Amundi: Fourth quarter & Full-year 2024 results
Amundi: Fourth quarter & Full-year
2024 results
Record 2024 net
income1,2 at €1.4
billion
Results
at the highest historical level |
|
2024 adjusted net
income1,
2 of €1,382m, up sharply: +13% vs.
2023
- Thanks to
Revenue growth (+9%) and improvement of the
Cost-to-income ratio to 52.5%2
- Earnings per
share2: €6.75
Q4 2024 - adjusted net
income1,2
€377m, up +20% Q4/Q4
Dividend proposed to the Annual General Meeting of
27 May 2025 at €4.25 per share |
|
|
|
2024 net inflows multiplied by 2 compared to
2023 |
|
Assets under
management3 at a new
record of €2,240bn at end-2024, +10% year-on-year
Net inflows3
+€55bn over the year, of which +€34bn in medium to long
term assets excl. JVs
Q4 net inflows +€20bn, incl. +€18bn in medium to long term
assets, record ETF inflows: +€11bn
Amundi Technology: strong revenue growth and
acquisition of aixigo |
|
|
|
Major advances
of the plan
Ambitions 2025 |
|
AuM targets achieved one year ahead of schedule for
Third-Party Distribution and Passive
Management
Net income2:
+6.1% average annual growth 2021-24, above the Ambitions
2025 target
2024 Cost/income
ratio2 already on 2025
target
3 value-creating external growth
operations, in line with strategic and financial
objectives
ESG Ambitions 2025 plan on track |
Paris, 4 February 2025
Amundi's Board of Directors met on 3 February 2025 under the
chairmanship of Philippe Brassac, and approved the financial
statements for the fourth quarter and full year 2024.
Valérie Baudson, Chief Executive
Officer, said:
"2024 was a record year for Amundi, both in terms of results
and activity. Our net income has reached €1.4bn and our net inflows
have doubled compared to 2023.
Our assets under management are at an all-time high, at more
than €2.2tn, thanks to very dynamic inflows in several strategic
areas, such as third-party distributors, ETFs and Asia. We have
also confirmed and expanded our leading position in fixed income
strategies. The success of our technological services offer was
also strengthened.
Finally, we carried out three external growth operations. They
accelerate our development and create value for our clients and
shareholders.
This commercial performance translated into record results,
both for the year and in the fourth quarter. Our cost/income ratio,
at the best level in the industry, is already in line with our 2025
target. This strong financial performance allows us to propose an
increased dividend, offering an attractive return for our
shareholders.
2024 marks an acceleration of the diversification that was
initiated with the plan Ambitions 2025, several objectives of which
have already been achieved, one year ahead of schedule.
Close to our clients and attentive to their needs, we are very
well positioned on the mega-trends of the savings industry. This
makes us confident about our future growth. »
* * * * *
Accelerating diversification on industry
mega-trends
In 2024, the strategic priorities of the plan
Ambitions 2025 contributed significantly to the growth of activity
and results. They ideally position Amundi on the key growth drivers
of the savings industry.
- Third-Party
Distribution delivered strong growth in its assets under
management, +27% year-on-year to €401bn at the end of December and
at the objective of the plan Ambitions 2025, one year ahead of
schedule; Third-Party Distribution now represents 57% of Retail
segment's assets under management; 2024 net inflows of +€32bn were
at an all-time high, highly diversified across all regions and
asset classes: +€5bn in active management, +€18bn in ETFs and +€9bn
in treasury products; Q4 was the strongest quarter for inflows in
history, at +€13bn, with the same dominance as for the year; 12 new
partnerships with digital players were signed in 2024
(BourseDirect, Scalable, Moneyfarm, etc.), bringing to 45 the
number of partnerships with this type of player, in Europe and
Asia;
-
ETFs4 reached €268bn
in assets under management at the end of December, up +30%
year-on-year, driven by record net inflows of +€27.8bn for the
year, including +€10.5bn in Q4, diversified by client segments and
between equity and fixed income products; these inflows were driven
by the success of the US and global equity ranges, in particular
the S&P500 ETF, innovative products such as the Amundi MSCI US
Mega Cap and ex Mega Cap, as well as the Amundi Prime All Country
World UCIT ETF, which has gathered more than +€2bn in 9
months;
-
Asia saw its assets under management increase by
+17% year-on-year, to €469bn, thanks to +€28bn in inflows in 2024,
positive in the 9 countries where Amundi operates; the Indian JV
SBI MF continued to grow (€292bn in assets under management, +23%
year-on-year with +€20.6bn in net inflows), as well as direct
distribution excluding JVs (€103bn in assets under management, +16%
year-on-year, with 2024 net inflows of +€5bn); 2024 was marked by
the success of the partnership with Standard Chartered and the
launch of a range of "CIO Signature Funds", with assets under
management reaching $2bn managed on behalf of the bank's clients in
11 countries, in Asia, the Middle East and Africa; finally, the
contribution to net income from Asian JVs, at €123m, increased by
+20.9%, particularly the Indian JV (+31.5%, at €104m);
- Fixed
income expertise now manages €1,190bn in assets under
management5 via a very wide range of solutions, which we
have adapted in the face of the variations in long-term rates over
the year; these solutions gathered +€57.5bn5 in 2024, of
which +€11.7bn5 in Q4, thanks to a wider range of
strategies: Amundi remains, as in 2023, the leader in Europe for
maturity funds and fixed income ETFs, and the success of the
inflows extended in 2024 to short-term fixed income solutions,
securitisation, euro credit or stable duration strategies;
- technology
revenues recorded a strong increase by +33.8% compared to
2023, to €80m, and +47.1% Q4/Q4; Amundi Technology completed in Q4
the acquisition of the European leader in Wealth Tech, aixigo,
complementing the ALTO6 Wealth and Distribution platform
with a modular offering recognised in the industry.
Objectives of the plan Ambitions 2025
achieved one year ahead of schedule
Major objectives were achieved by 2024 and
Amundi’s financial results are higher than planned in the
trajectory of the Plan Ambitions 2025:
- assets under
management targets have been or are close to being reached at the
end of 2024, a year ahead of schedule, for third-party
distributors (€401bn vs. the €400bn target),
passive management (€418bn vs. €420bn) and even
Asia (€469bn, at 6% of the €500bn target);
- 2024 cost
income ratio2 at
52,5%, is already on target for 2025 (less than
53%);
-
2024 net
income2, at
€1,382m, shows an average annual growth
rate (CAGR) of +6.1% compared to the reference 2021 net
income7 of the Plan, above the target of +5%; even
restated for the slight positive market effect between 2021 and
2024, it is above the target, at +5.5%;
- for 2024, the
proposed dividend of €4.25 per share corresponds to a
payout ratio8
of 67%, above the minimum target of the
Medium-Term Plan (65%), as in 2022 and 2023;
- the average
dividend payout ratio over 2022-24, at
72%, corresponds to a distribution surplus of
+€0.24bn over the period, to which are added three external
transactions that also consumed the capital generated over the
period to the tune of +€0.5bn; the surplus capital remaining
available for acquisitions at the end of 2024 is above €1bn;
- Amundi has achieved
three external growth operations: the acquisition
of the private assets multi-management specialist Alpha
Associates, closed in April 2024, the partnership with the
US asset manager Victory Capital, signed in July
and expected to be completed towards the end of the first quarter
of 2025, and finally the acquisition of the Wealth Tech
aixigo, closed in November 2024; these three
operations are in line with the strategic and financial objectives
of the plan Ambitions 2025; they will generate by 2027E9
a combined accretion of earnings per share2 of about +5%
and a return on investment of around 12%;
- finally, the
extra-financial and climate commitments of the plan ESG
Ambitions 2025 have been achieved or are on their way to
being achieved:
- the share of ETFs
(in number) meeting the ESG criteria10 of the SFDR
regulation reached 37% at the end of 2024, compared to a target of
40% at the end of 2025;
- the number of
companies with which we have engaged in shareholder dialogue on
their climate transition plans has increased by +1,478 since 2021,
compared to a target of +1,000 over 2021-25;
- Greenhouse gas
emissions per employee fell by -62% compared to 2018 on scopes 1,
2, and 3, against a target of a -30% reduction.
Activity
A favourable market environment in the
quarter as well as over the year
In the fourth quarter of 2024, the average level
of equity markets11
increased by +2.8% compared to the previous quarter and by +19.5%
compared to the same quarter of 2023. European bond
markets12 were also
up, by +1.6% compared to the previous quarter and by +6.7%
compared to the same quarter of 2023, reflecting the ECB's rate cut
decisions and the tightening of credit spreads. The market effect
is therefore positive on the evolution of Amundi's revenues over
these two periods.
Compared to the 2021 averages reference for the
Plan Ambitions 2025, the market effect is only very slightly
positive.
The asset management market in
Europe continued its recovery in the fourth
quarter. Net inflows in open-ended funds13, at
+€232bn, were driven by passive management (+€111bn) and by
treasury products (+€74bn). For the third consecutive quarter,
medium- to long-term active management recorded positive flows
(+€46bn) driven by fixed income strategies (+€61bn).
Inflows at the highest level since 2021,
more than double the 2023 net inflows, and new record for
assets
Net inflows in the
quarter amounted to +€20.5bn. For
the year, net inflows reached +€55.4bn,
twice the level of 2023.
Amundi’s assets under
management3 as of 31
December 2024 grew by +2.2% over the quarter and
+10.0% over the year to reach a new record of
€2,240bn. They benefited from market appreciation
and from a high level of inflows, the highest since 2021. The
market and currency effect amounted to +€28.1bn in the fourth
quarter of 2024, and +€140.1bn in 2024. The increase in assets
under management also benefited from the integration of Alpha
Associates since the second quarter of 2024 (+€7.9bn in April).
Net inflows for the year amount
to +€55.4bn, of which +€34bn in MLT
assets14,15.
The last quarter is particularly dynamic,
+€17.9bn, thus representing more than half of the
MLT inflows14 of the year.
These MLT14 inflows continued this
quarter to be driven by ETFs (+€10.5bn) and
active management (+€5.5bn), notably through the
active fixed income strategies (+€9.1bn). Also of
note was a good performance in structured products, at +€0.9bn.
The rest of net inflows for the quarter came
from treasury products (+€0.7bn)
and JVs (+€1.9bn)
All client segments contributed to the
positive net inflows:
- the Retail
segment, at +€11.5bn, recorded its
highest level of inflows since 2021, thanks to Third-Party
Distributors (+€12.7bn); Partner networks in France experienced net
positive flows (+€0.8bn), compared to net outflows from
International networks (-€1.4bn) and at Amundi BOC WM;
- The
Institutional segment, at
+€7.1bn, of which +€10.8bn in MLT
assets14, benefited from a strong contribution from
Institutionals and Sovereigns (+€7.4bn) as well as CA & SG
Insurers (+3,7€bn) in MLT assets14, and from Corporates
(+€9.1bn) in treasury products;
-
JVs (+€1.9bn) continued to
benefit from dynamic inflows from SBI MF in India (+€2.3bn).
It should be noted regarding SBI MF that the
request for proposal, for the redeployment of the mandate of the
Indian pension fund EPFO16 has been launched. A
significant outflow is therefore likely to be expected in the
second or third quarter of 2025, with a completely negligible
effect on the revenues of the JV.
Fourth quarter and full-year 2024
results
Q4 2024: strong growth in net
income2, +20% Q4/Q4,
highest quarter ever
Adjusted
data2
In the fourth quarter of 2024, adjusted
net income2 reached €377m,
up +20.5% compared to the fourth quarter of
2023.
It includes Alpha Associates, whose acquisition
was finalised in early April, as well as aixigo for two months in
the fourth quarter of 2024.
The growth in net income is
mainly due to revenue growth and the very
strong momentum of Asian JVs.
Adjusted net
revenues2 reached €924m, up
+14.6% compared to the fourth quarter of 2023, mainly
driven by management and technology revenues:
- the sustained
growth in net management fees, of +13.5% compared
to the fourth quarter of 2023, to €820m, reflects the good level of
activity and the increase in average assets under management
excluding JVs (+10.5% over the same period);
- performance
fees (€57m) increased by +67.6% compared to the fourth
quarter of 2023 (€34m), benefiting from the good performance of
Amundi's management teams, with more than 69% of assets under
management ranked in the first or second quartiles according to
Morningstar17 over 1, 3 or 5 years, and 247 Amundi funds
rated 4 or 5 stars by Morningstar as of 31 December; fixed income
strategies accounted for half of total performance fees, coming
from very much diversified strategies;
- Amundi
Technology's revenues, at €26m, continued to grow strongly
(+47.1% compared to the fourth quarter of 2023), amplified this
quarter by the first consolidation of aixigo for two months in the
fourth quarter (+€5m);
-
finally, financial and other income2
amounted to €21m, down from the fourth quarter of 2023 due to the
impact of lower short-term rates in the euro area.
The increase in Operating
expenses2, by +13.1% compared to the fourth
quarter of 2023, to €482m, remains lower than the increase in
revenues (+14.6%) thus generating a positive jaws
effect which reflects the Group's operational
efficiency.
This increase is explained by:
- the first
consolidation of Alpha Associates and aixigo;
- investments in
development initiatives of the plan Ambitions 2025, including
technology, third-party distribution, Asia;
- provisioning for
individual variable remuneration, in line with the growth in
results
- non-recurring
items, including the charge related to the discount proposed in the
context of the capital increases of the Amundi and Crédit Agricole
S.A. groups, which was reserved for Amundi's employees;
Excluding these elements, the increase is in
line with inflation (2.5%).
The Cost income ratio at
52,1% in adjusted data2, improved from
the same quarter last year.
The Adjusted gross operating
income2 (GOI) amounted to
€443m, up +16,4% compared to the fourth
quarter of 2023, reflecting revenue growth.
Income from equity-accounted
companies18, at
€29m, was up +1.6% compared to the fourth
quarter of 2023. Growth was slowed by the impact of the decline in
Indian equity markets on the financial income of our JV, SBI MF,
which though continues to benefit from the strong growth of its
business along the year.
Adjusted earnings per
share2 in the fourth quarter of
2024 reached €1.84, up
+20,2%.
Accounting data in the fourth
quarter of 2024
Accounting Net income Group share amounted to
€349m, including non-cash expenses related to the
acquisitions of Alpha Associates and aixigo, and the amortisation
of intangible assets related to distribution contracts and client
contracts, for a total of -€17m after tax. Integration costs
related to aixigo and the partnership with Victory Capital, whose
closing is expected towards the end of the first quarter 2025, were
also recorded in the fourth quarter of 2024, for a total of -€10m
after tax. In addition, depreciation and amortisation on
adjustments to the value of intangible assets after the integration
of aixigo were also recorded in operating expenses for -€1m after
tax (see p. 12 for a detail of all these items).
Accounting earnings per share for the fourth
quarter of 2024 reached €1.70.
2024: record net income
For the year 2024, the adjusted net
income2 amounts to
€1,382m, up +13.0%.
This strong growth reflects the high level of
activity:
- Adjusted
net revenues2 have increased
by +9,2% compared to 2023, to €3,497m, mainly
driven by management revenues; net management fees increased by
+8.3%, in line with the growth in average assets under management;
the increase in performance fees (+17.3%) is explained by a very
good performance of the management teams, particularly for active
bond strategies; Amundi Technology's revenues also grew strongly,
by +33.8% to €80m with the ramp-up of revenues gained from the
acquisition of 8 clients in 2024, and reinforced with the
acquisition of aixigo for two months in 2024 (+€5m);
- Net management fee
margins were stable compared to
2023 at 17.7 basis points, as the positive effects
of market appreciation and the client mix offset the unfavourable
effect of the product mix;
- Adjusted
operating expenses2 grew less
than revenues, by +7.7% to €1,837m, generating a positive jaws
effect; almost half of this increase was due to the consolidation
of Alpha Associates and aixigo, investments in growth areas
(technology, ETFs, third-party distribution, Asia, etc.) and higher
provisions for variable compensation, in line with the increase in
revenues;
- the
Adjusted cost income
ratio2 reached 52.5%, compared
to 53.2% in 2023, at the best level and at the 2025 target.
The Adjusted gross operating
income2 (GOI) amounted to
€1,660m, up +10,8% compared to 2023.
Income from equity-accounted
companies18 accentuates this
growth. At €123m, +20.9% compared to the full year
of 2023, it grew faster than operating profit, mainly driven by
India, whose contribution exceeded €100m (€104m) for the first
time.
Adjusted earnings per
share2 reached €6.75 in
2024.
Accounting data for the year
2024
Accounting Net income Group share amounted to
€1,305m, including non-cash expenses related to the acquisitions of
Alpha Associates and aixigo and the amortisation of intangible
assets related to distribution contracts and client contracts, for
a total of -€67m after tax. Integration costs related to aixigo and
the partnership with Victory Capital, whose closing is expected
towards the end of the first quarter 2025, were also recorded in
2024, for a total of -€10m after tax. In addition, depreciation and
amortisation on adjustments to the value of intangible assets after
the integration of aixigo were also recorded in operating expenses
for -€1m after tax (see p. 12 for a detail of all these items).
Accounting earnings per share for the year 2024
reached €6.37.
A solid financial structure and a dividend
of €4.25 per share
Tangible net
assets19 amounted to €4.5bn at 31
December 2024, up +€0.2bn or +4.5% compared to the end of 2023.
This increase is in particular the result of the accounting net
income for the year 2024 (+€1.4bn20) the payment of
dividends (-€0.8bn) for the 2023 financial year and the recognition
of goodwill and intangible assets in respect of the two
acquisitions finalised in 2024, Alpha Associates and aixigo
(-€0.5bn).
On 5 September 2024, the FitchRatings rating
agency confirmed Amundi's long-term rating at A+ with a stable
outlook, the best in the sector.
The Board of Directors will propose to the Annual
General Meeting on 27 May 2025, a dividend of €4.25 per
share, in cash, an increase compared to
the dividend paid for the 2023 financial year.
This dividend corresponds to a payout ratio of 67%
of net income Group share, and a yield of more than 6% based on the
share price as of 31 January 2025 (closing price of €68).
The ex-dividend date will be Tuesday 10 June
2025 and will be paid as of Thursday 12 June 2025.
Since the listing in November 2015, the
TSR21 (total shareholder return) has been +126%, i.e.
+9.2% per year on average.
* * * * *
ANNEXES
Adjusted income
statement2 2024 and
2023
(€m) |
|
2024 |
2023 |
% var.
2024/2023 |
|
|
|
|
|
Net revenuee - adjusted |
|
3,497 |
3,204 |
+9.2% |
Management fees |
|
3,184 |
2,940 |
+8.3% |
Performance fees |
|
145 |
123 |
+17.3% |
Technology |
|
80 |
60 |
+33.8% |
Financial income and other net income |
|
88 |
80 |
+9.7% |
Operating expenses - adjusted |
|
(1,837) |
( 1,706) |
+7.7% |
Cost income ratio - adjusted (%) |
|
52.5% |
53.2% |
-0.7pp |
Gross operating income - adjusted |
|
1,660 |
1,498 |
+10.8% |
Cost of risk & others |
|
(10) |
(8) |
+28.7% |
Equity-accounted companies |
|
123 |
102 |
+20.9% |
Income before tax - adjusted |
|
1,774 |
1,592 |
+11.4% |
Corporate taxes |
|
(394) |
(374) |
+5.5% |
Non-controlling interests |
|
3 |
5 |
-43.5% |
Net income, Group share - adjusted |
|
1,382 |
1,224 |
+13.0% |
Amortisation of intangible assets, after tax |
|
(67) |
(59) |
+13.2% |
Amortisation related to aixigo PPA, after tax |
|
(1) |
- |
- |
Integration costs, after tax |
|
(10) |
- |
NS |
Net income Group share |
|
1,305 |
1,165 |
+12.0% |
Earnings per share (€) |
|
6.37 |
5.70 |
+11.7% |
Earnings per share - adjusted(€) |
|
6.75 |
5.99 |
+12.6% |
Adjusted income
statement2 of the
fourth quarter of 2024
(€m) |
|
Q4 2024 |
Q4 2023 |
% var.
Q4/Q4 |
|
Q3 2024 |
% var.
Q4/Q3 |
|
|
|
|
|
|
|
|
Net revenue - adjusted |
|
924 |
806 |
+14.6% |
|
862 |
+7.3% |
Management fees |
|
820 |
723 |
+13.5% |
|
805 |
+1.9% |
Performance fees |
|
57 |
34 |
+67.6% |
|
20 |
NS |
Technology |
|
26 |
18 |
+47.1% |
|
20 |
+32.6% |
Financial income and other net income |
|
21 |
32 |
-33.4% |
|
17 |
+22.7% |
Operating expenses - adjusted |
|
(482) |
(426) |
+13.1% |
|
(456) |
+5.6% |
Cost income ratio - adjusted (%) |
|
52.1% |
52,8% |
-0.7pp |
|
52.9% |
-0.8pp |
Gross operating income - adjusted |
|
443 |
381 |
+16.4% |
|
406 |
+9.1% |
Cost of risk & others |
|
(3) |
(2) |
+40.0% |
|
(2) |
+62.8% |
Equity-accounted companies |
|
29 |
29 |
+1.6% |
|
33 |
-10.4% |
Income before tax - adjusted |
|
469 |
407 |
+15.2% |
|
437 |
+7.4% |
Corporate taxes |
|
(93) |
(96) |
-3.9% |
|
(101) |
-7.8% |
Non-controlling interests |
|
1 |
2 |
-64.6% |
|
1 |
-4.4% |
Net income Group share - adjusted |
|
377 |
313 |
+20.5% |
|
337 |
+11.9% |
Amortization of intangible assets after tax |
|
(17) |
(15) |
+17.9% |
|
(17) |
-0.3% |
Amortisation related to aixigo PPA after tax |
|
(1) |
- |
- |
|
- |
- |
Integration costs after tax |
|
(10) |
0 |
NS |
|
0 |
NS |
Net income, Group share |
|
349 |
299 |
+17.0% |
|
320 |
+9.3% |
Earnings per share (€) |
|
1.70 |
1.46 |
+16.7% |
|
1.56 |
+9.0% |
Earnings per share – adjusted (€) |
|
1.84 |
1.53 |
+20.2% |
|
1.65 |
+11.7% |
Evolution of assets under management
from the end of 2021 to the end of December
202422
(€bn) |
Assets
under management |
Net
Inflows |
Market &
forex effect |
Scope
effect |
|
Change in AuM
vs. previous quarter |
As of 31/12/2021 |
2,064 |
|
|
|
|
+14%23 |
Q1 2022 |
|
+3.2 |
-46.4 |
|
- |
|
As of 31/03/2022 |
2,021 |
|
|
|
|
-2.1% |
Q2 2022 |
|
+1.8 |
-97.75 |
|
- |
|
As of 30/06/2022 |
1,925 |
|
|
|
|
-4.8% |
Q3 2022 |
|
-12.9 |
-16.3 |
|
- |
|
As of 30/09/2022 |
1,895 |
|
|
|
|
-1.6% |
Q4 2022 |
|
+15.0 |
-6.2 |
|
- |
|
As of 31/12/2022 |
1,904 |
|
|
|
|
+0.5% |
Q1 2023 |
|
-11.1 |
+40.9 |
|
- |
|
As of 31/03/2023 |
1,934 |
|
|
|
|
+1.6% |
Q2 2023 |
|
+3.7 |
+23.8 |
|
- |
|
As of 31/06/2023 |
1,961 |
|
|
|
|
+1.4% |
Q3 2023 |
|
+13.7 |
-1.7 |
|
- |
|
As of 30/09/2023 |
1,973 |
|
|
|
|
+0.6% |
Q4 2023 |
|
+19.5 |
+63.8 |
|
-20 |
|
As of 31/12/2023 |
2,037 |
|
|
|
|
+3.2% |
Q1 2024 |
|
+16.6 |
+63.0 |
|
- |
|
As of 31/03/2024 |
2,116 |
|
|
|
|
+3.9% |
Q2 2024 |
|
+15.5 |
+16.6 |
|
+8 |
|
30/06/2024 |
2,156 |
|
|
|
|
+1.9% |
Q3 2024 |
|
+2.9 |
+32.5 |
|
- |
|
30/09/2024 |
2,192 |
|
|
|
|
+1.6% |
Q4 2024 |
|
+20.5 |
+28.1 |
|
- |
|
31/12/2024 |
2,240 |
|
|
|
|
+2.2% |
Total year-on-year from December 31, 2023
to December 31, 2024: +10.0%
- Net inflows
+€55.4bn
- Market & foreign exchange rate
effects +€140.1bn
- Scope
effects +€7.9bn
(First consolidation of Alpha Associates in Q2 2024, the
acquisition of aixigo has no effect on assets under
management)
Details of assets under management and
net inflows by client
segments24
(€bn) |
AuM
31.12.2024 |
AuM
31.12.2023 |
% change /31.12.2023 |
Inflows Q4 2024 |
Inflows Q4 2023 |
Inflows 2024 |
Inflows 2023 |
French networks |
138 |
132 |
+4.7% |
+0.8 |
+1.1 |
+1.1 |
+5.7 |
International networks |
167 |
162 |
+3.0% |
-2.1 |
-0.4 |
-6.5 |
-3.6 |
Of which Amundi BOC WM |
2 |
3 |
-32.7% |
-0.6 |
-0.4 |
-1.2 |
-3.7 |
Third-Party Distributors |
401 |
317 |
+26.6% |
+12.7 |
+0.5 |
+31.9 |
+4.6 |
Retail |
706 |
611 |
+15.6% |
+11.5 |
+1.1 |
+26.6 |
+6.8 |
Institutional & Sovereigns (*) |
521 |
486 |
+7.2% |
-0.7 |
-1.6 |
+0.7 |
+12.9 |
Corporates |
122 |
111 |
+9.9% |
+8.6 |
+10.1 |
+2.8 |
+2.7 |
Employee savings plan |
90 |
86 |
+3.8% |
+0.7 |
-0.7 |
+3.1 |
+1.9 |
CA & SG Insurers |
429 |
427 |
+0.6% |
-1.5 |
+4.3 |
-1.0 |
-5.4 |
Institutional |
1,162 |
1,110 |
+4.7% |
+7.1 |
+12.0 |
+5.6 |
+12.0 |
JVs |
372 |
316 |
+17.7% |
+1.9 |
+6.3 |
+23.3 |
+7.0 |
Total |
2,240 |
2,037 |
+10.0% |
+20.5 |
+19.5 |
+55.4 |
+25.8 |
Details of assets under management and
net inflows by asset
classes24
(€bn) |
AuM
31.12.2024 |
AuM
31.12.2023 |
% change /31.12.2023 |
Inflows Q4 2024 |
Inflows Q4 2023 |
Inflows 2024 |
Inflows 2023 |
Equity |
544 |
467 |
+16.6% |
+7.3 |
+0.1 |
+7.3 |
+2.2 |
Multi-assets |
274 |
279 |
-1.8% |
-0.9 |
-7.5 |
-23.2 |
-24.5 |
Bonds |
747 |
656 |
+13.9% |
+10.6 |
+7.4 |
+47.4 |
+17.6 |
Real, alternative & structured assets |
114 |
107 |
+6.2% |
+0.9 |
+1.9 |
+2.4 |
+4.3 |
MLT ASSETS excl. JVs |
1,680 |
1,510 |
+11.3% |
+17.9 |
+1.9 |
+34.0 |
-0.5 |
Treasury products excl. JVs |
188 |
211 |
-10.9% |
+0.7 |
+11.2 |
-1.8 |
+19.3 |
TOTAL excluding JVs |
1,868 |
1,721 |
+8.6% |
+18.5 |
+13.2 |
+32.2 |
+18.8 |
JVs |
372 |
316 |
+17.7% |
+1.9 |
+6.3 |
+23.3 |
+7.0 |
TOTAL |
2,240 |
2,037 |
+10.0% |
+20.5 |
+19.5 |
+55.4 |
+25.8 |
Of which MLT assets |
2,018 |
1,794 |
+12.5% |
+21.1 |
+6.9 |
+56.0 |
+6.2 |
Of which treasury products |
222 |
242 |
-8.6% |
-0.6 |
+12.6 |
-0.5 |
+19.7 |
Details of assets under management and
net inflows by management types and asset
classes24
(€bn) |
AuM
31.12.2024 |
AuM
31.12.2023 |
% change /31.12.2023 |
Inflows Q4 2024 |
Inflows Q4 2023 |
Inflows 2024 |
Inflows 2023 |
Active management |
1,148 |
1,062 |
+8.1% |
+5.5 |
-5.7 |
+7.6 |
-21.3 |
Equity |
206 |
195 |
+5.6% |
-2.5 |
-2.1 |
-7.9 |
-4.6 |
Multi-assets |
263 |
270 |
-2.7% |
-1.2 |
-7.8 |
-24.5 |
-26.0 |
Bonds |
679 |
597 |
+13.8% |
+9.1 |
+4.2 |
+40.1 |
+9.3 |
Structured products |
44 |
39 |
+10.9% |
+0.9 |
+2.8 |
+3.6 |
+5.6 |
Passive management |
418 |
340 |
+22.9% |
+11.5 |
+5.8 |
+23.9 |
+16.6 |
ETFs & ETC |
268 |
207 |
+29.5% |
+10.5 |
+5.0 |
+27.8 |
+13.0 |
Index & Smart beta |
150 |
133 |
+12.7% |
+1.0 |
+0.7 |
-3.9 |
+3.6 |
Real and Alternative Assets |
70 |
68 |
+3.5% |
-0.0 |
-0.9 |
-1.2 |
-1.3 |
Real assets |
66 |
63 |
+5.4% |
+0.1 |
-0.2 |
+0.0 |
-0.0 |
Alternative assets |
4 |
5 |
-20.1% |
-0.1 |
-0.7 |
-1.2 |
-1.3 |
TOTAL MLT assets excl. JVs |
1,680 |
1,510 |
+11.3% |
+17.9 |
+1.9 |
+34.0 |
-0.5 |
Treasury products excl. JVs |
188 |
211 |
-10.9% |
+0.7 |
+11.2 |
-1.8 |
+19.3 |
TOTAL excl. JVs |
1,868 |
1,721 |
+8.6% |
+18.5 |
+13.2 |
+32.2 |
+18.8 |
JVs |
372 |
316 |
+17.7% |
+1.9 |
+6.3 |
+23.3 |
+7.0 |
TOTAL |
2,240 |
2,037 |
+10.0% |
+20.5 |
+19.5 |
+55.4 |
+25.8 |
Details of assets under management and
net inflows by geographic
areas24
(€bn) |
AuM
31.12.2024 |
AuM
31.12.2023 |
% change /31.12.2023 |
Inflows Q4 2024 |
Inflows Q4 2023 |
Inflows 2024 |
Inflows 2023 |
France |
994 |
950 |
+4.6% |
+5.9 |
+11.6 |
+18.7 |
+10.4 |
Italy |
202 |
203 |
-0.3% |
-0.8 |
-2.1 |
-14.5 |
-4.3 |
Europe excl. France & Italy |
440 |
372 |
+18.4% |
+11.1 |
+2.9 |
+17.1 |
+8.9 |
Asia |
469 |
400 |
+17.3% |
-1.5 |
+7.5 |
+28.1 |
+7.2 |
Rest of the world |
135 |
113 |
+20.0% |
+5.7 |
-0.5 |
+6.1 |
+3.5 |
TOTAL |
2,240 |
2,037 |
+10.0% |
+20.5 |
+19.5 |
+55.4 |
+25.8 |
TOTAL outside France |
1,246 |
1,087 |
+14.7% |
+14.6 |
+7.9 |
+36.8 |
+15.4 |
Methodology appendix
Accounting & adjusted
data
Accounting data - They include
the amortisation of intangible assets, recorded as other income;
since Q2 2024, other non-cash expenses spread according to the
schedule of payments of the earn-out until the end of 2029; these
expenses are booked as deductions from revenues, in financial
costs, and since Q4, the amortisation charge of the technology
asset related to the acquisition of aixigo, booked as amortisation
of intangible assets in operating expenses.
Integration costs related to the transaction
with Victory Capital and amortisation of the aixigo related PPA
were recorded in the fourth quarter, in operating expenses, for a
combined amount of -€14m pre-tax and -€11m after-tax. No costs of
that nature were recorded in the first nine months of 2024 or in
the 2023 financial year.
The aggregate amounts of these items are as
follows for the different periods under review:
- Q4
2023: -€20m before tax and -€15m after tax
-
2023: -€82m before tax and -€59m after tax
- Q3
2024: -€24m pre-tax and -€17m after tax
- Q4
2024: -€38m before tax and -€28m after tax
-
2024: -€106m before tax and -€77m after tax
Adjusted data - In order to
present an income statement that is closer to economic reality, the
following adjustments are made: restatement of the amortisation of
distribution contracts with Bawag, UniCredit and Banco Sabadell,
intangible assets representing client contracts of Lyxor and, since
the second quarter of 2024, Alpha Associates, as well as other
non-cash charges related to the acquisition of Alpha Associates;
such depreciation and amortisation and non-cash expenses. are
recorded as a deduction from net revenues; ; restatement of the
amortisation of a technological asset related ot the acquisition of
aixigo, recorded in operating expenses.
Acquisition of Alpha
Associates
In accordance with IFRS 3, recognition of
Amundi's balance sheet as at 01/04/2024:
- goodwill of €288m;
- an intangible asset of €50m,
representing client contracts, depreciable on a straight-line basis
until the end of 2030;
- a liability representing the
conditional earn-out not yet paid, for €160m, including an
actuarial discount of -€30m, which will be amortised over 6
years.
In the Group's income statement, the following
is recorded:
- amortisation of intangible assets
for a full-year expense of -€7.6m (-€6.1m after tax); in 2024 (9
months of integration) this corresponds to -€5.7m (-€4.6m after
tax)
- other non-cash expenses spread
according to the schedule of payments of the earn-out until the end
of 2029; these expenses are recorded as deductions from net income,
as financial expenses; in 2024 (9 months) they represent -€4.3m
(-€3.2m after tax).
Over twelve months 2024, these expenses and
depreciation and amortisation are therefore -€10m before tax for
9 months. They only started in Q2.
In Q4 2024, the amortisation of intangible
assets was -€1.9m before tax (-€1.5m after tax) and non-cash
expenses were -€1.4m before tax (i.e. -€1.1m after tax).
Acquisition of aixigo
In accordance with IFRS 3, recognition on Amundi's
balance sheet at the date of acquisition:
- goodwill of €121m;
- a technology asset of €36m,
representative of the goodwill attributed to aixigo's software
solutions, depreciable on a straight-line basis over 5 years;
The full-year amortisation charge of the technology
asset was -€7.2m (-€4.8m after tax); in Q4 2024, the amortisation
charge was -€1.2m (-€0.8m after tax), it is recognised in operating
expenses.
Alternative Performance
Measures25
In order to present an income statement that is
closer to economic reality, Amundi publishes adjusted data that
excludes the depreciation of intangible assets and,
- since the second
quarter of 2024, from Alpha Associates, as well as other non-cash
charges related to the acquisition of Alpha Associates.
- Since the fourth
quarter of 2024, the amortisation of intangible assets as operating
expenses under aixigo.
- In the fourth
quarter of 2024, the integration costs on Victory Capital and
aixigo.
Adjusted, normalised data are reconciled with
accounting data as follows :
(€M) |
|
2024 |
2023 |
|
Q4 2024 |
Q4 2023 |
|
Q3 2024 |
|
|
|
|
|
|
|
|
|
Net management revenue |
|
3,329 |
3,063 |
|
877 |
757 |
|
825 |
Technology |
|
80 |
60 |
|
26 |
18 |
|
20 |
Net financial income and other net income |
|
(3) |
(1) |
|
(2) |
12 |
|
(6) |
Adjusted net financial income and other income |
|
88 |
80 |
|
21 |
32 |
|
17 |
|
|
|
|
|
|
|
|
|
Net revenue (a) |
|
3,406 |
3,122 |
|
901 |
786 |
|
838 |
- Depreciation of intangible assets before tax |
|
(87) |
(82) |
|
(22) |
(20) |
|
(22) |
- Other non-cash expenses related to Alpha Associates |
|
(4) |
0 |
|
(1) |
0 |
|
(1) |
Net revenue - adjusted (b) |
|
3,497 |
3,204 |
|
924 |
806 |
|
862 |
|
|
|
|
|
|
|
|
|
Operating expenses (c) |
|
(1,852) |
(1,706) |
|
(496) |
(426) |
|
(456) |
- Integration costs before tax |
|
(13) |
0 |
|
(13) |
0 |
|
0 |
- Amortisation of the aixigo related PPA before tax |
|
(1) |
0 |
|
(1) |
0 |
|
0 |
Operating expenses - adjusted (d) |
|
(1,837) |
(1,706) |
|
(482) |
(426) |
|
(456) |
|
|
|
|
|
|
|
|
|
Gross Operating Income (e)=(a)+(c) |
|
1,554 |
1,416 |
|
405 |
360 |
|
382 |
Gross operating income – adjusted (f)=(b)+(d) |
|
1,660 |
1,498 |
|
443 |
381 |
|
406 |
Cost income ratio (%) -(c)/(a) |
|
54.4% |
54.6% |
|
55.1% |
54.2% |
|
54.4% |
Cost income ratio - adjusted (%) -(d)/(b) |
|
52.5% |
53.2% |
|
52.1% |
52.8% |
|
52.9% |
Cost of risk & other (g) |
|
(10) |
(8) |
|
(3) |
(2) |
|
(2) |
Equity-accounted companies (h) |
|
123 |
102 |
|
29 |
29 |
|
33 |
Income before tax (i)=(e)+(g)+(h) |
|
1,668 |
1,511 |
|
431 |
387 |
|
413 |
Income before tax - adjusted (j)=(f)+(g)+(h) |
|
1,774 |
1,592 |
|
469 |
407 |
|
437 |
Income tax (k) |
|
(366) |
(351) |
|
(83) |
(91) |
|
(94) |
Income tax - adjusted (l) |
|
(394) |
(374) |
|
(93) |
(96) |
|
(101) |
Non controlling interests (m) |
|
3 |
5 |
|
1 |
2 |
|
1 |
Net income, Group share (n)=(i)+(k)+(m) |
|
1,305 |
1,165 |
|
349 |
299 |
|
320 |
Net income, Group share - adjusted
(o)=(j)+(l)+(m) |
|
1,382 |
1,224 |
|
377 |
313 |
|
337 |
|
|
|
|
|
|
|
|
|
Earnings per share (€) |
|
6.37 |
5.70 |
|
1.70 |
1.46 |
|
1.56 |
Adjusted earnings per share (€) |
|
6.75 |
5.99 |
|
1.84 |
1.53 |
|
1.65 |
Shareholding
|
|
31 December 2024 |
|
30 September 2024 |
|
31 December 2023 |
(units) |
|
Number
of shares |
% of share capital |
|
Number
of shares |
% of share capital |
|
Number
of shares |
% of share capital |
Crédit Agricole Group |
|
141,057,399 |
68.67% |
|
141,057,399 |
68.93% |
|
141,057,399 |
68.93% |
Employees |
|
4,272,132 |
2.08% |
|
2,751,891 |
1.34% |
|
2,918,391 |
1.43% |
Treasury shares |
|
1,992,485 |
0.97% |
|
958,031 |
0.47% |
|
1,247,998 |
0.61% |
Free Float |
|
58,097,246 |
28.28% |
|
59,880,313 |
29.26% |
|
59,423,846 |
29.04% |
|
|
|
|
|
|
|
|
|
|
Number of shares at the end of the period |
|
205,419,262 |
100.0% |
|
204,647,634 |
100.0% |
|
204,647,634 |
100.0% |
Average number of shares year-to-date |
|
204,776,239 |
- |
|
204,647,634 |
- |
|
204,201,023 |
- |
Average number of shares quarter-to-date |
|
205,159,257 |
- |
|
204,647,634 |
- |
|
204,647,634 |
- |
Average number of shares on a pro rata
basis.
- The average number
of shares increased by +0.3% between Q3 2024 and Q4 2024, +0.3%
between Q4 2023 and Q4 2024, and again +0.3% between 2023 and
2024.
- A capital increase
reserved for employees was recorded on 31 October 2024. 771,628
shares were created (approximately 0.4% of the share capital before
the transaction).
- Amundi announced on
7 October 2024 a buyback program of up to 1m shares (i.e. ~0.5% of
the share capital before the transaction) to cover performance
share plans, It was finalised on 27 November
2024.
Financial communication
calendar
- Q1 2025 earnings
release: Tuesday 29 April 2025
- Annual General
Meeting: Tuesday 27 May 2025
- Q2 and H1 2025
earnings release: Tuesday 29 July 2025
- Q3 and 9-month 2025
results: Tuesday 28 October 2025
Dividend schedule
- Ex-dividend day:
Monday 10 June 2025
- Payment: from
Wednesday 12 June 2025
About Amundi
As Europe's leading asset manager among the
world's top 10 players26, Amundi offers its 100m clients
- individuals, institutions and corporates - a full range of
savings and investment solutions in active and passive management,
in traditional and real assets. This offer is enriched with
services and technological tools that cover the entire savings
value chain. A subsidiary of the Crédit Agricole group, Amundi is
listed on the stock exchange and currently manages more than €2.2tn
in assets under management27.
Its six international management
platforms28, its financial and extra-financial research
capacity, as well as its long-standing commitment to responsible
investment make it a leading player in the asset management
landscape.
Amundi's clients benefit from the expertise and
advice of 5,700 professionals in 35 countries.
Amundi, a trusted partner that acts
every day in the interest of its clients and
society.
www.amundi.com
Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com
Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com
Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com
Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com
Annabelle Wiriath
Tel. + 33 1 76 32 43 92
annabelle.wiriath@amundi.com
DISCLAIMER
This document does not constitute an offer or
invitation to sell or purchase, or any solicitation of any offer to
purchase or subscribe for, any securities of Amundi in the United
States of America or in France. Securities may not be offered,
subscribed or sold in the United States of America absent
registration under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), except pursuant to an exemption from, or in
a transaction not subject to, the registration requirements
thereof. The securities of Amundi have not been and will not be
registered under the U.S. Securities Act and Amundi does not intend
to make a public offer of its securities in the United States of
America or in France.
This document may contain forward looking
statements concerning Amundi's financial position and results. The
data provided do not constitute a profit “forecast” or “estimate”
as defined in Commission Delegated Regulation (EU)
2019/980.
These forward-looking statements include
projections and financial estimates based on scenarios that employ
a number of economic assumptions in a given competitive and
regulatory context, assumptions regarding plans, objectives and
expectations in connection with future events, transactions,
products and services, and assumptions in terms of future
performance and synergies. By their very nature, they are therefore
subject to known and unknown risks and uncertainties, which could
lead to their non-fulfilment. Consequently, no assurance can be
given that these forward-looking statement will come to fruition,
and Amundi’s actual financial position and results may differ
materially from those projected or implied in these forward looking
statements. In particular, conditions to completion of the
announced transaction between Amundi and Victory Capital, may not
be satisfied and such transaction may not be completed on schedule,
or at all; risks relating to the expected benefits or impact of the
transaction on Victory Capital's and Amundi's respective businesses
are contained in their respective public filings.
Amundi undertakes no obligation to publicly
revise or update any forward-looking statements provided as at the
date of this document. Risks that may affect Amundi’s financial
position and results are further detailed in the “Risk Factors”
section of our Universal Registration Document filed with the
French Autorité des Marchés Financiers. The reader should take
all these uncertainties and risks into consideration before forming
their own opinion.
The figures set out in this document were
approved by Amundi’s Board of Directors and have been prepared in
accordance with applicable prudential regulations and IFRS
guidelines, as adopted by the European Union and applicable at that
date, but remain subject to ongoing review by the statutory
auditors.
Unless otherwise specified, sources for
rankings and market positions are internal. The information
contained in this document, to the extent that it relates to
parties other than Amundi or comes from external sources, has not
been verified by a supervisory authority or, more generally,
subject to independent verification, and no representation or
warranty has been expressed as to, nor should any reliance be
placed on, the fairness, accuracy, correctness or completeness of
the information or opinions contained herein. Neither Amundi nor
its representatives can be held liable for any decision made,
negligence or loss that may result from the use of this document or
its contents, or anything related to them, or any document or
information to which this document may refer.
The sum of values set out in the tables and
analyses may differ slightly from the total reported due to
rounding.
1
Net
income Group share
2
Adjusted
data: see p. 12
3
Assets
under management (AuM) and flows including assets
under advisory, marketed assets and funds of funds, and taking into
account 100% of Asian JV’s assets and flows; for Wafa Gestion in
Morocco, they are reported in proportion to Amundi's holding in the
capital of the JV
4
Excluding
JVs
5
Including
JV: €247bn in assets under management, +€12.2bn
inflows in 2024 and +€0.6bn in Q4
6
ALTO:
Amundi Leading Technologies & Operations,
Amundi's suite of 5 technology applications, including
ALTO Investment, Wealth and Distribution, Sustainability, Asset
Servicing and Employee Savings and Retirement
7
Adjusted
net income Group share, normalised for the
exceptionally high level of performance fees in the year:
€1,158m
8
Calculated
on accounting net income Group share
9
Compared
to consensus estimates prior to these transactions
10
According
to SFDR Articles 8 and 9
11 50%
MSCI World + 50% Eurostoxx 600 composite index for equity markets,
average values over each period considered
12
Bloomberg
Euro Aggregate for bond markets, average values over each reporting
period
13
Source:
Morningstar FundFile, ETFGI. European & cross-border open-ended
funds (excluding mandates and dedicated funds). Data
at the end of December
2024.
14
Medium-Long
Term Assets excluding JV
15
However,
2024 net inflows include, for
-€11.6bn, the exit in the third quarter of a multi-asset
mandate with a European insurer, which brought low
revenues
16
EPFO:
Employees' Provident Fund Organisation, India's leading pension
fund with total assets of €250bn at the end of
December 2024. In Q4 2019, SBI MF had won a bond mandate granted by
EPFO, for an amount of €60bn, which
totaled €110bn in assets under
management as of 31 December 2024;
it is this mandate that would be shared with other
managers according to the request for proposal
17
Source:
Morningstar Direct, Broadridge FundFile -
Open-ended funds and ETFs, global fund scope,
December 2024; as a percentage of the assets under
management of the funds in question; the number of Amundi
open-ended funds rated by Morningstar was 1071 at
the end of December 2024. © 2024 Morningstar, all
rights reserved
18
Reflecting
Amundi's share of the net income of minority JVs in
India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco
(Wafa Gestion),
19
Shareholders'
equity less goodwill and intangible assets
20
Excluding
the amortisation of intangible assets
21
The
TSR (Total Shareholder Return) includes the total return for a
shareholder: increase in the share price + dividends paid from 2016
to 2024 + Preferential Subscription Rights
detached in May 2017. Calculation made on the basis of the closing
price of 31 January
2025, €68 per share.
22
Assets
under management and flows including assets under advisory,
marketed assets and funds of funds, and taking into account 100% of
Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are
reported in proportion to Amundi's holding in the capital of the
JV
23
Lyxor,
integrated as of 31/12/2021
24
Assets
under management and flows including assets under advisory,
marketed assets and funds of funds, and taking into account 100% of
Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are
reported in proportion to Amundi's holding in the capital of the
JV;
as of 01/01/2024, reclassification of short-term bond
strategies (€30bn in AuM) as
Bonds previously classified as Treasury until that date;
the assets and net flows up to that date have not been
reclassified in these tables
25
See
also the section 4.3 of the 2023 Universal
Registration Document filed with the AMF on 18
April 2024
26 Source: IPE "Top 500 Asset Managers"
published in June 2024 based on assets under management as of
31/12/2023
27 Amundi data as of
31/12/2024
28 Boston, Dublin, London, Milan, Paris and
Tokyo
- Amundi_PR Results_Q4&FY2024_EN
Grafico Azioni Amundi (TG:ANI)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Amundi (TG:ANI)
Storico
Da Mar 2024 a Mar 2025