M&G returns to positive flows in H1 2025

Adjusted operating profit before tax remained stable at £378m, compared to £375m in H1 2024, but operating capital generation fell from £486m to £408m. Its asset management business reported net inflows of £2.6bn, up from £500m net outflows this time last year. International clients now comprise 58% of asset management AUMA, up from 37% five years ago. Asset management revenue totalled £514m in H1 2025, up from £499 million in H1 2024, and stable costs amounted to £388m. This absorbed the cost of inflation and supported growth, which resulted in a cost-to-income ratio of 75%. Mutua...