M&G H1 Earnings Call Highlights

M&G's adjusted operating profit rose 15% to £435 million in the first half of 2026, its strongest half-year result since listing, driven by a 24% increase in asset-management profit and growth in PruFund.

Open-business net inflows reached £2.4 billion, lifting assets under management and administration to £387 billion. Asset management attracted £2.2 billion of inflows, while international and private-markets demand continued to expand.

Capital-light with-profits products remained central to the strategy: BPA+ sales reached £1.7 billion in the first eight months, and M&G maintained a strong 247% Solvency II ratio with a £5 billion capital surplus.

M&G (LON:MNG) reported its strongest first-half operating result since listing in 2019, as growth in asset management and with-profits life products helped offset a volatile macroeconomic backdrop.

Group adjusted operating profit rose 15% year over year to £435 million for the first six months of 2026. Chief Executive Officer Andrea Rossi said the result reflected a 24% increase in asset management profit and double-digit growth in PruFund, the company's with-profits investment proposition.

"Operating profit of £435 million is our best half result since listing in 2019," Rossi said. He added that capital-light earnings from asset management and with-profits operations accounted for 80% of total operating profit, up from 73% a year earlier.

Net flows from open business totaled £2.4 billion, up £300 million from the prior-year period. Asset management generated £2.2 billion of those inflows, split equally between wholesale and institutional clients, while Life recorded £200 million of net inflows.

Closing assets under management and administration reached £387 billion, supported by the net inflows and £13 billion of positive market movements. Within asset management, assets under management rose to £356 billion, up £32 billion from the previous year.

Rossi said the asset management business has become more diversified geographically and by client base. External assets rose 29% over the past three years to £189 billion, while international operations expanded by more than 40% and now represent nearly 60% of external assets.