2019 4th quarter and annual results

Paris, Wednesday 12 February 2020

Financial Communication

Key Figures 2019 Q4 and annual

On this Wednesday, February 12th, Amundi publishes its 4th quarter and annual results, up again for the tenth year in a row. This strong business activity and improving results mark a year in line with the objectives announced in 2018.

4th Quarter 2019

A high level of activity

The fourth quarter of 2019 saw record inflows of +€76.8bn, driven by MLT assets (+€82.4bn), as the risk aversion level gradually returned to normal. These inflows include a new institutional mandate (pension fund) for +€59.6bn  in the Indian JV. Given a positive market effect (+€13.7bn), assets under management reached €1,653bn as at 31 December 2019, up +5.8% compared to the end of September 2019 and +16% since the end of 2018.

Sharp improvement in results

In the fourth quarter of 2019, Amundi’s income rose sharply (+15.9%) due to solid net management fees and a very high level of performance fees (€85m). The increase in expenses (+10.8%) is partly due to the increase in variable compensation (due to good investment performance) and partly due to costs stemming from strategic projects (Spain, China). As a result of this positive jaw effect, the cost/income ratio improved (50.3%, a 2.3-point improvement compared to Q4 2018).

Overall, Amundi posted its best quarterly result ever, with €262m in accounting net income (+36.5% vs. Q4 2018) and €274m in adjusted net income (+21.8% vs. Q4 2018).

Annual results: A year in line with targets

Record net inflows, and growing net income

In a more favourable market environment, against a backdrop of gradual recovery in inflows in the European asset management market, Amundi posted its best ever net inflows of +€107.7bn. These flows include two new institutional mandates worth €74.2bn from the Indian JV. Excluding the JVs, inflows were +€23.8bn (vs. +€15.7bn in 2018), and are made up primarily of MLT assets. 

Amundi’s net income grew in 2019, thanks to an increase in revenue and control of operating expenses.

  •  Net revenues1 reached €2,707m, up a substantial +4.9% from 2018.
  • Operating expenses were contained (+3.5% vs 2018), despite an unfavourable foreign exchange effect and an increase in variable compensation (stemming from better performance). Investments in growing business (particularly targeted hiring) and costs stemming from strategic projects (in China and in Spain) were offset by the continuation of Pioneer-related synergies (which reached 94% of the €175m target).
  • This led to a cost/income ratio of 50.9%, an improvement of 0.7pt vs. 2018. The operating expenses to average AuM ratio (excl. JVs) remains one of the lowest in the industry at 10.1bp.

After taxes and cost of risk, adjusted net income2 was €1,009m (+6.6%), in line with the stated targets.

Accounting net income3 for fiscal year 2019 was €959m, or +12.2% compared to 2018.

Accounting EPS was €4.75, a sharp +12.1% increase compared with 2018.

The Board of Directors has decided to propose a cash dividend of €3.10 per share at the General Meeting to be held on 12 May 2020, i.e. an increase of +6.9% vs. 2018.

2010-2019, a decade of successful transformation to create the European leader

Financial year 2019 is in line with Amundi’s transformation trajectory since it was created. The European leader in asset management, Amundi is now among the Top 10 worldwide.

  • Assets under management (€1,653bn) have risen 2.5x since 2010 and 1.7x since the initial public offering in 2015. This increase was achieved mainly through organic growth, which was supplemented by targeted acquisitions, particularly that of Pioneer in 2017.
  • This strong business growth was accompanied by a regular increase in net income. Net income has risen 2.7x over 10 years and has nearly doubled since the IPO.
  • Since the IPO in November 2015, the market capitalization has doubled (from €7.5bn to €15.3bn4). The Amundi share price has significantly outperformed it reference index (SBF 120).


Since its creation in 2010, and for the tenth year in a row, Amundi saw growth in its net income. Adjusted net income has risen above one billion euros, in line with the targets announced in the 2018-2022 plan.
These excellent results are driven by high business activity and by greater operational efficiency: The cost-to-income ratio improved further, to 50.9%.  
Amundi enjoys a strong development dynamic. This dynamic will be amplified with two strategic initiatives: the signing of a partnership in Spain with Banco Sabadell, which strengthens our leadership in Europe, and the creation of a new subsidiary in China, in partnership with Bank of China.
In accordance with the goals stated in 2018, Amundi has implemented its ESG plan. This plan particularly aims to incorporate ESG factors into all actively managed open-ended funds

comments Yves Perrier, Amundi's CEO


1. Excluding amortisation of distribution contracts (UniCredit, SG, and Bawag).
2. Excluding amortisation of distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer.
3. Accounting income includes amortisation of distribution contracts and, in 2018, costs associated with the integration of Pioneer.
4. At 6th February at close