Activity and results in 2018

In 2018, Amundi recorded a further increase in profitability (+25.5% of its net accounting income) in a market environment that became significantly less favourable from the second quarter. This year was marked by a good level of activity and the successful integration of Pioneer Investments. These good results, in line with the objectives announced in the three-year plan, demonstrate the strength of Amundi’s business model.

Strong growth in results

Net accounting income of €855 million in 2018 rose sharply thanks to the contribution of Pioneer Investments – consolidated in the second half of 2017 – and to the strong growth momentum. Adjusted net income (1), which provides an assessment of the Group’s performance on a comparable scope, amounted to €946 million.

  • Net management revenues was virtually stable at €2,606 million, thanks to the increase in average assets under management. Net management fees increased by +1.9% (3) over the year.
  • Operating expenses (3) decreased significantly (–6.8% (2) (3)) thanks to the rapid execution of cost synergies related to Pioneer Investments (€110 million in 2018).
  • As a result, the cost-to-income ratio (1) came in at 51.5%, an improvement of 0.9 point (2).
  • Taking into account a lower tax rate, adjusted net income (Group share) amounted to €946 million, up 3.1% compared with 2017 (2) and up 9% compared with 2017 (2) when excluding exceptional financial income.

Business activity: high net inflows of €42 billion

The level of inflows remained high in 2018 (+€42 billion (4)), driven in particular by medium-to long-term assets (+€36.3 billion) and Retail flows (+€30.7 billion (4)). Given a negative market effect (-€43 billion) that was concentrated at the year-end, assets under management reached €1,425 billion at end-2018, stable over 12 months.

The Retail segment again posted high net inflows (€30.7 billion (4)) but slowed significantly at the end of the year against a backdrop of rising risk aversion in Europe with:

  • Excellent performance in terms of net inflows of Asian joint ventures (mainly China and India), with assets under management reaching €142 billion at the end of 2018;
  • Net inflows held up well in the French networks;
  • In the international networks, net inflows remained positive, particularly in Italy thanks to the partnership with UniCredit;
  • A sharper slowdown for third-party distributors, whose inflows remained positive in 2018, but were affected at the year-end by the rise in risk aversion.

Assets under management
in €m

  • 2009 - 670
  • 2010 - 705
  • 2011 - 671
  • 2012 - 749
  • 2013 - 792
  • 2014 - 878
  • 2015 - 985
  • 2016 - 1083
  • 2017 - 1426
  • 2018 - 1425

The Institutional and Corporate segment posted a good level of annual inflows (+€11.4 billion):

  • Institutionals and Sovereigns: a strong level of annual net inflows (mainly in medium-to long-term products);
  • Corporates: cash outflows (concentrated in the second quarter), but a good level of activity in medium- to long-term assets (notably in corporate pension funds);
  • Employee Savings: a very good 2018 (net inflows of €2.7 billion), confirming the growth potential of this business line, underpinned by the opportunities offered by the French PACTE law (action plan for corporate growth and transformation).

Outside France, business was dynamic in Asia (+€26.8 billion) and Europe, particularly in Italy but also in Germany and the Netherlands.

The two growth engines set up several years ago performed particularly well in 2018: Indexing, ETF and Smart Beta* (+€14 billion in net inflows in 2018, bringing assets under management to €95 billion at end-2018, i.e. a 5.6% increase year-on-year) and Real and alternative assets (+€3.5 billion in net inflows in 2018).

An attractive dividend policy

The Board of Directors decided to propose to the General Meeting of Shareholders held on 16 May 2019 a cash dividend of €2.90 per share (+16% compared with 2017).


Net accounting income (group share )
in €m

  • 2017 - 681

+25.5% / 2017

  • 2018 - 855

(1) Excluding depreciation of distribution contracts and integration costs for Pioneer Investments.
(2) Comparison with 2017 combined data (12 months Amundi + 12 months Pioneer Investments).
(3) Excluding integration costs for Pioneer Investments.
(4) Including re-internalisation of assets by Fineco for -€6.5 billion in the 3rd quarter of 2018.