M&G (MNG) Q3 2025 TU earnings summary

Executive summary

• Group assets under management and administration (AUMA) rose 3% in Q3 2025 to £365bn, driven by £1.8bn net inflows from open business across Asset Management and Life.

• Asset Management saw strong external client net inflows of £1.5bn in Q3, with both Institutional and Wholesale franchises contributing positively.

• Life AUMA increased 2% over the period, with PruFund net flows turning positive at £0.2bn in Q3 after negative flows in H1 2025.

• Bulk Purchase Annuities (BPA) new business volumes improved to £0.3bn in Q3, with the With-Profits BPA launch on track for Q1 2026.

Financial highlights

• Group AUMA reached £364.9bn as of 30 September 2025, up from £355bn at HY 2025.

• Year-to-date (YTD) net flows from open business totaled £3.9bn, with Q3 contributing £1.8bn.

• Asset Management AUMA stood at £335bn, including £176bn from external clients, up 3% in the quarter and 6% YTD.

• Institutional Asset Management net inflows were £0.8bn in Q3, Wholesale Asset Management net inflows were £0.7bn.

• PruFund franchise AUMA reached £68bn, with Q3 net flows of £0.2bn.

Outlook and guidance

• Continued positive momentum expected, with new business flows anticipated from the partnership with Dai-ichi Life.

• With-Profits BPA product launch remains on schedule for Q1 2026.