M&G reports strongest H1 operating profit since 2019 listing

M&G plc reported its strongest first-half operating result since its 2019 listing, with adjusted operating profit rising 15% year-over-year to £435 million for the first six months of 2026. This growth was driven by a 24% increase in asset management profit and significant expansion in its PruFund with-profits investment proposition.

Net inflows from open business reached £2.4 billion, up from £2.1 billion in the previous year. Asset management accounted for £2.2 billion of these inflows. Total assets under management and administration rose to £387 billion, supported by £13 billion in positive market movements. The company noted that capital-light earnings from asset management and with-profits operations now represent 80% of total operating profit.

Despite the strong operating performance, the company reported a net loss of £165 million, compared to a profit of £248 million in the prior year. This decline in net profit was attributed to a one-time £325 million impact resulting from British land tax reforms. The company's Solvency-II ratio improved to 247%, up from 230% a year earlier.