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Financial Communication

2022 1st half and 2nd quarter results

Published 29 July, 2022

2022 1st half and 2nd quarter results

Published 29 July, 2022

Key Figures

Business activity held up well, in unfavourable market conditions

Amundi’s assets under management totalled €1,925bn at 30 June 2022, up +7.3% year-on-year and down -4.8% vs. the end of March 2022, with a negative market effect of -€98bn in Q2.

Q2 2022

The second quarter was characterised by unfavourable market conditions:

  • equity markets dropped sharply: in Q2, the EuroStoxx decreased by -12% ; in average, markets fell by -7.3% vs. Q2 2021 and -7.6% vs. Q1 20222;
  • bond markets also declined (-7% between 31/03/2022 and 30/06/20223), with rates up around 100bp between 31/03/2022 and 30/06/2022;
  • a general environment of increased risk aversion.

This unfavourable environment was illustrated by the significant outflows observed across the entire European asset management market.

Against this backdrop, Amundi’s business activity held up particularly well, with positive inflows of +€1.8bn.

  • In Retail, activity held up well in medium/long-term assets4 (-€0.9bn). Inflows from third-party distributors (+€1.6bn) were positive in the main European markets (France, Italy, Germany).
  • For institutional clients, MLT assets posted outflows of -€9.1bn, due to the derisking strategy of some clients, particularly in the Institutional and Sovereign segment. In the Employee Savings segment, inflows were positive (+€2.9bn) due to the seasonal effect. The Insurers segment recorded moderate outflows (-€1.5bn), in connection with the sale of a subsidiary by CA Assurances.
  • Activity in treasury products was virtually stable (-€1.3bn excluding JVs) with seasonal outflows from corporate clients (dividend payments), partially offset by inflows related to derisking by institutional clients.
  • Activity in the JVs saw solid levels of inflows (+€13.1bn). The Indian JV SBI MF maintained its leading position in the Indian market5 with +€8.9bn in inflows, particularly from pension funds. In China (ABC-CA), business activity was good, with flows remaining solid at +€3.7bn, particularly in Institutionals, and with -€1.3bn of outflows from low-margin products (Channel Business). In Korea, flows remained positive (+€1.9bn, mainly in treasury products).

Continued development of Amundi Technology

Amundi Technology continues its development with the acquisition of Savity, an Austrian fintech offering a robo advisor white label solution for the retail market, available in Austria and Germany.

AG2R, an insurance client with AuM of €120bn, successfully migrated to ALTO Investments.

Sabadell Bank chose Amundi Technology and its ALTO W&D product to develop a new solution for its private banking business, with a robo advisor solution for its new online banking offer.

H1 2022

Overall, the first half of the year, Amundi posted positive flows of +€5.0bn.

Flows in MLT assets ex JVs were brisk (+€11.0bn), with notably a good momentum in Retail (+€13.4bn in MLT, mainly with third-party distributors); for Institutional clients, outflows were limited (-€2.4 in MLT) in a “derisking” context.

  • Active management: in sharply declining markets, Amundi's inflows were still even; investment performance remained at a good level, with more than 68% of open-ended fund AuM in the top two quartiles, according to Morningstar6, and more than 78% based over five-years. With 298 funds rated 4 and 5 stars, Amundi is the third largest player in Europe by the number of funds. The success of the Multi Asset strategies, ESG mandates and OCIO7 solutions was also noteworthy.

Activity in Real Assets was strong, with +€2.8bn in inflows, particularly in Private Equity, Real Estate and Private Debt, bringing assets under management to €66bn at 30/06/2022.

  • Passive management, ETFs and smart beta had a good first half of the year with +€11.4bn in net inflows, bringing AuM to €284bn at end-June 2022. This performance is remarkable in the context of the merger with Lyxor, whose advantages are confirmed. While Amundi ETFs had a particularly solid first quarter, inflows were affected in the second quarter by the wait-and-see attitude of some clients looking to reduce risk in their portfolios.

In ETFs, by recording the second highest inflows in the market in the first half of the year, Amundi consolidated its position as the number two player in Europe and leading European ETF manager with a market share of around 14%8


In Asian JVs, business activity was high, at +€21.5bn, notably in India and China.

Continued high level of profitability

H1 2022

Note: figures reported for the first half of 2021 did not include Lyxor. The reported and combined H1 2021 income statements (on a like-for-like basis, with Lyxor) are presented in the notes.

Adjusted data9

Stable revenues excluding financial income (€1,615m vs. €1,623m in H1 2021):

    • Net management fees10 rose significantly by +12.0%, thanks to the acquisition of Lyxor and the strong inlfows over 12 months. On a like-for-like basis11the increase was +4.6%. The average margin was stable (17.5bp) compared to H1 202112  thanks to a favourable mix effect.
    • As expected, performance fees (€95m) were lower than the exceptional level seen in H1 2021 (€266m).  
    • Amundi Technology's revenues continued to grow to €22m (+15.5%).

Operating expenses increased to €844m due to the acquisition of Lyxor, but were stable on a like-for-like basis. Amundi demonstrated its ability to maintain its operational efficiency, even in a difficult market environment. Its cost/income ratio stood at 53.1%, one of the best in the industry.

The contribution to net income from equity-accounted entities (mainly joint ventures in Asia) increased by +6.5% vs. H1 2021, to €41m, with a notable increase in the Indian JV (SBI FM), whose contribution increased from €21m to €25m, thanks to business momentum.

Adjusted net income remained high at €593m. On a normalised basis13, this result was up +8.1% compared to H1 2021, and +5.6% on a like-for-like basis14.

Accounting data

Accounting net income (Group share) amounted to €527m. It includes the usual amortisation of intangible assets, as well as integration costs related to Lyxor.

Note: as a reminder, H1 2021 also included an exceptional tax gain (with no impact on cash flow) of +€114m, linked to the application of the “Affrancamento” scheme in Italy.

Q2 2022

Adjusted data

Amundi’s quarterly adjusted net income remained high at €269m. Its change compared to the first quarter of 2022 can be explained by the sharp drop of the markets and of performance fees.

Net revenues excluding financial income were €769m:

  • Net management fees (excluding Amundi Technology’s revenues) held up well at €733m; their evolution (-4.3% vs. Q1 2022) is more moderate than the markets overall (-7,6%15).
  • The normalisation of performance fees was accentuated by the market environment; they amounted to €24m compared to a quarterly average of €42m between 2017 and 2020. 
  • Amundi Technology’s revenues rose 24.5% vs. Q1 2022 to €12m.

Operating expenses were stable (€422m), despite continued IT investments, and included in particular an exceptional (non-cash) accounting expense of -€4m (IFRS 2), related to the capital increase reserved for employees. Excluding this one-off expense, operating expenses would have been down slightly vs. Q1 2022.

As a result, the cost/income ratio was 55.9% vs. 50.6% in Q1 2022 (51.8% on a normalised basis16), in line with the decline in revenues linked to the market effect.

The contribution to income from equity-accounted entities (mainly Asian joint ventures) increased by +6.3% vs. Q1 2022, to €21m.

Accounting data

Accounting net income (Group share) amounted to €224m. It includes the usual amortisation of intangible assets, as well as integration costs related to Lyxor (€40m before tax and €30m after tax), including the charges provisioned for employee departures plans.   

Note: as a reminder, Q2 2021 also included an exceptional tax gain (with no impact on cash flow) of +€114m, linked to the application of the “Affrancamento” scheme in Italy.

Valérie Baudson, Amundi's CEO comments

In an unfavourable environment, Amundi maintained a good level of profitability and operational efficiency, demonstrating the robustness of its diversified model.  

Total inflows were positive in Q2, thanks to the resilience of the Retail business, the strength of our Asian joint ventures and the good performance of our growth drivers. Amundi Technology continued to develop and saw its revenues increase sharply.


29 July, 2022
07.29.2022 - PR - 2022 Amundi's H1 and Q2 results
29 July, 2022
07.29.2022 - Slides - 2022 Amundi's H1 and Q2 results

1. Assets under management and net inflows including Lyxor AM as of Q1 2022 include assets under advisory and assets marketed and take into account 100% of the Asian JVs’ assets under management and net inflows. For Wafa in Morocco, assets are reported on a proportional consolidation basis.  
2. Eurostoxx index
Bloomberg Euro Aggregate Index
4. Medium/Long-Term Assets: excluding treasury products
5. Source: AMFI
Source: Morningstar Direct, Broadridge FundFile - Open-ended funds and ETFs worldwide, June 2022 
7. Outsourced Chief Investment Officer solutions
8. Source:  ETF GI, end of June 2022
Adjusted data: excluding amortisation of intangible assets and excluding integration costs and, in Q2 2021, excluding the impact of Affrancamento. See page 11 for definitions and methodology. 
10. Excluding Amundi Technology’s revenues, which are now reported on a separate line of the income statement
11. Compared to a combined H1 2021 (with Lyxor)
12. Margin at constant scope (including Lyxor) and excluding Amundi Technology’s revenues.
Normalised data: data excluding exceptional performance fees (= higher-than-average performance fees per quarter in 2017-2020).
14. vs. H1 2021 with Lyxor
15. Decrease of average levels of the EuroStoxx index Q2 2022/Q1 2022
16. Normalised data: data excluding exceptional performance fees (= higher-than-average performance fees per quarter in 2017-2020).  

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