M&G plc (MGPFY) Q2 2026 Earnings Call Transcript

SA Transcripts 162.09K Followers Follow M&G plc ( MGPFY ) Q2 2026 Earnings Call September 3, 2026 4:30 AM EDT Company Participants Luca Gagliardi - Director of Investor Relations Paolo Rossi - Group CEO & Executive Director Kathryn McLeland - CFO & Executive Director Conference Call Participants Dawid Pych - RBC Capital Markets, Research Division Andrew Baker - Goldman Sachs Group, Inc., Research Division Farooq Hanif - JPMorgan Chase & Co, Research Division Thomas Bateman Andrew Crean - Bernstein Autonomous LLP Abid Hussain - Panmure Liberum Limited, Research Division Presentation Luca Gagliardi Director of Investor Relations Perfect. So we're live, and welcome to M&G's 2026 Half Year Results. Welcome back after the summer. It is a very good set of results. So without further ado, I'll hand over to Andrea Rossi, our Group Chief Executive Officer. Paolo Rossi Group CEO & Executive Director Thank you. Thank you. Good morning, and welcome to M&G's 2026 Half Year Results. It is a pleasure to be here with you today. In the first 6 months of the year, we have made great progress on our strategy. Despite a volatile macro environment, we delivered good net inflows from open business and strong profit growth. I am excited to see how day by day, our vision for M&G is translating into operational and financial delivery. So let me share with you the main highlights of the year so far. In 2023, we set 3 strategic priorities for M&G. First, we focused on financial strength and simplification to set up M&G for the long-term success. Now we are delivering growth. 2025 was a good year for us, and this strong momentum continued into 2026. Operating profit of GBP 435 million is our best half results since listing in 2019. It is up 15% year-on-year, thanks to a 24% increase in Asset Management and double-digit growth in PruFund. Our strategic pivot is paying off, with high-quality capital-light earnings now representing 80% of total earnings, and