M&G plc Q3 2026 Trading Update

M&G PLC

05 November 2026

 

5 November 2026

  M&G plc Q3 2026 trading update

Positive momentum across the Group, with £1.8 billion net inflows from open business in the quarter

Asset Management net inflows of £0.7 billion marked seventh consecutive quarter of expansion

Life net inflows of £1.1 billion from open business driven by strong growth in BPA volumes

 Andrea Rossi, Group Chief Executive Officer, said:

"Following a good first half, we continued to grow thanks to the resilience of our business model.

"In the third quarter, we delivered £1.8 billion of net inflows from open business, taking the year-to-date total to £4.2 billion, thanks to continued growth in both Asset Management and Life.

"In Life, I am particularly pleased with the success of BPA Plus, our With-Profits BPA solution, as we delivered inflows of £1.2 billion in the quarter, taking the year-to-date sales to £1.8 billion. With a further £0.8 billion in exclusivity, we are confident that we will end the year with more than £2.5 billion of inflows, growing more than 60% year-on-year. This strong result demonstrates our success in reigniting our Life business, where we expect further growth in 2027.

"In a volatile external environment, we continued to grow and make good progress against our strategic objectives. The inflows we generated, reflect the resilience of our business model, and the attractiveness and diversification of our offering. Looking ahead, we remain confident in our ability to deliver long-term value for our clients and shareholders."

Asset Management highlights:

·      Net inflows from external clients of £0.7 billion in the quarter were primarily driven by continued growth from Institutional clients both in the UK and internationally.

·      From an asset class perspective, Public Markets accounted for the majority of net inflows with £0.6 billion in Q3. Within Private Markets, client demand remained positive in Private Credit and Real Estate.

·      Asset Management AUMA of £355 billion, of which £189 billion from external clients, was broadly stable in the quarter with net inflows from external clients offsetting small adverse market movements.

Life highlights:

·      Momentum in Annuities remained strong, with £1.8 billion of inflows year-to-date, including £1.2 billion in the quarter. With a further £0.8 billion in exclusivity, we now expect full-year sales to exceed £2.5 billion.

·      PruFund net flows were flat in Q3, improving on H1, supported by the launch on the Scottish Widows platform which generated over £100 million of net inflows. PruFund will launch on a second platform in the new year.

·      Life AUMA decreased slightly to £194 billion during the quarter, as small adverse market movements more than offset £1.1 billion of net inflows from open business.

1 Net flows from open business primarily consist of net client flows from Asset Management, PruFund, Annuities and Advice.

Net flows Q3

Net flows YTD

Asset Management net flows by asset class

Group AUMA movements 30 June 2026 to 30 September 2026

Group AUMA movements 31 December 2025 to 30 September 2026

Asset Management AUMA by asset class

Enquiries:

About M&G plc

M&G plc is a leading international savings and investments business, managing money for around 4.2¹ million retail clients and more than 1,000¹ institutional clients in 38¹ offices worldwide. As at 30 September 2026, we had £384.9 billion of assets under management and administration. At M&G, we have over 175 years of experience navigating challenges and opportunities - whether that's managing investments, supporting saving, providing financial advice or offering retirement solutions - to help give people and businesses the confidence to put their money to work.

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.

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1. As at 31 December 2025

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