*** 3 September 2025 – View Half Year 2025 results presentation here

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Half Year 2025 Results

M&G plc Half Year 2025 Results, published September 2025

Our Half Year 2025 Results demonstrate the underlying strength of our business model, the resilience of our balance sheet, the attractiveness of our propositions as well as the commitment of our colleagues to deliver for our clients and execute on our three strategic ambitions: Financial Strength, Simplification, and Growth.

  • We’ve adjusted operating profit of £378 million (30 June 2024: £375 million) - an improved year-on-year thanks to underlying positive momentum.
  • A key highlight is the £2.1 billion external net inflows from open business, a £3.2 billion improvement from last year. This is underpinned by £2.6 billion net inflows from external clients in Asset Management.
  • Operating capital generation (OCG) of £408 million (30 June 2024: £486 million) continued to be strong, with the underlying result of £331 million increasing by 11% year-on-year
  • The Shareholder Solvency II coverage ratio improved to 230% (31 December 2024: 223%) due to the strong OCG result, and it includes the dividend paid in May.
  • The 2025 first interim dividend of 6.7 pence per share (30 June 2024: 6.6 pence per share) is in line with our progressive dividend policy.
  • We continued to progress our transformation programme at pace, achieving £213 million of cost savings since launch, almost 95% of the total upgraded cost saving target of £230 million.
  • We have delivered strong investment performance to our clients. As of 30 June 2025, 75% of our mutual funds ranked in the upper two performance quartiles over three years and 71% over five years; in institutional asset management, over 80% of funds by AUMA outperformed their benchmarks on a three and five-year basis.
  • Continued to drive international expansion and broadened the product offering in both Asset Management and Life, to position the Group for long-term sustainable growth that is high-quality and diversified across products, segments, and markets.
  • We recently announced a strategic partnership with Dai-ichi Life, becoming their preferred asset manager for Europe. We expect this collaboration to generate at least $6 billion dollars of new business over five years.

The progress achieved in the first six months of the year across Asset Management and Life underpins our continued confidence in the delivery of our strategic priorities and financial targets, as we remain focused on transforming M&G to deliver great client and shareholder outcomes. 

Results, reports and presentations

Our key highlights

£2.1bn
Net Flows from Open Business
H1 2024: £(1.1)bn
£378m
Adjusted Operating Profit Before Tax
H1 2024: £375m
£408m
Operating Capital Generation
H1 2024: £486m
230%
Shareholder Solvency II Ratio
YE 2024: 223%
6.7p
Total Dividend per Share
H1 2024: 6.6p
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We’re transforming into a more diversified, international and resilient business, focused on delivering sustainable value for clients and shareholders, Kathryn McLeland, M&G's Group CFO
Kathryn McLeland
Video Duration:

Watch as our Group CFO, Kathryn McLeland, reviews our Half Year 2025 Results, highlighting the progress made in our three strategic priorities.

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Read here about our investment case and how being both an Asset Manager and an Asset Owner allows us to generate sustainable returns to our shareholders.

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Our business model and strategy

We operate an integrated, balanced and synergistic business model – one where the success of the Asset Manager is built in conjuction with the success of the Life Insurer. Our businesses work together to offer clients and customers balanced, long-term investment and insurance advice, risk management expertise, opportunities and solutions.

Our differentiated business model, investment expertise, and client-led approach create long-term, sustainable value for all our stakeholders.


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Simran Parmar

Head of Investor Relations - Equity

Maria Baines

Investor Relations Event Manager

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M&G Investments

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M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited 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 England and Wales.

M&G Investments

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M&G plcの直接子会社であるM&G Investments(M&Gインベストメント)のウェブサイトにアクセスするには、
こちらをクリックしてください。

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited 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 England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA(健全性監督機構)及びFCA(金融行為規制機構) に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited(プルデンシャル・アシュアランス・カンパニー・リミテッド)の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.(プルデンシャル・ファイナンシャルInc.)またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc(プルデンシャル・ピーエルシー)とは一切関係がありません。

Prudential Portfolio Managers (South Africa) (Pty) Limited

You are about to enter the website of MandG Investments Southern Africa (Pty) Ltd a direct subsidiary of M&G plc. Click here to proceed.

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited 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 England and Wales.