M&G PLC has announced a series of deleveraging actions totaling up to £450m as part of its commitment to reduce its Solvency II leverage ratio to 30% or less by 2025. This includes the intention to redeem a £300m 3.875% resettable dated Tier 2 notes and launching Tender Offers for four outstanding Tier 2 notes for an aggregate consideration of up to £150m. The Group Solvency II coverage ratio remained strong at 203% at the end of March 2024, and the company expects these deleveraging actions to improve the efficiency of its balance sheet and moderately impact the Solvency II coverage ratio. Andrea Rossi, M&G Chief Executive Officer, emphasized that these actions demonstrate the company's commitment to investors and its strategic priorities of Financial Strength, Simplification, and Growth.