27 ET
Summary
- M&G is re-entering the bulk annuity business, with large new deals expected to start offsetting the run-off and be the template for future growth.
- Higher rates also favour the insurance businesses.
- AM is quite resilient on the top line with AUM, but cost inflation and performance fees are a pressure.
- We aren't crazy about AM's structural situation, but among the equity picks, M&G looks like one of the better ones.
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M&G: New Deals In Previously Run-Off Businesses