M&G Life Inflows Offset Slower Asset Management

M&G (LON: MNG) reported net inflows of £1.8bn from its open business in the third quarter, unchanged from a year earlier. The nine-month total was £4.2bn, against £3.9bn in 2025.

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The mix changed, though. Life open business took in £1.1bn net, up from £0.3bn, on strong growth in bulk purchase annuity (BPA) volumes, while Asset Management net inflows were £0.7bn, less than half the £1.5bn of the third quarter of 2025.

Asset Management gross inflows rose to £8.8bn from £7.2bn, but outflows climbed to £8.1bn from £5.7bn. Institutional clients supplied £0.6bn net, against £0.8bn a year earlier, and wholesale clients £0.1bn, against £0.7bn.

Public markets provided £0.6bn of the inflow and private markets just £0.1bn, M&G said. A year ago private markets contributed £0.8bn and public £0.7bn. Demand for private credit and real estate remained positive, and nine-month Asset Management net inflows were £2.9bn, against £4.1bn in 2025.

Within Life, annuities drew £1.2bn of inflows and £0.3bn of outflows, a net £0.9bn against nil last year. Chief executive Andrea Rossi said:

With a further £0.8 billion in exclusivity, we are confident that we will end the year with more than £2.5 billion of inflows, growing more than 60% year-on-year.

Andrea Rossi, chief executive, M&G

PruFund had flat net flows in the quarter, with £1.6bn in and £1.6bn out, against net inflows of £0.2bn a year earlier. Its launch on the Scottish Widows platform brought over £100m of net inflows, and a second platform follows in the new year.

Total net flows were an outflow of £0.1bn, against an outflow of £0.5bn last year. Assets under management and administration were £385bn at the 30th of September, down from £387bn at the 30th of June, after negative market and other movements of £2.4bn. Rossi said he expects further Life growth in 2027.