Share research

M&G: H1 profits miss expectations

M&G delivered softer profits than expected over the first half, but net flows unexpectedly turned positive.
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M&G reported broadly flat first half underlying operating profit of £378mn (£398mn expected).

Assets under management rose 2.5% to £354.6bn. Net flows from open business turned positive with an inflow of £2.1bn (£3.1bn outflow expected).

The Shareholder Solvency II coverage ratio, a measure of balance sheet strength, rose from 223% to 230% since the start of the year. A first interim dividend of 6.7p was announced, up 1.5%.

Looking ahead, underlying operating profit is expected to grow at an average annual rate of 5% or more over the three years to the end of 2027.

The shares fell 2.3% in early trading.

Our view

HL view to follow.

M&G key facts

All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.

This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Refinitiv. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment.No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication.Non - independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place(including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing.Please see our full non - independent research disclosure for more information.
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Written by
Matt-Britzman
Matt Britzman
Senior Equity Analyst

Matt is a Senior Equity Analyst on the share research team, providing up-to-date research and analysis on individual companies and wider sectors. He is a CFA Charterholder and also holds the Investment Management Certificate.

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Article history
Published: 3rd September 2025