REG - M&G PLC - M&G plc Q1 2026 trading update

M&GAnnouncement

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RNS Number : 3190D  M&G PLC  07 May 2026

7 May 2026

 
M&G plc Q1 2026 trading update

Continued business momentum despite volatile geopolitical environment

£0.6bn net inflows from open business, up year-on-year, and resilient AUMA

Confident outlook for 2026 across Asset Management and Life

 

 AUMA as at             Q1 Net Flows from Open Business(1)

 31 March 2026          £0.6bn

 £371bn

                        Q1 2025: £(0.1)bn

 FY 2025: £376bn

 

 Andrea Rossi, Group Chief Executive Officer, said:

"We have made a strong start to 2026, with net inflows in Asset Management,
driven by demand from Daiichi Life Group and other external clients, and the
completion of our first With-Profits Bulk Purchase Annuity (BPA) deal in Life.

"Net inflows from open business of £0.6 billion represent a clear improvement
compared to net outflows of £0.1 billion in the same period last year. Group
AUMA remained resilient at £371 billion despite market volatility.

"Thanks to a strong new business pipeline, the introduction of our innovative
With-Profits BPA, and the upcoming launch of PruFund on third-party adviser
platforms, we are confident in our ability to deliver continued growth this
year."

Asset Management key highlights:

·      Asset Management AUMA of £344 billion, including £183 billion
from external clients, broadly unchanged compared to the start of the year,
and 10% higher compared to Q1 2025.

·      Net inflows of £0.7 billion improving markedly compared to flat
flows in Q1 2025, driven by strong Wholesale performance, with net inflows of
£0.8 billion, compensating for subdued activity from Institutional clients.

·      Momentum across both public and private markets, net inflows of
£0.4 billion and £0.3 billion respectively, with continued client demand in
high-value areas such as European equities, structured credit, and impact
funds.

·      Confident in the positioning of our business given strong
investment performance track-record and pipeline with institutional clients.

Life key highlights:

·      Life AUMA of £188 billion down 2% over the period due to modest
adverse market movements and expected net outflows from legacy business
(predominantly Traditional With-Profits).

·      PruFund experienced small net outflows of £0.1 billion in the
period as the impact of market volatility in March offset a positive start of
the year with net inflows in both January and February.

·      PruFund flows already stabilised in April; expect to return to
net inflows in the remainder of the year, also supported by the expected
launch of PruFund on third-party adviser platforms.

·      Launched With-Profits BPA solution and completed our first
transaction of £0.3 billion; expect BPA volumes to continue growing
year-on-year, weighted towards the second half of 2026.

 

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

 

Net flows

                                   2026 Q1 - January to March       2025 Q1 - January to March
 £bn                               Inflows    Outflows   Net flows  Inflows    Outflows   Net flows
 Institutional Asset Management    2.8        (2.9)      (0.1)      3.3        (3.1)      0.2
 Wholesale Asset Management        6.5        (5.7)      0.8        4.4        (4.6)      (0.2)
 Asset Management                  9.3        (8.6)      0.7        7.7        (7.7)      -
 With-profits: PruFund             1.6        (1.7)      (0.1)      1.4        (1.7)      (0.3)
 Annuities(1)                      0.3        (0.3)      -          0.2        (0.3)      (0.1)
 Other Life (open business)        0.3        (0.3)      -          0.4        (0.1)      0.3
 Life open business                2.2        (2.3)      (0.1)      2.0        (2.1)      (0.1)
 Net flows from open business      11.5       (10.9)     0.6        9.7        (9.8)      (0.1)
 With-profits: traditional         0.1        (1.3)      (1.2)      0.1        (1.2)      (1.1)
 Other Life (excl. open business)  0.5        (1.4)      (0.9)      0.4        (1.5)      (1.1)
 Life other                        0.6        (2.7)      (2.1)      0.5        (2.7)      (2.2)
 Total                             12.1       (13.6)     (1.5)      10.2       (12.5)     (2.3)
 1. Includes both Shareholder and With-Profits Annuities

 

Group AUMA movements 31 December 2025 to 31 March 2026

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

                                     31 Dec 2025                                                31 Mar 2026
 Institutional Asset Management      109.0         2.8      (2.9)     (0.1)      (1.1)          107.8
 Wholesale Asset Management          73.2          6.5      (5.7)     0.8        0.3            74.3
 Other Asset Management(1)           0.7           -        -         -          -              0.7
 Asset Management                    182.9         9.3      (8.6)     0.7        (0.8)          182.8
 Asset Management - Internal assets  162.3                                                      160.7
 Asset Management incl. internal     345.2                                                      343.5
 With-Profits: PruFund               69.8          1.6      (1.7)     (0.1)      (0.1)          69.6
 With-Profits: traditional           64.6          0.1      (1.3)     (1.2)      (1.5)          61.9
 Annuities(2)                        16.1          0.3      (0.3)     -          (0.5)          15.6
 Other Life(3)                       41.7          0.8      (1.7)     (0.9)      -              40.8
 Life                                192.2         2.8      (5.0)     (2.2)      (2.1)          187.9

 Corporate assets                    0.8           -        -         -          (0.1)          0.7

 Total                               375.9         12.1     (13.6)    (1.5)      (3.0)          371.4
 1. Corporate AUMA allocated to the Asset Management segment;  2. Includes
 both Shareholder and With-Profits Annuities;  3.Includes elements of Other
 Life closed to new business

 

Asset Management AUMA by asset class

 £bn                              As at         As at         As at         As at                  As at

                                  30 Jun 2024   31 Dec 2024   30 Jun 2025   31 Dec 2025            31 Mar 2026
 Private AUMA                     73.1          74.1          76.7          80.8                   80.2
 Public AUMA                      239.5         240.9         247.0         263.7                  262.6
 Other Asset Management(1)        1.0           0.9           0.7           0.7                    0.7
 Asset Management incl. internal  313.6         315.9         324.4         345.2                  343.5
 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
 Sophie Redburn   +44(0)7391 227026           Mariana Romano       +44(0)20 8162 8729
                 Sophie.Redburn@mandg.com                          Mariana.Romano@mandg.com

 

About M&G plc

M&G plc is a leading international savings and investments business,
managing money for around 4.2(1) million retail clients and more than 1,000(1)
institutional clients in 38(1) offices worldwide. As at 31 March 2026, we had
£371.4 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,
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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
announcement 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
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announcement should be construed as a profit forecast. The information
contained in this announcement does not constitute an offer to sell or
otherwise dispose of or an invitation or solicitation of any offer to purchase
or subscribe for any securities in the Group.

 

 

1. As at 31 December 2025

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