M&G plc (LSE:MNG) reported £1.8 billion in net inflows from its open businesses during the third quarter of 2026, supported by positive flows in Asset Management and stronger demand for its annuity products.
The international savings and investment group recorded £4.2 billion in net inflows from open business for the first nine months of the year, compared with £3.9 billion during the corresponding period in 2025.
Assets under management and administration (AUMA) stood at £384.9 billion at 30 September 2026, compared with £387.4 billion at the end of June, reflecting adverse market movements and net outflows across the wider group.
Asset Management Records Seventh Consecutive Quarter of Net Inflows
M&G’s Asset Management division generated £0.7 billion in net inflows from external clients during the third quarter, marking its seventh consecutive quarter of positive flows.
Institutional clients contributed £0.6 billion in net inflows, while the wholesale business recorded £0.1 billion.
Public Markets accounted for most of the quarterly growth, attracting £0.6 billion in net inflows, while Private Markets generated £0.1 billion.
The company reported continued client demand for private credit and real estate investments.
Total Asset Management AUMA, including internally managed assets, remained broadly stable at £355.4 billion, compared with £356.5 billion at the end of June.
External client assets stood at £189.8 billion, with positive net flows offset by modest adverse market movements.
For the first nine months of 2026, Asset Management recorded £2.9 billion in net inflows, compared with £4.1 billion during the same period last year.
Life Business Generates £1.1 Billion in Quarterly Net Inflows
M&G’s Life open business recorded £1.1 billion in net inflows during the third quarter, compared with £0.3 billion a year earlier.
The improvement was driven primarily by increased demand for bulk purchase annuities (BPA), including the company’s BPA Plus product.
Annuity inflows reached £1.2 billion during the quarter, bringing year-to-date sales to £1.8 billion.
The company also reported a further £0.8 billion of annuity business in exclusivity, supporting its expectation that full-year sales will exceed £2.5 billion.
M&G said achieving this level would represent growth of more than 60% compared with the previous year.
The Life division’s AUMA declined to £194.3 billion from £196.8 billion at the end of June, as market movements and outflows from closed business outweighed inflows from open business.
PruFund Flows Stabilise Following Platform Expansion
M&G reported broadly flat net flows for its PruFund investment range during the third quarter, representing an improvement from the first half.
The company said the launch of PruFund on the Scottish Widows platform contributed more than £100 million in net inflows.
A further platform launch is planned for early 2027, supporting efforts to expand distribution and attract additional customers.
For the first nine months of 2026, PruFund recorded net outflows of £0.2 billion, compared with £0.4 billion in the corresponding period last year.
The company continues to focus on expanding access to its investment and retirement products through additional distribution partnerships.
Group Assets Decline to £384.9 Billion
M&G’s total AUMA decreased by £2.5 billion during the third quarter, from £387.4 billion to £384.9 billion.
The movement reflected £0.1 billion in total net outflows and £2.4 billion in adverse market and other movements.
Although open businesses generated £1.8 billion in net inflows, other Life operations recorded £1.9 billion in net outflows, resulting in a small overall net outflow for the group.
For the nine months ended 30 September 2026, total group net outflows were £1.9 billion, compared with £3.0 billion during the same period in 2025.
Despite the quarterly decline, total AUMA remained above the £375.9 billion reported at the end of December 2025.
Within Asset Management, private market assets increased to £83.4 billion at the end of September, compared with £82.8 billion at the end of June.
Public market assets declined to £271.3 billion from £273.0 billion over the same period.
Management Expects Further Growth in Annuities During 2027
Chief Executive Andrea Rossi said the third-quarter performance demonstrated the resilience of M&G’s diversified business model.
He highlighted continued positive flows in Asset Management and the expansion of the Life business, particularly through the BPA Plus offering.
Management expects annuity sales to exceed £2.5 billion during 2026, supported by the existing pipeline of transactions.
The company also anticipates further growth in its Life business during 2027.
M&G reiterated its confidence in delivering long-term value for clients and shareholders, supported by its asset management, savings and retirement operations.
More About M&G
M&G plc (LSE:MNG) is an international savings and investment company providing asset management, investment products, financial advice and retirement solutions. The group serves approximately 4.21 million retail clients and more than 1,000 institutional clients worldwide, with £384.9 billion in assets under management and administration as of 30 September 2026.
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