<?xml version="1.0" encoding="utf-8"?>
<linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.xbrl.org/2003/linkbase">
  <labelLink xlink:role="http://www.xbrl.org/2003/role/link" xlink:type="extended" xmlns:xlink="http://www.w3.org/1999/xlink">
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:label="mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_DisclosureOfGroupStructureAndProducts" xlink:label="mgplc_DisclosureOfGroupStructureAndProducts" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_SharesPurchasedInBuyBack" xlink:label="mgplc_SharesPurchasedInBuyBack" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:label="mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:label="mgplc_CashPaidOnAcquisitionsOfSubsidiaries" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_DescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid" xlink:label="mgplc_DescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_BenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance" xlink:label="mgplc_BenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_DescriptionOfAccountingPolicyForMergerReserve" xlink:label="mgplc_DescriptionOfAccountingPolicyForMergerReserve" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_UnallocatedSurplusOfTheWithProfitsFund" xlink:label="mgplc_UnallocatedSurplusOfTheWithProfitsFund" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_StatementOfChangesInEquityLineItemsLineItems" xlink:label="mgplc_StatementOfChangesInEquityLineItemsLineItems" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_TotalChargesNetOfReinsurance" xlink:label="mgplc_TotalChargesNetOfReinsurance" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:label="mgplc_ThirdPartyInterestInConsolidatedFunds" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_DescriptionOfAccountingPolicyForInvestmentReturn" xlink:label="mgplc_DescriptionOfAccountingPolicyForInvestmentReturn" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_NetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:label="mgplc_NetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus" xlink:label="mgplc_AdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_InvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures" xlink:label="mgplc_InvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_OutwardReinsurancePremiums" xlink:label="mgplc_OutwardReinsurancePremiums" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:label="mgplc_NonControllingInterestsArisingThroughBusinessCombinations" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_TaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:label="mgplc_TaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:label="mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:label="mgplc_AccruedInvestmentIncomeAndOtherDebtors" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_TaxCreditChargeAttributableToEquityHolders" xlink:label="mgplc_TaxCreditChargeAttributableToEquityHolders" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:label="mgplc_SharesHeldByEmployeeBenefitTrustMember" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_SeedCapitalIncludedInAssetsHeldForSale" xlink:label="mgplc_SeedCapitalIncludedInAssetsHeldForSale" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AdjustmentsForInvestments" xlink:label="mgplc_AdjustmentsForInvestments" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:label="mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_SharesHeldByEmployeeBenefitTrust" xlink:label="mgplc_SharesHeldByEmployeeBenefitTrust" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_OutwardReinsurersShareOfBenefitAndClaims" xlink:label="mgplc_OutwardReinsurersShareOfBenefitAndClaims" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_VestedEmployeeShareBasedPayments" xlink:label="mgplc_VestedEmployeeShareBasedPayments" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_HeldForSaleAssetsTransferredBackToInvestmentProperty" xlink:label="mgplc_HeldForSaleAssetsTransferredBackToInvestmentProperty" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:label="mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_DisclosureOfLoans" xlink:label="mgplc_DisclosureOfLoans" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:label="mgplc_TaxChargeAttributableToPolicyholdersReturns" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:label="mgplc_AccrualsDeferredIncomeAndOtherLiabilities" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:label="mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_StatementOfChangesInEquityLineItemsTable" xlink:label="mgplc_StatementOfChangesInEquityLineItemsTable" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_SharesDistributedByEmployeeTrusts" xlink:label="mgplc_SharesDistributedByEmployeeTrusts" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_GrossPremiumsEarned" xlink:label="mgplc_GrossPremiumsEarned" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_Deposits" xlink:label="mgplc_Deposits" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_BenefitsAndClaims" xlink:label="mgplc_BenefitsAndClaims" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:label="mgplc_SubordinatedLiabilitiesAndOtherBorrowings" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax" xlink:label="mgplc_AmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:label="mgplc_ProfitBeforeTaxAttributableToEquityHolders" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:label="mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_DisclosureOfSegmentalAnalysis" xlink:label="mgplc_DisclosureOfSegmentalAnalysis" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:label="mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_MovementInUnallocatedSurplusOfTheWithProfitsFund" xlink:label="mgplc_MovementInUnallocatedSurplusOfTheWithProfitsFund" />
    <loc xlink:type="locator" xlink:href="254900twujuq44tqjy84-2022-12-31.xsd#mgplc_AccountingPolicyForCapitalRedemptionReserve" xlink:label="mgplc_AccountingPolicyForCapitalRedemptionReserve" />
    <labelArc xlink:type="arc" xlink:from="mgplc_GrossPremiumsEarned" xlink:to="label_mgplc_mgplcGrossPremiumsEarned_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_OutwardReinsurancePremiums" xlink:to="label_mgplc_mgplcOutwardReinsurancePremiums_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_BenefitsAndClaims" xlink:to="label_mgplc_mgplcBenefitsAndClaims_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_OutwardReinsurersShareOfBenefitAndClaims" xlink:to="label_mgplc_mgplcOutwardReinsurersShareOfBenefitAndClaims_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_MovementInUnallocatedSurplusOfTheWithProfitsFund" xlink:to="label_mgplc_mgplcMovementInUnallocatedSurplusOfTheWithProfitsFund_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_BenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance" xlink:to="label_mgplc_mgplcBenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_MovementsInThirdPartyInterestInConsolidatedFunds" xlink:to="label_mgplc_mgplcMovementsInThirdPartyInterestInConsolidatedFunds_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_TotalChargesNetOfReinsurance" xlink:to="label_mgplc_mgplcTotalChargesNetOfReinsurance_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_TaxChargeAttributableToPolicyholdersReturns" xlink:to="label_mgplc_mgplcTaxChargeAttributableToPolicyholdersReturns_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_ProfitBeforeTaxAttributableToEquityHolders" xlink:to="label_mgplc_mgplcProfitBeforeTaxAttributableToEquityHolders_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_TaxCreditChargeAttributableToEquityHolders" xlink:to="label_mgplc_mgplcTaxCreditChargeAttributableToEquityHolders_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax" xlink:to="label_mgplc_mgplcAmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_Deposits" xlink:to="label_mgplc_mgplcDeposits_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AccruedInvestmentIncomeAndOtherDebtors" xlink:to="label_mgplc_mgplcAccruedInvestmentIncomeAndOtherDebtors_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_SharesHeldByEmployeeBenefitTrust" xlink:to="label_mgplc_mgplcSharesHeldByEmployeeBenefitTrust_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_InvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures" xlink:to="label_mgplc_mgplcInvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_InvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures" xlink:to="label_mgplc_mgplcInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_UnallocatedSurplusOfTheWithProfitsFund" xlink:to="label_mgplc_mgplcUnallocatedSurplusOfTheWithProfitsFund_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_ThirdPartyInterestInConsolidatedFunds" xlink:to="label_mgplc_mgplcThirdPartyInterestInConsolidatedFunds_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_SubordinatedLiabilitiesAndOtherBorrowings" xlink:to="label_mgplc_mgplcSubordinatedLiabilitiesAndOtherBorrowings_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AccrualsDeferredIncomeAndOtherLiabilities" xlink:to="label_mgplc_mgplcAccrualsDeferredIncomeAndOtherLiabilities_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_SeedCapitalIncludedInAssetsHeldForSale" xlink:to="label_mgplc_mgplcSeedCapitalIncludedInAssetsHeldForSale_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_InvestmentPropertyIncludedInAssetsHeldForSale" xlink:to="label_mgplc_mgplcInvestmentPropertyIncludedInAssetsHeldForSale_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_HeldForSaleAssetsTransferredBackToInvestmentProperty" xlink:to="label_mgplc_mgplcHeldForSaleAssetsTransferredBackToInvestmentProperty_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:to="label_mgplc_mgplcAssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_LiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles" xlink:to="label_mgplc_mgplcLiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:to="label_mgplc_SharesHeldByEmployeeBenefitTrustMember" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_SharesPurchasedInBuyBack" xlink:to="label_mgplc_mgplcSharesPurchasedInBuyBack_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_SharesDistributedByEmployeeTrusts" xlink:to="label_mgplc_mgplcSharesDistributedByEmployeeTrusts_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_VestedEmployeeShareBasedPayments" xlink:to="label_mgplc_mgplcVestedEmployeeShareBasedPayments_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_ExpenseRecognisedInRespectOfShareBasedPayments" xlink:to="label_mgplc_mgplcExpenseRecognisedInRespectOfShareBasedPayments_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_StatementOfChangesInEquityLineItemsTable" xlink:to="label_mgplc_StatementOfChangesInEquityLineItemsTable" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_StatementOfChangesInEquityLineItemsLineItems" xlink:to="label_StatementOfChangesInEquityLineItemsLineItems" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_NonControllingInterestsArisingThroughBusinessCombinations" xlink:to="label_mgplc_mgplcNonControllingInterestsArisingThroughBusinessCombinations_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AdjustmentsForInvestments" xlink:to="label_mgplc_mgplcAdjustmentsForInvestments_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus" xlink:to="label_mgplc_mgplcAdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_NetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities" xlink:to="label_mgplc_mgplcNetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_InvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles" xlink:to="label_mgplc_mgplcInvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_TaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities" xlink:to="label_mgplc_mgplcTaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_CashPaidOnAcquisitionsOfSubsidiaries" xlink:to="label_mgplc_mgplcCashPaidOnAcquisitionsOfSubsidiaries_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_CashAcquiredOnAcquisitionsOfSubsidiaries" xlink:to="label_mgplc_mgplcCashAcquiredOnAcquisitionsOfSubsidiaries_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_DescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid" xlink:to="label_mgplc_mgplcDescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_DescriptionOfAccountingPolicyForInvestmentReturn" xlink:to="label_mgplc_mgplcDescriptionOfAccountingPolicyForInvestmentReturn_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_DescriptionOfAccountingPolicyForMergerReserve" xlink:to="label_mgplc_mgplcDescriptionOfAccountingPolicyForMergerReserve_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_AccountingPolicyForCapitalRedemptionReserve" xlink:to="label_mgplc_mgplcAccountingPolicyForCapitalRedemptionReserve_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_DisclosureOfGroupStructureAndProducts" xlink:to="label_mgplc_mgplcDisclosureOfGroupStructureAndProducts_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_DisclosureOfSegmentalAnalysis" xlink:to="label_mgplc_mgplcDisclosureOfSegmentalAnalysis_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <labelArc xlink:type="arc" xlink:from="mgplc_DisclosureOfLoans" xlink:to="label_mgplc_mgplcDisclosureOfLoans_Standard" order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <label xlink:label="label_mgplc_mgplcGrossPremiumsEarned_Standard" id="mgplc_mgplcGrossPremiumsEarned_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Gross premiums earned</label>
    <label xlink:label="label_mgplc_mgplcOutwardReinsurancePremiums_Standard" id="mgplc_mgplcOutwardReinsurancePremiums_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Outward reinsurance premiums</label>
    <label xlink:label="label_mgplc_mgplcBenefitsAndClaims_Standard" id="mgplc_mgplcBenefitsAndClaims_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Benefits and claims</label>
    <label xlink:label="label_mgplc_mgplcOutwardReinsurersShareOfBenefitAndClaims_Standard" id="mgplc_mgplcOutwardReinsurersShareOfBenefitAndClaims_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Outward reinsurers’ share of benefit and claims</label>
    <label xlink:label="label_mgplc_mgplcMovementInUnallocatedSurplusOfTheWithProfitsFund_Standard" id="mgplc_mgplcMovementInUnallocatedSurplusOfTheWithProfitsFund_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movement in unallocated surplus of the With-Profits Fund</label>
    <label xlink:label="label_mgplc_mgplcBenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance_Standard" id="mgplc_mgplcBenefitsAndClaimsAndMovementInUnallocatedSurplusOfTheWithProfitsFundNetOfReinsurance_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Benefits and claims and movement in unallocated surplus of the With-Profits Fund, net of reinsurance</label>
    <label xlink:label="label_mgplc_mgplcMovementsInThirdPartyInterestInConsolidatedFunds_Standard" id="mgplc_mgplcMovementsInThirdPartyInterestInConsolidatedFunds_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Movements in third party interest in consolidated funds</label>
    <label xlink:label="label_mgplc_mgplcTotalChargesNetOfReinsurance_Standard" id="mgplc_mgplcTotalChargesNetOfReinsurance_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Total charges, net of reinsurance</label>
    <label xlink:label="label_mgplc_mgplcTaxChargeAttributableToPolicyholdersReturns_Standard" id="mgplc_mgplcTaxChargeAttributableToPolicyholdersReturns_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax charge attributable to policyholders’ returns</label>
    <label xlink:label="label_mgplc_mgplcProfitBeforeTaxAttributableToEquityHolders_Standard" id="mgplc_mgplcProfitBeforeTaxAttributableToEquityHolders_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Profit before tax attributable to equity holders</label>
    <label xlink:label="label_mgplc_mgplcTaxCreditChargeAttributableToEquityHolders_Standard" id="mgplc_mgplcTaxCreditChargeAttributableToEquityHolders_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax credit/(charge) attributable to equity holders</label>
    <label xlink:label="label_mgplc_mgplcAmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax_Standard" id="mgplc_mgplcAmountTransferredToUnallocatedSurplusOfTheWithProfitsFundNetOfRelatedTax_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Amount transferred to unallocated surplus of the With-Profits Fund, net of related tax</label>
    <label xlink:label="label_mgplc_mgplcDeposits_Standard" id="mgplc_mgplcDeposits_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Deposits</label>
    <label xlink:label="label_mgplc_mgplcAccruedInvestmentIncomeAndOtherDebtors_Standard" id="mgplc_mgplcAccruedInvestmentIncomeAndOtherDebtors_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accrued investment income and other debtors</label>
    <label xlink:label="label_mgplc_mgplcSharesHeldByEmployeeBenefitTrust_Standard" id="mgplc_mgplcSharesHeldByEmployeeBenefitTrust_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust</label>
    <label xlink:label="label_mgplc_mgplcInvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures_Standard" id="mgplc_mgplcInvestmentContractLiabilitiesWithDiscretionaryParticipationFeatures_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment contract liabilities with discretionary participation features</label>
    <label xlink:label="label_mgplc_mgplcInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_Standard" id="mgplc_mgplcInvestmentContractLiabilitiesWithoutDiscretionaryParticipationFeatures_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment contract liabilities without discretionary participation features</label>
    <label xlink:label="label_mgplc_mgplcUnallocatedSurplusOfTheWithProfitsFund_Standard" id="mgplc_mgplcUnallocatedSurplusOfTheWithProfitsFund_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Unallocated surplus of the With-Profits Fund</label>
    <label xlink:label="label_mgplc_mgplcThirdPartyInterestInConsolidatedFunds_Standard" id="mgplc_mgplcThirdPartyInterestInConsolidatedFunds_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Third party interest in consolidated funds</label>
    <label xlink:label="label_mgplc_mgplcSubordinatedLiabilitiesAndOtherBorrowings_Standard" id="mgplc_mgplcSubordinatedLiabilitiesAndOtherBorrowings_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Subordinated liabilities and other borrowings</label>
    <label xlink:label="label_mgplc_mgplcAccrualsDeferredIncomeAndOtherLiabilities_Standard" id="mgplc_mgplcAccrualsDeferredIncomeAndOtherLiabilities_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accruals, deferred income and other liabilities</label>
    <label xlink:label="label_mgplc_mgplcSeedCapitalIncludedInAssetsHeldForSale_Standard" id="mgplc_mgplcSeedCapitalIncludedInAssetsHeldForSale_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Seed capital included in assets held for sale</label>
    <label xlink:label="label_mgplc_mgplcInvestmentPropertyIncludedInAssetsHeldForSale_Standard" id="mgplc_mgplcInvestmentPropertyIncludedInAssetsHeldForSale_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment property included in assets held for sale</label>
    <label xlink:label="label_mgplc_mgplcHeldForSaleAssetsTransferredBackToInvestmentProperty_Standard" id="mgplc_mgplcHeldForSaleAssetsTransferredBackToInvestmentProperty_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Held for sale assets transferred back to investment property</label>
    <label xlink:label="label_mgplc_mgplcAssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_Standard" id="mgplc_mgplcAssetsHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Assets held for sale in relation to the Group's consolidated infrastructure capital private equity vehicles</label>
    <label xlink:label="label_mgplc_mgplcLiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_Standard" id="mgplc_mgplcLiabilitiesHeldForSaleInRelationToTheGroupsConsolidatedInfrastructureCapitalPrivateEquityVehicles_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Liabilities held for sale in relation to the Group's consolidated infrastructure capital private equity vehicles</label>
    <label xlink:label="label_mgplc_SharesHeldByEmployeeBenefitTrustMember" id="mgplc_SharesHeldByEmployeeBenefitTrustMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares held by employee benefit trust [member]</label>
    <label xlink:label="label_mgplc_mgplcSharesPurchasedInBuyBack_Standard" id="mgplc_mgplcSharesPurchasedInBuyBack_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares purchased in buy-back</label>
    <label xlink:label="label_mgplc_mgplcSharesDistributedByEmployeeTrusts_Standard" id="mgplc_mgplcSharesDistributedByEmployeeTrusts_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Shares distributed by employee trusts</label>
    <label xlink:label="label_mgplc_mgplcVestedEmployeeShareBasedPayments_Standard" id="mgplc_mgplcVestedEmployeeShareBasedPayments_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Vested employee share-based payments</label>
    <label xlink:label="label_mgplc_mgplcExpenseRecognisedInRespectOfShareBasedPayments_Standard" id="mgplc_mgplcExpenseRecognisedInRespectOfShareBasedPayments_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Expense recognised in respect of share-based payments</label>
    <label xlink:label="label_mgplc_StatementOfChangesInEquityLineItemsTable" id="mgplc_StatementOfChangesInEquityLineItemsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of changes in equity [line items] [table]</label>
    <label xlink:label="label_StatementOfChangesInEquityLineItemsLineItems" id="StatementOfChangesInEquityLineItemsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Statement of changes in equity [line items] [line items]</label>
    <label xlink:label="label_mgplc_mgplcNonControllingInterestsArisingThroughBusinessCombinations_Standard" id="mgplc_mgplcNonControllingInterestsArisingThroughBusinessCombinations_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Non-controlling interests arising through business combinations</label>
    <label xlink:label="label_mgplc_mgplcAdjustmentsForInvestments_Standard" id="mgplc_mgplcAdjustmentsForInvestments_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for investments</label>
    <label xlink:label="label_mgplc_mgplcAdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus_Standard" id="mgplc_mgplcAdjustmentsForPolicyholderLiabilitiesIncludingUnallocatedSurplus_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Adjustments for policyholder liabilities (including unallocated surplus)</label>
    <label xlink:label="label_mgplc_mgplcNetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities_Standard" id="mgplc_mgplcNetCashPaidAcquiredOnAcquisitionOfSubsidiariesClassifiedAsInvestingActivities_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Net cash (paid)/acquired on acquisition of subsidiaries classified as investing activities</label>
    <label xlink:label="label_mgplc_mgplcInvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles_Standard" id="mgplc_mgplcInvestmentInSubsidiariesByConsolidatedPrivateEquityVehicles_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Investment in subsidiaries by consolidated private equity vehicles</label>
    <label xlink:label="label_mgplc_mgplcTaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities_Standard" id="mgplc_mgplcTaxPaidOnProfitsAtPolicyholderRatesClassifiedAsOperatingActivities_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Tax paid on profits at policyholder rates classified as operating activities</label>
    <label xlink:label="label_mgplc_mgplcCashPaidOnAcquisitionsOfSubsidiaries_Standard" id="mgplc_mgplcCashPaidOnAcquisitionsOfSubsidiaries_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash paid on acquisitions of subsidiaries</label>
    <label xlink:label="label_mgplc_mgplcCashAcquiredOnAcquisitionsOfSubsidiaries_Standard" id="mgplc_mgplcCashAcquiredOnAcquisitionsOfSubsidiaries_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Cash acquired on acquisitions of subsidiaries</label>
    <label xlink:label="label_mgplc_mgplcDescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid_Standard" id="mgplc_mgplcDescriptionOfAccountingPolicyForEarnedPremiumsPolicyFeesAndClaimsPaid_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for earned premiums, policy fees and claims paid</label>
    <label xlink:label="label_mgplc_mgplcDescriptionOfAccountingPolicyForInvestmentReturn_Standard" id="mgplc_mgplcDescriptionOfAccountingPolicyForInvestmentReturn_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for investment return</label>
    <label xlink:label="label_mgplc_mgplcDescriptionOfAccountingPolicyForMergerReserve_Standard" id="mgplc_mgplcDescriptionOfAccountingPolicyForMergerReserve_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Description of accounting policy for merger reserve</label>
    <label xlink:label="label_mgplc_mgplcAccountingPolicyForCapitalRedemptionReserve_Standard" id="mgplc_mgplcAccountingPolicyForCapitalRedemptionReserve_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Accounting policy for capital redemption reserve</label>
    <label xlink:label="label_mgplc_mgplcDisclosureOfGroupStructureAndProducts_Standard" id="mgplc_mgplcDisclosureOfGroupStructureAndProducts_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of group structure and products</label>
    <label xlink:label="label_mgplc_mgplcDisclosureOfSegmentalAnalysis_Standard" id="mgplc_mgplcDisclosureOfSegmentalAnalysis_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of segmental analysis</label>
    <label xlink:label="label_mgplc_mgplcDisclosureOfLoans_Standard" id="mgplc_mgplcDisclosureOfLoans_Standard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en">Disclosure of loans</label>
  </labelLink>
</linkbase>