M&G plc Q3 2026 Trading Update
Summary by AI BETAClose X
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
|
AUMA as at 30 September 2026 £385bn
HY 2026: £387bn |
|
Q3 Net Flows from Open Business1 £1.8bn
2026 YTD: £4.2bn |
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
|
|
2026 Q3 - July to September |
2025 Q3 - July to September |
||||
|
£bn |
Inflows |
Outflows |
Net flows |
Inflows |
Outflows |
Net flows |
|
Institutional Asset Management |
3.6 |
(3.0) |
0.6 |
2.8 |
(2.0) |
0.8 |
|
Wholesale Asset Management |
5.2 |
(5.1) |
0.1 |
4.4 |
(3.7) |
0.7 |
|
Asset Management |
8.8 |
(8.1) |
0.7 |
7.2 |
(5.7) |
1.5 |
|
With-profits: PruFund |
1.6 |
(1.6) |
- |
1.7 |
(1.5) |
0.2 |
|
Annuities1 |
1.2 |
(0.3) |
0.9 |
0.3 |
(0.3) |
- |
|
Other Life (open business) |
0.4 |
(0.2) |
0.2 |
0.3 |
(0.2) |
0.1 |
|
Life open business |
3.2 |
(2.1) |
1.1 |
2.3 |
(2.0) |
0.3 |
|
Net flows from open business |
12.0 |
(10.2) |
1.8 |
9.5 |
(7.7) |
1.8 |
|
With-profits: traditional |
0.2 |
(1.4) |
(1.2) |
- |
(1.3) |
(1.3) |
|
Other Life (excl. open business) |
0.3 |
(1.0) |
(0.7) |
0.4 |
(1.4) |
(1.0) |
|
Life other |
0.5 |
(2.4) |
(1.9) |
0.4 |
(2.7) |
(2.3) |
|
Total |
12.5 |
(12.6) |
(0.1) |
9.9 |
(10.4) |
(0.5) |
|
1. Includes both Shareholder and With-Profits Annuities |
||||||
Net flows YTD
|
|
2026 9M - January to September |
2025 9M - January to September |
||||
|
£bn |
Inflows |
Outflows |
Net flows |
Inflows |
Outflows |
Net flows |
|
Institutional Asset Management |
11.1 |
(9.4) |
1.7 |
12.0 |
(9.3) |
2.7 |
|
Wholesale Asset Management |
17.8 |
(16.6) |
1.2 |
13.9 |
(12.5) |
1.4 |
|
Asset Management |
28.9 |
(26.0) |
2.9 |
25.9 |
(21.8) |
4.1 |
|
With-profits: PruFund |
4.9 |
(5.1) |
(0.2) |
4.5 |
(4.9) |
(0.4) |
|
Annuities1 |
1.8 |
(0.9) |
0.9 |
0.5 |
(0.8) |
(0.3) |
|
Other Life (open business) |
1.1 |
(0.5) |
0.6 |
1.0 |
(0.5) |
0.5 |
|
Life open business |
7.8 |
(6.5) |
1.3 |
6.0 |
(6.2) |
(0.2) |
|
Net flows from open business |
36.7 |
(32.5) |
4.2 |
31.9 |
(28.0) |
3.9 |
|
With-profits: traditional |
0.3 |
(4.0) |
(3.7) |
0.2 |
(3.8) |
(3.6) |
|
Other Life (excl. open business) |
1.3 |
(3.7) |
(2.4) |
1.1 |
(4.4) |
(3.3) |
|
Life other |
1.6 |
(7.7) |
(6.1) |
1.3 |
(8.2) |
(6.9) |
|
Total |
38.3 |
(40.2) |
(1.9) |
33.2 |
(36.2) |
(3.0) |
|
1. Includes both Shareholder and With-Profits Annuities |
||||||
Asset Management net flows by asset class
|
£bn |
Q3 2025 Jul - Sep |
Q4 2025 Oct - Dec |
Q1 2026 Jan - Mar |
Q2 2026 Apr - Jun |
Q3 2026 Jul - Sep |
|
Private flows |
0.8 |
2.8 |
0.3 |
1.0 |
0.1 |
|
Public flows |
0.7 |
0.1 |
0.4 |
0.5 |
0.6 |
|
Asset Management |
1.5 |
2.9 |
0.7 |
1.5 |
0.7 |
Group AUMA movements 30 June 2026 to 30 September 2026
|
£bn |
As at 30 Jun 2026 |
Inflows |
Outflows |
Net flows |
Market/ Other |
As at 30 Sep 2026 |
|
Institutional Asset Management |
110.2 |
3.6 |
(3.0) |
0.6 |
(1.0) |
109.8 |
|
Wholesale Asset Management |
79.0 |
5.2 |
(5.1) |
0.1 |
0.2 |
79.3 |
|
Other Asset Management1 |
0.7 |
- |
- |
- |
- |
0.7 |
|
Asset Management |
189.9 |
8.8 |
(8.1) |
0.7 |
(0.8) |
189.8 |
|
Asset Management - Internal assets |
166.6 |
|
|
|
|
165.6 |
|
Asset Management incl. internal |
356.5 |
|
|
|
|
355.4 |
|
With-Profits: PruFund |
73.1 |
1.6 |
(1.6) |
- |
0.1 |
73.2 |
|
With-Profits: traditional |
64.8 |
0.2 |
(1.4) |
(1.2) |
(1.0) |
62.6 |
|
Annuities2 |
16.1 |
1.2 |
(0.3) |
0.9 |
(0.1) |
16.9 |
|
Other Life3 |
42.8 |
0.7 |
(1.2) |
(0.5) |
(0.7) |
41.6 |
|
Life |
196.8 |
3.7 |
(4.5) |
(0.8) |
(1.7) |
194.3 |
|
|
|
|
|
|
|
|
|
Corporate assets |
0.7 |
- |
- |
- |
0.1 |
0.8 |
|
|
|
|
|
|
|
|
|
Total |
387.4 |
12.5 |
(12.6) |
(0.1) |
(2.4) |
384.9 |
|
1. Corporate AUMA allocated to the Asset Management segment; 2. Includes both Shareholder and With-Profits Annuities; 3.Includes elements of Other Life closed to new business |
||||||
Group AUMA movements 31 December 2025 to 30 September 2026
|
£bn |
As at 31 Dec 2025 |
Inflows |
Outflows |
Net flows |
Market/ Other |
As at 30 Sep 2026 |
|
Institutional Asset Management |
109.0 |
11.1 |
(9.4) |
1.7 |
(0.9) |
109.8 |
|
Wholesale Asset Management |
73.2 |
17.8 |
(16.6) |
1.2 |
4.9 |
79.3 |
|
Other Asset Management1 |
0.7 |
- |
- |
- |
- |
0.7 |
|
Asset Management |
182.9 |
28.9 |
(26.0) |
2.9 |
4.0 |
189.8 |
|
Asset Management - Internal assets |
162.3 |
|
|
|
|
165.6 |
|
Asset Management incl. internal |
345.2 |
|
|
|
|
355.4 |
|
With-Profits: PruFund |
69.8 |
4.9 |
(5.1) |
(0.2) |
3.6 |
73.2 |
|
With-Profits: traditional |
64.6 |
0.3 |
(4.0) |
(3.7) |
1.7 |
62.6 |
|
Annuities2 |
16.1 |
1.8 |
(0.9) |
0.9 |
(0.1) |
16.9 |
|
Other Life3 |
41.7 |
2.4 |
(4.2) |
(1.8) |
1.7 |
41.6 |
|
Life |
192.2 |
9.4 |
(14.2) |
(4.8) |
6.9 |
194.3 |
|
|
|
|
|
|
|
|
|
Corporate assets |
0.8 |
- |
- |
- |
- |
0.8 |
|
|
|
|
|
|
|
|
|
Total |
375.9 |
38.3 |
(40.2) |
(1.9) |
10.9 |
384.9 |
|
1. Corporate AUMA allocated to the Asset Management segment; 2. Includes both Shareholder and With-Profits Annuities; 3.Includes elements of Other Life closed to new business |
||||||
Asset Management AUMA by asset class
|
£bn |
As at 30 Sep 2025 |
As at 31 Dec 2025 |
As at 31 Mar 2026 |
As at 30 Jun 2026 |
As at 30 Sep 2026 |
|||
|
Private AUMA |
78.5 |
80.8 |
80.2 |
82.8 |
83.4 |
|||
|
Public AUMA |
256.2 |
263.7 |
262.6 |
273.0 |
271.3 |
|||
|
Other Asset Management1 |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|||
|
Asset Management incl. internal |
335.4 |
345.2 |
343.5 |
356.5 |
355.4 |
|||
|
1. Corporate AUMA allocated to the Asset Management segment |
|
|
|
|||||
Enquiries:
|
Media |
|
Investors/Analysts |
|
|
Irene Chambers |
+44 (0)78 2569 6815 |
Luca Gagliardi |
+44 (0)20 8162 7301 |
|
|
Irene.Chambers@mandg.com |
|
Luca.Gagliardi@mandg.com |
|
Will Sherlock |
+44 (0)77 8683 6562 |
Mandeep Jagpal |
+44 (0)20 8162 8540 |
|
|
Will.Sherlock@mandg.com |
|
Mandeep.Jagpal@mandg.com |
|
|
|
Mariana Romano |
+44 (0)20 8162 8729 |
|
|
|
|
Mariana.Romano@mandg.com |
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.
Forward-Looking Statements
This announcement 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 environment, strategy and objectives. Statements that are not historical facts, including statements about M&G's beliefs and expectations and including, without limitation, statements containing the words 'may', 'will', 'could', 'should', 'continue', 'aims', 'estimates', 'projects', 'believes', 'intends', 'expects', 'plans', 'seeks', 'outlook' and 'anticipates', and words of similar meaning, are forward-looking statements. These statements are based on plans, estimates and projections which are current as at the time they are made, and therefore persons reading this announcement are cautioned against placing undue reliance on forward-looking statements. By their nature, forward-looking statements involve inherent assumptions, risk and uncertainty, as they generally relate to future events and circumstances that may not be entirely within M&G's control. A number of factors could cause M&G's actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to: changes in domestic and global political, economic and business conditions; market-related conditions and risk, including fluctuations in interest rates and exchange rates, the potential for a sustained low-interest rate environment, corporate liquidity risk and the future trading value of the shares of M&G; investment portfolio-related risks, such as the performance of financial markets generally; legal, regulatory and policy developments, such as, for example, new government initiatives and regulatory measures, including those addressing climate change and broader sustainability-related issues, and broader development of reporting standards; the impact of competition, economic uncertainty, inflation and deflation; the effect on M&G's business and results from, in particular, mortality and morbidity trends, longevity assumptions, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the impact of internal projects and other strategic actions, such as transformation programmes, failing to meet their objectives; changes in environmental, social and geopolitical risks and incidents, pandemics and similar events beyond the Group's control; the Group's ability along with governments and other stakeholders to measure, manage and mitigate the impacts of climate change and broader sustainability-related issues effectively; the impact of operational risks, including risk associated with third-party arrangements, reliance on third-party distribution channels and disruption to the availability, confidentiality or integrity of M&G's IT systems (or those of its suppliers); the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and tax and other legislation and regulations in the jurisdictions in which the Group operates; and the impact of legal and regulatory actions, investigations and disputes. These and other important factors may, for example, result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits. Any forward-looking statements contained in this announcement speak only as of the date on which they are made. M&G expressly disclaims any obligation to update any of the forward-looking statements contained in this announcement or any other forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure and Transparency Rules, or other applicable laws and regulations. This announcement has been prepared for, and only for, the members of M&G, as a body, and no other persons. M&G, its Directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this announcement is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed. Nothing in this announcement should be construed as a profit forecast. The information contained in this announcement does not constitute an offer to sell or otherwise dispose of or an invitation or solicitation of any offer to purchase or subscribe for any securities in the Group.
1. As at 31 December 2025
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