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M&G (MNG) investor relations material
M&G Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net inflows from open business reached £0.6bn in Q1 2026, a significant improvement from net outflows of £0.1bn in Q1 2025, reflecting strong business momentum despite geopolitical volatility.
Assets under management and administration (AUMA) remained resilient at £371bn as of 31 March 2026, compared to £376bn at FY 2025.
Asset Management saw robust net inflows, particularly from external clients and the Daiichi Life Group, and completed its first With-Profits Bulk Purchase Annuity (BPA) deal.
Financial highlights
Asset Management AUMA stood at £344bn, up 10% year-over-year, with £183bn from external clients.
Group AUMA decreased slightly from £375.9bn at 31 Dec 2025 to £371.4bn at 31 Mar 2026, mainly due to adverse market movements.
Wholesale Asset Management net inflows were £0.8bn, offsetting subdued institutional activity.
Life AUMA was £188bn, down 2% over the period, with expected net outflows from legacy business.
Outlook and guidance
Confident outlook for 2026, supported by a strong new business pipeline and the launch of innovative products such as With-Profits BPA and PruFund on third-party adviser platforms.
Expectation for PruFund to return to net inflows for the remainder of the year.
BPA volumes anticipated to grow year-over-year, with growth weighted towards the second half of 2026.
- £7.8bn net inflows, stable profits, and improved solvency drive strong growth outlook.MNG
H2 202512 Mar 2026 - Exceeded capital targets, improved profit, and raised dividend with strong solvency and cost savings.MNG
H2 20243 Feb 2026 - £375m profit, 210% Solvency II, 9% Asset Management growth, and upgraded targets despite outflows.MNG
H1 202422 Jan 2026 - Dai-ichi to acquire 15% stake, targeting $6bn in new flows and global expansion.MNG
Investor Update24 Nov 2025 - AUMA grew 3% to £365bn in Q3 2025, with strong net inflows and positive business momentum.MNG
Q3 2025 TU5 Nov 2025 - Strong net inflows, profit growth, and capital strength drive improved financial performance.MNG
H1 202510 Sep 2025
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