7 May 2026

M&G plc Q1 2026 trading update

Continued business momentum despite volatile geopolitical environment

£0.6bn net inflows from open business, up year-on-year, and resilient AUMA

Confident outlook for 2026 across Asset Management and Life

 Andrea Rossi, Group Chief Executive Officer, said:

"We have made a strong start to 2026, with net inflows in Asset Management, driven by demand from Daiichi Life Group and other external clients, and the completion of our first With-Profits Bulk Purchase Annuity (BPA) deal in Life.

"Net inflows from open business of £0.6 billion represent a clear improvement compared to net outflows of £0.1 billion in the same period last year. Group AUMA remained resilient at £371 billion despite market volatility.

"Thanks to a strong new business pipeline, the introduction of our innovative With-Profits BPA, and the upcoming launch of PruFund on third-party adviser platforms, we are confident in our ability to deliver continued growth this year."

Asset Management key highlights:

·      Asset Management AUMA of £344 billion, including £183 billion from external clients, broadly unchanged compared to the start of the year, and 10% higher compared to Q1 2025.

·      Net inflows of £0.7 billion improving markedly compared to flat flows in Q1 2025, driven by strong Wholesale performance, with net inflows of £0.8 billion, compensating for subdued activity from Institutional clients.

·      Momentum across both public and private markets, net inflows of £0.4 billion and £0.3 billion respectively, with continued client demand in high-value areas such as European equities, structured credit, and impact funds.

·      Confident in the positioning of our business given strong investment performance track-record and pipeline with institutional clients.

Life key highlights:

·      Life AUMA of £188 billion down 2% over the period due to modest adverse market movements and expected net outflows from legacy business (predominantly Traditional With-Profits).

·      PruFund experienced small net outflows of £0.1 billion in the period as the impact of market volatility in March offset a positive start of the year with net inflows in both January and February.

·      PruFund flows already stabilised in April; expect to return to net inflows in the remainder of the year, also supported by the expected launch of PruFund on third-party adviser platforms.

·      Launched With-Profits BPA solution and completed our first transaction of £0.3 billion; expect BPA volumes to continue growing year-on-year, weighted towards the second half of 2026.

1 Net flows from open business consist of net client flows from Asset Management, PruFund, Annuities and the parts of Other Life open to new business.

Net flows

Group AUMA movements 31 December 2025 to 31 March 2026

Asset Management AUMA by asset class

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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 31 March 2026, we had £371.4 billion of assets under management and administration. With a heritage dating back more than 170 years, M&G plc has a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. We serve our retail and savings clients under the M&G and Prudential brands in the UK and Europe, and under the M&G Investments brand for asset management clients globally.

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.

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1. As at 31 December 2025