M&G

Website: M&G
Index: FTSE 100
EPIC: MNG
Supersector: Financial Services
Sector: Financial Services
Subsector: Asset Managers
Market Cap: £7.26B
Payout Frequency: Semi-Annual

M&G Dividend Analysis and Summary

Declared dividend (M&G plc)

Key dates

Context and policy signals

The use of a “second interim” dividend sets the final payout for the year without requiring AGM approval and fixes the timetable.
No special dividend or buyback was announced in this RNS; the ordinary dividend remains the primary distribution channel.
The 2025 Annual Report has been published; detailed financials (cash generation, dividend cover, Solvency II metrics) should be reviewed there for corroboration of dividend capacity.

Analysis: sustainability, growth, and support

Sustainability: The board’s declaration of a 13.8p second interim, taking FY2025 to 20.5p, indicates confidence in cash generation and regulatory capital headroom. However, the RNS does not disclose dividend cover, operating capital generation, or solvency metrics; investors should verify these in the Annual Report to assess ongoing capacity.
Growth trajectory: The RNS does not state the prior year’s total dividend, so year-on-year growth cannot be confirmed here. Compare the 20.5p FY2025 total to the prior year to gauge whether the payout is being maintained or increased and whether this aligns with any stated “progressive” policy in the Annual Report/AGM materials.
Financial and capital allocation support: With no concurrent buyback or special distribution flagged, capital returns appear focused on the ordinary dividend, which can be positive for income visibility if underpinned by stable fee income and insurance remittances. Confirmation of free cash flow, remittances from subsidiaries, and Solvency II coverage will be key to judging durability.

Structural changes and other considerations

No structural changes (e.g., demergers, M&A, share consolidation) are announced in this RNS that would affect dividend mechanics or policy.
Administrative note: AGM Notice to be mailed on 26/03/2026; no direct implications for the dividend timetable disclosed.

Risks and flags for dividend stability

Market sensitivity: Earnings and cash generation are exposed to market levels and net flows (AUM), which can affect fee income and capital generation.
Regulatory capital: Future payouts depend on Solvency II coverage and subsidiary remittances; adverse credit spread/interest rate moves or regulatory changes could constrain distributions.
Investment risk: Valuation and liquidity of credit/illiquid assets may impact capital and cash if markets turn.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
27/03/2025	09/05/2025	2nd Interim	13.50p	GBX
11/09/2025	17/10/2025	1st Interim	6.70p	GBX

Total (Annual Dividends Per Share): 20.20p

Dividend Yield = Annual Dividends Per Share (20.20p) ÷ Share Price (297.2p) = 6.8%

Ex Dividend Date	Payment Date	Type	Amount	Currency
19/03/2026	30/04/2026	2nd Interim	13.8000p	GBX
11/09/2025	17/10/2025	1st Interim	6.70p	GBX
27/03/2025	09/05/2025	2nd Interim	13.50p	GBX
12/09/2024	18/10/2024	1st Interim	6.60p	GBX
28/03/2024	09/05/2024	2nd Interim	13.20p	GBX
28/09/2023	03/11/2023	Interim	6.50p	GBX
16/03/2023	27/04/2023	2nd Interim	13.40p	GBX
18/08/2022	29/09/2022	Interim	6.20p	GBX
17/03/2022	28/04/2022	2nd Interim	12.20p	GBX
19/08/2021	29/09/2021	Interim	6.10p	GBX
18/03/2021	28/04/2021	2nd Interim	12.23p	GBX
20/08/2020	30/09/2020	Interim	6.00p	GBX
16/04/2020	29/05/2020	Final	11.92p	GBX
16/04/2020	29/05/2020	Special	3.85p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024				GBX	19.800	-0.500
2023	6.500			GBX	19.900	8.150
2022	6.200			GBX	18.400	0.380
2021	6.100			GBX	18.330	-15.800
2020	6.000	11.920	3.850	GBX	21.770

Number of Shares:

Payment	Paid	Amount
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