M&G with-profits BPA 'on track' for Q1 2026

Written by Sophie Smith

05/11/2025

M&G remains "on track" to launch its with-profits bulk purchase annuity (BPA) in the first quarter of 2026, its Q3 2025 trading update has confirmed.

The group's latest update revealed that new business volumes in BPAs had improved, rising from £0.2bn in the first half to £0.3bn.

Further progress is also expected, as the group confirmed that it expects to maintain a "good level" of volumes in the final quarter of the year.

It also confirmed that it is "progressing well" towards launching its with-profits BPA, which remains on track for Q1 2026.

The group initially announced plans to launch a with-profits BPA earlier this year, after previously announcing that it was re-entering the BPA market back in late 2023, with the news that it had completed two buy-in transactions totalling £617m.

Commenting on the latest update, M&G group chief executive officer, Andrea Rossi, said: "After a strong first half, we have maintained positive momentum, continuing to deliver against our growth priorities.

"Group AUMA increased 3% in the quarter to £365bn, supported by £1.8bn of net inflows from open business across asset management and life, reflecting the strength of our business model and investment capabilities.

"Our asset management performance was particularly pleasing as we delivered £1.5bn of net inflows from external clients, with good client demand across asset classes and geographies.

"Despite a volatile macroeconomic environment, we are seeing growing momentum across M&G, as we continue to execute on our strategy and deliver strong long-term value to both clients and shareholders."

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