Slide 1: 2025 Half Year Results
Financial strength Simplification Growth 2025 Half Year Results 3 September 2025 1
Slide 2: Forward looking statement
M&G plc 2025 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
Slide 3: Strategic review
Strategic review Andrea Rossi, Group Chief Executive 3
Slide 4: Continuing to deliver against our strategic priorities
Continuing to deliver against our strategic priorities Priorities Key highlights 1 Financial strength • Delivered £2.6bn net inflows from external clients in Asset Management • Continued to grow internationally, 58% of 3rd party assets are from international clients1 • Reduced the Asset Management C
Slide 5: Making good progress on financial targets
Making good progress on financial targets Priorities Targets Progress in H1 £2.7bn cumulative OCG Primary driver of Generated £443m 1 Financial strength over 2025-2027, before new business strain1 ongoing financial resilience capital before new business strain On target run-rate Improved CIR 70% Ass
Slide 6: M&G is well positioned to meet evolving client needs
M&G is well positioned to meet evolving client needs Meeting client needs… … through our synergistic business model Renewed focus on active asset management Delivering a growing, more efficient and more profitable Asset Manager Asset Mgmt. Rapidly expanding in Europe and Asia Increasing allocations
Slide 7: Asset Management is growing and becoming more profitable
Asset Management is growing and becoming more profitable Excellent performance Strong flows Improving profitability UBS total fund performance score1 Strong international and wholesale inflows, Continued progress on reducing over Jan 2023 to June 2025 abating headwinds in UK institutional (£bn) the
Slide 8: Diversified international expansion underpins Asset Mgmt. growth
Diversified international expansion underpins Asset Mgmt. growth Becoming a true international player Driving growth across several markets Asset Management third-party AUMA1 Asset Management international clients AUMA1 by market from international clients (£bn) in £bn as of 2019 (white boxes) and H
Slide 9: Broadening private market offering
Broadening private market offering (£77bn + £6.5bn capital queue) Private and Impact and Real Estate Infrastructure Structured Credit Private Equity AUMA: £33bn £25bn £13bn £6bn £77bn Capital queue: £2.3bn £2.7bn £1.3bn £0.2bn £6.5bn 20% LEGEND Established core strategies Catalyst Growth Equity Newl
Slide 10: Dai-ichi partnership supports international and private market growth
Dai-ichi partnership supports international and private market growth M&G has become Dai-ichi’s preferred asset mgmt. partner in Europe Asset Management Dai-ichi acquiring a Partnership “Partnering with you to c.15% shareholding in build a brighter and M&G in the open market Opportunity more secure
Slide 11: PruFund as the core element of a holistic retirement proposition
PruFund as the core element of a holistic retirement proposition Strong client outcomes Improving flows Broadening client access… PruFund’s unique scale, With-Profits After a slow start and April volatility Nov-24 Entered partnership with FNZ structure and smoothing mechanism impacting H1 sales, cli
Slide 12: Continuing to build our BPA capabilities and offering
Continuing to build our BPA capabilities and offering Broadening capabilities Differentiated offering Financial discipline Strengthened the core September 2023 Executed £0.2bn pension risk transfer team with Re-entered the market Traditional BPA in H1 2025 despite 25+ hires across origination, compl
Slide 13: Key Messages
Key Messages Delivering strong net inflows, 01 investment performance, and client outcomes Expanding at pace in Europe and Asia, 02 improving diversification across markets Broadening our product proposition 03 thanks to differentiated Asset Mgmt. and Life capabilities Continuing to focus on costs 0
Slide 14: Financial review
Financial review Kathryn McLeland, Chief Financial Officer 14
Slide 15: Strong net flows, resilient Operating Profit and Capital Generation
Strong net flows, resilient Operating Profit and Capital Generation Financial highlights Net flows from Adjusted Operating Shareholder SII open business1 Operating Profit Capital Generation coverage ratio £2.1bn £378m £408m 230% Strong Asset Mgmt. flows +1% despite headwinds Resilient contribution U
Slide 16: Net flows from open business of £2.1bn markedly improved YoY
Net flows from open business of £2.1bn markedly improved YoY AUMA and net flows Movement in AUMA (£bn) Net flows from open business (£bn) 346 2.6 11.21 355 H1 2024 H1 2025 Change (0.5) (4.6) 65 Wholesale 63 Asset Mgmt. Wholesale AM - 0.7 0.7 £2.1bn net flows from open business Institutional AM (0.5)
Slide 17: +1% Operating Profit at £378m despite £(16)m headwinds
+1% Operating Profit at £378m despite £(16)m headwinds Adjusted Operating Profit by source (£m) H1 2024 H1 2025 Change • Asset Management Revenues up by c. 3% due to strong flows and higher average AUM in the period, fee margin remains stable at 32 bps Asset Management 129 128 (1)% • Stable costs th
Slide 18: Asset Management: Delivering positive operating jaws
Asset Management: Delivering positive operating jaws Revenue +3% and flat cost leading to a CIR improvement from 77% to 75% End of period AUM Fee margins1 Financial result (£bn) (bps) (£m) YoY H1 2023 H1 2024 H1 2025 change 324 313 313 316 Wholesale 155 153 176 15% 303 303 Average 58 Institutional 1
Slide 19: Life: PruFund profits +14% and Traditional With-Profits +11% YoY
Life: PruFund profits +14% and Traditional With-Profits +11% YoY Improved result driven by CSM release mainly due to higher opening CSM balance With-Profits: PruFund With-Profits: Traditional (£m) Small move in CSM (£m) Small move in CSM amortisation from amortisation from 10.9% to 11.1% 12.8% to 13
Slide 20: Life: Shareholder Annuities -14% YoY
Life: Shareholder Annuities -14% YoY Lower expected return on Annuities excess assets and experience variances Shareholder Annuities Other Life (£m) YoY increase due to (£m) higher opening CSM and small change in H1 2024 H1 2025 amortisation rate2 H1 2024 H1 2025 Annuity CSM release 48 55 Platform a
Slide 21: Underlying Capital Generation of £331m
Underlying Capital Generation of £331m Improved result and SCR releases in Asset Management and Corporate Centre Underlying Capital Generation (£m) H1 2024 H1 2025 • Broadly in line with the AOP result excluding Asset investment income (classified as other OCG); Management 118 136 improved YoY thank
Slide 22: Operating Capital Generation of £408m
Operating Capital Generation of £408m £443m OCG before new business strain on track for 2.7bn three-year target Operating Capital Generation (£m) H1 2024 H1 2025 Underlying Capital Generation (UCG) 297 331 Optimisation, asset trading and hedging 137 118 • Mainly driven by ongoing equity hedging acti
Slide 23: Strong Operating Capital Generation lifts SII ratio to 230%
Strong Operating Capital Generation lifts SII ratio to 230% Improving solvency and stable surplus even after paying 2024 final dividend 17% 2% 2% (3%) (11%) Solvency II ratio1 223% 230% (%) 0.4 0.0 (0.0) (0.1) (0.4) Solvency II surplus 4.7 4.7 (£bn) Of which Of which £4.3bn £4.2bn PVST PVST Operatin
Slide 24: On track to deliver £230m of cost savings with costs down 1% YoY
On track to deliver £230m of cost savings with costs down 1% YoY Capacity creation offsets inflation and frees up resources to support growth M&G managed cost base1 Transformation programme comparison H1 2024 vs. H1 2025 (£m) delivering steady progress -1% £20m from new private Achieved cumulative m
Slide 25: Key Messages
Key Messages Strong and improving flows 01 across Asset Management and Life Growing profits despite headwinds 02 committed to 5% average annual profit growth +14% in Asset Management fee-related earnings 03 Cost-to-Income ratio continuing to improve to 75% Life continues to provide stable underpin t
Slide 26: Thank you
1 Financial strength Thank 2 Simplification you 3 Growth 26
Slide 27: Appendix
Appendix Additional financial information 27
Slide 28: Adjusted Operating Profit
Adjusted Operating Profit From Adjusted Operating Profits to IFRS Profit After Tax (£m) H1 2024 H1 2025 Revenues 499 514 Management Cost (388) (388) Asset Performance fees 13 7 Investment income and minority interest1 5 (5) Total Asset Management 129 128 With-Profits: PruFund 98 112 With-Profits: Tr
Slide 29: Adjusted Operating Profit
Adjusted Operating Profit Additional details (£m) H1 2024 H1 2025 Asset Management H1 2024 H1 2025 Revenues 499 514 Investment income 13 3 Minority interest1 (8) (8) Costs (388) (388) Total 5 (5) Performance fees 13 7 Investment income and minority interest1 5 (5) Total Asset Management AOP 129 128
Slide 30: Adjusted Operating Profit
Adjusted Operating Profit Asset Management result by asset class End of period AUM Fee margins1 Financial result (£bn) (bps) (£m) YoY H1 2023 H1 2024 H1 2025 change 324 55 57 55 313 313 316 Private markets 212 208 206 (1)% 303 303 Average Private public 284 291 308 6% 77 of period 73 AUM Total reven
Slide 31: CSM movements – H1 2025
CSM movements – H1 2025 CSM of £6bn represents significant stock of discounted future insurance value CSM movements CSM movements by product line (£m) Op. change £m YE 2024 A B C D E HY 2025 in CSM 310 59 6,033 (24) 5,967 Total 6,033 310 59 (24) (280) 65 (131) 5,967 (280) (131) Annuities 1,380 17 7
Slide 32: CSM movements – Historic data
CSM movements – Historic data PruFund, Traditional With-Profits, and Annuities With-Profits: With-Profits: Shareholder With-Profits: Traditional Traditional Other1 Annuities PruFund Shareholder Policyholder (£m) H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Opening
Slide 33: Operating Capital Generation
Operating Capital Generation Own Funds and SCR movements H1 2024 H1 2025 (£m) Own Funds SCR Total Own Funds SCR Total Asset Management 118 0 118 124 12 136 With-Profits: PruFund 121 (25) 96 147 (32) 115 In-force 110 24 134 104 22 126 New business 11 (49) (38) 43 (54) (11) With-Profits: Traditional 7
Slide 34: Assets Under Management and Administration
Assets Under Management and Administration Our asset base as Group, as an Asset Owner and an Asset Manager More details on the following page Group view: £355bn AUMA Asset Owner view3 Asset Manager view 2bn - Corporate Assets1 2bn - Corporate Assets1 Other Group Assets 40 Other 31 £324bn With-Profit
Slide 35: Assets Under Management and Administration £324bn
Assets Under Management and Administration Asset Management view split by asset class, client, and geography Diversified capabilities A successful external franchise Established footprint5 strong scale in private assets and a supportive internal client with opportunity to grow Impact and Private Equ
Slide 36: Assets Under Management and Administration flows
Assets Under Management and Administration Group wide flows, market and other movements – YE 2022 to H1 2025 Net Market / Net Market / Net Market / H1 (£bn) YE 2022 Inflows Outflows Flows Other YE 2023 Inflows Outflows Flows Other YE 2024 Inflows Outflows Flows Other2 2025 Institutional 99.2 14.8 (1
Slide 37: Wholesale Asset Management: Mutual funds performance
Wholesale Asset Management Mutual funds performance Mutual funds performance as of YE 2023, YE 2024 and HY 2025 (as % of AUMA) 31 27 37 43 46 42 45 49 56 23 22 6 16 21 18 38 22 18 13 28 16 32 15 26 32 12 25 29 25 22 22 13 17 5 4 4 YE-23 YE-24 HY-25 YE-23 YE-24 HY-25 YE-23 YE-24 HY-25 5-year 3-year 1
Slide 38: Largest SICAV and OEIC mutual funds
Wholesale Asset Management Largest SICAV and OEIC mutual funds AUMA and Flows (£bn) RANK ASSET MARKET/ PRODUCT FUND YE 2024 SALE REDEMPTION NET FLOWS H1 2025 by AUMA CLASS OTHER 1 OEIC + SICAV Bonds Optimal Income 9.08 0.95 (1.59) (0.64) 0.33 8.76 2 OEIC + SICAV Equities Global Dividend 4.93 0.64 (0
Slide 39: Largest SICAV mutual funds
Wholesale Asset Management Largest SICAV mutual funds AUMA and Flows (£bn) RANK ASSET MARKET/ PRODUCT FUND YE 2024 SALE REDEMPTION NET FLOWS H1 2025 by AUMA CLASS OTHER 1 SICAV Bonds Optimal Income 7.72 0.82 (1.38) (0.56) 0.28 7.44 2 SICAV Equities European Strategic Value 1.84 1.40 (0.47) 0.93 0.46
Slide 40: Largest OEIC mutual funds
Wholesale Asset Management Largest OEIC mutual funds AUMA and Flows (£bn) RANK ASSET MARKET/ PRODUCT FUND YE 2024 SALE REDEMPTION NET FLOWS H1 2025 by AUMA CLASS OTHER 1 OEIC Equities Japan 3.61 0.81 (0.44) 0.37 0.04 4.02 2 OEIC Equities Global Dividend 2.17 0.27 (0.20) 0.07 (0.01) 2.23 3 OEIC Equit
Slide 41: With-Profits Fund: Strategic Asset Allocation
With-Profits Fund Strategic Asset Allocation Asset allocation evolution between 2013 and H1 2025 Asset allocation as of 30 June 2025 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Equities Real Estate Alternatives Fixed Income LEGEND UK A
Slide 42: With-Profits Fund: Historical returns
With-Profits Fund Historical returns Annualised 5-year rolling returns1 PruFund Growth returns PruFund Growth returns after charges 157% 25% (% returns above capital invested)2 Cash SONIA Cumulative Rate 20% UK RPI Cumulative Rate PruFund Growth Fund 102% ABI Mixed Investment 20-60% shares 15% 75% 1
Slide 43: Solvency II: M&G Group position
Solvency II M&G Group position HY 2025 (£bn) Shareholder view With-Profits Fund view Regulatory view 11.4 3.1 Surplus = 4.7 6.7 Surplus = 4.7 Surplus = 6.2 3.1 9.3 8.3 8.3 3.6 3.1 3.6 Own Funds SCR Own Funds SCR Own Funds SCR Solvency ratio 230% Solvency ratio 303% Solvency ratio 170% 43 Note: All v
Slide 44: Solvency II: Breakdown of the Shareholder SCR by risk type
Solvency II Breakdown of the Shareholder SCR by risk type HY 2025 (£bn) 8.8 0.5 Sectoral Operational & expense 2.1 0.5 Lapse Longevity 0.9 1.0 Currency 3.6 Credit 1.3 (5.2) 0.3 Interest rate Property 0.7 1.5 Equity Undiversified SCR Diversification, SCR deferred tax, and other 44
Slide 45: Solvency II: Sensitivities
Solvency II Sensitivities and estimated impact on % ratio and surplus Shareholder Solvency II market sensitivities With-Profits Solvency II market sensitivities HY 2025 HY 2025 Solvency ratio Surplus Solvency ratio Surplus (%) (£bn) (%) (£bn) 230 Base Shareholder position 4.7 Base With-Profits posit
Slide 46: Solvency II: Coverage and leverage ratio
Solvency II Coverage and leverage ratio (also shown on a IFRS 17 basis) Solvency II coverage ratio Leverage HY 2025, alternative views (£bn) HY 2025 (£bn) 10.2 Nominal 8.3 8.3 8.3 value of 2.8 debt 4.7 0.9 surplus 0.8 4.1 27% 230% 33% CSM net of tax1 4.2 3.6 3.6 Corporate 0.2 centre 0.5 Sectoral 6.6
Slide 47: Credit quality of the Shareholder Annuity book remains very strong
Credit quality of the Shareholder Annuity book remains very strong 99% of Shareholder Annuity assets are investment grade Breakdown by rating Breakdown by capital ranking Outer circle shows H1-25, inner YE-24 Outer circle shows H1-25, inner YE-24 ▪ Our diversified and actively managed Annuity portfo
Slide 48: Financial debt structure
Financial debt structure Subordinated debt (all Tier 2) 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 XS18
Slide 49: Parent company liquidity
Parent company liquidity Cash and liquid assets at £0.72bn Parent company cash and liquid assets H1 2025 (£bn) 0.43 (0.11) 0.73 0.72 (0.34) FY 2024 Cash remittances Corporate costs and Cash dividends and HY 2025 1 2 from subsidiaries other movements shares purchased by EBT 1. Includes Corporate cost
Slide 50: Our international footprint
UK £251bn 2 Corporate Assets 28 Europe £76bn Our 43 7 178 international 29 footprint 40 4 £355bn AUMA 10 25 markets 1 Asia-Pac 2 £14bn Americas 3 £3bn 8 Middle East Life & Africa Wholesale Asset Management Distribution, operations Institutional Asset Management and investment centres £11bn Note: All
Slide 51: Thank you
Luca Gagliardi Group Director of Strategy and Investor Relations +44 (0)20 8162 7301 Thank +44 (0)752 559 7694 luca.gagliardi@mandg.com Simran Parmar Head of Investor Relations - Equity +44 (0)20 8162 0956 +44 (0)738 500 6763 simran.parmar@mandg.com you Maria Baines Investor Relations Event Manager