Cost SavingsThe company increased its cumulative 2022-24 OCG target to £2.7bn from £2.5bn and also increased its cost saving target to £220mn from £200mn prior.
Financial PerformanceAdjusted Operating Profit came in at £375mn, 6% ahead of company-compiled consensus, primarily driven by lower costs than expected within Asset Management and the Corporate Centre, as well as a 2% beat within the Life segment.
Future OutlookThe firm also points towards an improving 2H outlook for Wholesale AM, and is on track to complete the first capital-light BPA transaction.