LONDON, March 9, 2026, 23:40 GMT
M&G Plc slipped 2.1%, ending Monday at 297 pence. With full-year 2025 results due Thursday, investors are watching for fresh numbers on profit, cash generation and the dividend.
Analysts tracking M&G expect adjusted operating profit before tax to come in around 820 million pounds in 2025, a touch below the 837 million pounds projected for 2024, according to consensus figures posted on the company’s investor site. For operating capital generation—essentially surplus cash—the forecast is about 729 million pounds, sliding from 933 million pounds the previous year. A March 6 LSE tearsheet put the trailing stock yield near 6.66%.
That’s the crux. Forecasts show assets under management and administration landing near 372 billion pounds—an uptick from 346 billion pounds twelve months ago. Total net flows are seen narrowing to a 2.1 billion pound outflow, compared to last year’s 9.5 billion. The ordinary dividend? Analysts look for about 20.5 pence a share, edging up from 20.1 pence.
The picture isn’t straightforward. Back in March, M&G managed to top 2024 profit forecasts, with cost savings pushing adjusted operating profit to 837 million pounds. Still, by September, the firm came up short on half-year 2025 profit expectations, despite its asset management arm posting net inflows of 2.6 billion pounds. Chief Executive Andrea Rossi, speaking in March, argued volatility can actually “play a little bit into our strength” for active managers—those picking stocks rather than following an index. Reuters
The group hasn’t let up in the bulk purchase annuity market, where insurers absorb company pension obligations. In February, M&G announced a string of buy-ins: 235 million pounds, another at about 180 million pounds, and a third for 270 million pounds.
Asia offers M&G a potential growth engine down the line. Back in May, Reuters said Japan’s Dai-ichi Life planned to acquire a 15% stake in the company. The tie-up is aiming for at least $6 billion in fresh business over five years. Rossi, speaking at the time, described a “great independent future” for M&G. Reuters
M&G faces comparisons with other UK players. Phoenix pointed to strong pensions and savings growth as its annual profit topped forecasts last year, and Reuters said Legal & General is combining investment businesses to save on expenses.
The downside risk hasn’t disappeared. Back in January, M&G flagged that Britain’s proposed leasehold reform might deliver a single blow of roughly 230 million pounds and trim about 15 million pounds from adjusted operating profit once the changes land. Active managers, meanwhile, are still squeezed by the rise of cheaper passive funds.
The numbers hit at 10:00 a.m. UK time on Thursday. Investors are looking for a boost in cash generation or the dividend to quiet some of the jitters. But if profit or flows come up short again, talk will likely turn back to whether bigger assets, fresh pension business, and new cross-border partnerships are really making a difference to earnings yet.
