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  <link:roleRef roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel"/>
  <link:labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended">
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember_label_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust [Member]</link:label>
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember_documentation_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_SharesHeldByEmployeeBenefitTrustMember"/>
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    <link:label id="lab_mgplc_NetInsuranceFinanceExpenses_label_en" xlink:label="lab_mgplc_NetInsuranceFinanceExpenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net insurance finance expenses</link:label>
    <link:label id="lab_mgplc_NetInsuranceFinanceExpenses_019b07fa-c069-771e-a9b7-f5784df18148_negatedTotalLabel_en" xlink:label="lab_mgplc_NetInsuranceFinanceExpenses" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en">Interest income (expense)</link:label>
    <link:label id="lab_mgplc_NetInsuranceFinanceExpenses_documentation_en" xlink:label="lab_mgplc_NetInsuranceFinanceExpenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net insurance finance expenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_NetInsuranceFinanceExpenses" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_NetInsuranceFinanceExpenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_NetInsuranceFinanceExpenses" xlink:to="lab_mgplc_NetInsuranceFinanceExpenses" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_NonControllingInterestsArisingThroughBusinessCombinations_label_en" xlink:label="lab_mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-controlling interests arising through business combinations</link:label>
    <link:label id="lab_mgplc_NonControllingInterestsArisingThroughBusinessCombinations_documentation_en" xlink:label="lab_mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Non-controlling interests arising through business combinations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_NonControllingInterestsArisingThroughBusinessCombinations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:to="lab_mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds_label_en" xlink:label="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movements in third party interest in consolidated funds</link:label>
    <link:label id="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds_documentation_en" xlink:label="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Movements in third party interest in consolidated funds</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_MovementsInThirdPartyInterestInConsolidatedFunds"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:to="lab_mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments_label_en" xlink:label="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expense recognised in respect of share-based payments</link:label>
    <link:label id="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments_documentation_en" xlink:label="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Expense recognised in respect of share-based payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_ExpenseRecognisedInRespectOfShareBasedPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:to="lab_mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_Loans_label_en" xlink:label="lab_mgplc_Loans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Loans</link:label>
    <link:label id="lab_mgplc_Loans_documentation_en" xlink:label="lab_mgplc_Loans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_Loans" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_Loans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_Loans" xlink:to="lab_mgplc_Loans" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_019b07fa-c069-7299-80b6-a3e2de45dc9f_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net cash flows from financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SharesDistributedByEmployeeTrusts_label_en" xlink:label="lab_mgplc_SharesDistributedByEmployeeTrusts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares distributed by employee trusts</link:label>
    <link:label id="lab_mgplc_SharesDistributedByEmployeeTrusts_documentation_en" xlink:label="lab_mgplc_SharesDistributedByEmployeeTrusts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares distributed by employee trusts</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SharesDistributedByEmployeeTrusts" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_SharesDistributedByEmployeeTrusts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SharesDistributedByEmployeeTrusts" xlink:to="lab_mgplc_SharesDistributedByEmployeeTrusts" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrust_label_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</link:label>
    <link:label id="lab_mgplc_SharesHeldByEmployeeBenefitTrust_documentation_en" xlink:label="lab_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_SharesHeldByEmployeeBenefitTrust"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:to="lab_mgplc_SharesHeldByEmployeeBenefitTrust" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_019b07fa-c069-7e11-93cc-78aab3d54f2b_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net cash flows from investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_RepurchaseOfSubordinatedDebt_label_en" xlink:label="lab_mgplc_RepurchaseOfSubordinatedDebt" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Repurchase of subordinated debt</link:label>
    <link:label id="lab_mgplc_RepurchaseOfSubordinatedDebt_documentation_en" xlink:label="lab_mgplc_RepurchaseOfSubordinatedDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Repurchase of subordinated debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_RepurchaseOfSubordinatedDebt" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_RepurchaseOfSubordinatedDebt"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_RepurchaseOfSubordinatedDebt" xlink:to="lab_mgplc_RepurchaseOfSubordinatedDebt" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors_label_en" xlink:label="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accrued investment income and other debtors</link:label>
    <link:label id="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors_documentation_en" xlink:label="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Accrued investment income and other debtors</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_AccruedInvestmentIncomeAndOtherDebtors"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:to="lab_mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders_019b07fa-c069-75fe-a0c1-5acd8e34a47d_totalLabel_en" xlink:label="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Profit/(loss) before tax attributable to equity holders</link:label>
    <link:label id="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders_label_en" xlink:label="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit before tax attributable to equity holders</link:label>
    <link:label id="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders_documentation_en" xlink:label="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Profit before tax attributable to equity holders</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_ProfitBeforeTaxAttributableToEquityHolders"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:to="lab_mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_label_en" xlink:label="lab_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net change in investment contract liabilities without discretionary participation features</link:label>
    <link:label id="lab_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_documentation_en" xlink:label="lab_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">change in investment contract liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:to="lab_mgplc_NetChangeInInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_label_en" xlink:label="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment contract liabilities without discretionary participation features</link:label>
    <link:label id="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_documentation_en" xlink:label="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Investment contract liabilities without discretionary participation features</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:to="lab_mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings_label_en" xlink:label="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subordinated liabilities and other borrowings</link:label>
    <link:label id="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings_documentation_en" xlink:label="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Subordinated liabilities and other borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_SubordinatedLiabilitiesAndOtherBorrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:to="lab_mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns_label_en" xlink:label="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax charge attributable to policyholders’ returns</link:label>
    <link:label id="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns_documentation_en" xlink:label="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Tax charge attributable to policyholders’ returns</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_TaxChargeAttributableToPolicyholdersReturns"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:to="lab_mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns_label_en" xlink:label="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Less tax charge/(credit) attributable to policyholders’ returns</link:label>
    <link:label id="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns_documentation_en" xlink:label="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Less tax charge/(credit) attributable to policyholders’ returns</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:to="lab_mgplc_LessTaxChargecreditAttributableToPolicyholdersReturns" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities_label_en" xlink:label="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accruals, deferred income and other liabilities</link:label>
    <link:label id="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities_documentation_en" xlink:label="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Accruals, deferred income and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_AccrualsDeferredIncomeAndOtherLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:to="lab_mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_019b07fa-c069-79c5-9a16-64a563c731da_totalLabel_en" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Net cash flows from operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
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    <link:label id="lab_mgplc_WithProfitsFund_label_en" xlink:label="lab_mgplc_WithProfitsFund" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">With-Profits Fund</link:label>
    <link:label id="lab_mgplc_WithProfitsFund_documentation_en" xlink:label="lab_mgplc_WithProfitsFund" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">With-Profits Fund</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_WithProfitsFund" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_WithProfitsFund"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_WithProfitsFund" xlink:to="lab_mgplc_WithProfitsFund" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_StatementOfCashFlowsTable_label_en" xlink:label="lab_mgplc_StatementOfCashFlowsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of cash flows [Table]</link:label>
    <link:label id="lab_mgplc_StatementOfCashFlowsTable_documentation_en" xlink:label="lab_mgplc_StatementOfCashFlowsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Statement of cash flows [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_StatementOfCashFlowsTable" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_StatementOfCashFlowsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_StatementOfCashFlowsTable" xlink:to="lab_mgplc_StatementOfCashFlowsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_StatementOfCashFlowsLineItems_label_en" xlink:label="lab_mgplc_StatementOfCashFlowsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of cash flows [Line Items]</link:label>
    <link:label id="lab_mgplc_StatementOfCashFlowsLineItems_documentation_en" xlink:label="lab_mgplc_StatementOfCashFlowsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Statement of cash flows [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_StatementOfCashFlowsLineItems" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_StatementOfCashFlowsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_StatementOfCashFlowsLineItems" xlink:to="lab_mgplc_StatementOfCashFlowsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_ThirdPartyInterestInConsolidatedFunds_label_en" xlink:label="lab_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Third party interest in consolidated funds</link:label>
    <link:label id="lab_mgplc_ThirdPartyInterestInConsolidatedFunds_documentation_en" xlink:label="lab_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Third party interest in consolidated funds</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:to="lab_mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_VestedEmployeeShareBasedPayments_label_en" xlink:label="lab_mgplc_VestedEmployeeShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Vested employee share-based payments</link:label>
    <link:label id="lab_mgplc_VestedEmployeeShareBasedPayments_documentation_en" xlink:label="lab_mgplc_VestedEmployeeShareBasedPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Vested employee share-based payments</link:label>
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    <link:label id="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities_label_en" xlink:label="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Income taxes paid at policyholder rates, classified as operating activities</link:label>
    <link:label id="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities_documentation_en" xlink:label="lab_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_IncomeTaxesPaidAtPolicyholderRatesClassifiedAsOperatingActivities"/>
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    <link:label id="lab_mgplc_NetInsuranceAndInvestmentResult_019b07fa-c069-782c-9052-df0b3df92b52_totalLabel_en" xlink:label="lab_mgplc_NetInsuranceAndInvestmentResult" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Finance income (cost)</link:label>
    <link:label id="lab_mgplc_NetInsuranceAndInvestmentResult_label_en" xlink:label="lab_mgplc_NetInsuranceAndInvestmentResult" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net insurance and investment result</link:label>
    <link:label id="lab_mgplc_NetInsuranceAndInvestmentResult_documentation_en" xlink:label="lab_mgplc_NetInsuranceAndInvestmentResult" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Net insurance and investment result</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_NetInsuranceAndInvestmentResult" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_NetInsuranceAndInvestmentResult"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_NetInsuranceAndInvestmentResult" xlink:to="lab_mgplc_NetInsuranceAndInvestmentResult" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates_label_en" xlink:label="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash paid on acquisitions of subsidiaries, joint ventures and associates</link:label>
    <link:label id="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates_documentation_en" xlink:label="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cash paid on acquisitions of subsidiaries, joint ventures and associates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:to="lab_mgplc_CashPaidOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities_019b07fa-c069-754a-bee4-6141d843f716_negatedLabel_en" xlink:label="lab_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en">Cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InvestmentIncome_019b07fa-c069-76e5-9de4-a26c3421ebfc_totalLabel_en" xlink:label="lab_ifrs-full_InvestmentIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Investment income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InvestmentIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InvestmentIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentIncome" xlink:to="lab_ifrs-full_InvestmentIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_AdjustmentsForInterestIncomeAndExpenseAndDividendIncome_label_en" xlink:label="lab_mgplc_AdjustmentsForInterestIncomeAndExpenseAndDividendIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for interest income and expense and dividend income</link:label>
    <link:label id="lab_mgplc_AdjustmentsForInterestIncomeAndExpenseAndDividendIncome_documentation_en" xlink:label="lab_mgplc_AdjustmentsForInterestIncomeAndExpenseAndDividendIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for interest income and expense and dividend income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AdjustmentsForInterestIncomeAndExpenseAndDividendIncome" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_AdjustmentsForInterestIncomeAndExpenseAndDividendIncome"/>
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    <link:label id="lab_mgplc_TaxChargecreditAttributableToEquityHolders_019b07fa-c069-7355-a9e6-c8a4097a4f83_totalLabel_en" xlink:label="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Tax charge/(credit) attributable to equity holders</link:label>
    <link:label id="lab_mgplc_TaxChargecreditAttributableToEquityHolders_label_en" xlink:label="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax charge/(credit) attributable to equity holders</link:label>
    <link:label id="lab_mgplc_TaxChargecreditAttributableToEquityHolders_documentation_en" xlink:label="lab_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Tax charge/(credit) attributable to equity holders</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_TaxChargecreditAttributableToEquityHolders" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_TaxChargecreditAttributableToEquityHolders"/>
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    <link:label id="lab_mgplc_AdjustmentsForInvestments_label_en" xlink:label="lab_mgplc_AdjustmentsForInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for investments</link:label>
    <link:label id="lab_mgplc_AdjustmentsForInvestments_documentation_en" xlink:label="lab_mgplc_AdjustmentsForInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Adjustments for investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_AdjustmentsForInvestments" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_AdjustmentsForInvestments"/>
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    <link:label id="lab_mgplc_DeferredAcquisitionCosts_label_en" xlink:label="lab_mgplc_DeferredAcquisitionCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deferred acquisition costs</link:label>
    <link:label id="lab_mgplc_DeferredAcquisitionCosts_documentation_en" xlink:label="lab_mgplc_DeferredAcquisitionCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Deferred acquisition costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_DeferredAcquisitionCosts" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_DeferredAcquisitionCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_mgplc_DeferredAcquisitionCosts" xlink:to="lab_mgplc_DeferredAcquisitionCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates_label_en" xlink:label="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash acquired on acquisitions of subsidiaries, joint ventures and associates</link:label>
    <link:label id="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates_documentation_en" xlink:label="lab_mgplc_CashAcquiredOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Cash acquired on acquisitions of subsidiaries, joint ventures and associates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_CashAcquiredOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_CashAcquiredOnAcquisitionsOfSubsidiariesJointVenturesAndAssociates"/>
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    <link:label id="lab_mgplc_TypeOfInvestment_label_en" xlink:label="lab_mgplc_TypeOfInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Types of Investment [Axis]</link:label>
    <link:label id="lab_mgplc_TypeOfInvestment_documentation_en" xlink:label="lab_mgplc_TypeOfInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Type of Investment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_TypeOfInvestment" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_TypeOfInvestment"/>
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    <link:label id="lab_mgplc_Deposits_label_en" xlink:label="lab_mgplc_Deposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deposits</link:label>
    <link:label id="lab_mgplc_Deposits_documentation_en" xlink:label="lab_mgplc_Deposits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Deposits</link:label>
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    <link:label id="lab_mgplc_TypesOfInvestment_documentation_en" xlink:label="lab_mgplc_TypesOfInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en">Types Of Investment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_mgplc_TypesOfInvestment" xlink:href="254900TWUJUQ44TQJY84-2025-12-31.xsd#mgplc_TypesOfInvestment"/>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges_019b07fa-c069-7c27-97d2-7f6012df1bd4_totalLabel_en" xlink:label="lab_ifrs-full_IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en">Increase (decrease) in cash and cash equivalents before effect of exchange rate changes</link:label>
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