Slides
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Financial strength Simplification Growth 2026 Half Year Results 3 September 2026 1
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M&G plc 2026 Half Year Results Forward looking statement This document 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. Nothing in this report should be construed as a profit forecast. The information contained in this document 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. 2
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Business review Andrea Rossi, Group Chief Executive 3
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Executing against our strategic priorities, delivering strong outcomes 4 Priorities Key highlights • Improved on 2025 PRT volumes in just 8 months, with BPA sales of £1.7bn at end of August • Driving growth with adjusted operating profit of £435m, up 15% year-on-year • Delivered H1 Asset Management net inflows of £2.2bn, strong outlook for the second half • Pivoting business model towards capital-light earnings, now 80% of total • Remained disciplined on costs, improving Asset Management CIR by 2 ppts to 73% • Continuing to transform the business, creating capacity to invest in and support growth Financial strength Simplification Growth 1 2 3 Note: BPA = Bulk Purchase Annuity CIR refers to the Core Cost-to-Income Ratio, which excludes performance fees from the definition of income and includes revaluat ion of provisions relating to performance-based awards in the definition of costs
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Progressing well on targets Financial strength Simplification Growth 1 2 3 Priorities Note: OCG = Operating Capital Generation; CIR = Cost-to-Income Ratio; AOP = Adjusted Operating Profit CIR refers to the Core Cost-to-Income Ratio, which excludes performance fees from the definition of income and includes revaluat ion of provisions relating to performance-based awards in the definition of costs £2.7bn cumulative OCG before new business strain over 2025-2027 Adjusted Operating Profit annual growth ≥5% on average over 2025-2027 70% Cost-to-Income Ratio in Asset Management by end of 2027 Targets Continued financial resilience Delivering sustainable growth Improving operating leverage Progress Generated cumulative OCG of £1.3bn over 2025 and H1 2026 Increased AOP by +15% YoY, best H1 Result since listing Improved Asset Management CIR to 73% in H1 2026 5 On target On target On target
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6 We have a clear strategy and the right business model to win Our ambition: Our business model in action: Become Europe’s leading integrated asset manager Scale our business model, with Asset Mgmt. and Life compounding each other’s growth Leverage our With-Profits Fund to underpin capital-light growth Drive sustainable earnings growth through improved operating leverage Focus on high-value active solutions, and become a leader in European private markets Life With-Profits Fund Shareholder balance sheet Scaled asset base Investment expertise Seed capital for new funds Alternative assets Asset Management Public markets Private markets Deliver attractive returns to shareholders Gather assets from customers and clients, and provide attractive investment outcomes
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Partnership with Daiichi builds on, and leverages, our business model 7 Life Asset Management Milestones achieved in our first year together: Daiichi is now M&G’s largest shareholder with 15.7% Mr. Yamaguchi joins M&G plc Board on September 3 Daiichi invested over £1bn from its general account across 7 different M&G investment solutions1 Knowledge sharing between M&G and Daiichi across Life and Asset Management Ongoing collaboration on product co-development and monitoring of joint business opportunities M&G allocating part of its fixed income portfolio to Daiichi’s JV Asset Management One 1. As of end of June 2026
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Asset Mgmt: Delivering diversified and profitable growth 8 102 111 126 148 16 18 2 11 79% 77% 75% 73% 30 50 70 90 110 130 150 170 66% 68% 70% 72% 74% 76% 78% 80% H1 2023 H1 2024 H1 2025 H1 2026 CIR Fee-related earnings (in £m) Other earnings1 (in £m) 1. Includes performance fees, investment income and minority interests Note: All KPIs in the left column show change from HY 2023 to HY 2026. CIR refers to the Core Cost-to-Income Ratio, which excludes performance fees from the definition of income and includes revaluation of provisions relating to performance -based awards in the definition of costs Improved profitability Positive outlookHY 2023 Expect to continue to grow internationally, particularly in Asia £7.8bn capital queue underpinning confidence in private markets £1.0bn of net inflows in July with strong pipeline of new client wins HY 2026 £110bn 58% of external AUMA £77bn 53% of external AUMA More international clients £189bn 53% of AUMA £146bn 48% of AUMA More external clients £356bn of which £83bn in private assets £303bn of which £74bn in private assets Higher asset base +17% +29% +43%
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Asset Mgmt: High-value net inflows across private and public markets 9 Private markets Public marketsH1 net flows by asset class: 0.9 1.3 £2.2bn net inflows, corresponding to c. £13m in net new revenues Private markets Public markets Strong continued demand for European credit from both local and foreign investors New leadership for infra equity and debt to drive growth in attractive market Increased appetite for Real Estate, and improving asset valuations Consistent net inflows in high-value solutions underpinning positive net new revenues Strong performance in Equities, over 50% of assets in top quartile on a 3 and 5-year basis Renewed appetite for active equities, good demand for European and Asian strategies
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Asset Mgmt: Innovating in the UK and growing internationally 10 UK innovation International growthH1 net flows by client type: 0.8 0.3 1.1 £2.2bn net inflows, corresponding to c. £13m in net new revenues Wholesale clients UK institutional Good inflows YTD from DB pension funds into liquid credit as schemes consider run-on options Gearing up towards completing first deal, will support Asset Mgmt. AUMA and BPA pipeline Launching new CDI+ solution in September, targeting UK DB pension schemes in run-on Developing strategic partnerships with high-quality institutions Singapore Canada Hong Kong Australia Japan International institutional
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WP Fund powers all new Life propositions incl. BPA New business is capital- light for the shareholder Life: Driving capital-light growth through the With-Profits Fund 11 £100m+ 2030 AOP contribution Life 10-15 bps profit contribution Asset Mgmt. c. 20 bps in revenue fees on the asset base £50bn+ 2030 in-force AUMA Corporate Based on BPA target sales of £3bn-£4bn p.a. International Individual Based on £6bn+ PruFund sales p.a. Key features: £138bn ring-fenced fund, with £7.7bn surplus capital Expected contribution from new With-Profits solutions Note: WP = With-Profits; BPA = Bulk Purchase Annuity; AOP = Adjusted Operating Profit
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Life: Leveraging With-Profits as a competitive advantage in UK PRT 12 BPA Plus, a superior proposition: BPA deal volumes (£bn)BPA volumes over time >80% of Life volumes managed by internal Asset Mgmt. team c. 40% allocation to private markets for BPA new business 0.6 1.10.6 0.9 1.5 3-4 2023 2024 2025 2026E 2027E BPA annual volumes over time (in £bn) +50% YoY +65% YoY >50% growth H1 Jul-Aug Unparalleled financial strength with a Solvency II ratio of 375% Additional upside for customers through annual With-Profits bonuses Attractive and competitive pricing thanks to the WPF lower cost of capital Customer ethos of a mutual putting clients first since 1848 Note: WPF = With-Profits Fund; PRT = Pension Risk Transfer; BPA = Bulk Purchase Annuity
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Life: Broadening our proposition for the retail market 13 Smoothing volatility PruFund Growth Fund ABI Mixed Investment 20-60% shares 15.2% 17.3% Liberation Day Improving flows PruFund now available on the Scottish Widows digital platform Retail fixed-term annuity net inflows of >£100m in first year of trading Integrating PruFund on second FNZ platform in the second half of 2026 Building our offering: H1-25 PruFund net flows: £(585)mPruFund returns1 H1-26 PruFund net flows: £(131)m H1-26 FTA net flows: £59m -113 -73 -113 -209 -82 5 38 29 -83 -27 30 -59 Jan Feb Mar Apr May Jun Start of Iran conflict Note: FTA refers to M&G’s Retail Fixed-Term Annuity product which is written by the With-Profits Fund and is capital-light for shareholders 1. Shows PruFund Growth net returns above capital invested, after charges. Data shows returns for PruFund Growth within a bond wrapper. These returns are representative of a typical return profile for PruFund Growth clients
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Continuing to transform the Group, leveraging AI to support growth 14 M&G AI strategic pillars: PERSONAL PRODUCTIVITY through co-pilot, enterprise and colleague-built agents PROCESS TRANSFORMATION through advanced AI technology, prioritising core processes Initial processes in focus: How we SERVICE • Complaints: Targeting +40% efficiency improvement • Servicing: 66% self-serve, -38% back-office activity How we GROW • BPA pricing: +70% process efficiency opportunity • PruFund distribution: +15% advisor support capacity • Asset Management RFP: +10% capacity creation How we OPERATE • Asset Management research: 30% cycle time reduction • Software Development: +40% in quality and capacity • Controls: Stronger control and compliance environment
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Key Messages 1. Continuing to grow the business adjusted operating profit +15% year-on-year 2. Increasing financial resilience and diversification growing across segments, geographies and products 3. Leveraging With-Profits Fund to drive capital-light growth key competitive advantage to win in the UK PRT market (BPAs) 4. Transforming the Group to support scalable growth leveraging AI to redefine how we operate and service clients 5. Progressing well against our financial targets confident outlook for the second half 15
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Financial review Kathryn McLeland, Chief Financial Officer 16
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Growing net flows and Operating Profit, strong balance sheet Financial highlights Good flows across segments ▪ £1.1bn Institutional Asset Mgmt. net inflows growing both in the UK and internationally ▪ £1.1bn Wholesale Asset Mgmt. net inflows thanks to strong performance in Public Equities ▪ £0.2bn Life net inflows marking a £0.7bn improvement YoY Strong YoY growth of +15% ▪ Asset Mgmt. +24% to £159m driven by higher revenues and improved operating leverage ▪ Life earnings +9% to £375m driven by capital-light With-Profits ▪ Higher Corporate Centre losses of £(99)m due to lower investment income Up 5 ppts on YE 2025 ▪ Underpinned by the £372m operating result ▪ Includes adverse impact from Ground Rents which was almost entirely offset by positive market movements ▪ Reflects £328m for the 2025 final dividend £392m before new business strain ▪ Underlying result -8% to £304m mainly due to movements in the capital requirements of Asset Management and Corporate Centre ▪ £68m Other Operating Capital benefitting from hedging activities ▪ £20m new business strain is lower YoY despite higher BPA sales Net flows from open business1 Adjusted Operating Profit Shareholder SII coverage ratio Operating Capital Generation £2.4bn £435m 247%£372m 1. Net flows from external clients 17
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Net flows from open business of £2.4bn are £0.3bn better year-on-year AUMA and net flows Note: WP = With-Profits, 1.Includes Other Asset Management AUMA 2 142 43 16 16 70 73 65 65 109 110 73 79 AUMA FY 2025 Net flows Asset Mgmt. Net flows Life - Open Net flows Life - Closed Market & other AUMA HY 2026 Annuities Institutional Asset Mgmt. Wholesale Asset Mgmt. Other Life PruFund Traditional With-Profits 376 3872.2 0.2 13.3 (4.2) Corporate Assets1 Movement in AUMA (£bn) Net flows from open business (£bn) H1 2025 H1 2026 Change 0.7 1.1 0.4 1.9 1.1 (0.8) (0.3) 0.0 0.3 (0.6) (0.1) 0.5 0.4 0.3 (0.1) Wholesale AM Institutional AM Annuities PruFund Other Life Total 2.1 2.4 0.3 Mostly products in run-off, e.g. Traditional WP £(2.5)bn, 3rd party legacy products on digital platform £(1.2)bn, and legacy pension products £(0.4)bn £2.4bn net flows from open business 18
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20% 50% 30% Operating Profit +15% to £435m, 80% from capital-light sources Adjusted Operating Profit by source 1. M&G is a majority shareholder in its South Africa and Singapore subsidiaries, the revenues and costs from these subsidiari es are fully incorporated in the Asset Mgmt. result. The share of profit attributable to minority shareholders is included in ‘ minority interest’ 2. See slide 31 in the Appendix for additional detail; 3. Sources of earnings excludes Corporate Centre losses; 4. Includes both ‘With-Profits: PruFund’ and ‘With-Profits: Traditional’ (£m) H1 2025 H1 2026 Change Asset Management 128 159 24% Fee-related earnings 126 148 17% Performance fees 7 4 (43)% Inv. income and minority interest1 (5) 7 n/a Life 344 375 9% With-Profits: PruFund 112 129 15% With-Profits: Traditional 120 137 14% Annuities 113 105 (7)% Other Life (1) 4 n/a Corporate Centre2 (94) (99) (5)% Total Adj. Operating Profit 378 435 15% 19 Sources of earnings (% split)3 Asset Management Annuities With-Profits4 and Other Life 80% of AOP from capital-light business
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Asset Management: Delivering 24% higher AOP Resilient margins and revenue growth lead to an improved 73% CIR 1. Excludes Other Asset Management AUMA; 2 Margin calculated as fee-based Income over average AUMA, excluding Performance fees; 3. M&G is a majority shareholder in its South Africa and Singapore subsidiaries, the revenues and costs from these subsidiari es are fully incorporated in the Asset Mgmt. result. The share of profit attributable to minority shareholders is included in ‘minority interest’ 159 156 167 98 103 110 56 65 79 313 324 356 313 316 349 H1 2024 H1 2025 H1 2026 Average of period AUM 32 32 32 55 55 55 38 38 37 20 20 19 H1 2024 H1 2025 H1 2026 Weighted average Internal Institutional Wholesale H1 2024 H1 2025 H1 2026 YoY change Wholesale 153 176 209 19% Institutional 186 184 200 9% Internal 161 154 156 1% Total revenues 499 514 565 10% Costs (388) (388) (417) (7)% Fee-related earnings 111 126 148 17% CIR w/o performance fees 77% 75% 73% -2ppts Performance fees 13 7 4 (43)% CIR with performance fees 76% 74% 73% -1ppts Inv. income and minorities3 5 (5) 7 n/a Adj. Operating Profit 129 128 159 24% 20 End of period AUM1 (£bn) Financial result (£m) Fee margins2 (bps)
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Life: AOP of PruFund +15% and Traditional With-Profits +14% YoY Improved result driven by higher opening CSM balance 1. Refers to the Shareholder share of the With-Profits fund excess assets 2. Predominantly New Business strain / releases and Risk adjustment unwind 129 129 (3) 3 137 121 3 13 CSM release Expected return on With-Profits excess assets1 Other2 Adjusted Operating Profit With-Profits: PruFund (£m) H1 2025 H1 2026 CSM release Expected return on With-Profits excess assets1 Other2 Adjusted Operating Profit With-Profits: Traditional (£m) H1 2025 H1 2026 +15% 21 Move in CSM amortisation from 13.1% to 13.5% Small move in CSM amortisation from 11.1% to 11.0% 112 110 (3) 5 120 107 (2) 15 +14%
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105 58 (14) 1 60 Life: Annuities AOP -7% YoY, Other Life result improved by £5m Return on Annuities excess assets impacted by lower rates 1. Risk Adjustment release accounted for £10m in H1 2025 and £9m in H1 2026; 2. Lower expected returns of 4.5% (vs. 5.2% in H1 2025) due to a combination of a change in methodology to calculate the rate which better reflects the durat ion of the business, and the movement in the yield curve over 2025; 3. Primarily service and holding companies and unit -linked businesses Annuities (£m) Other Life (£m) Platform and Advice Europe Other3 Adjusted Operating Profit 22 H1 2025 H1 2026 Annuity CSM release Expected return on excess assets and margin release1 Experience variances and other Asset trading & optimisation Adjusted Operating Profit YoY reduction mainly due to lower level of surplus assets and lower rate of expected returns2 -7% H1 2025 H1 2026 (1) (14) 5 8 4 (8) 6 6 113 55 (19) 6 71
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Operating Capital Generation before new business strain of £392m Run-rate on track to achieve three-year cumulative target of £2.7bn • Other OCG of £68m is primarily driven by Equity hedging activities and in line with our annual target range of £100m-£200m • Underlying Capital Generation of £304m was 8% lower YoY • Lower Asset Mgmt. and Corporate Centre result due to combined SCR increase of £15m compared to £30m reduction in H1 2025 • Life in-force contribution reduced by £10m, due to £15m lower returns on annuity surplus assets • Life new business strain improved by £15m to £20m despite higher BPA sales, as we shift Life new business to capital-light model Operating Capital Generation (£m) 23 443 408 331 136 77 (94) (35) 324 Asset Management OCG before new business strain Life: In-force Life: New business Corporate Centre Underlying Capital Generation Other Operating Capital Generation Operating Capital Generation (OCG) 392 372 304 129 68 (119) (20) 314 H1 2026H1 2025
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Note: PVST = Present Value of future Shareholder Transfers 1. Under our previous methodology, which used the nominal value of debt at the numerator, the leverage ratio would have been 33% SII Leverage ratio HY 2026 (£bn) Solvency II coverage ratio of 247% and leverage ratio of 29% Balance sheet remains strongly positioned 24 SII coverage ratio HY 2026 (£bn) 4.8 1.3 3.6 2.1 8.4 3.4 Own Funds Nominal debt 247% coverage PVST SCR PVST Own Funds 5.0 surplusnon-PVST Own Funds non-PVST SCR The PVST represents a meaningful store of future value from the With-Profits business It underpins our confidence in the long-term financial profile of the Group It has grown substantially over time thanks to the success of PruFund 8.4 2.4 Own Funds Nominal debtOwn Funds SII value of debt 29% leverage1 Own Funds SCR
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1. Managed costs defined as ‘operational cost relating to the normal running of the business, excluding expenses relating to dividends, financing costs (e.g. interest payments on leases and bank balances, impact of funds revaluations, corporate tax char ges) and external asset management expenses incurred by the Group’s insurance businesses (e.g. fees to third party fund managers, movements in deferred income / deferred acquisition s costs)’; 2. Reported Head Office Expenses are £1.5m lower due to treasury income offsetting part of the managed costs; 3. Life costs include both Shareholder and With -Profits costs. 25 M&G managed cost base1 (£m) Remaining disciplined on costs • Asset Management costs expected to remain broadly stable in H2 2026 • Corporate Centre costs c. £10m higher in H2 due to seasonality of head office expenses • Investing in Life to drive growth with costs part-funded by the With-Profits Fund Reducing Asset Management CIR to 70% having delivered consistent progress over time Continuing to improve our operating leverage creating a scalable and higher quality cost base Disciplined cost management creates capacity for growth Managed costs broadly flat compared to H2 2025 Asset Management Life3 Corporate Centre2 388 417 417 262 271 278 45 55 49695 743 744 H1 2025 H2 2025 H1 2026 +7% Reinvesting resources to support growth efforts: +0.1% • Built-out pricing and commercial BPA team • Added private markets staff, including PCP and BauMont • Scaled distribution team to grow international presence
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Closing remarks Andrea Rossi, Chief Executive Officer 26
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27 M&G investment case: Europe’s leading integrated asset manager … delivering strong financial outcomesA synergistic business model… Average growth in profit ≥5% p.a. Higher share of capital-light earnings Attractive progressive dividend policy Yield Growth Quality with clear competitive strengths including our unique With-Profits Fund operating in attractive and structurally growing markets Becoming Europe’s leading integrated asset manager
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Thank you Financial strength Simplification Growth 1 2 3 28
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Appendix Additional financial information 29
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Adjusted Operating Profit From Adjusted Operating Profits to IFRS Profit After Tax (£m) H1 2025 H1 2026 Asset Management Revenues 514 565 Cost (388) (417) Performance fees 7 4 Investment income and minority interest1 (5) 7 Total Asset Management 128 159 Life With-Profits: PruFund 112 129 With-Profits: Traditional 120 137 Annuities 113 105 Other (1) 4 Total Life 344 375 Corp. Centre Head Office2 (25) (30) Debt interest cost (69) (69) Total Corporate Centre (94) (99) Adjusted Operating Profit before tax 378 435 Short-term fluctuations in investment returns (12) (551)3 Mismatches arising on application of IFRS 17 2 (33) Restructuring and other costs (37) (60) Amortisation and impairment of intangible assets (11) (13) IFRS profit attributable to non-controlling interests 8 9 Profit on disposal of business and corporate transactions 5 - IFRS Profit/(Loss) before tax attributable to equity holders 333 (213) Tax (85) 48 IFRS Profit/(Loss) after tax attributable to equity holders 248 (165) 1. M&G is a majority shareholder in its South Africa and Singapore subsidiaries, the revenues and costs from these subsidiari es are fully incorporated in the Asset Mgmt. result. The share of profit attributable to minority shareholders is included in ‘ minority interest’ 2. Includes ‘Head Office Expenses’, ‘Investment and other income on Hold Co assets’; 3. Includes pre -tax impact of £(325)m from proposed Ground Rent reform 30
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Adjusted Operating Profit Additional details 1. M&G is a majority shareholder in its South Africa and Singapore subsidiaries, the revenues and costs from these subsidiari es are fully incorporated in the Asset Mgmt. result. The share of profit attributable to minority shareholders is included in ‘ minority interest’ H1 2025 H1 2026 Subordinated debt interest cost (83) (83) Amortisation fair value premium 14 14 Total (69) (69) H1 2025 H1 2026 Investment income 3 16 Minority interest1 (8) (9) Total (5) 7 H1 2025 H1 2026 Head Office expenses (45) (47) Investment and other income on Hold Co assets 20 17 Total (25) (30) (£m) H1 2025 H1 2026 Asset Management Revenues 514 565 Costs (388) (417) Performance fees 7 4 Investment income and minority interest1 (5) 7 Total Asset Management AOP 128 159 Life Total Life AOP 344 375 Corporate Centre Head Office (25) (30) Debt interest cost (69) (69) Total Corporate Centre AOP (94) (99) 31
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Adjusted Operating Profit Asset Management result by asset class 1. Excludes Other Asset Management AUMA; 2. Margin calculated as fee-based Income over average AUMA, excluding Performance fees; 3. M&G is a majority shareholder in its South Africa and Singapore subsidiaries, the revenues and costs from these subsidiari es are fully incorporated in the Asset Mgmt. result. The share of profit attributable to minority shareholders is included in ‘ minority interest’ End of period AUM1 (£bn) 239 247 273 73 77 83 313 324 356 313 316 349 H1 2024 H1 2025 H1 2026 Average of period AUM Financial result (£m) Fee margins2 (bps) 32 32 32 57 55 54 24 25 26 H1 2024 H1 2025 H1 2026 Weighted average Public markets Private markets H1 2024 H1 2025 H1 2026 YoY change Private markets 208 206 217 5% Public markets 291 308 348 13% Total revenues 499 514 565 10% Costs (388) (388) (417) (7)% Fee-related earnings 111 126 148 17% CIR w/o performance fees 77% 75% 73% -2ppts Performance fees 13 7 4 (43)% CIR with performance fees 76% 74% 73% -1ppts Inv. income and minorities3 5 (5) 7 n.m. Adj. Operating Profit 129 128 159 24% 32
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(319) 6,589 297 69 7 309 6,952 YE 2025 Interest accreted and expected returns New business Assumption changes, experience variances CSM release to operating result Market impact HY 2026 £54m operating change in CSM CSM movements over H1 2026 CSM of £7bn represents significant stock of discounted future insurance value 1. Includes CSM release to non-operating result CSM movements (£m) CSM movements by product line £m YE 2025 Op. change in CSM HY 2026 Total 6,589 297 69 7 (319) 54 309 6,952 Annuities 1,404 16 2 14 (58) (26) 20 1,398 PruFund 2,101 156 62 (2) (129) 87 195 2,383 Traditional 1,721 122 - (19) (121) (18) 125 1,828 Other Life 189 3 5 14 (11) 11 1 201 Policyholder and group adjustments 1,174 - - - - - (32) 1,142 With-Profits A EB C D 1 A B C D E 33
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CSM movements – Historic data PruFund, Traditional With-Profits, and Annuities 34 Annuities With-Profits: PruFund With-Profits: Traditional Other Life Policyholder and group adjustments Total (£m) H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Opening CSM 1,380 1,404 1,771 2,101 1,588 1,721 175 189 1,119 1,174 6,033 6,589 Interest accreted 17 16 3 3 - - 20 19 Expected real-world return - - 155 156 135 122 - - - - 290 278 Risk-free expected return - - 72 63 72 56 - - - - 144 119 Expected return above risk-free - - 83 93 63 66 - - - - 146 159 New Business 7 2 45 62 2 - 5 5 - - 59 69 Ass. changes, exp. variance (18) 14 7 (2) (13) (19) - 14 - - (24) 7 Release to operating result (55) (58) (110) (129) (107) (121) (8) (11) - - (280) (319) Release to non-op. result - - (2) (11) (9) (15) (3) (3) (59) (62) (73) (91) Market impact (2) 20 (75) 206 (35) 140 13 4 41 30 (58) 400 Closing CSM 1,329 1,398 1,791 2,383 1,561 1,828 185 201 1,101 1,142 5,967 6,952
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Operating Capital Generation Own Funds and SCR movements 35 H1 2025 H1 2026 (£m) Own Funds SCR Total Own Funds SCR Total Asset Management 124 12 136 143 (14) 129 With-Profits: PruFund 147 (32) 115 169 (43) 126 In-force 104 22 126 113 10 123 New business 43 (54) (11) 56 (53) 3 With-Profits: Traditional 70 10 80 79 4 83 Annuities 95 4 99 77 7 84 In-force 92 20 112 81 23 104 New business 3 (16) (13) (4) (16) (20) Other (12) 7 (5) (1) 2 1 Life 300 (11) 289 324 (30) 294 Corporate Centre (112) 18 (94) (118) (1) (119) Underlying Capital Generation 312 19 331 349 (45) 304 Other Operating Capital Generation (57) 134 77 (45) 113 68 Operating Capital Generation (OCG) 255 153 408 304 68 372 New business strain (38) 73 35 (56) 76 20 OCG before new business strain 217 226 443 248 144 392
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Assets Under Management and Administration Our asset base as Group, as an Asset Owner and an Asset Manager 1. Includes £0.7bn Other Asset Management AUMA; 2. Includes PAC (Prudential Assurance Company), Wealth and Corporate Assets Under Administration; 3. Includes Assets under Advice of £22.3bn With-Profits Fund £138bn 110 79 16 73 65 43 1bn - Corporate Assets1 Institutional Asset Management Wholesale Asset Management Traditional WP PruFund Annuities Other More details on the following page 189 167 31 3rd Party Assets Managed by M&G Internal Assets managed by M&G Other Group Assets 189 197 Assets managed and administered on behalf of Group customers2 3rd Party Assets Managed by M&G Group view: £387bn AUMA Asset Owner view3 1bn - Corporate Assets1 £356bn Asset Manager view 36
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Assets Under Management and Administration Asset Management view split by asset class, client, and geography 1. Includes responsAbility; 2. Also includes P Capital Partners and Restructuring; 3. Includes BauMont; 4. Middle East and Af rica; 5. Shows AUMA split by client domicile External Wholesale External Institutional Internal (UK) UK Europe MEA4 APAC AmericasInfracapital Real Estate3 Private and Structured Credit2 Public Fixed Income Multi-Asset Equities Cash and other Impact and Private Equity1 167 79 77 14 15 4 £356bn AUMA 167 110 79 £356bn AUMA 112 914 138 28 34 5 15 £83bn Private Assets Internal Diversified capabilities strong scale in private assets A successful external franchise and a supportive internal client Established footprint5 with opportunity to grow 37
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Assets Under Management and Administration Group wide flows, market and other movements – YE 2023 to HY 2026 1. Corporate AUMA held by M&G Group; 2. Institutional Market/other includes £2.7bn acquisition of P Capital Partners (PCP) i n H1 2025; £2.8bn Unitised With-Profits which had previously been included in ‘Other’, now included in ‘With -Profits: Traditional’ in H1 2025 (£bn) YE 2023 Inflows Outflows Net Flows Market / Other YE 2024 Inflows Outflows Net Flows Market / Other2 YE 2025 Inflows Outflows Net Flows Market / Other HY 2026 Asset Management Institutional 98.2 12.7 (13.6) (0.9) (1.2) 96.1 18.3 (14.3) 4.0 8.9 109.0 7.5 (6.4) 1.1 0.1 110.2 Wholesale 55.0 17.7 (17.7) - 7.8 62.8 20.3 (17.3) 3.0 7.4 73.2 12.6 (11.5) 1.1 4.7 79.0 Other1 1.0 - - - (0.1) 0.9 - - - (0.2) 0.7 - - - - 0.7 Total 154.2 30.4 (31.3) (0.9) 6.5 159.8 38.6 (31.6) 7.0 16.1 182.9 20.1 (17.9) 2.2 4.8 189.9 Life With-Profits: PruFund 61.2 5.6 (6.5) (0.9) 3.7 64.0 6.4 (6.6) (0.2) 6.0 69.8 3.3 (3.4) (0.1) 3.4 73.1 With-Profits: Traditional 65.0 0.2 (5.0) (4.8) 1.4 61.6 0.2 (5.6) (5.4) 8.4 64.6 0.1 (2.6) (2.5) 2.7 64.8 Annuities 15.8 0.9 (1.1) (0.2) (0.5) 15.1 1.5 (1.1) 0.4 0.6 16.1 0.6 (0.6) - - 16.1 Other 46.0 3.6 (6.3) (2.7) 1.1 44.4 2.9 (6.3) (3.4) 0.7 41.7 1.7 (3.1) (1.4) 2.5 42.8 Total 188.0 10.3 (18.9) (8.6) 5.7 185.1 11.0 (19.6) (8.6) 15.7 192.2 5.7 (9.7) (4.0) 8.6 196.8 Corporate Assets 1.3 - - - (0.3) 1.0 (0.2) 0.8 (0.1) 0.7 Group Total 343.5 40.7 (50.2) (9.5) 11.9 345.9 49.6 (51.2) (1.6) 31.6 375.9 25.8 (27.6) (1.8) 13.3 387.4 38
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Wholesale Asset Management Mutual funds performance 39 Mutual funds performance as of YE 2024, YE 2025 and HY 2026 (as % of AUMA) M&G plc and Morningstar Inc. – Wholesale Asset Management is defined as all unitised products including OEICs, SICAVs, and Chari table funds, excludes Investment Solutions mandates. Funds are compared to their peer groups for illustration purposes each p roduct benchmark is prescribed in the prospectus. Any funds with performance track records less than the specified period are excluded, as are closed funds. Performance is on a to tal return basis. The information contained within is correct at time of publication and subject to change. Bottom Lower Upper Top quartile 5-year 25 16 16 43 YE-24 YE-25 19 6 31 44 HY-26 6 16 25 53 3-year 22 15 21 42 YE-24 YE-25 8 36 20 36 HY-26 16 31 19 34 1-year 29 18 22 31 YE-24 YE-25 12 21 34 33 HY-26 23 24 31 22
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Wholesale Asset Management Largest SICAV and OEIC mutual funds as of HY 2026 40 AUMA and Flows (£bn) RANK by AUMA PRODUCT ASSET CLASS FUND YE 2025 SALE REDEMPTION NET FLOWS MARKET/ OTHER HY 2026 1 OEIC + SICAV Bonds Optimal Income 8.85 0.51 (1.35) (0.85) (0.01) 7.99 2 OEIC + SICAV Equities Japan 5.61 1.15 (1.10) 0.05 1.12 6.78 3 OEIC + SICAV Equities European Strategic Value 5.08 2.18 (1.07) 1.11 0.50 6.70 4 OEIC + SICAV Equities Global Dividend 5.27 0.59 (0.74) (0.15) 0.27 5.39 5 OEIC + SICAV Equities Global Themes 2.80 0.10 (0.16) (0.06) 0.21 2.95 6 OEIC + SICAV Equities Asian 1.64 1.17 (0.54) 0.63 0.39 2.66 7 SICAV only Bonds Emerging Markets Bond 2.21 0.62 (0.40) 0.22 0.07 2.50 8 OEIC + SICAV Bonds Global Floating Rate High Yield 2.57 0.41 (0.64) (0.23) (0.01) 2.34 9 OEIC + SICAV Multi Asset Dynamic Allocation 1.61 0.19 (0.15) 0.04 0.07 1.72 10 OEIC + SICAV Equities Global Emerging Markets 1.23 0.39 (0.14) 0.25 0.20 1.68
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Wholesale Asset Management Largest SICAV mutual funds as of HY 2026 41 AUMA and Flows (£bn) RANK by AUMA PRODUCT ASSET CLASS FUND YE 2025 SALE REDEMPTION NET FLOWS MARKET/ OTHER HY 2026 1 SICAV Bonds Optimal Income 7.56 0.40 (1.19) (0.80) (0.03) 6.74 2 SICAV Equities European Strategic Value 5.08 2.18 (1.07) 1.11 0.50 6.70 3 SICAV Equities Global Dividend 2.83 0.40 (0.50) (0.10) 0.16 2.88 4 SICAV Bonds Global Floating Rate High Yield 2.37 0.37 (0.59) (0.22) (0.01) 2.15 5 SICAV Multi Asset Dynamic Allocation 1.61 0.19 (0.15) 0.04 0.07 1.72 6 SICAV Equities Japan 1.10 0.28 (0.19) 0.10 0.23 1.43 7 SICAV Bonds Emerging Markets Bond 1.15 0.34 (0.13) 0.21 0.04 1.40 8 SICAV Equities Global Listed Infrastructure 1.06 0.20 (0.18) 0.01 0.12 1.19 9 SICAV Equities Asian 0.39 0.67 (0.19) 0.48 0.10 0.97 10 SICAV Bonds Sust. Macro Flexible Credit 0.69 0.37 (0.18) 0.19 (0.01) 0.87
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Wholesale Asset Management Largest OEIC mutual funds as of HY 2026 42 AUMA and Flows (£bn) RANK by AUMA PRODUCT ASSET CLASS FUND YE 2025 SALE REDEMPTION NET FLOWS MARKET/ OTHER HY 2026 1 OEIC Equities Japan 4.51 0.86 (0.91) (0.05) 0.89 5.34 2 OEIC Equities Global Dividend 2.45 0.19 (0.24) (0.05) 0.12 2.52 3 OEIC Equities Global Themes 2.32 0.02 (0.09) (0.07) 0.17 2.42 4 OEIC Equities Asian 1.25 0.49 (0.35) 0.15 0.30 1.70 5 OEIC Bonds Optimal Income 1.29 0.11 (0.16) (0.05) 0.02 1.25 6 OEIC Bonds Emerging Markets Bond 1.06 0.27 (0.27) 0.01 0.03 1.10 7 OEIC Bonds Corporate Bond 1.15 0.07 (0.13) (0.06) (0.01) 1.09 8 OEIC Equities Global Emerging Markets 0.85 0.13 (0.08) 0.05 0.14 1.04 9 OEIC Equities Recovery 0.95 0.01 (0.05) (0.04) 0.06 0.97 10 OEIC Multi Asset Episode Growth 0.88 0.06 (0.05) 0.01 0.07 0.96
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1. Data shows OBMG returns. OBMG is the largest of the funds within the With-Profits sub fund, backing PruFund Growth Fund – Past performance is not a guide to future performance. The value of an investment can go down as well as up and so customers may not get back the amount they put in; 2. Data shows returns for PruFund Growth within a bond wrapper. These returns are representative of a typical return profile for PruFund Growth clients With-Profits Fund Historical returns 43 Annualised 5-year rolling returns1 PruFund Growth returns -5% 0% 5% 10% 15% 20% 25% 1950 1960 1970 1980 1990 2000 2010 2020 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cash SONIA Cumulative Rate UK RPI Cumulative Rate PruFund Growth Fund ABI Mixed Investment 20-60% shares PruFund Growth returns after charges (% returns above capital invested)2 170% 91% 108% 41%
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With-Profits Fund Strategic Asset Allocation 44 Asset allocation evolution from January 2013 to June 2026 Asset allocation as of 30 Jun 2026 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Other3 TAA1 Europe North America Japan UK China GEM MEA Asia ex. Japan Europe North America Asia UK Hedge Fund Infrastructure Private Equity US Asia4 UK and Europe Equities Real Estate Alternatives Fixed Income LEGEND Private High-Yield Alternative Credit2 AfricaCommodities Cash 1. Tactical Asset Allocation mandate; 2. Includes: Emerging Market, Convertibles, Private Credit, Global High -Yield; 3.Other Factors Includes: Alternative Risk Premia strategies; 4.Includes: India Source: Allocation as of 30 June 2026 for OBMG, the largest of the funds within the With-Profits sub fund
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Solvency II coverage ratio of 247% Note: PVST = Present Value of Future Shareholder Transfers 1. Shareholder Solvency II ratio; 2. Includes £(209)m relating to proposed changes to Ground Rent legislation; 3. Mainly relates to restructuring costs 4,985 372 24 (55) 34 (370) 4,990 £m YE 2025 Operating Cap Gen Market movements2 Other movements3 Tax Dividends & capital mov. HY 2026 Own Funds 8,500 304 (59) (55) 56 (370) 8,376 SCR (3,515) 68 83 (22) - (3,386) Surplus 4,985 372 24 (55) 34 (370) 4,990 (2%) (11%) 242% 14% 5% 0% 247% Solvency II surplus (£m) Solvency II ratio1 (%) Of which £4.8bn PVST Of which £4.6bn PVST 45
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Solvency II M&G Group position 46 Note: All views include the recalculation of Transitional Measures on Technical Provisions (TMTP) HY 2026 (£bn) 10.5 2.8 Own Funds SCR With-Profits Fund view Solvency ratio 375% Surplus = 7.7 8.4 3.4 Own Funds SCR Shareholder view Solvency ratio 247% Surplus = 5.0 8.4 3.4 2.8 2.8 Own Funds SCR Solvency ratio 181% 6.2 11.2 Surplus = 5.0 Regulatory view
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Solvency II Breakdown of the Shareholder SCR by risk type 47 HY 2026 (£bn) 1.5 0.6 0.3 1.3 1.0 0.9 0.5 1.2 0.5 Undiversified SCR Diversification, deferred tax, and other SCR Equity Property Interest rate Credit Currency Longevity Lapse Operational & expense Sectoral 7.8 (4.4) 3.4
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Solvency II Sensitivities and estimated impact on % ratio and surplus 48Note: Sensitivities assume recalculation of Transitional Measures on Technical Provisions (TMTP) 1. Average impact of one full letter downgrade across 20% of assets exposed to credit risk; 2. The numbers in grey show the H1 25 sensitivities rebased using the base H1 2026 Solvency II position Shareholder Solvency II market sensitivities HY 2026 With-Profits Solvency II market sensitivities HY 2026 247 246 237 244 244 243 Base Shareholder position 20% instantaneous fall in equity markets 20% instantaneous fall in property markets 50bp fall in interest rates 100bp increase in credit spreads 20% credit asset downgrade1 Solvency ratio (%) Surplus (£bn) 375 358 372 358 370 368 Base With-Profits position 20% instantaneous fall in equity markets 20% instantaneous fall in property markets 50bp fall in interest rates 100bp increase in credit spreads 20% credit asset downgrade1 Solvency ratio (%) Surplus (£bn) H1 25 sensitivities2 7.7 7.5 7.6 7.7 7.4 7.6 5.0 4.6 4.7 5.0 4.8 4.9
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▪ Our diversified and actively managed Annuity portfolio continued to perform resiliently ▪ Asset profile remains strong and conservatively positioned; 97% are investment grade, 74% are A or above and 81% invested in risk free2 or secured assets3 ▪ Rating migrations resulted in a 0.6% net upgrade experience4; no defaults experienced year to date Credit quality of the £16.1bn Annuity book 97% of the Annuity assets are investment grade1 491. Data covers £13.9bn assets and excludes c.£0.9bn of not-rated assets (including cash, derivatives and junior notes/property residual values; 2. Risk Free category includes securities which are classified as ‘credit capital exempt’ in the internal cap ital modelling, primarily UK government / guaranteed and supranational debt; 3. Including cash; 4. Defined as movements in notching across all credit ratings Breakdown by rating Outer circle shows HY-26, inner YE-25 Breakdown by capital ranking Outer circle shows HY-26, inner YE-25 AAA AA A <BBBBBB Risk free1 Secured Senior unsecured Subordinated 24% 54% 21% 1% 25% 53% 21% 1% 9% 29% 36% 23% 3% 9% 30% 35% 22% 4%
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Financial debt structure Subordinated debt (all Tier 2) 50 1. Based on USD / GBP exchange rate as of 30 June 2026 ISIN Currency Nominal (m) Coupon Issue Date Maturity Date Call Date XS1888930150 USD 500 6.500% 2018 2048 2028 XS1888920276 GBP 750 5.625% 2018 2051 2031 XS1243995302 GBP 439 5.560% 2015 2055 2035 XS1003373047 GBP 700 6.340% 2013 2063 2043 XS1888925747 GBP 500 6.250% 2018 2068 2048 Financial Strength A+ A1 AA- Issuer Default A A3 A+ Outlook Stable Stable Stable Ratings 3771 750 439 700 500 Call date profile (£m)
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Financial strength and flexibility 51 Leverage ratio2 <30% over the medium term Solvency ratio1 guidance range of 160-190% HoldCo Liquidity HoldCo liquidity of c. £0.7bn, sufficient resources to cover roughly one year of expected outgoings 247% 29% £0.65bn 1. Group shareholder SII ratio; 2. SII value of debt as a % of total Group SII Own Funds
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Parent company liquidity Cash and liquid assets at £0.65bn 52 Parent company cash and liquid assets H1 2026 (£bn) 1. Includes Corporate costs, interest paid on core structural borrowings, interest income on intercompany loans, acquisition/ capital injection into subsidiaries and Other 2. Cash dividends paid to equity holders of £328m 0.73 0.43 (0.11) (0.40) 0.65 FY 2025 Cash remittances from subsidiaries Corporate costs and other movements Cash dividends and shares purchased by EBT HY 2026 1 2
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Europe £85bnOur international footprint £387bn AUMA Note: All AUMA figures refer to position as of HY 2026, based on the country of the underlying client. Wholesale Asset Management Institutional Asset Management Life UK £269bn 1 Corporate Assets 33 46 189 34 43 8 Asia-Pac £15bn 5 10 Middle East & Africa £14bn 4 10 Americas £4bn 2 2 53
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Thank you Luca Gagliardi Group Director of Strategy and Investor Relations +44 (0)20 8162 7301 luca.gagliardi@mandg.com Simran Parmar Head of Investor Relations - Equity +44 (0)20 8162 0956 simran.parmar@mandg.com Mariana Romano Senior Associate +44 (0)20 8162 8729 mariana.romano@mandg.com 54 Maria Baines Investor Relations Event Manager +44 (0)20 8162 6122 maria.baines@mandg.com