The group recorded £0.6 billion of net inflows from open business in the three months to 31 March, a marked improvement on the £0.1bn of net outflows recorded in the same period a year earlier.

Total assets under management and administration (AUMA) stood at £371.4bn at the end of the quarter, broadly resilient although down slightly from the £375.9bn reported at the close of 2025. Adverse market movements and other factors reduced AUMA by around £3.0bn over the period, partially offsetting the impact of fresh inflows.

Shares in the group, which were trading above 307p, were broadly flat during trading today.

The asset management division was the principal engine of the improvement, generating £0.7bn of net inflows compared with effectively flat flows a year earlier. Wholesale activity was particularly strong, contributing £0.8bn of net inflows and more than offsetting £0.1bn of net outflows from institutional clients, where activity was described as subdued.

Public market strategies attracted £0.4bn and private markets a further £0.3bn, with continued client demand reported in European equities, structured credit and impact funds. Asset management AUMA closed the quarter at £344bn, including £183bn from external clients, a level that is broadly unchanged since the start of the year but 10% higher than at the same point in 2025.

The Life division saw AUMA decline by 2% to £188bn, reflecting modest adverse market movements and expected outflows from legacy business, predominantly traditional with-profits products.

PruFund recorded small net outflows of £0.1bn as March market volatility eroded positive net inflows seen in January and February, although management said flows had stabilised in April and were expected to return to positive territory over the remainder of the year, helped by the planned launch of PruFund on third-party adviser platforms.

A notable strategic milestone was the completion of M&G’s first with-profits bulk purchase annuity (BPA) transaction, worth £0.3bn. The group expects BPA volumes to grow year-on-year, with activity weighted towards the second half of 2026.

Group chief executive Andrea Rossi said: “Thanks to a strong new business pipeline, the introduction of our innovative With-Profits BPA, and the upcoming launch of PruFund on third-party adviser platforms, we are confident in our ability to deliver continued growth this year.”