skip to main content
*** We hosted our Full Year 2024 Results presentation on 19th March 2025. click here to view online
Contact
Our websites
United Kingdom
Close Americas

Go to

M&G plc results, published 19 March 2025

Our Full Year 2024 results demonstrate the underlying strength of our business model, the resilience of our balance sheet, the attractiveness of our propositions as well as the commitment of our colleagues to deliver for our clients and execute on our three strategic ambitions: Financial Strength, Simplification, and Growth.

  • Adjusted operating profit of £837 million improved by 5%, reflecting a 19% increase in the Asset Management contribution and stable results from the Life and Corporate Centre segments.
  • Operating Capital Generation (OCG) of £933 million continues to be strong, taking cumulative OCG since the start of 2022 to £2.75 billion, enabling us to beat our three-year cumulative target of £2.7 billion.
  • Shareholder Solvency II coverage ratio improved to 223%, thanks to the resilient operating result, the reversal of £216 million capital restrictions, and favourable tax and market movements.
  • The 2024 second interim dividend of 13.5 pence per share takes the total dividend for the year to 20.1p, up 2% year-on-year, in line with our new progressive dividend policy.
  • Continued simplification at pace, delivering £188 million of savings in the first two years of our transformation programme, and given progress, upgraded our cost target, again, to £230 million, reflecting the strong progress achieved by our transformation programme.
  • Delivered strong investment performance to our clients. As of 31 December 2024, 63% of our mutual funds ranked in the upper two performance quartiles over three years and 59% over five years; in institutional asset management, over 75% of funds outperformed their benchmarks on both a three and five-year basis.
  • Achieving international growth and diversification through acquisitions of BauMont and P Capital Partners which supports our ambition to expand our private markets capabilities where we have clear strengths.
  • Life business is innovating by turning the With-Profits Fund into a growth engine for the wider Group by reopening the annuity book and launching new retirement solutions.
  • Three Bulk Purchase Annuity deals completed in 2024, totalling over £900m, including our value-share BPA – an innovative alternative to a traditional buy-in. And we have also re-entered the UK’s retail annuity market, having soft launched a Fixed-Term Annuity.

We are now moving into a new phase for the Group, where we will deliver sustainable and diversified growth across Asset Management and Life, as we work to provide great client, customer and shareholder outcomes.

In line with this ambition, we are today announcing two new targets for 2025-2027: to grow adjusted operating profit before tax on average by 5% or more per annum, and to generate £2.7 billion of operating capital.

Results, reports and presentations

Our key highlights
£837m
Adjusted Operating Profit Before Tax (FY 2024)
£933m
Operating Capital Generation (FY 2024)
223%
Shareholder Solvency II coverage ratio (FY 2024)
20.1p
Total Dividend per Share (FY 2024)

“Having laid strong foundations, we are now focused on delivering sustainable growth across our balanced and diversified business.”

Watch as our Group CFO, Kathryn McLeland, reviews our Full Year 2024 results, highlighting the progress made in our three strategic priorities, the shift to a progressive dividend policy, and the establishment of new growth targets.
M&G plc Head Office in London
Our focus is on delivering long-term sustainable growth and attractive returns to shareholders
Download the latest financial results
Results, reports and presentations
Investment case
Regulatory news
Financial calendar
Shareholder information
Contact the registrar
Dividends
Corporate governance
FAQs

Read here about our investment case and how being both an Asset Manager and an Asset Owner allows us to generate sustainable returns to our shareholders.

Find out more

Our business model and strategy

We operate an integrated, balanced and synergistic business model – one where the success of the Asset Manager is built in conjuction with the success of the Life Insurer. Our businesses work together to offer clients and customers balanced, long-term investment and insurance advice, risk management expertise, opportunities and solutions.

Our differentiated business model, investment expertise, and client-led approach create long-term, sustainable value for all our stakeholders.


Our Investor Relations contacts

Luca Gagliardi

Director of Investor Relations

Simran Parmar

Head of Investor Relations - Equity

Maria Baines

Investor Relations Event Manager

What we do

Leadership

Investor relations

The information in this section of the site is intended for investment professionals only.

This section of the website is for the sole use of investment professionals. It should not be relied on by private investors and the information should not be construed as a financial promotion under the Financial Conduct Authority’s (FCA) Conduct of Business rules.

Press Releases
The information in this section of the site is intended for journalists and media professionals only.

This section of the website is for the sole use of journalists and media professionals. It should not be relied on by private investors or advisers and the information should not be construed as a financial promotion under the Financial Conduct Authority’s (FCA) Conduct of Business rules.
M&G Investments

You are about to enter the website of M&G Investments, a direct subsidiary of M&G plc.
Click here to proceed.

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G Investments

You are about to enter the website of M&G Investments, a direct subsidiary of M&G plc.
Click here to proceed.

M&G plcの直接子会社であるM&G Investments(M&Gインベストメント)のウェブサイトにアクセスするには、
こちらをクリックしてください。

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA(健全性監督機構)及びFCA(金融行為規制機構) に認可され、それらの規制対象となっています。

M&G plc は、イングランドを登録地、及び主たる事業領域とする会社で、その関連会社は有数の貯蓄・投資機関として基盤を確立しています。M&G plcは、Prudential Assurance Company Limited(プルデンシャル・アシュアランス・カンパニー・リミテッド)の直接親会社です。なお、Prudential Assurance Company Limitedは、アメリカ合衆国を主たる事業領域とするPrudential Financial, Inc.(プルデンシャル・ファイナンシャルInc.)またはイングランド及びウェールズで設立された国際グループ企業であるPrudential plc(プルデンシャル・ピーエルシー)とは一切関係がありません。

Prudential Portfolio Managers (South Africa) (Pty) Limited

You are about to enter the website of MandG Investments Southern Africa (Pty) Ltd a direct subsidiary of M&G plc. Click here to proceed.

M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.