Driving progress together

Financial strength, Simplification, Growth

2023 Full Year Results – 21 March 2024
M&G plc 2023 Full Year Results

Disclaimer
This presentation is made by M&G plc (‘M&G’). For the purposes of this notice, ‘presentation’ shall mean and include the document that follows and any oral presentation, any question-and-answer session and any other written or oral material
delivered or distributed by M&G in connection with it. This presentation may contain certain ‘forward-looking statements’ with respect to M&G and its affiliates (the ‘M&G Group’), its plans, its current goals and expectations relating to future
financial condition, performance, results, operating environment, strategy and objectives. Statements that are not historical facts, including statements about M&G’s beliefs and expectations and including, without limitation, statements
containing the words ‘may’, ‘will’, ‘should’, ‘continue’, ‘aims’, ‘estimates’, ‘projects’, ‘believes’, ‘intends’, ‘expects’, ‘plans’, ‘seeks’, ‘outlook’ and ‘anticipates’, and words of similar meaning, are forward-looking statements. These statements are
based on plans, estimates and projections as at the time they are made, and therefore persons reading this announcement are cautioned against placing undue reliance on forward-looking statements.
By their nature, forward-looking statements involve inherent assumptions, risk and uncertainty, as they generally relate to future events and circumstances that may be beyond the M&G Group’s control. A number of important factors could
cause M&G’s actual future financial condition or performance or other indicated results to differ materially from those indicated in any forward-looking statement. Such factors include, but are not limited to, UK domestic and global economic and
business conditions; market-related conditions and risk, including fluctuations in interest rates and exchange rates, corporate liquidity risk and the future trading value of the shares of M&G; investment portfolio-related risks, such as the
performance of financial markets generally; the policies and actions of regulatory authorities, including, for example, new government initiatives; the impact of competition, economic uncertainty, inflation and deflation; the effect on M&G’s
business and results from, in particular, mortality and morbidity trends, longevity assumptions, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; the
impact of internal projects and other strategic actions, such as transformation programmes, failing to meet their objectives; the impact of operational risks, including risk associated with third-party arrangements, reliance on third-party
distribution channels and disruption to the availability, confidentiality or integrity of M&G’s IT systems (or those of its suppliers); the impact of changes in capital, solvency standards, accounting standards or relevant regulatory frameworks, and
tax and other legislation and regulations in the jurisdictions in which the M&G Group operates; and the impact of legal and regulatory actions, investigations and disputes. These and other important factors may, for example, result in changes to
assumptions used for determining results of operations or re-estimations of reserves for future policy benefits.
Any forward-looking statements contained in this document speak only as of the date on which they are made. M&G expressly disclaims any obligation to update any of the forward-looking statements contained in this document or any other
forward-looking statements it may make, whether as a result of future events, new information or otherwise except as required pursuant to the UK Prospectus Rules, the UK Listing Rules, the UK Disclosure and Transparency Rules, or other
applicable laws and regulations. Nothing in this announcement shall be construed as a profit forecast, or an offer to sell or the solicitation of an offer to buy any securities.
This presentation has been prepared for, and only for, the members of M&G and no other persons. M&G, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this document is shown or
into whose hands it may come, and any such responsibility or liability is expressly disclaimed.
M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as
applicable, by the Prudential Regulation Authority and the Financial Conduct Authority. M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and
investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal
place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.
Results for the comparative period have been marked as restated to reflect the retrospective application of IFRS 17, ‘Insurance Contracts’ and IFRS 9, ‘Financial Instruments’ from 1 January 2023, as outlined in Note 1.2.1.
Notes: Where relevant, historical figures have been restated to include the results of entities acquired prior to the demerger as if those entities had always been combined, in line with merger accounting principles. Throughout this presentation,
totals in tables and charts may not sum as a result of rounding.

2
Business review
Andrea Rossi, Group Chief Executive
 We are leveraging our business model… … to deliver on our priorities

1
Large pool of Asset Broader access
patient capital that
Mgmt. to and better Financial strength
supports innovation understanding of
through seeding UK retail clients
Disciplined approach to
capital management

Deep investment …underpinning

expertise, including differentiated 2
private assets… client solutions Simplification
A more efficient and
client focused organisation
Life Access to distinctive
Wealth
With-Profits solutions 3
Growth
Building on our strengths,
Seamless distribution for PruFund expanding internationally
4
Good progress achieved in 2023

1 2 3
Financial strength Simplification Growth

Increased Operating Executing new operating Achieved Asset Mgmt.

Profits by +28% and Capital model, positive momentum net inflows of £0.8bn
Generation by +21% across all Business Units building on a resilient H1

Improved Solvency II ratio Delivered £73m savings, Improved Wealth

by 4 ppts to 203% despite keeping the cost base flat PruFund sales by +17%
adverse market impact while investing for growth reaching £6.3bn

2023 total DPS of 19.7p, Improved client service, Re-entered the BPA
remain focused on reducing outstanding market, sales of £0.9bn in
deleveraging complaints by 75%1 the last nine months

1. Refers to Life clients, compared to 2023 peak position

5
Moving forward on our financial targets
Targets Status
1
Financial strength
2022-24 cumulative £1.8bn £2.5bn Continued strong
Operating Cap. Gen. in 2022-23 cum. by 2024 delivery in 2023

Solvency II 35% <30% Focused on £300m

leverage ratio 2023 YE by 2025 bond callable in July

2
Simplification
Cost savings from £73m £200m Strong start, 2023 exit run-rate
transformation1 2023 benefit by 2025 of £90m adds confidence

Asset Management 79% <70% Market headwinds in 2023,

Cost-to-Income Ratio2 2023 by 2025 taking action to improve in 2024

3
Growth
Earnings from Asset 42% >50% AOP +28% YoY, focus on Asset
Management and Wealth 2023 by 2025 Management contribution
Note: AOP = Adjusted Operating Profit
1. Refers to the managed cost base; 2. Refers to the Core CIR, which excludes performance fees from the definition of income
6
Clear areas of focus for 2024

1 Financial
2 3
Simplification Growth
strength Asset Mgmt. Life Wealth

1 1 1
Continue to deliver Stabilise the Focus strategy on
Continue with Continue to strong investment run-off of the where we can
balanced and offset inflation performance annuity book add most value
disciplined capital by proactively
allocation managing costs 2 2 2
Achieve positive Further build on the Scale advice
operating jaws partnership with the business and
through growth With-Profits Fund broaden distribution

3 3 3
Reduce leverage Tackle Asset Mgmt.
towards our CIR and improve Strengthen Broaden proposition Deliver the right
medium-term quality of spend to distribution to drive powered by the With- solutions to meet a
target support growth international growth Profits partnership wider set of needs
Note: CIR = Cost-to-Income Ratio
7
Asset Mgmt. Continue to deliver strong investment performance
High-quality client outcomes continues to be a key priority

Institutional Asset Mgmt. Wholesale Asset Mgmt. Building momentum on

£98bn AUMA £55bn AUMA performance and proposition
Institutional funds performance Mutual funds performance
as % of AUMA1 (YE2023) as % of AUMA2 (YE2023)
Strong investment performance
positions us well for 2024 despite
persistent macro volatility

Outperforming 46 Top quartile Institutional Fixed Income range

56 outperforming benchmarks over
68 68 objectives any time period from 3 to 20 years

18 Upper Almost 80% of our Wholesale

13 SICAV range is compliant with
SFDR art. 8 and art. 9
Behind
26 32 Lower
32 32 objectives Fund range has been expanded
(Asia FI, Global Corporate bonds,
5 4 Bottom and Global AI) as well as new
5-year 3-year 5-year 3-year structures introduced (ELTIF)

Note: Data is correct at time of publication and subject to change. Funds with track record less than specified periods are excluded, as are recently incepted, closed, and term funds. Performance is on a total return basis; products are compared
to benchmarks as prescribed in prospectus. Data is to Dec-23 or latest available. Past performance is not a guide to future performance. The value of an investment can go down as well as up, customers may not get back the amount they put in.
1. Source M&G plc, performance for segregated and pooled mandates – Excl. Retail, Real Estate and Institutional Buy & Hold mandates, CDOs, Passive mandates and Restructuring. AUMA is net of cross holding, in GBP
2. Source M&G plc and Morningstar Inc. – Wholesale Asset Mgmt. defined as all unitised products incl. OEICs, SICAVs, and Charitable funds, excludes Investment Solutions mandates. Funds are compared to peer groups for illustration purposes.
8
Asset Mgmt. Achieve positive operating jaws through growth
Absorbed UK Institutional headwinds, well placed in Wholesale and internationally

Wholesale Institutional UK Institutional international

Turned around flows in one of the toughest Improving outlook as negative impact from Winning business abroad at scale
operating environment possible 2022 mini-budget has been absorbed and consistently through the cycle

Impact from £16bn of net inflows

1.5 1.8 mini-budget over the past four years
0.5 and broader
0.7 DB de-risking 3.3
2020 2021 2022 2023 0.3 3.1
2.6
M&G was one of 0.0 2.4
-3.8 the top-selling -0.5
asset manager 1.5
in the UK 1.2
1.1
-2.3 -2.4
0.4
-3.8
-11.9
2020 2021 2022 2023 2020 2021 2022 2023
Note: All charts show net flows in £bn
9
Asset Mgmt. Strengthen distribution to drive international growth
Investing in and upgrading teams in Europe and Asia

Scaling international presence… ... while building a strong distribution team

International AUM and 2023 wins by geography New distribution staff dedicated to international markets

+38% 2023 net flows by country Head of France Head of Global Banks
internal promotion formerly at Natixis
83 Germany 1.4
78
71 Head of Nordics Asia regional head
Netherlands 1.3 internal promotion formerly at Schroders
60
Australia 1.1
Head of Institutional EMEA Head of Japan
Japan internal promotion formerly at Schroders
0.7

Switzerland 0.4 Head of Institutional Italy Head of Korea

formerly at Amundi formerly at Lazard
Nordics 0.3

2020 2021 2022 2023 Head of Institutional Switzerland Head of Taiwan

formerly at DWS formerly at Eastspring

Note: All figures in the charts are in £bn

10
Asset Mgmt. Public Fixed Income case study – £139bn AUMA
2024 expected to offer significant growth opportunities

Strong expected M&G: … delivering strong … and continuing to

demand for Public FI the House of Bonds… performance… grow the business
2024 Asset Owners expected Selection of awards The 10% Club: Several of our flagship Reach
change in allocation by asset class: won in 2023 funds delivered returns of 10%+ in 2023
Offering one of the
Increase Same broadest product ranges
FI Manager of the Year (over M&G Optimal Income Fund, in the market, across
Decrease n/a1
€100bn), Wealth and Asset flexible fund investing in strategies and styles
Mgmt. Awards, MoneyAge government and corporate debt
Dev. market
credit
46% 34% 8% Integration
FI Manager of the Year M&G Total Return Credit
(over €100bn), Insurance Investment Fund, absolute Continuing to grow and
Asset Management Awards return approach to global credit develop our overseas
Dev. market investment centres in
36% 42% 12%
gov. debt Chicago and Singapore
European FI Manager M&G Global Floating Rate High
of the Year (over €100bn), Yield Fund, high yield with
Inflation-
linked bonds
19% 32% 5% Funds Europe Awards interest rate protection Innovation
Significant pipeline of new
Investment Manager of the M&G Emerging Market Bond fund launches, including
EM credit 19% 31% 12% Year, Professional Pensions Fund, blend of hard / local specialist Global, US, Asian
UK Pensions Awards currency and corporate debt and sustainable strategies

1. Did not answer / do not allocate / not available

Source: Mercer Large Asset Owners Barometer 2024, covering $2tn of AuM
11
Asset Mgmt. Private Credit case study – £29bn AUMA
Private asset capabilities are a key underpin of our Asset Management success

Private Credit market is expected to ... We are well placed to win thanks to strong
grow strongly, particularly in Europe… performance and innovation track record2

10 Yr Annualised Return
Market AUM forecast to reach Europe over-reliant on banks, US 4% M&G European European European High
Loan Fund Loans Yield
$2.8tn by 2028, Europe expected to shows opportunity to increase use
3%
be the fastest growing segment of capital markets in Europe1 US Loans
2% US High Yield
2.8 1% US IG
EUR IG
Capital 0%
30
Europe markets 4% 5% 6% 7% 8%
0.9 10 Yr Annualised Volatility
+14% CAGR
1.5 78
Selected examples of solution driven innovation:
Bank • First pooled loan fund in Europe in 2005, now over EUR2bn
0.4 70 with internal AUM of EUR192m
1.7 USA loans
• First open-ended private debt ELTIF in the market in Q4 2023,
0.9 22
seeded with strategic internal investment of c. EUR700m
• Launch of SFDR Art. 8 CLO 2.0 programme in 2023, with a
EUR400m first fund, expanding our sustainability credentials
2022 2028F US Europe
• Plan to launch a Senior Direct Lending Fund in 2024

1. Sources of funding in proportion; 2. Chart shows European Leveraged Loans = CS WELLI, US Leveraged Loans = CS US LLI, European High Yield = HPIC, US High Yield = H0A0, EUR IG = ER00, US IG = C0A0 as at 30 December 2023 in EUR terms; M&G European Loan Fund Class C EUR Gross of Fees
Source: Eurostat, AFME, SIFMA, Preqin, Bain Insights – Why PE is targeting individual investors 2023
12
Life Stabilise the run-off of the annuity book
Disciplined and selective approach to capital deployment

Progress so far and Additional considerations

main targets for new business on new business

• Appetite for schemes with private assets

Key Set-up team and completed Private
milestones 3 deals for a total £0.9bn 1 Assets
• Key differentiator to win new business
• Strong expertise of our Asset Manager

• Sales expected to offset in-force run-off

Target £1.0bn to £1.5bn p.a. to Credit
volumes offset run-off of existing book 2 risk
• Expect no material increase to credit risk
• Will retain conservative asset allocation

• Aim to optimise returns / cost of capital

Target Mid-teens, to be
IRR achieved across deals1 3 Longevity • Flexible approach to reinsurance
• Decided on a case-by-case basis

1. Assuming 100% SCR coverage

13
Life Further build on the partnership with the With-Profits Fund
M&G is the operating and investment partner of the WPF

What the With-Profit … and how What it gives to the Group

Fund is built on… it stands out • Almost £500m of direct
contribution to earnings1
One of the best Outstanding financial strength • c. £300m of Asset
capitalised insurance 403% Solvency II ratio and Management fees2
balance sheets in Europe £7.2bn surplus capital • Seed capital and access to
differentiated solutions

Alignment of interests with Strong service ethos

economics shared 90-10 putting the client and its needs at What the Group gives to it
between clients and M&G the core of product development
• Investment expertise,
including in private assets
• Distribution, execution
Strong independent Very long-term view of capital and admin capabilities
governance, and with the desire to deploy it and
• Management and absorption
financial management underwrite insurance risk
of operational risk

Note: WPF = With-Profits Fund

1. PruFund UK and Traditional With-Profits contribution to AOP; 2. Refers to ‘Asset Management internal revenues’
14
Life Broaden proposition powered by the With-Profits partnership
Examples of how we could deliver growth serving individual and corporate clients

Individual Life and Pensions Corporate Risks

Opportunities to complement and Support Defined Benefit schemes
expand existing PruFund offering with differentiated solutions

Lifetime
Live Ramp-up Being
income 1 solution 2 phase 3 developed

Guaranteed
Bulk-purchase Capital lite Insured With-
income
annuities solutions Profits CDI

Traditional Risk-sharing Guaranteed

buy-in/out with scheme cashflows with
Guaranteed
transactions sponsor WP upside
capital

Smoothed Completed Strong Product

returns three deals, near term development
strong pipeline opportunity ongoing
Note: CDI = Cash-flow Driven Investing; WP = With-Profits
15
Wealth Target market is large and expected to grow
Clients are looking for advice and multi-asset solutions

Growing market supported by structural trends We have got what it takes to succeed
UK AUM by client segment (in £tn) and expected annual growth rate Foundations we can build on to deliver value to clients

1.6 Strong brand and corporate heritage

CAGR CLIENT
2023-28E NEEDS
1.2 One of the UK largest Advice businesses
0.7 Affluent +7%
Accessible
(£300k-£1m)
advice
0.8 0.5 Strong
Help planning National distribution footprint
Mass
for life events
foundations
0.3 0.5 Affluent +5%
0.4 (£100k-£300k)

0.3 Access to Best-selling solution in PruFund

multi-asset and
0.3 0.4 Retail +5%
0.2 (<£100k) smoothed solutions

2018 2023E 2028E New multi-asset accumulation solutions

Source: The Investment Association

16
Wealth Focus strategy on where we can add most value
Clarity on target market and strategic priorities to drive flows into the wider Group

A clear view of our expanded target market… … as well as of our strategic priorities

Target Savings Grow our

Grow our … while broadening our
market phase 1 advice business… distribution approach

• Increase number of • Develop more holistic

Existing Retail and Wealth advisers adviser relationships
Decumulation
strength mass affluent
• Improve digital • Expand across networks
enablement and affinity partners

• Deliver full suite of • Extend solutions to 3rd

Building Accumulation advice offerings party platforms
Affluent
capabilities > 35 years

2 Expand offering to address a wider set of client needs

Limited Accumulation
(U)HNWI
focus < 35 years
3 Right-size business model with focus on profitability
Note: (U)HNWI = (Ultra) High Net Worth Individuals
17
Wealth Scaling Advice business will help meet a wider set of client needs
Academy and clarity of proposition key drivers for success

We run a large and rapidly growing adviser business ... and offer a broad range of investment solutions
Expect our adviser academy to be a key driver of future growth PruFund as the anchor of our smoothed and multi-asset offering

UK’s largest networks by adviser count PruFund Growth net returns2

PruFund
Adviser academy +20% PruFund
4,000 opened in 2022 range

1,500

c. +110% 37 graduates PruFolio

1,000
since launch range
ABI mixed investments
534 20-60% shares
500 +1%
252 166 graduates Model Portfolio
in training1 Service
0
M&G M&G
Peer

Peer
Peer

Peer
Peer

Peer

Peer
Peer
Peer

2021 2023
1. As of January 2024
2. PruFund Growth net returns after charges (% returns above capital invested at 31 December 2020). Data shows returns for PruFund Growth within a bond wrapper. These returns are representative of a typical return profile for PruFund Growth clients
18
Key messages: Financial Strength, Simplification, Growth

1 Positive net client flows1, including turnaround of Institutional Asset Management

2 Well positioned to continue growing across Business Units despite persistent market volatility

3 Taking decisive action on costs, keeping cost base flat while investing to support growth

4 Transforming M&G to drive client outcomes and become a more efficient business

5 Continued strong financial delivery with AOP +28% and OCG +21% year-on-year
1. External net client flows excluding Traditional With-Profits, Shareholder Annuities & Other
Note: AOP = Adjusted Operating Profit, OCG = Operating Capital Generation
19
Financial review
Kathryn McLeland, Chief Financial Officer
Continued strong momentum on Flows, Operating Profit and Capital
Financial highlights

Net client Adjusted Operating Shareholder SII

flows1 Operating Profit Capital Generation coverage ratio

£1.1bn £797m £996m 203%

3rd straight year of net inflows Up 28% on 2022 Up 21% YoY Up 4 ppts on YE 2022

• Strong Wholesale Asset • Resilient Asset Mgmt. • Strong Underlying Cap Gen • Benefits from the strong
Management net inflows of contribution despite revenue up 20% YoY, benefitting from operating result of £996m
£1.5bn despite challenging pressure from lower avg. improved Wealth and Life
market environment AUM for the period contribution • Includes a £(216)m capital
restriction to Own Funds
• Turnaround in Institutional, • +27% in Life and +14% in • Higher Other Operating Cap
H2 net inflows of £0.7bn Wealth AOP contribution Gen of £244m, mainly due to • Impacted by £(508)m
changes to the With-Profits adverse market movements
• 17% increase in PruFund • £46m improvement to Fund’s SAA2 and improved
sales in Wealth, leading to Corporate Centre result due • Takes into account 2023
capital model calibrations
£0.9bn net inflows to higher interest income dividend payments of £462m

1. External net client flows excluding Traditional With-Profits, Shareholder Annuities & Other; 2. Strategic Asset Allocation
21
£1.0bn improvement in Asset Management flows
AUMA, net flows, market and other movements

Movement in AUMA (£bn) Net client flows (£bn)

342 0.8 0.2 6.2 344 2022 2023 Change
(5.7) Wholesale
54 55
Asset Mgmt. Wholesale
0.5 1.5 +1.0
Asset Mgmt.
Institutional
99 98 Institutional
Asset Mgmt.
(0.7) (0.7) -
Asset Mgmt.

o/w PruFund o/w PruFund Wealth 0.2 0.2 -

83 87 Wealth
UK: £52bn UK: £55bn

Europe 0.2 0.1 (0.1)

103 101 Life
Corporate
3 2
Assets1
Net client
0.2 1.1 +0.9
flows2
AUMA Net flows Net flows Net flows Market & AUMA
FY 2022 Asset Mgmt. Wealth Life other FY 2023
1. Includes Other Asset Management AUMA
2. Excluding Traditional With-Profits, Shareholder Annuities & Other
22
Operating profits up by 28% Year-on-Year
Adjusted Operating Profit by source

(£m) 2022 2023 • On a like-for-like basis3, Asset Management revenues are down 2% due to
lower average AUM in the period due to the timing of market movements
Asset Management 264 242
• Average revenue fee margin improved from 32 to 33 bps
Revenues 995 995 • On a like-for-like basis3, costs are up by only 1% thanks to proactive
management action offsetting inflationary pressures
Costs (763) (791)
• Performance fees down £26m YoY as the record result of 2022 did not repeat
Performance fees 56 30
• Investment income up meaningfully – from £(5)m to £24m – while minority
interests remained largely unchanged – from £(19)m to £(16)m
Investment income and minority interest1 (24) 8

Wealth 158 180 • Wealth contribution up by 14% year-on-year, with higher PruFund results
offsetting higher losses in Platform, Advice and Other Wealth
o/w PruFund UK 190 228

Life 460 586 • Life contribution up by 27% year-on-year, with improved results across
Traditional With-Profits and Annuities offsetting a small loss in Europe
Traditional With-Profits 200 263
• Traditional With-Profits benefitted from a larger CSM release (due to a higher
Annuities & Other 241 326 opening balance) and better expected returns on excess assets (higher rates)

Europe 19 (3) • Annuities improvement primarily due to £92m higher return on excess assets

Corporate Centre2 (257) (211)

• Corporate Centre benefitted from an increase in Treasury income from £13m
to £57m due to higher rates and better investment returns
Total Adjusted Operating Profits 625 797
1. M&G is a majority shareholder in joint ventures in South Africa and Singapore, therefore the revenues and costs from the JVs are fully incorporated in the Asset Management results. The share of profits attributable to minority shareholders is included in the ‘minority interest’ line;
2. See slide 41 in the Appendix for additional details; 3. responsAbility was consolidated in July 2022, thus the 2023 Asset Management result includes £20m higher Revenues and £(19)m higher Costs due to the timing of the acquisition
23
Asset Management: Resilient revenues and fee margins
Like-for-like costs up only 1% despite inflationary environment

End of period AUM (£bn) Fee margins1 (bps) Revenues and costs (£m)
-2% Performance
23 56 30
fees
325
314 Investment income
303 11 (24) 8
59 58 58 and minorities2
53 311
303 55 305 CIR with/without
54 69% / 71% 73% / 77% 77% / 79%
Average performance fees
of period 995 995
AUM 953
103
98 38 39
99 36 299 309 (791)
315 (763)
Weighted (672)
average
32 32 33 Incl. £(19)m
higher costs for
334 390 374 responsAbility,
like-for-like
169 160 20
150 19 19 costs up 1%

304 306 312

2021 2022 2023 2021 2022 2023 2021 2022 2023

Internal Institutional Wholesale AOP3 (£m) 315 264 242

1. Margin calculated as fee based Income over average AUMA, excluding Performance fees;
2. M&G is a majority shareholder in joint ventures in South Africa and Singapore, therefore the revenues and costs from the JVs are fully incorporated in the Asset Mgmt. result. The share of profits attributable to minority shareholders is included in the ‘minority interest’ line; 3. Adjusted Operating Profits
24
Asset Management: Taking action to control cost base
Focus on improving quality of spend, freeing up resources to support growth

Asset Management cost base (£m) Commitment to maintain

the cost base broadly flat in 2024
36 6 791
763 19
(33)

Like-for-like costs up only c. 1%

despite inflationary environment • Cost action will first offset
inflationary pressures
Main cost initiatives include: • Any additional savings will be
reinvested to support growth
• Voluntary Redundancy programme
• Priority growth areas are
• Reduction in office footprint
international distribution and
• Reorganisation of the Private private markets capabilities
Markets team
• We remain focused on delivering
• Lower spend in support functions targeted cost initiatives, freeing up
and technology resources to drive revenue growth

2022 responsAbility Inflation Cost action and Growth 2023 Inflation Cost Growth 2024
cost base acquisition other investments cost base action investments cost base

25
Wealth: Focus on PruFund UK
Earnings up 20%, continued strong investment performance

Adjusted Operating Profit PruFund Growth net returns1

PruFund (£m) 20% 20% 20%
17%
2022 2023 13% PruFund
6%
CSM release and ABI Mixed
Risk Adjustment 154 231 +50% 31/12/2020 30/06/2021 31/12/2021 30/06/2022 31/12/2022 30/06/2023
Investment
unwind 20-60% shares
Start of HY21 YE21 HY22 YE22 HY23 YE23
2021
Expected return
on With-Profits 21 34 PruFund UK flows in £bn
excess assets2

0.3 (1.4) 0.5 0.9 Net flows

Other3 15 (37)
5.4 6.3 Inflows
Largely 4.7 3.8
one-off3

Adjusted (4.4) (5.2) (4.9) (5.5) Outflows

Operating Profit
190 228

+20% 2020 2021 2022 2023

1. PruFund Growth net returns after charges (% returns above capital invested at 31 December 2020). Data shows returns for PruFund Growth within a bond wrapper. These returns are representative of a typical return profile for PruFund Growth clients; 2. Refers to the Shareholder share of the With-Profits
fund excess assets; 3. Typically mostly New Business strain / releases, 2023 result includes a £20m one-off impact from an arrangement between PAC’s shareholder fund and the With-Profits fund in relation to the shareholder transfers expected to emerge from PruFund business written to 31 December 2022
26
Life: Traditional With-Profits and Annuities
Earnings up due to higher CSM release and returns on excess assets

Adjusted Operating Profit Adjusted Operating Profit

Traditional With-Profits (£m) Shareholder Annuities & Other (£m)
2022 2023 2022 2023
CSM release and Annuity
89 96
Risk Adjustment 186 238 +28% CSM release
unwind

Return on excess
assets and 137 224
Expected return margin release3
on With-Profits 19 35
excess assets1
Asset trading &
41 2
optimisation

Other2 (5) (10)

Experience
variances (26) 4
and other

Adjusted
Operating Profit
200 263 Adjusted
241 326
Operating Profit
+32% +35%

1. Refers to the Shareholder share of the With-Profits fund excess assets

2. Predominantly New Business strain / releases; 3. Risk Adjustment release accounted for £24m in 2022 and £19m in 2023
27
Operating change in CSM of £355m
Closing total CSM of £5.5bn shows large discounted future value

CSM movements CSM movements by product line

Total (£m)
Op. change
£m YE 2022 A B C D in CSM
E YE 2023
162 98
685
Total 5,716 685 162 98 (590) 355 (588) 5,483
5,716
(590) 5,483
(588) Annuities 1,206 30 42 60 (96) 36 (21) 1,221
£355m operating
change in CSM PruFund 1,666 330 94 37 (231) 230 (282) 1,614

With-Profits
Traditional 1,466 309 0 (4) (238) 67 (191) 1,342

A B C D E Policy-
664 - - - - - (12) 652
YE 2022 Interest New Assumption CSM Market YE 2023 holder
1
accreted and business changes, release to impact
expected experience operating Other2 714 16 26 5 (25) 22 (82) 654
returns variances result

1. Includes CSM release to non-operating result

2. Other CSM predominantly relates to M&G Investments future profits from the management of the internal client assets, and to PIA (Irish subsidiary)
28
 Underlying Capital Generation of £752m
Continued strong result, 20% higher than 2022

Underlying Capital Generation

(£m)
2022 2023
• 2023 broadly in line with AOP1, benefitting from
Asset
Management
246 246 a £31m SCR reduction due to changes in seeding
portfolio, lower market risk and operational risk

• PruFund contribution increased due to higher

Wealth 155 163 opening PVST2 and higher risk-free rates; this
was partly offset by larger non-PruFund losses

• Improvement driven by annuities, due to lower

Life 486 574 capital requirements for expected new business3
and higher rates increasing expected returns

Corporate • Better outcome year-on-year due to higher

Centre
(259) (231) treasury interest and investment income

Underlying Capital
Generation 628 752
+20%
1. Adjusted Operating Profits; 2. Present Value of Future Shareholder Transfers
3. 2022 result includes a £(60)m impact for the set-up of capital requirements for the expected value of 1 year of future new business; in 2023 these capital requirements were lowered to £(46)m leading to a £14m positive impact
29
 Operating Capital Generation of £996m
£1.8bn two-year cumulative result, 2023 result 21% higher year-on-year

Operating Capital Generation

(£m)
2022 2023
Underlying Capital
Generation
628 752

Optimisation, asset • Mostly asset trading, with reduced With-Profits

trading and hedging
160 153 equity exposure partly offset by lower hedging

• Did not repeat strong 2022 result as it was driven

Longevity 213 £244m (2) by one-off data and modelling enhancements
mgmt.
Model actions • Mostly relate to improved capital model
changes
(30) 126 calibrations across both Life and Asset Mgmt.

• In both years primarily relates to adverse (but

Other (150) (33) improving) expense experience including IME1

Operating Capital
Generation 821 996
+21%
1. Investment Management Expenses
30
OCG result underpins solvency ratio increase to 203%
Improved coverage ratio despite adverse impact from markets and capital restrictions

28% 2% 3%
(14%) (5%) (10%)
Solvency II
ratio1
(%) 199% Includes £(136)m 203%
Mainly due to lower than expected restructuring costs and
With-Profits returns, rate-related a £177m one-off benefit
losses on annuity assets, and from Solvency II reform Mostly £(462)m for
allowance for ground rent reform2 the 2022 final and
1.0 2023 interim dividend
0.1 0.0
Solvency II (0.5) (0.2) (0.4)
surplus
(£bn) 4.6 4.5

Operating Market Capital Other Dividends &

YE 2022 Tax YE 2023
£m Cap Gen movements Restrictions movements capital mov.
Own Funds 9,269 762 (418) (216) 17 (46) (441) 8,926
SCR (4,661) 234 (90) - 33 82 (1) (4,402)
Surplus 4,608 996 (508) (216) 50 36 (441) 4,524
1. Shareholder Solvency II ratio; 2. For additional information, please see page 23 in the 2023 Annual Report
31
Strong Solvency II coverage ratio and stable leverage ratio
Remain focused on reducing leverage, £300m bond callable in July

YE 2023 Solvency II ratio YE 2023 Leverage ratio

Solvency II basis IFRS 17 basis We are committed to reduce

the Solvency II leverage ratio
11.2 to <30% by 20254

Nominal At the same level of Own Funds,

9.11 9.11 value of 3.2 this would require a reduction in
debt
debt greater than the amount
£4.5bn 29% callable in July 2024
PVST2 4.0 203% surplus 35% CSM net
3.8
of tax3 Subordinated debt structure
4.4
Capital Tranche Coupon Call Date
1.7 requirement 3.2 3.2
IFRS 17
on PVST2 £300m 3.875% 2024
4.9 Share-
holder 4.1 $500m 6.500% 2028
2.7
Equity £750m 5.625% 2031
£600m 5.560% 2035
Own SCR Own Nominal IFRS 17 Nominal £700m 6.340% 2043
Funds Funds Debt basis Debt £500m 6.250% 2048

1. Gross of £216m eligible Own Funds restriction; 2. Present Value of Future Shareholder Transfers
3. Only shows the CSM attributable to Shareholders; 4. Assumes neither positive nor negative impact from markets on level of Solvency II Own Funds
32
2023 managed costs flat YoY thanks to simplification efforts
Significant cost action offset inflation and freed-up resources to support growth

M&G managed cost base1 Growth investments

changes over 2023 (£m) £6m to support Asset Mgmt. growth:
• Built out Asian Public Fixed
62 Income capabilities in Singapore
1,457 11 1,457
• Strengthened Asian and European
106 106 Head Office Institutional distribution teams
(73)
304 301 Life £5m to support re-entry in BPA market
• Added pricing, actuarial and
business development capabilities
265 258 Wealth
• Legal costs related to new deals

Asset Cost action

782 791 • Successfully completed the first year
Management
of the transformation programme
• Reduced change and IFRS 17 spend
through better prioritisation/control
2022 Inflation and Cost Growth 2023 • Achieved £73m in year-benefits
managed costs other costs action investments managed costs equivalent to a £90m exit run-rate
1. Managed costs defined as ‘operational cost relating to the normal running of the business, excluding expenses relating to dividends, financing costs (e.g. interest payments on leases and bank balances, impact of funds revaluations, corporate tax charges) and external asset management expenses incurred
by the Group’s insurance businesses (e.g. fees to third party fund managers, movements in deferred income / deferred acquisitions costs)’; 2022 baseline includes a £26m adjustment to reflect the full year impact of responsAbility, Sandringham, Moneyfarm and TCF acquisitions
33
Transformation programme delivering across four key levers
£73m in-year cost benefit including reduction in change spend

Transformation Examples of 2023 achievements 2024 - 2025 priorities

benefits by lever • Reduced UK office spend by 15% • Further optimise footprint in high-cost
Sourcing and • Outsourced technology operations locations and technology operations
location strategy • Transferred 50 roles to India as we transfer • Continue to expand India team as we
more Finance and Tech activities there identify new activities for transfer
33%
• Simplified technology estate, with 180 • Further rationalise technology estate
Technology applications decommissioned (c. 10% of total) through decommissioning
and operations • Optimised tech infrastructure, migrating onto • Increase automation of actuarial and
Benefits 21% cloud, reducing ongoing operational costs valuation modelling
delivered
in 2023 • Restructured Private Markets team • Drive TOM implementation focusing
Organisation • Flattened structure of Tech team on synergies and Centres of Excellence
simplification • Consolidated Finance activities in Centres of • Continue embedding risk management
31% Excellence activities in first line operations

15% • Reduced consultancy and contractor spend by • Achieve total reduction in consultancy
Operational 11%, building cost efficient internal capabilities and contractor spend of 35%
efficiency • Optimising market data spend • Improve efficiency of marketing and
• Right-sized central support functions market data spend
Note: TOM = Target Operating Model
34
Committed to our existing capital management framework
Financial strength and debt management are the main priority for 2024

Financial Strength and flexibility

• Strong Solvency II ratio of 203%,
despite lower rates at end of year
• Remain focused on reducing leverage,
£300m bond callable in July Targeting Financial Stable or
leverage ratio Attractive increasing,
• Upstreaming cash resources to parent strength and
of 30% or less dividends 2023 total
company as appropriate by 2025 flexibility DPS of 19.7p

Investments in the business Targeted Investments Remain committed

• Delivering steady progress on
investments to Capital to return any
in the
support growth returns excess capital
transformation programme business
and simplification over time
• Organically adding Asset
Management and Life capabilities
• Exploring small and selective bolt-ons
and team lift-outs in Private Markets

35
Key messages

1 Positive net client flows1 for the third year in a row despite persisting market volatility

2 28% higher earnings, strong and balanced contribution across Asset Management, Wealth and Life

3 21% higher Operating Capital Generation, benefitting from strong underlying result

4 Improved Solvency II ratio to 203% and clear focus on deleveraging

5 Strong cost discipline, £73 million reduction in 2023, committed to broadly flat Asset Mgmt. costs
1. External net client flows excluding Traditional With-Profits, Shareholder Annuities & Other
36
Wrap up
Our priorities and targets

Priorities Targets
£2.5bn Operating Capital
1 Financial strength Generation over 2022-24

Leverage ratio
<30% by 2025

2 Simplification
£200m cost savings1 and Asset
Management CIR <70% by 20252

>50% earnings from Asset

3 Growth Management and Wealth by 2025

1. Refers to the managed cost base; 2. Refers to the Core CIR, which excludes performance fees from the definition of income
38
Appendix
Additional financial information
Adjusted Operating Profit
From Adjusted Operating Profits to IFRS Profit After Tax

(£m) 2022 2023

AM Revenues 995 995
Management

AM Cost (763) (791)

Asset

Performance fees 56 30
Investment income and minority interest1 (24) 8
Total Asset Management AOP 264 242
PruFund UK 190 228
Wealth

Platform and Advice (24) (32)

Other Wealth (8) (16)
Total Wealth AOP 158 180
Traditional With-Profits 200 263
Shareholder Annuities & Other 241 326
Life

Europe 19 (3)
Total Life AOP 460 586
Head Office2 (94) (49)
Centre
Corp.

Debt interest cost (164) (162)

Total Corporate Centre AOP (257) (211)
Adjusted Operating Profit before tax 625 797
Short-term fluctuations in investment returns (2,858) (171)
Mismatches arising on application of IFRS 17 (244) (41)
Restructuring and other costs (147) (141)
Amortisation of intangible assets (35) (39)
IFRS profit attributable to non-controlling interests 19 16
IFRS Profit/(Loss) before tax attributable to equity holders (2,640) 421
Tax 585 (112)
IFRS Profit/(Loss) after tax attributable to equity holders (2,055) 309
1. Includes share of profit from joint venture and associates; 2. Includes ‘Head Office Expenses’, ‘Investment and other income on Hold Co assets’
40
Adjusted Operating Profit
IFRS 17 technical modelling guidance

PruFund CSM release to the operating result expected to reduce year-on-year due to:
• 3% lower opening CSM, due to adverse market impact in 2023
Wealth • Lower CSM expected rate of returns due changes in the Strategic Asset Allocation1 of the With-Profits Fund
• Lower CSM amortisation rate due to improved persistency assumptions
Losses in Advice, Platform and Other, expected to gradually reduce over time

Traditional With-Profits CSM release to the operating result expected to reduce year-on-year due to:
• 8% lower opening CSM, due to adverse markets and run-off of the book
• Lower CSM expected rate of returns (same dynamic as per PruFund)
• Lower CSM amortisation rate (same dynamic as per PruFund)
Life
Annuities return on excess assets expected to reduce year-on-year across AOP and Underlying Cap Gen due to:
• Reduction in excess assets due to upstream dividends, and
• Reduction in the rate of return, as illiquid assets previously backing the excess have been used to back liabilities
related to new business
1. In 2023, the With-Profits Fund reduced its exposure to Equities, largely replacing it with Fixed Income assets which over the long-term offer lower expected returns
41
Adjusted Operating Profit
Additional details

(£m) 2022 2023

Asset Management 2022 2023
AM Revenues 995 995 Investment income (5) 24
AM Costs (763) (791) Minority interest1 (19) (16)
Total (24) 8
Performance fees 56 30
Investment income and minority interest1 (24) 8

Total Asset Management AOP 264 242

2022 2023
Wealth
Head Office expenses (106) (106)
Total Wealth AOP 158 180
Investment and other income on Hold Co assets 13 57
Total (94) (49)
Life
Total Life AOP 460 586

Corporate Centre
2022 2023
Head Office2 (94) (49)
Subordinated debt interest cost (190) (191)
Debt interest cost (164) (162)
Amortisation fair value premium 26 29
Total Corporate Centre AOP (257) (211) Total (164) (162)
1. Includes share of profit from joint venture and associates; 2. Includes ‘Head Office Expenses’, ‘Investment and other income on Hold Co assets’
42
Adjusted Operating Profit
Asset Management result by asset class

End of period AUM (£bn) Fee margins1 (bps) Revenues and costs (£m)
-2% Performance
23 56 30
fees
325 55 57
314 54 Investment income
303 11 (24) 8
and minorities2
311
73 303 305 CIR with/without
73 69% / 71% 73% / 77% 77% / 79%
77 Average performance fees
of period 995 995
AUM 953
32 32 33
Weighted (791)
average 414 (763)
367 422
(672)
Incl. £(19)m
252 240 25 25 25 higher costs for
226 responsAbility,
like-for-like
costs up 1%
587 581 573

2021 2022 2023 2021 2022 2023 2021 2022 2023

Private Public AOP3 (£m) 315 264 242

1. Margin calculated as fee based Income over average AUMA, excluding Performance fees;
2. M&G is a majority shareholder in joint ventures in South Africa and Singapore, therefore the revenues and costs from the JVs are fully incorporated in the Asset Mgmt. result. The share of profits attributable to minority shareholders is included in the ‘minority interest’ line; 3. Adjusted Operating Profits
43
Key drivers of CSM movements
Annuities, PruFund and Traditional With-Profits

Traditional WP Traditional WP
PruFund Annuities Other1
Shareholder Policyholder

2022 2023 2022 2023 2022 2023 2022 2023 2022 2023

Opening CSM 1,331 1,666 1,201 1,466 635 664 1,171 1,206 696 714

Interest accreted 20 128 28 142 - - 24 30 4 16

Expected returns 166 202 229 167 - - - - - -

New Business 18 94 - 0 - - 6 42 18 26

Ass. changes, experience variances 4 37 (48) (4) - - 94 60 20 5

CSM release to operating result (154) (231) (186) (238) - - (89) (96) (25) (25)

CSM release to non-operating result (33) 27 (38) 48 (64) (66) - - (61) (45)

Market impact 314 (309) 280 (239) 93 54 - (21) 62 (37)

Closing CSM 1,666 1,614 1,466 1,342 664 652 1,206 1,221 714 654

1. Other CSM predominantly relates to M&G Investments future profits from the management of the internal client assets, and to PIA (Irish subsidiary)
44
Operating Capital Generation

2022 2023
(£m) Own Funds SCR Total Own Funds SCR Total
Asset Management 268 (22) 246 215 31 246
PruFund UK 233 (53) 179 305 (98) 207
- of which: In-force 187 29 216 223 6 229
- of which: New business 46 (82) (36) 82 (104) (22)
Platform and Advice (21) (4) (25) (31) 2 (29)
Other Wealth 2 (2) 0 (13) (2) (15)
Wealth 214 (59) 155 261 (98) 163
With-Profits 138 54 192 165 17 182
Shareholder Annuities & other 201 50 251 332 18 350
Europe 43 0 43 50 (8) 42
Life 382 104 486 547 27 574
Debt Interest Cost (190) 0 (190) (189) 0 (189)
Head Office Cost (77) 8 (69) (48) 6 (41)
Corporate Centre (267) 8 (259) (237) 6 (231)
Total Underlying Capital Generation 597 30 628 786 (34) 752
Other Asset Management Capital Generation 7 (40) (33) 15 35 50
Other Wealth Capital Generation 101 26 127 (82) 164 82
Other Life Capital Generation 87 (20) 67 59 88 147
Other Corporate Centre Capital Generation (1) 33 32 (17) (18) (35)
Total Operating Capital Generation 791 29 821 761 235 996

45
Underlying Cap Gen, expected contribution from in-force insurance policies
Resilient capital generation and balance sheet

£14.5bn Underlying Capital Generation from Continued focus on

(£bn) in-force Shareholder Annuities and With-Profits1 Management actions
levers available:
2.8

2.4
203% Model changes
2.0 Solvency II
coverage ratio2 Non-market assumptions
1.6

1.2 Asset trading

0.8
ALM optimisation
0.4

0.0 Hedging
2023-2027 2028-2032 2033-2037 2038-2042 2043-2047 2048-2052 2053-2057 2057+

1. Underlying Capital Generation, net of tax and run-off of hedge programmes; cumulative undiscounted total based on in-force Shareholder Annuities and With-Profits business and reflecting economic conditions as of 31 December 2023; excludes new business and management actions
2. Refers to M&G plc Solvency II coverage ratio
46
Assets Under Management and Administration
Our asset base as an Asset Owner and an Asset Manager
More details on
the following page

Group View: £344bn AUMA Asset Owner view3 Asset Manager view
2 Corporate Assets1
30 Other Group Assets
£314bn

With-Profits Fund
101 Life
Assets managed and

£129bn
administered on
190 Internal Assets
behalf of Group 160
customers2 managed by M&G
87 Wealth (incl. PruFund)

£154bn
55 Wholesale Asset Management

154
3rd Party Assets 3rd Party Assets
154
Managed by M&G Managed by M&G
98
Institutional Asset Management

1. Includes £1.0bn Other Asset Management AUMA; 2. Includes M&G Direct Assets Under Management and PAC (Prudential Assurance Company), Wealth and Corporate Assets Under Administration; 3. Includes £14.1bn of assets under advice.
47
Assets Under Management and Administration
Asset Management view split by asset class, client, and geography

Diversified capabilities A successful external franchise Established footprint1

strong scale in private assets and a supportive internal client with opportunity to grow

Infracap and
Real 11 other alternatives External APAC 2 Americas
Estate Wholesale MEA2
33 55 11 12
79 Equities Europe
Private
Fixed 29 57
£73bn
Income Private £314bn £314bn
8 Cash and 160 160
Assets
15 other
AUMA AUMA
98
Multi- 71
Internal Internal
139 Asset UK
External (UK)
Institutional
Public Fixed Income

1. Shows AUMA split by client domicile; 2. Middle East and Africa

48
Assets Under Management and Administration
Group wide flows, market and other movements – YE 2021 to YE 2023

Net client Market / Net client Market /

YE 2021 Inflows Outflows
flows Other YE 2022 Inflows Outflows
flows Other YE 2023
(£bn)
Asset Management

Institutional 103.1 13.1 (13.8) (0.7) (3.2) 99.2 14.8 (15.5) (0.7) (0.3) 98.2

Wholesale 52.7 16.0 (15.5) 0.5 0.7 53.9 18.3 (16.8) 1.5 (0.4) 55.0

Other1 0.9 - - - 0.2 1.1 - - - (0.1) 1.0

Total Asset Management 156.7 29.1 (29.3) (0.2) (2.3) 154.2 33.1 (32.3) 0.8 (0.8) 154.2

of which: PruFund UK 52.4 5.4 (4.9) 0.5 (0.6) 52.3 6.3 (5.4) 0.9 1.6 54.8
Wealth

Total Wealth 84.2 8.0 (7.8) 0.2 (1.0) 83.4 9.0 (8.8) 0.2 3.5 87.1

of which: Shareholder Annuities 22.2 - (1.1) (1.1) (5.7) 15.4 0.72 (1.1) (0.4) 0.8 15.8

of which: Traditional WP 81.4 0.2 (5.1) (4.9) (9.0) 67.5 0.3 (4.5) (4.2) 1.7 65.0
Life

of which: Europe 6.0 0.7 (0.5) 0.3 (0.2) 6.0 0.7 (0.6) 0.1 0.3 6.4

Total Life 126.9 1.1 (6.8) (5.7) (18.2) 103.0 2.2 (7.9) (5.7) 3.6 100.9

Corporate Assets 2.2 - - - (0.8) 1.4 - - - (0.1) 1.3

Group Total 370.0 38.2 (43.9) (5.7) (22.3) 342.0 44.3 (49.0) (4.7) 6.2 343.5
1. Corporate AUMA held by M&G Group; 2. Includes £0.6bn inflow from BPA transactions
49
Wholesale Asset Management
Mutual funds performance

Mutual funds performance as of YE 2021, YE 2022 and YE 2023

(as % of AUMA)
5 4
22
29 39 32
45 46 48 45
56
23

21 6
18 16
44 44 22 20
13
15 32
7

26 32 39
31
22 25 26
20 17
5 4 1
YE-21 YE-22 YE-23 YE-21 YE-22 YE-23 YE-21 YE-22 YE-23

5-year 3-year 1-year

Bottom Lower Upper Top quartile

M&G plc and Morningstar Inc. – Wholesale Asset Management is defined as all unitised products including OEICs, SICAVs, and Charitable funds, excludes Investment Solutions mandates. Funds are compared to their peer groups for illustration purposes, each product benchmark is prescribed in the
prospectus. Any funds with performance track records less than the specified period are excluded, as are closed funds. Performance is on a total return basis. The information contained within is correct at time of publication and subject to change.
50
Wholesale Asset Management
Largest SICAV and OEIC mutual funds

AUMA and Flows (£bn)

RANK MARKET/
PRODUCT ASSET CLASS FUND YE 2022 SALE REDEMPTION NET FLOWS YE 2023
by AUMA OTHER

1 OEIC + SICAV Bonds Optimal Income 9.7 2.16 (2.86) (0.70) 0.68 9.7

2 OEIC + SICAV Equities Global Dividend 4.8 1.02 (1.39) (0.37) 0.30 4.7

3 OEIC + SICAV Equities Global Themes 2.8 0.22 (0.38) (0.16) 0.17 2.8

4 OEIC + SICAV Equities Japan 0.3 2.69 (0.30) 2.39 0.15 2.8

5 OEIC + SICAV Bonds Emerging Markets Bond 1.6 1.63 (0.78) 0.86 0.20 2.6

6 OEIC + SICAV Equities Global Listed Infrastructure 3.1 0.84 (1.58) (0.74) (0.12) 2.2

7 SICAV only Multi Asset Dynamic Allocation 1.9 0.36 (0.52) (0.17) 0.09 1.8

8 OEIC + SICAV Bonds Global Floating Rate High Yield 1.9 0.72 (0.94) (0.22) 0.13 1.8

9 OEIC + SICAV Bonds Global Macro Bond 2.0 0.67 (1.07) (0.40) (0.07) 1.5

10 SICAV only Equities European Strategic Value 1.2 0.64 (0.50) 0.13 0.14 1.5

51
Wholesale Asset Management
Largest SICAV mutual funds

AUMA and Flows (£bn)

RANK MARKET/
PRODUCT ASSET CLASS FUND YE 2022 SALE REDEMPTION NET FLOWS YE 2023
by AUMA OTHER

1 SICAV Bonds Optimal Income 8.3 1.84 (2.42) (0.58) 0.53 8.3

2 SICAV Equities Global Dividend 2.5 0.70 (0.80) (0.10) (0.62) 1.8

3 SICAV Multi Asset Dynamic Allocation 1.9 0.36 (0.52) (0.17) (0.18) 1.6

4 SICAV Equities Global Listed Infrastructure 2.6 0.60 (1.28) (0.68) (0.68) 1.2

5 SICAV Bonds Global Floating Rate High Yield 1.6 0.60 (0.79) (0.19) (0.88) 0.5

6 SICAV Equities European Strategic Value 1.2 0.64 (0.50) 0.13 (0.87) 0.5

7 SICAV Bonds Emerging Markets Bond 0.9 0.48 (0.34) 0.14 (0.71) 0.4

8 SICAV Multi Asset Income Allocation 1.0 0.17 (0.29) (0.12) (0.50) 0.3

9 SICAV Equities Japan 0.1 0.54 (0.07) 0.47 (0.20) 0.4

10 SICAV Equities Global Themes 0.5 0.12 (0.16) (0.04) (0.33) 0.1

52
Wholesale Asset Management
Largest OEIC mutual funds

AUMA and Flows (£bn)

RANK MARKET/
PRODUCT ASSET CLASS FUND YE 2022 SALE REDEMPTION NET FLOWS YE 2023
by AUMA OTHER

1 OEIC Equities Global Themes 2.3 0.10 (0.22) (0.12) 0.14 2.3

2 OEIC Equities Japan 0.2 2.15 (0.23) 1.93 0.13 2.3

3 OEIC Equities Global Dividend 2.2 0.32 (0.59) (0.26) 0.13 2.1

4 OEIC Bonds Emerging Markets Bond 0.6 1.16 (0.44) 0.72 0.09 1.4

5 OEIC Bonds Optimal Income 1.4 0.32 (0.44) (0.12) 0.15 1.4

6 OEIC Bonds Corporate Bond 1.3 0.15 (0.27) (0.12) 0.09 1.3

7 OEIC Bonds Global Macro Bond 1.5 0.59 (0.92) (0.33) (0.06) 1.1

8 OEIC Bonds Strategic Corporate Bond 1.1 0.24 (0.40) (0.16) 0.12 1.1

9 OEIC Bonds UK Inflation Linked Corporate Bond 1.2 0.19 (0.47) (0.28) 0.06 1.0

10 OEIC Equities Recovery 1.0 0.02 (0.12) (0.10) 0.01 0.9

53
With-Profits Fund
Strategic Asset Allocation

Asset allocation evolution between 2013 and 2023 Asset allocation as of 31 December 2023
100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Equities Real Estate Alternatives Fixed Income

LEGEND

UK Asia ex. Japan UK Private Equity UK and Europe Africa TAA1

Europe China Europe Hedge Fund US Alternative Credit2 Cash
North America GEM North America Infrastructure Asia
Japan MEA Asia Private High-Yield
1. Tactical Asset Allocation mandate; 2. Includes: Emerging Market, Convertibles, Bridge Loans, Global High-Yield
Source: Allocation as of 31 December 2023 for OBMG, the largest of the funds within the With-Profits sub fund
54
With-Profits Fund
Historical returns

Annualised 5-year rolling returns1 PruFund Growth returns vs. peers

PruFund Growth returns after charges

(% returns above capital invested)2
25% 135%
Cash SONIA Cumulative Rate

20% UK RPI Cumulative Rate

PruFund Growth Fund

89%
ABI Mixed Investment 20-60% shares
15%

63%
10%

5% 26%

0%

2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
1950 1960 1970 1980 1990 2000 2010 2020

-5%

1. Data shows OBMG returns; OBMG is the largest of the funds within the With-Profits sub fund, backing PruFund Growth Fund – Past performance is not a guide to future performance. The value of an investment can go down as well as up and so customers may not get back the amount they put in.
2. PruFund Growth net returns after charges. Data shows returns for PruFund Growth within a bond wrapper. These returns are representative of a typical return profile for PruFund Growth clients
55
Solvency II
M&G Group position1

YE 2023 (£bn)

Shareholder view With-Profits Fund view Regulatory view

Eligible Own Funds
Restriction of £216m
11.5
Eligible Own Funds
Restriction of £216m
2.4
Surplus = 4.5bn
6.8
Surplus = 4.5bn
Surplus = 7.2bn
2.4
8.9 9.5 8.9

4.4 4.4
2.4

Own Funds SCR Own Funds SCR Own Funds SCR

Solvency ratio 203%² Solvency ratio 403% Solvency ratio 167%²

1. All views include the recalculation of Transitional Measures on Technical Provisions (TMTP); 2. Ratio is post eligible own funds restriction
56
Solvency II
Sensitivities and estimated impact on % ratio and surplus

Shareholder Solvency II market sensitivities With-Profits Solvency II market sensitivities

FY 2023 FY 2023
Solvency ratio Surplus Solvency ratio Surplus
(%) (£bn) (%) (£bn)

Base Shareholder position 203 4.5 Base With-Profits position 403 7.2

20% instantaneous fall 20% instantaneous fall

in equity markets 189 3.9 in equity markets 404 7.1

20% instantaneous fall 20% instantaneous fall

in property markets 193 4.1 in property markets 408 7.2

50bp fall in interest rates 196 4.4 50bp fall in interest rates 397 7.1

100bp increase in credit spreads 200 4.3 100bp increase in credit spreads 406 6.9

1 1
20% credit asset downgrade 198 4.3 20% credit asset downgrade 398 7.1

1. Average impact of one full letter downgrade across 20% of assets exposed to credit risk
Note: Sensitivities assuming recalculation of Transitional Measures on Technical Provisions (TMTP)
57
Solvency II
Shareholder coverage ratio, Own Funds and SCR split by segment

Shareholder Solvency II ratio (£bn) Own Funds and SCR

split by segment (£bn)
YE 2023 YE 2022
Eligible Own Funds
9.11 Restriction of £216m 9.3 9.1
Corporate Centre 1.3
£4.6bn Asset Management 0.8
203%
£4.5bn PVST2 4.0 199%
PVST2 4.0 surplus surplus
Wealth 1.4

4.4 4.7 4.5

Capital Capital 0.3
1.7 requirement 0.5
1.7 requirement
on PVST2 0.8
on PVST2 Life 5.6
4.9 5.3

2.7 3.0 2.9

Own SCR Own SCR Own SCR

Funds Funds Funds

1. Present Value of future Shareholder Transfers (PVST) from the With-Profits Fund
58
Solvency II
Capital restrictions

Capital tiering Regulatory SCR (£bn) Restrictions

YE 2022 YE 2023
• Tier 2 and Tier 3 capital 7.2
6.8 Tier 2 + Tier 3 restriction
can jointly contribute to
With- Value of subordinated debt 2,998 3,063
Own Funds only as
Profits 2.5 Deferred Tax Asset 598 536
much as a value 2.4
SCR
equivalent to 50% of Total Tier 2 + Tier 3 capital 3,596 3,599
the regulatory SCR 50% of regulatory SCR 3,597 3,383
Capacity
3.6
3.4 for Tier 2 Restriction 0 216
• Tier 3 capital can Share- plus Tier 3
contribute to Own holder 4.7 4.4
SCR Tier 3 restriction
Funds at most by a
1.1 Capacity
value equivalent to 15% 1.0 Deferred Tax Asset 598 536
for Tier 3
of the regulatory SCR 15% of regulatory SCR 1,079 1,015
YE 2022 YE 2023 Restriction 0 0

59
Solvency II
Breakdown of the Shareholder SCR by risk type

YE 2023 9.5
(£bn) 0.6 Sectoral

Operational &
2.2
expense

0.4 Lapse
Longevity 1.1

1.0 Currency 4.4

(5.1)
Credit 1.4

0.4 Interest rate

Property 0.7

1.7 Equity

Undiversified SCR Diversification, SCR

deferred tax, and other

60
Credit quality of the Shareholder Annuity book remains very strong
98% of the £13bn1 assets is investment grade

Breakdown by rating Breakdown by capital ranking

Outer circle shows YE-23, inner YE-22 Outer circle shows YE-23, inner YE-22 • Our diversified and actively
managed Annuity portfolio
continued to perform resiliently
2% 12% 1%
19% 19% 22% • Asset profile remains strong
2% 13% 1% and conservatively positioned;
20% 19% 19%
98% is investment grade, and
27% 80% invested in risk free2 or
27%
secured assets
38% 61%
• Rating migrations resulted in a
40% very low level of downgrades in
58% 2023

• No defaults were experienced

AAA AA A Risk free2 Senior unsecured
over the period
BBB <BBB Secured Subordinated

1. M&G Investments data. Cash and cash equivalents, derivatives and junior notes/property residual values have been excluded from this analysis. All data as of 31 December 2023
2. Risk Free category includes securities which are classified as ‘credit capital exempt’ in the internal capital modelling, primarily UK government / guaranteed and supranational debt
61
Financial debt structure
Subordinated debt (all Tier 2)

ISIN Currency Nominal Coupon Issue Date Maturity Date Call Date
XS2025521886 GBP 300 3.875% 2019 2049 2024
XS1888930150 USD 500 6.500% 2018 2048 2028
XS1888920276 GBP 750 5.625% 2018 2051 2031
XS1243995302 GBP 600 5.560% 2015 2055 2035
XS1003373047 GBP 700 6.340% 2013 2063 2043
XS1888925747 GBP 500 6.250% 2018 2068 2048

Call date profile (£m) Financial Issuer

Ratings Outlook
Strength Default
750
700
600 A+ A Stable
500
3921
300
A1 A3 Stable

AA- A+ Stable
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050

1. Based on USD / GBP exchange rate as of 31 December 2023

62
Parent company liquidity
Cash and liquid assets at £1.0bn

Parent company cash and liquid assets

2023 (£bn)
0.7

(0.2)

1.0 1.0

(0.5)

FY 2022 Cash remittances from subsidiaries Corporate costs and other Cash dividends and shares FY 2023
1
movements purchased by EBT

1. Cash dividends paid to equity holders of £462m

63
Our international footprint
2 Corporate Assets

£344bn AUMA 21
UK
95 50

38 locations £255bn 6
87
27 Europe
26 markets 30 £64bn
3

0.7 Middle East Asia-Pac

1.5
& Africa £12bn
£11bn
Americas
£2bn 3

Wealth Life
Wholesale Asset Management Distribution, operations
Institutional Asset Management and investment centres

Note: All AUMA figures refer to position as of YE 2023, based on the country of the underlying client. The number of locations and markets is as at YE 2023
64
Investor Relations contacts

Luca Gagliardi Maria Baines

Director of Investor Relations Investor Relations Event Manager

+44 (0)20 8162 7307 +44 (0)20 8162 6122

+44 (0)752 559 7694 +44 (0)781 020 3731

luca.gagliardi@mandg.com maria.baines@mandg.com

Simran Parmar Amrita Jairaj

Head of Investor Relations - Equity Investor Relations Senior Manager

+44 (0)20 8162 0956 +44 (0)20 3977 1923

+44 (0)738 500 6763

simran.parmar@mandg.com amrita.jairaj@mandg.com

65