M&G (MNG) Q3 2026 TU earnings summary

Executive summary

• Q3 open-business net inflows were £1.8bn, bringing 9M inflows to £4.2bn; Asset Management and Life both contributed growth.

• AUMA was £384.9bn at 30 September 2026, down from £387.4bn at 30 June, reflecting £2.4bn of market/other movements and £0.1bn net outflows overall.

Financial highlights

• 9M open-business inflows were £36.7bn and outflows £32.5bn, generating £4.2bn net inflows versus £3.9bn in 9M 2025.

• Q3 open-business inflows were £12.0bn and outflows £10.2bn, generating £1.8bn net inflows, level with Q3 2025.

• Total 9M net flows were negative £1.9bn, improving from negative £3.0bn in 9M 2025; legacy Life flows remained a drag.

Outlook and guidance

• Annuity sales are expected to exceed £2.5bn for FY 2026, with £0.8bn in exclusivity; BPA Plus year-to-date sales were £1.8bn, with >60% YoY growth expected at the full-year level.

• Further Life business growth is expected in 2027.