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M&G (MNG) investor relations material
M&G H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved £2.6bn net inflows in Asset Management, with 58% of external assets from international clients and cost-to-income ratio reduced to 75%.
Strategic partnership with Dai-ichi Life, including a 15% stake and expected $6bn in new business over five years, supporting Asian market access.
Integrated PruFund onto FNZ technology, enabling access to digital platforms and a £690bn market.
Adjusted operating profit before tax rose to £378m, with profit after tax at £248m, reversing a £56m loss last year.
Assets under management and administration increased 3% to £354.6bn, supported by positive market movements and improved net client flows.
Financial highlights
Net flows from open business reached £2.1bn, a £3.2bn year-on-year improvement.
Adjusted operating profit before tax: £378m; profit after tax: £248m.
Operating capital generation: £408m, with £443m before new business strain.
Asset Management fee-related earnings increased by 14% year-on-year; cost-to-income ratio improved to 75%.
Solvency II coverage ratio improved to 230%, up 7 points from year-end.
Outlook and guidance
On track to achieve £2.7bn cumulative operating capital generation by 2027.
Committed to at least 5% average annual profit growth target.
Targeting £230m in cost savings from transformation by 2025, with £213m already achieved.
Anticipate stronger PruFund flows and annuity market activity in the second half.
With-Profits BPA solution set for launch in Q1 2026.
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