M&G (MNG) Q1 2026 TU earnings summary

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.