# M&G plc.

Summary updated: 2026-03-20T04:17:24.349738Z
Canonical: https://finbar.com/research/companies/m-g

## Overview

M&G plc is a savings, investments and retirement business that combines an active asset management operation with a life insurance franchise. The group describes itself as an internationally recognised active asset manager and an established life business; its activities include managing assets across public and private markets and providing savings, investment, pensions and retirement-related products, including corporate risk solutions, individual life and pensions, and international solutions [1](https://app.finbar.com/go?id=P-575a23381b18458aa09d2cc5791f4248)[2](https://app.finbar.com/go?id=P-9e0214cc9c2a40cdb5a2768fc2e268e0)[3](https://app.finbar.com/go?id=P-75d6b92a0b4f4298a6f00ce4747393ff). Its stated purpose is “to give everyone real confidence to put their money to work” [4](https://app.finbar.com/go?id=P-38b52f24950d4912962085d7c04ede63).

Geographically, M&G operates through a global network of investment and distribution teams, with 39 offices across six continents, while its Life business also includes savings operations in markets such as Ireland and Poland [5](https://app.finbar.com/go?id=P-90c96135a6d14b4290af314131a1fa87)[6](https://app.finbar.com/go?id=P-b04aea1dcc1c42cbb26e81f7397d1060)[7](https://app.finbar.com/go?id=P-0236fdb437eb496aa4937f9774cd677f). In 2024, the group reported £345.9 billion of assets under management and administration and approximately 4.5 million policyholders, generated total revenue of £5.194 billion, and had an average staff headcount of 8,454, indicating a large-scale international platform [8](https://app.finbar.com/go?id=P-ed5be2bbee034870815ef5eac04becd4)[9](https://app.finbar.com/go?id=P-eee5b72983ff44f4be22de34b4022d7e)[10](https://app.finbar.com/go?id=T-b1d47f391e0e4c9fb1079cbac0d908d1)[11](https://app.finbar.com/go?id=P-42a54bbfe3f74727bb96a867630349b6).
[1](https://app.finbar.com/go?id=P-575a23381b18458aa09d2cc5791f4248)[2](https://app.finbar.com/go?id=P-9e0214cc9c2a40cdb5a2768fc2e268e0)[3](https://app.finbar.com/go?id=P-75d6b92a0b4f4298a6f00ce4747393ff)[4](https://app.finbar.com/go?id=P-38b52f24950d4912962085d7c04ede63)[5](https://app.finbar.com/go?id=P-90c96135a6d14b4290af314131a1fa87)[6](https://app.finbar.com/go?id=P-b04aea1dcc1c42cbb26e81f7397d1060)[7](https://app.finbar.com/go?id=P-0236fdb437eb496aa4937f9774cd677f)[8](https://app.finbar.com/go?id=P-ed5be2bbee034870815ef5eac04becd4)[9](https://app.finbar.com/go?id=P-eee5b72983ff44f4be22de34b4022d7e)[10](https://app.finbar.com/go?id=T-b1d47f391e0e4c9fb1079cbac0d908d1)[11](https://app.finbar.com/go?id=P-42a54bbfe3f74727bb96a867630349b6)

## Products & services

M&G plc’s retail product set includes Retirement Account, described as a combined individual pension and income drawdown product, alongside individual pensions, ISAs, collective investments, and on-shore and off-shore bonds distributed through intermediaries and advisers.[12](https://app.finbar.com/go?id=P-ced3d157f7de49cb8f8ade571f94ec3c) Its life and protection products include level annuities, fixed increase annuities, and inflation-linked annuities, with some inflation-linked contracts featuring minimum and/or maximum increases relative to the relevant inflation index.[13](https://app.finbar.com/go?id=P-5eb516d9d3e14a479083e49d8c19af6c) Other life products include whole of life assurance, endowment assurance, term assurance, equity release mortgages, income protection, and critical illness products.[13](https://app.finbar.com/go?id=P-5eb516d9d3e14a479083e49d8c19af6c) Its investment products also include unit-linked contracts and the Prudential bond, which mainly consists of single-premium whole-of-life policies that allow ad hoc withdrawals, regular income, or full surrender.[13](https://app.finbar.com/go?id=P-5eb516d9d3e14a479083e49d8c19af6c)

A core savings and retirement proposition is PruFund, where each fund applies an Expected Growth Rate (EGR) based on its asset mix; the EGR is reviewed quarterly and used to calculate a smoothed unit value daily.[14](https://app.finbar.com/go?id=P-5671346d3f3e461ba757684b38ce75de) M&G also states that with-profits contracts provide returns through bonuses that are smoothed to reduce the impact of asset-value volatility, and that prescribed adjustments are made if smoothed values move outside a specified range relative to underlying assets.[15](https://app.finbar.com/go?id=P-987f4395c0814727ac50449c955593e2)[16](https://app.finbar.com/go?id=P-51689b2cd7154d3fa08982bad4cb491e) The With-Profits Fund mainly contains with-profits contracts, but also includes some non-profit business such as annuities, unit-linked contracts and term assurances.[17](https://app.finbar.com/go?id=P-f704661287eb4d0ab7edfec84dd9a497)

In asset management, M&G offers wholesale clients UK-domiciled mutual funds and Luxembourg funds, as well as access to private assets through its European Long Term Investment Fund (ELTIF) and sub-advised solutions.[18](https://app.finbar.com/go?id=P-b5f06a705a8d46af8b70d699766ac6a6) Wholesale clients invest through OEICs or SICAVs and can access actively managed Equities, Fixed Income and Multi-Asset products, while institutional clients are offered public and private asset strategies through pooled funds and segregated mandates, including real estate products and services.[19](https://app.finbar.com/go?id=P-d3a955dad9d24731a571bd2e4a8b3f75)[20](https://app.finbar.com/go?id=P-244ae016f636482fa47fc1983feacd58) As of 2024, Public Markets managed £240.9 billion of assets, including £137.8 billion in fixed income, and Private Markets managed £74.1 billion with capabilities focused on real estate, private credit and impact investment.[21](https://app.finbar.com/go?id=P-705f58b3dcdb47c4a6651dad060e466c)[22](https://app.finbar.com/go?id=P-a6140e01e8ab422d85a2c6319eaaa34c) Sustainability-related offerings include responsAbility and the Catalyst strategy.[23](https://app.finbar.com/go?id=P-e8895897ad4b4845abcc26a04e0b3c23) Asset Management generated £1,043 million of segmented fee income in 2024, compared with £165 million from Life.[24](https://app.finbar.com/go?id=T-f0ec554fa296429eafd7cc7b1c4388d6)
[12](https://app.finbar.com/go?id=P-ced3d157f7de49cb8f8ade571f94ec3c)[13](https://app.finbar.com/go?id=P-5eb516d9d3e14a479083e49d8c19af6c)[14](https://app.finbar.com/go?id=P-5671346d3f3e461ba757684b38ce75de)[15](https://app.finbar.com/go?id=P-987f4395c0814727ac50449c955593e2)[16](https://app.finbar.com/go?id=P-51689b2cd7154d3fa08982bad4cb491e)[17](https://app.finbar.com/go?id=P-f704661287eb4d0ab7edfec84dd9a497)[18](https://app.finbar.com/go?id=P-b5f06a705a8d46af8b70d699766ac6a6)[19](https://app.finbar.com/go?id=P-d3a955dad9d24731a571bd2e4a8b3f75)[20](https://app.finbar.com/go?id=P-244ae016f636482fa47fc1983feacd58)[21](https://app.finbar.com/go?id=P-705f58b3dcdb47c4a6651dad060e466c)[22](https://app.finbar.com/go?id=P-a6140e01e8ab422d85a2c6319eaaa34c)[23](https://app.finbar.com/go?id=P-e8895897ad4b4845abcc26a04e0b3c23)[24](https://app.finbar.com/go?id=T-f0ec554fa296429eafd7cc7b1c4388d6)

## Geographic presence

M&G plc says its operations primarily consist of legal-entity operations in the United Kingdom, Europe and Asia. Within its international life operations, it specifically identifies savings businesses in Ireland and Poland, and it states that the group has registered branches in Belgium, France, Germany, Italy, the Netherlands, Poland, South Korea, Spain, Sweden and the UK. Its registered office is in London at 10 Fenchurch Avenue, EC3M 5AG, United Kingdom. [25](https://app.finbar.com/go?id=P-c08ac45443d940aca9ee8bbcc1b3d3c9)[7](https://app.finbar.com/go?id=P-0236fdb437eb496aa4937f9774cd677f)[26](https://app.finbar.com/go?id=P-6fb80f54c87545c6be452001d225beaf)[27](https://app.finbar.com/go?id=P-650ed69e303a400baa1783f2aa1651bb)[28](https://app.finbar.com/go?id=P-813889b87b384b4988a41faf7a752ba5)

The company’s disclosed external revenue is predominantly UK-based. For 2024, total external revenue was £5,194 million, with £4,458 million from the UK and £736 million from the rest of the world, equivalent to roughly 86% and 14% respectively. M&G states that long-term business revenue is allocated by the territory of the operating unit assuming the risk, while external asset-management income reflects where revenues are generated. On an AUMA-by-client-domicile basis, 2024 assets under management and administration were £250.2 billion in the UK, £67.9 billion in the rest of Europe, £14.1 billion in Asia-Pacific, £11.0 billion in the Middle East and Africa, and £2.7 billion in the Americas. [29](https://app.finbar.com/go?id=P-60f2ae3996d241929f188a93607298e3)[30](https://app.finbar.com/go?id=P-18819ead5f5e4ad08056a7f85ec016a9)[10](https://app.finbar.com/go?id=T-b1d47f391e0e4c9fb1079cbac0d908d1)[31](https://app.finbar.com/go?id=P-8ffd8b95403941129ecedcd08f2da0b0)[32](https://app.finbar.com/go?id=P-cae49d3552f849909dc1e1bd633197be)[33](https://app.finbar.com/go?id=T-8ce91d5bd74f45ba992a7caf57b5413a)

M&G reports 39 offices worldwide across six continents. It also states that it has over 6,000 employees across six continents, while the average number of staff employed by the group during 2024 was 8,454 under the report’s accounting definition. Non-current, non-financial assets were reported at £12,503 million in the UK and £5,553 million in the rest of the world. [34](https://app.finbar.com/go?id=P-b70885acb4e64104bbde5a7226bcbafe)[35](https://app.finbar.com/go?id=P-14cce42cac144e58912d0e6f640a8cde)[11](https://app.finbar.com/go?id=P-42a54bbfe3f74727bb96a867630349b6)[36](https://app.finbar.com/go?id=T-01cfa675ce7c4c12af41be708468548e)[37](https://app.finbar.com/go?id=P-00f64040748947b3b0464348b3837706)[38](https://app.finbar.com/go?id=P-f9d8d2e5bd764a68bf6cdf54a3b94a2c)[39](https://app.finbar.com/go?id=P-e3245cfbc1c74d7db0451da31a00b999)[40](https://app.finbar.com/go?id=T-3a0eeebfff4442d7837e755fff1e5c3c)
[25](https://app.finbar.com/go?id=P-c08ac45443d940aca9ee8bbcc1b3d3c9)[7](https://app.finbar.com/go?id=P-0236fdb437eb496aa4937f9774cd677f)[26](https://app.finbar.com/go?id=P-6fb80f54c87545c6be452001d225beaf)[27](https://app.finbar.com/go?id=P-650ed69e303a400baa1783f2aa1651bb)[28](https://app.finbar.com/go?id=P-813889b87b384b4988a41faf7a752ba5)[29](https://app.finbar.com/go?id=P-60f2ae3996d241929f188a93607298e3)[30](https://app.finbar.com/go?id=P-18819ead5f5e4ad08056a7f85ec016a9)[10](https://app.finbar.com/go?id=T-b1d47f391e0e4c9fb1079cbac0d908d1)[31](https://app.finbar.com/go?id=P-8ffd8b95403941129ecedcd08f2da0b0)[32](https://app.finbar.com/go?id=P-cae49d3552f849909dc1e1bd633197be)[33](https://app.finbar.com/go?id=T-8ce91d5bd74f45ba992a7caf57b5413a)[34](https://app.finbar.com/go?id=P-b70885acb4e64104bbde5a7226bcbafe)[35](https://app.finbar.com/go?id=P-14cce42cac144e58912d0e6f640a8cde)[11](https://app.finbar.com/go?id=P-42a54bbfe3f74727bb96a867630349b6)[36](https://app.finbar.com/go?id=T-01cfa675ce7c4c12af41be708468548e)[37](https://app.finbar.com/go?id=P-00f64040748947b3b0464348b3837706)[38](https://app.finbar.com/go?id=P-f9d8d2e5bd764a68bf6cdf54a3b94a2c)[39](https://app.finbar.com/go?id=P-e3245cfbc1c74d7db0451da31a00b999)[40](https://app.finbar.com/go?id=T-3a0eeebfff4442d7837e755fff1e5c3c)

## Business segments

M&G plc currently reports three operating segments under IFRS 8: Asset Management, Life, and Corporate Centre; the group also notes that the previous separate Life and Wealth operating segments were replaced by a single Life segment, so Wealth is no longer reported separately at segment level.[41](https://app.finbar.com/go?id=P-57d674d6561145bf9f9c004274a3b5d6)[42](https://app.finbar.com/go?id=P-a78c74836332402a9ea4a7e8c9cfc471)[43](https://app.finbar.com/go?id=P-f24baf31470041f1b30f30bcae3d45b5) Asset Management covers wholesale and institutional investment management, with products including equities, fixed income and multi-asset strategies, and is primarily fee-driven based on assets under management.[19](https://app.finbar.com/go?id=P-d3a955dad9d24731a571bd2e4a8b3f75)[44](https://app.finbar.com/go?id=P-53ae1e8879ae48e890bd14ec859d09de) Life covers savings and pensions, corporate risk solutions, individual life and pensions, international solutions and advice, and includes PruFund and with-profits business.[45](https://app.finbar.com/go?id=P-14e96a8c51fe43c8b58461db559d8768)[13](https://app.finbar.com/go?id=P-5eb516d9d3e14a479083e49d8c19af6c)[26](https://app.finbar.com/go?id=P-6fb80f54c87545c6be452001d225beaf)[12](https://app.finbar.com/go?id=P-ced3d157f7de49cb8f8ade571f94ec3c)[46](https://app.finbar.com/go?id=P-b493a865dfeb4056b309d04745a50735) Corporate Centre represents central corporate and debt costs rather than a customer-facing business line.[47](https://app.finbar.com/go?id=P-74cb7fc1f81a47e483ce7e2a07bec414)

On a 2024 adjusted operating profit before tax basis, Life contributed £746m, Asset Management £289m, and Corporate Centre was a £198m loss; excluding Corporate Centre, that means Life represented about 72% of operating-segment profit and Asset Management about 28%.[48](https://app.finbar.com/go?id=T-8f885b9e2b81457bb2575af66cb13250) By assets under management/administration, Life accounted for about 53.5% (£185.1bn) and Asset Management about 46.2% (£159.8bn), with Corporate Centre negligible at about 0.3% (£1.0bn).[49](https://app.finbar.com/go?id=T-5baf7d490ef14461af34590ee68b52b6) M&G also gives a more detailed profit split within the segments: Asset Management comprised Core Asset Management (£218m, about 75% of segment profit) and performance fees/investment return (£71m, about 25%), while Life comprised Shareholder annuities (£308m, about 41% of Life profit), With-profits: PruFund (£226m, about 30%), With-profits: traditional (£222m, about 30%), and Other Life (-£10m).[50](https://app.finbar.com/go?id=T-f7836d167894422fbf5bcdc4a76bc45c)
[41](https://app.finbar.com/go?id=P-57d674d6561145bf9f9c004274a3b5d6)[42](https://app.finbar.com/go?id=P-a78c74836332402a9ea4a7e8c9cfc471)[43](https://app.finbar.com/go?id=P-f24baf31470041f1b30f30bcae3d45b5)[19](https://app.finbar.com/go?id=P-d3a955dad9d24731a571bd2e4a8b3f75)[44](https://app.finbar.com/go?id=P-53ae1e8879ae48e890bd14ec859d09de)[45](https://app.finbar.com/go?id=P-14e96a8c51fe43c8b58461db559d8768)[13](https://app.finbar.com/go?id=P-5eb516d9d3e14a479083e49d8c19af6c)[26](https://app.finbar.com/go?id=P-6fb80f54c87545c6be452001d225beaf)[12](https://app.finbar.com/go?id=P-ced3d157f7de49cb8f8ade571f94ec3c)[46](https://app.finbar.com/go?id=P-b493a865dfeb4056b309d04745a50735)[47](https://app.finbar.com/go?id=P-74cb7fc1f81a47e483ce7e2a07bec414)[48](https://app.finbar.com/go?id=T-8f885b9e2b81457bb2575af66cb13250)[49](https://app.finbar.com/go?id=T-5baf7d490ef14461af34590ee68b52b6)[50](https://app.finbar.com/go?id=T-f7836d167894422fbf5bcdc4a76bc45c)

## Company history

M&G plc’s history brings together two older businesses: Prudential was founded in London in 1848, while M&G was incorporated in 1931 as Municipal & General Securities Company Ltd. [51](https://group.mandg.com/about-us/over-175-years-of-innovation)[52](https://group.mandg.com/about-us/at-a-glance) Prudential acquired M&G in 1999, making the investment manager part of the Prudential group. [53](https://www.mandg.com/dam/pru/shared/documents/en/genm1118903.pdf)[54](https://www.investegate.co.uk/announcement/rns/prudential--pru/final-results-for-1999-part-2-/166537)

A major restructuring began in August 2017, when Prudential announced that it would combine its UK and Europe business with M&G Investments to form M&GPrudential. [55](https://group.mandg.com/news-and-insights/press-release-archive/2017/10-08-2017)[56](https://app.finbar.com/go?id=T-e4c314cef3274718a77ec7d6d50f90e3) In March 2018, Prudential said it intended to demerge that business into a separately listed company, and the separation was completed on 21 October 2019, when M&G plc listed on the London Stock Exchange as an independent company. [57](https://group.mandg.com/investors/demerger)[58](https://app.finbar.com/go?id=P-1ab978b4e46943548ed906a6ab3dc89d)
[56](https://app.finbar.com/go?id=T-e4c314cef3274718a77ec7d6d50f90e3)[58](https://app.finbar.com/go?id=P-1ab978b4e46943548ed906a6ab3dc89d)[51](https://group.mandg.com/about-us/over-175-years-of-innovation)[52](https://group.mandg.com/about-us/at-a-glance)[53](https://www.mandg.com/dam/pru/shared/documents/en/genm1118903.pdf)[54](https://www.investegate.co.uk/announcement/rns/prudential--pru/final-results-for-1999-part-2-/166537)[55](https://group.mandg.com/news-and-insights/press-release-archive/2017/10-08-2017)[57](https://group.mandg.com/investors/demerger)

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