Slide 1: 2026 Half Year Results
Financial strength Simplification Growth 2026 Half Year Results 3 September 2026 1
Slide 2: Forward looking statement
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
Slide 3: Business review
Business review Andrea Rossi, Group Chief Executive 3
Slide 4: Executing against our strategic priorities, delivering strong outcomes
Executing against our strategic priorities, delivering strong outcomes Priorities Key highlights Financial 1 strength • Driving growth with adjusted operating profit of £435m, up 15% year-on-year • Pivoting business model towards capital-light earnings, now 80% of total • Improved on 2025 PRT volume
Slide 5: Progressing well on targets
Progressing well on targets Priorities Targets Progress £2.7bn cumulative OCG Generated cumulative Financial 1 strength before new business strain over 2025-2027 Continued financial resilience OCG of £1.3bn over 2025 and H1 2026 On target 70% Cost-to-Income Ratio Improved Asset 2 Simplification in A
Slide 6: We have a clear strategy and the right business model to win
We have a clear strategy and the right business model to win Our ambition: Our business model in action: Become Europe’s leading Gather assets from customers and clients, integrated asset manager and provide attractive investment outcomes Scale our business model, with Asset Mgmt. Scaled Asset asset
Slide 7: Partnership with Daiichi builds on, and leverages, our business model
Partnership with Daiichi builds on, and leverages, our business model 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 Asset Management Daiichi invested over £1bn from its general account across 7 dif
Slide 8: Asset Mgmt: Delivering diversified and profitable growth
Asset Mgmt: Delivering diversified and profitable growth HY 2023 HY 2026 Improved profitability Positive outlook Higher asset base 80% 79% 170 £1.0bn of net inflows in £303bn £356bn Other July with strong pipeline of which £74bn +17% of which £83bn 11 earnings1 of new client wins in private assets i
Slide 9: Asset Mgmt: High-value net inflows across private and public markets
Asset Mgmt: High-value net inflows across private and public markets H1 net flows by asset class: Private markets Public markets Private Public Strong continued Consistent net inflows markets markets demand for European in high-value solutions credit from both local underpinning positive and foreign
Slide 10: Asset Mgmt: Innovating in the UK and growing internationally
Asset Mgmt: Innovating in the UK and growing internationally H1 net flows by client type: UK innovation International growth Wholesale UK Developing strategic partnerships clients institutional Good inflows YTD from with high-quality institutions DB pension funds into liquid credit as schemes consid
Slide 11: Life: Driving capital-light growth through the With-Profits Fund
Life: Driving capital-light growth through the With-Profits Fund Key features: Expected contribution from new With-Profits solutions £138bn ring-fenced fund, Life Asset Mgmt. with £7.7bn surplus capital 10-15 bps c. 20 bps in Individual International profit revenue fees Based on £6bn+ contribution o
Slide 12: Life: Leveraging With-Profits as a competitive advantage in UK PRT
Life: Leveraging With-Profits as a competitive advantage in UK PRT BPA Plus, a superior proposition: BPA volumes over time BPA deal volumes (£bn) BPA annual volumes over time (in £bn) Unparalleled financial strength with a Solvency II ratio of 375% 3-4 Customer ethos of a mutual >50% putting clients
Slide 13: Life: Broadening our proposition for the retail market
Life: Broadening our proposition for the retail market Building our offering: Smoothing volatility Improving flows PruFund returns1 H1-25 PruFund net flows: £(585)m H1-26 PruFund net flows: £(131)m PruFund now available 17.3% H1-26 FTA net flows: £59m on the Scottish Widows digital platform PruFund
Slide 14: Continuing to transform the Group, leveraging AI to support growth
Continuing to transform the Group, leveraging AI to support growth M&G AI strategic pillars: Initial processes in focus: • Asset Management research: 30% cycle time reduction How we • Software Development: +40% in quality and capacity OPERATE • Controls: Stronger control and compliance environment P
Slide 15: Key Messages
Key Messages Continuing to grow the business 1. adjusted operating profit +15% year-on-year Increasing financial resilience and diversification 2. growing across segments, geographies and products Leveraging With-Profits Fund to drive capital-light growth 3. key competitive advantage to win in the U
Slide 16: Financial review
Financial review Kathryn McLeland, Chief Financial Officer 16
Slide 17: Growing net flows and Operating Profit, strong balance sheet
Growing net flows and Operating Profit, strong balance sheet Financial highlights Net flows from Adjusted Operating Shareholder SII open business1 Operating Profit Capital Generation coverage ratio £2.4bn £435m £372m 247% Good flows across segments Strong YoY growth of +15% £392m before new business
Slide 18: Net flows from open business of £2.4bn are £0.3bn better year-on-year
Net flows from open business of £2.4bn are £0.3bn better year-on-year AUMA and net flows Movement in AUMA (£bn) Net flows from open business (£bn) 387 H1 2025 H1 2026 Change 0.2 13.3 376 2.2 (4.2) 79 Wholesale 73 Asset Mgmt. Wholesale AM 0.7 1.1 0.4 £2.4bn net flows from open business Mostly product
Slide 19: Operating Profit +15% to £435m, 80% from capital-light sources
Operating Profit +15% to £435m, 80% from capital-light sources Adjusted Operating Profit by source (£m) H1 2025 H1 2026 Change Sources of earnings (% split)3 Asset Management 128 159 24% Fee-related earnings 126 148 17% Asset Annuities Management Performance fees 7 4 (43)% 20% Inv. income and minori
Slide 20: Asset Management: Delivering 24% higher AOP
Asset Management: Delivering 24% higher AOP Resilient margins and revenue growth lead to an improved 73% CIR End of period AUM1 Fee margins2 Financial result (£bn) (bps) (£m) YoY H1 2024 H1 2025 H1 2026 change 356 349 Wholesale 153 176 209 19% 324 316 Average 55 55 55 313 313 of period Institutional
Slide 21: Life: AOP of PruFund +15% and Traditional With-Profits +14% YoY
Life: AOP of PruFund +15% and Traditional With-Profits +14% YoY Improved result driven by higher opening CSM balance With-Profits: PruFund With-Profits: Traditional (£m) Small move in CSM (£m) Move in CSM amortisation from amortisation from 11.1% to 11.0% 13.1% to 13.5% H1 2025 H1 2026 H1 2025 H1 20
Slide 22: Life: Annuities AOP -7% YoY, Other Life result improved by £5m
Life: Annuities AOP -7% YoY, Other Life result improved by £5m Return on Annuities excess assets impacted by lower rates Annuities Other Life (£m) (£m) H1 2025 H1 2026 H1 2025 H1 2026 Annuity CSM release 55 58 Platform and Advice (14) (8) Expected return on excess assets and margin 71 60 release1 Eu
Slide 23: Operating Capital Generation before new business strain of £392m
Operating Capital Generation before new business strain of £392m Run-rate on track to achieve three-year cumulative target of £2.7bn Operating Capital Generation (£m) H1 2025 H1 2026 Asset • Underlying Capital Generation of Management 136 129 £304m was 8% lower YoY • Lower Asset Mgmt. and Corporate
Slide 24: Solvency II coverage ratio of 247% and leverage ratio of 29%
Solvency II coverage ratio of 247% and leverage ratio of 29% Balance sheet remains strongly positioned SII coverage ratio SII Leverage ratio HY 2026 (£bn) HY 2026 (£bn) The PVST represents a meaningful store 8.4 of future value from the 8.4 With-Profits business 5.0 non-PVST surplus 3.6 Own Funds 24
Slide 25: Disciplined cost management creates capacity for growth
Disciplined cost management creates capacity for growth Managed costs broadly flat compared to H2 2025 M&G managed cost base1 (£m) +7% +0.1% Remaining disciplined on costs • Asset Management costs expected to 743 744 remain broadly stable in H2 2026 695 Reinvesting resources to Corporate 55 49 45 su
Slide 26: Closing remarks
Closing remarks Andrea Rossi, Chief Executive Officer 26
Slide 27: M&G investment case: Europe's leading integrated asset manager
M&G investment case: Europe’s leading integrated asset manager A synergistic business model… … delivering strong financial outcomes Becoming Europe’s leading integrated asset manager Yield Growth Attractive Average progressive growth in dividend profit ≥5% policy p.a. operating in attractive and str
Slide 28: Thank you
1 Financial strength Thank 2 Simplification you 3 Growth 28
Slide 29: Appendix
Appendix Additional financial information 29
Slide 30: Adjusted Operating Profit
Adjusted Operating Profit From Adjusted Operating Profits to IFRS Profit After Tax (£m) H1 2025 H1 2026 Revenues 514 565 Management Cost (388) (417) Asset Performance fees 7 4 Investment income and minority interest1 (5) 7 Total Asset Management 128 159 With-Profits: PruFund 112 129 With-Profits: Tr
Slide 31: Adjusted Operating Profit
Adjusted Operating Profit Additional details (£m) H1 2025 H1 2026 Asset Management H1 2025 H1 2026 Revenues 514 565 Investment income 3 16 Minority interest1 (8) (9) Costs (388) (417) Total (5) 7 Performance fees 7 4 Investment income and minority interest1 (5) 7 Total Asset Management AOP 128 159 L
Slide 32: Adjusted Operating Profit
Adjusted Operating Profit Asset Management result by asset class End of period AUM1 Fee margins2 Financial result (£bn) (bps) (£m) YoY H1 2024 H1 2025 H1 2026 change 356 57 349 55 54 Private markets 208 206 217 5% 324 316 313 313 Average Public markets 291 308 348 13% 83 of period AUM Total revenues
Slide 33: CSM movements over H1 2026
CSM movements over H1 2026 CSM of £7bn represents significant stock of discounted future insurance value CSM movements CSM movements by product line (£m) Op. change £m YE 2025 A B C D E HY 2026 in CSM 297 69 7 309 6,952 6,589 Total 6,589 297 69 7 (319) 54 309 6,952 (319) Annuities 1,404 16 2 14 (58)
Slide 34: CSM movements – Historic data
CSM movements – Historic data PruFund, Traditional With-Profits, and Annuities With-Profits: With-Profits: Policyholder and Annuities Other Life Total PruFund Traditional group adjustments (£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 CS
Slide 35: Operating Capital Generation
Operating Capital Generation Own Funds and SCR movements 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
Slide 36: 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: £387bn AUMA Asset Owner view3 Asset Manager view 1bn - Corporate Assets1 1bn - Corporate Assets1 Other 31 Other Group Assets 43 £356bn With-Profit
Slide 37: Assets Under Management and Administration £356bn AUMA
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 38: Group wide flows, market and other movements
Assets Under Management and Administration Group wide flows, market and other movements – YE 2023 to HY 2026 Net Market / Net Market / Net Market / (£bn) YE 2023 Inflows Outflows Flows Other YE 2024 Inflows Outflows Flows Other2 YE 2025 Inflows Outflows Flows Other HY 2026 Institutional 98.2 12.7 (1
Slide 39: Wholesale Asset Management: Mutual funds performance
Wholesale Asset Management Mutual funds performance Mutual funds performance as of YE 2024, YE 2025 and HY 2026 (as % of AUMA) 22 34 31 33 36 43 44 42 53 31 19 22 20 16 34 21 31 18 16 25 24 15 31 36 6 21 25 16 29 19 22 23 16 12 6 8 YE-24 YE-25 HY-26 YE-24 YE-25 HY-26 YE-24 YE-25 HY-26 5-year 3-year
Slide 40: Largest SICAV and OEIC mutual funds
Wholesale Asset Management Largest SICAV and OEIC mutual funds as of HY 2026 AUMA and Flows (£bn) RANK ASSET MARKET/ PRODUCT FUND YE 2025 SALE REDEMPTION NET FLOWS HY 2026 by AUMA CLASS OTHER 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
Slide 41: Largest SICAV mutual funds
Wholesale Asset Management Largest SICAV mutual funds as of HY 2026 AUMA and Flows (£bn) RANK ASSET MARKET/ PRODUCT FUND YE 2025 SALE REDEMPTION NET FLOWS HY 2026 by AUMA CLASS OTHER 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
Slide 42: Largest OEIC mutual funds
Wholesale Asset Management Largest OEIC mutual funds as of HY 2026 AUMA and Flows (£bn) RANK ASSET MARKET/ PRODUCT FUND YE 2025 SALE REDEMPTION NET FLOWS HY 2026 by AUMA CLASS OTHER 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
Slide 43: With-Profits Fund: Historical returns
With-Profits Fund Historical returns Annualised 5-year rolling returns1 PruFund Growth returns PruFund Growth returns after charges 170% 25% (% returns above capital invested)2 Cash SONIA Cumulative Rate 20% UK RPI Cumulative Rate PruFund Growth Fund 108% ABI Mixed Investment 20-60% shares 15% 91% 1
Slide 44: With-Profits Fund: Strategic Asset Allocation
With-Profits Fund Strategic Asset Allocation Asset allocation evolution from January 2013 to June 2026 Asset allocation as of 30 Jun 2026 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Equities Real Estate Alternatives Fixed Income L
Slide 45: Solvency II coverage ratio of 247%
Solvency II coverage ratio of 247% 14% 5% 0% (2%) (11%) Solvency II ratio1 242% 247% (%) 372 24 34 (55) (370) Solvency II surplus 4,985 4,990 (£m) Of which Of which £4.6bn £4.8bn PVST PVST Operating Market Other Dividends & YE 2025 Tax HY 2026 £m Cap Gen movements2 movements3 capital mov. Own Funds
Slide 46: Solvency II: M&G Group position
Solvency II M&G Group position HY 2026 (£bn) Shareholder view With-Profits Fund view Regulatory view 11.2 2.8 Surplus = 5.0 6.2 Surplus = 7.7 Surplus = 5.0 10.5 2.8 8.4 8.4 3.4 2.8 3.4 Own Funds SCR Own Funds SCR Own Funds SCR Solvency ratio 247% Solvency ratio 375% Solvency ratio 181% 46 Note: All
Slide 47: Solvency II: Breakdown of the Shareholder SCR by risk type
Solvency II Breakdown of the Shareholder SCR by risk type HY 2026 (£bn) 7.8 0.5 Sectoral Operational & 1.2 expense 0.5 Lapse Longevity 0.9 1.0 Currency 3.4 Credit 1.3 (4.4) 0.3 Interest rate Property 0.6 1.5 Equity Undiversified SCR Diversification, SCR deferred tax, and other 47
Slide 48: Solvency II: Sensitivities and estimated impact
Solvency II Sensitivities and estimated impact on % ratio and surplus Shareholder Solvency II market sensitivities With-Profits Solvency II market sensitivities HY 2026 HY 2026 Solvency ratio Surplus Solvency ratio Surplus (%) (£bn) (%) (£bn) Base Shareholder position 247 5.0 Base With-Profits posit
Slide 49: Credit quality of the £16.1bn Annuity book
Credit quality of the £16.1bn Annuity book 97% of the Annuity assets are investment grade1 Breakdown by rating Breakdown by capital ranking Outer circle shows HY-26, inner YE-25 Outer circle shows HY-26, inner YE-25 ▪ Our diversified and actively managed Annuity portfolio continued to perform 3% 9%
Slide 50: 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 51: Financial strength and flexibility
Financial strength and flexibility Solvency ratio1 Leverage ratio2 guidance range <30% over of 160-190% the medium term 247% 29% £0.65bn HoldCo Liquidity HoldCo liquidity of c. £0.7bn, sufficient resources to cover roughly one year of expected outgoings 51 1. Group shareholder SII ratio; 2. SII valu
Slide 52: Parent company liquidity
Parent company liquidity Cash and liquid assets at £0.65bn Parent company cash and liquid assets H1 2026 (£bn) 0.43 (0.11) 0.73 0.65 (0.40) FY 2025 Cash remittances Corporate costs and Cash dividends and HY 2026 1 2 from subsidiaries other movements shares purchased by EBT 1. Includes Corporate cost
Slide 53: Our international footprint
UK £269bn 1 Corporate Assets Europe Our 33 £85bn 46 international 189 8 footprint 34 43 5 £387bn AUMA 10 2 Asia-Pac 2 £15bn Americas 4 £4bn 10 Middle East Life & Africa Wholesale Asset Management Institutional Asset Management £14bn Note: All AUMA figures refer to position as of HY 2026, based on th
Slide 54: 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 Thank you simran.parmar@mandg.com Maria Baines Investor Relations Event Manager +44 (0)20 8162 6122 maria.baines@mandg.c