In a market characterized by macroeconomic complexity, M&G plc has demonstrated the strength and resilience of its business model by recording its best half-year performance in seven years, consolidating a deep and successful transformation toward a low-capital-intensity operating profile. In this regard, Andrea Rossi, Chief Executive Officer of the Group, noted: “The business is delivering a solid performance, with an adjusted operating profit of £435 million [€504.6 million], up 15% year-on-year, representing our best first-half result since our IPO in 2019. We continue to execute our strategy, successfully orienting the Group toward high-quality, low-capital-intensity (capital-light) earnings, which now account for 80% of total adjusted operating profit.”
This robust performance is underpinned by operational milestones during the first half of 2026 that evidence the success of the corporate strategy. Despite environment volatility, the firm attracted net inflows into its open business worth £2.4 billion [€2.784 billion], an achievement primarily supported by M&G Investments, the Asset Management division, which drew net subscriptions from external clients worth £2.2 billion [€2.552 billion]. The firm reports that numbers were positive across both retail and institutional channels, backed by its expansion in the United Kingdom and internationally.
At the same time, M&G reinforced the diversification of this division by raising external client assets under management and administration to £189 billion [€219.24 billion]—equivalent to 53% of total assets under management for the segment—of which £110 billion [€127.6 billion] comes from international investors. This commercial dynamism also translated into a contribution of £13 million [€15.08 million] in new annualized net revenues within Asset Management, where investor interest in high-value solutions—especially in private markets, which recorded net inflows of £1.3 billion [€1.508 billion] and reached £83 billion [€96.32 billion] in assets—continues to serve as a strategic pillar of growth.
To contextualize these solid capital flows, Rossi added that “net inflows of £2.4 billion [€2.784 billion] in open business reflect the breadth and strength of our offering. Asset Management contributed £2.2 billion [€2.552 billion] in net inflows from external clients, of which £700 million [€812 million] was channeled through our strategic alliance with Dai-ichi Life Group.” This commercial success not only consolidates current figures, but accelerates the firm’s structural shift. Along these lines, the executive further elaborated on the group’s evolution, stating: “M&G continues to grow and transform, becoming a more diversified, efficient, and less capital-intensive business. With a clear strategy, disciplined execution, and the right resources, I am confident in our prospects for the second half of 2026 and our ability to deliver sustainable long-term value to our clients, partners, and shareholders.”
Maintaining the established plan
Looking ahead, the firm stated that it considers itself to be in a privileged position to sustain this financial momentum, relying on its competitive advantages in structurally growing markets. The company’s roadmap is firmly focused on preserving its financial strength, simplifying the organization, and driving profitable growth. In terms of profitability, the entity reiterates its commitment to achieving average annual pre-tax adjusted operating profit (AOP) growth of at least 5% for the 2025–2027 triennium.
Thanks to the business’s strong performance so far this year, management expects to close the 2026 financial year with a low double-digit increase in AOP on a full-year basis.
In parallel, the group is making progress toward its operational efficiency target after recording a cost-to-income ratio of 73% in the first half, with the expectation of continuing to improve it in the second half of the year to approach its 70% target. Likewise, the entity confirms that it is moving at an optimal pace to meet its cumulative operational capital generation target of £2.7 billion [€3.132 billion] for the 2025–2027 period.
