Earnings release
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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 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. AUMA as at 30 September 2025 £365bn HY 2025: £355bn Q3 Net Flows from Open Business1 £1.8bn 2025 YTD: £3.9bn
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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 30 Jun 2025 Inflows Outflows Net flows Market/ Other As at 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 Management1 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 Life2 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 30 Jun 2024 As at 31 Dec 2024 As at 30 Jun 2025 As at 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 Management1 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
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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 4.51 million retail clients and more than 9001 institutional clients in 391 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. Statements that are not historical facts, including statements about M&G’s beliefs and expectations and including, without limitation, statements containing the words ‘may’, ‘will’, ‘could’, ‘should’, ‘continue’, ‘aims’, ‘estimates’, ‘projects’, ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’, ‘outlook’ and ‘anticipates’, and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections which are current as at the time they are made, and therefore persons reading this announcement are cautioned against placing undue reliance on forward-looking statements. By their nature, forward-looking statements involve inherent assumptions, risk and uncertainty, as they generally relate to future events and circumstances that may not be entirely within M&G’s 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 reporting standards; the impact of competition, economic uncertainty, inflation and deflation; the effect on M&G’s business and results from, in particular, mortality and morbidity trends, longevity assumptions, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of internal projects and other strategic actions, such as transformation programmes, failing to meet their objectives; changes in environmental, social and geopolitical risks and incidents, pandemics and similar events beyond the Group’s control; the Group’s ability along with governments and other 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 third-party distribution channels and disruption to the availability, confidentiality or integrity of M&G’s IT systems (or those of its 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