REG - M&G PLC - M&G plc Q3 2025 trading update

M&GAnnouncement

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RNS Number : 1924G  M&G PLC  05 November 2025

5 November 2025

 
M&G plc Q3 2025 trading update

£1.5bn net inflows in Asset Management from external clients

£0.2bn net inflows in PruFund, supported by improved sales momentum

£0.3bn BPA transactions completed, With-Profits BPA on track for Q1 2026
launch

 

 AUMA as at              Q3 Net Flows from Open Business(1)

 30 September 2025       £1.8bn

 £365bn

                         2025 YTD: £3.9bn

 HY 2025: £355bn

 

 Andrea Rossi, Group Chief Executive Officer, said:

"After a strong first half, we have maintained positive momentum, continuing
to deliver against our growth priorities.

"Group AUMA increased 3% in the quarter to £365 billion, supported by £1.8
billion of net inflows from open business across Asset Management and Life,
reflecting the strength of our business model and investment capabilities.

"Our Asset Management performance was particularly pleasing as we delivered
£1.5 billion of net inflows from external clients, with good client demand
across asset classes and geographies.

"Despite a volatile macroeconomic environment, we are seeing growing momentum
across M&G, as we continue to execute on our strategy and deliver strong
long-term value to both clients and shareholders."

Asset Management key highlights:

·      Asset Management AUMA of £335 billion, including £176 billion
from external clients, up 3% in the quarter and 6% year-to-date (YTD).

·      Continued strong net inflows from external clients of £1.5
billion in Q3, bringing the YTD total to £4.1 billion which corresponds to an
annualised rate of over 3% of opening external assets.

·      Both Institutional and Wholesale franchises in net inflows,
delivering £0.8 billion and £0.7 billion respectively in Q3, and £2.7
billion and £1.4 billion YTD.

·      Continued client demand across geographies and asset classes,
particularly in European public equities, as well as in private and structured
credit.

·      Momentum expected to continue in coming months, as we begin to
generate new business flows through our partnership with Dai-ichi Life.

Life key highlights:

·      Life AUMA of £188 billion up 2% over the period and 1.5% YTD.

·      PruFund, now a £68 billion franchise, delivered net flows of
£0.2 billion in Q3 compared to £(0.6) billion in H1 2025.  We remain
focused on further broadening client and advisor access and product range.

·      New business volumes of £0.3 billion in Bulk Purchase Annuities
(BPA) improved compared to £0.2 billion in the first half.  We expect to
maintain a good level of volumes in the final quarter of the year.

·      Progressing well towards launching our With-Profits BPA, which
remains on track for Q1 2026.

 

1 Net flows from open business consists of net client flows from Asset
Management, PruFund, Shareholder annuities and the parts of Other Life open to
new business.

 

Net flows from open business

                                 2025 YTD - January to September        2025 Q3 - July to September
 £bn                             Inflows      Outflows     Net flows    Inflows     Outflows    Net flows
 Institutional Asset Management  12.0         (9.3)        2.7          2.8         (2.0)       0.8
 Wholesale Asset Management      13.9         (12.5)       1.4          4.4         (3.7)       0.7
 Asset Management                25.9         (21.8)       4.1          7.2         (5.7)       1.5
 With-profits: PruFund           4.5          (4.9)        (0.4)        1.7         (1.5)       0.2
 Shareholder annuities           0.5          (0.8)        (0.3)        0.3         (0.3)       -
 Other Life                      1.0          (0.5)        0.5          0.3         (0.2)       0.1
 Life open business              6.0          (6.2)        (0.2)        2.3         (2.0)       0.3
 Net flows from open business    31.9         (28.0)       3.9          9.5         (7.7)       1.8

 

Group AUMA movements 30 June 2025 to 30 September 2025

 £bn                                 As at         Inflows  Outflows  Net flows  Market/ Other  As at

                                     30 Jun 2025                                                30 Sep 2025
 Institutional Asset Management      102.9         2.8      (2.0)     0.8        2.2            105.9
 Wholesale Asset Management          65.2          4.4      (3.7)     0.7        3.8            69.7
 Other Asset Management(1)           0.7           -        -         -          -              0.7
 Asset Management                    168.8         7.2      (5.7)     1.5        6.0            176.3
 Asset Management - Internal assets  155.6                                                      159.1
 Asset Management incl. internal     324.4                                                      335.4
 With-Profits: PruFund               64.7          1.7      (1.5)     0.2        2.8            67.7
 With-Profits: traditional           64.8          -        (1.3)     (1.3)      0.2            63.7
 Shareholder annuities               15.2          0.3      (0.3)     -          (0.2)          15.0
 Other Life(2)                       40.1          0.7      (1.6)     (0.9)      2.2            41.4
 Life                                184.8         2.7      (4.7)     (2.0)      5.0            187.8

 Corporate assets                    1.0           -        -         -          (0.2)          0.8

 Total                               354.6         9.9      (10.4)    (0.5)      10.8           364.9
 1. Corporate AUMA allocated to the Asset Management segment;  2. Includes
 elements of Other Life closed to new business

 

Asset Management AUMA by asset class

 £bn                              As at         As at         As at         As at

                                  30 Jun 2024   31 Dec 2024   30 Jun 2025   30 Sep 2025
 Private AUMA                     73.1          74.1          76.7          78.5
 Public AUMA                      239.5         240.9         247.0         256.2
 Other Asset Management(1)        1.0           0.9           0.7           0.7
 Asset Management incl. internal  313.6         315.9         324.4         335.4
 1. Corporate AUMA allocated to the Asset Management segment

Enquiries:

 Media                                        Investors/Analysts
 Irene Chambers    +44(0)7825 696815          Luca Gagliardi       +44(0)20 8162 7301
                   Irene.Chambers@mandg.com                        Luca.Gagliardi@mandg.com
 Will Sherlock     +44(0)7786 836562           Simran Parmar        +44(0)20 8162 0956
                   Will.Sherlock@mandg.com                          Simran.Parmar@mandg.com
 James Gallagher   +44(0)7552 374245
                  James.Gallagher@mandg.com

 

About M&G plc

M&G plc is a leading international savings and investments business,
managing money for around 4.5(1) million retail clients and more than 900(1)
institutional clients in 39(1) offices worldwide. As at 30 September 2025, we
had £364.9 billion of assets under management and administration. With a
heritage dating back more than 170 years, M&G plc has a long history of
innovation in savings and investments, combining asset management and
insurance expertise to offer a wide range of solutions. We serve our retail
and savings clients under the M&G and Prudential brands in the UK and
Europe, and under the M&G Investments brand for asset management clients
globally.

Additional Information

M&G plc, a company incorporated in the United Kingdom, is the ultimate
parent company of The Prudential Assurance Company Limited (PAC). PAC is not
affiliated in any manner with Prudential Financial, Inc., a company whose
principal place of business is in the United States of America or Prudential
plc, an international group incorporated in the United Kingdom.

Forward-Looking Statements

This announcement may contain certain 'forward-looking statements' with
respect to M&G plc (M&G) and its affiliates (the Group), its plans,
its current goals and expectations relating to future financial condition,
performance, results, operating environment, strategy and objectives.
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beliefs and expectations and including, without limitation, statements
containing the words 'may', 'will', 'could', 'should', 'continue', 'aims',
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this announcement are cautioned against placing undue reliance on
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involve inherent assumptions, risk and uncertainty, as they generally relate
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control. A number of factors could cause M&G's actual future financial
condition or performance or other indicated results to differ materially from
those indicated in any forward-looking statement. Such factors include, but
are not limited to: changes in domestic and global political, economic and
business conditions; market-related conditions and risk, including
fluctuations in interest rates and exchange rates, the potential for a
sustained low-interest rate environment, corporate liquidity risk and the
future trading value of the shares of M&G; investment portfolio-related
risks, such as the performance of financial markets generally; legal,
regulatory and policy developments, such as, for example, new government
initiatives and regulatory measures, including those addressing climate change
and broader sustainability-related issues, and broader development of
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particular, mortality and morbidity trends, longevity assumptions, lapse rates
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acquisitions or combinations within relevant industries; the impact of
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stakeholders to measure, manage and mitigate the impacts of climate change and
broader sustainability-related issues effectively; the impact of operational
risks, including risk associated with third-party arrangements, reliance on
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suppliers); the impact of changes in capital, solvency standards, accounting
standards or relevant regulatory frameworks, and tax and other legislation and
regulations in the jurisdictions in which the Group operates; and the impact
of legal and regulatory actions, investigations and disputes. These and other
important factors may, for example, result in changes to assumptions used for
determining results of operations or re-estimations of reserves for future
policy benefits. Any forward-looking statements contained in this document
speak only as of the date on which they are made. M&G expressly disclaims
any obligation to update any of the forward-looking statements contained in
this document or any other forward-looking statements it may make, whether as
a result of future events, new information or otherwise except as required
pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure
and Transparency Rules, or other applicable laws and regulations. This report
has been prepared for, and only for, the members of M&G, as a body, and no
other persons. M&G, its Directors, employees, agents or advisers do not
accept or assume responsibility to any other person to whom this document is
shown or into whose hands it may come, and any such responsibility or
liability is expressly disclaimed.

 

1. As at 31 December 2024

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