LONDON, March 8 (Reuters) - British insurer and asset manager M&G said on Tuesday it would offer shareholders a 500 million pound ($654.30 million) buyback programme as capital generation beat targets.
The life insurer achieved total capital generation of 2.8 billion pounds over two years. M&G has a capital generation goal of 2.2 billion pounds by the end of 2022.
Operating profit dropped to 721 million pounds from 788 million a year earlier, hurt by changes to longevity assumptions. But profit came in ahead of a 686 million pounds forecast, according to a company-supplied consensus forecast.