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Corporate - News - Financial Communication
Financial Communication

2023 4th Quarter and Annual results

Published 7 February, 2024

2023 4th Quarter and Annual results

Published 7 February, 2024

Key Figures

Corporate - News - Results Q4 2023 - Key Figures

On Wednesday 7 February, Amundi published its results for the full year and the fourth quarter of 2023, with adjusted net income for 2023 of €1,224m1,2 up +3.9% vs. 2022.

This high profitability can be explained by a further increase in revenues, thanks in particular to the good performance of our Asian Joint Ventures, net financial income and the resilience of management fees. Costs remained under control in an inflationary environment, enabling operating efficiency to be maintained at the best level of the industry.

Assets under management reached €2,037bn at 31 December 2023, up +7% year-on-year, thanks in particular to strong inflows into treasury products and Asian Join Ventures.

Throughout 2023, Amundi also pursued its development in line with the strategic priorities set out in its medium-term "Ambitions 2025" plan.

2023 Highlights

Continued risk aversion in the face of uncertain markets

This also resulted in low inflow volumes in the European asset management market, with open-ended fund net inflows that were3 marginally positive in fourth quarter, primarily attributable to very high inflows in treasury products and passive management.

Activity and results both performing well

Amundi achieved excellent performance in both activity and results, and demonstrated agility in its adaptation:

  • Assets exceeded €2tn, thanks to high net inflows of +€26bn for the entire year;
  • this was buoyed by key areas of expertise tailored to market conditions – treasury products, passive management, active bonds and structured products;
  • new products tailor-made for preserving capital drew a great deal of interest, from Target Maturity bond funds to structured products with fixed income underlyings;
  • management teams performed admirably in 2023: 73% of the Group's assets under management in open-ended funds posted a five-year performance in the first or second quartile for their category, according to Morningstar4, particularly in equity and money market strategies, with 270 funds achieving a 4- or 5-star rating from Morningstar, and 83% of assets under management in active funds5 outperforming their benchmarks over 5 years to the end of December 2023;
  • Constantly striving for operational efficiency has made it possible to keep costs under control and to maintain one of the best cost-income ratios in the industry;
  • Finally, the financial situation was further strengthened, allowing to propose a dividend of €4.10 per share to the Annual General Meeting of Shareholders, representing a yield of 6.6%6.

Amundi continues its development

During this first full year following the announcement of its Ambitions 2025 strategy plan, several development initiatives were launched to leverage strategic growth drivers:

  • The acquisition of Alpha Associates will help strengthen Amundi's expertise in real assets; this specialist in multi-management of private assets (debt, infrastructure, and private equity), based in Switzerland and very well established with over 100 institutional clients, will contribute €8.5bn in assets7, which has grown by an average of +15% per year for the last five years;
  • In Asia, assets reached €399bn, with net inflows of +€21bn outside China, thanks to continued robust growth in India, some market stabilisation in China for the local joint ventures, and healthy activity for the South Korean Joint Venture;
  • Passive management continued its development following the integration of Lyxor, with high net inflows in ETFs (+€13.0bn in 2023), in which assets under management reached €207bn at end-2023;
  • In Technology & Services:
    • Amundi Technology had 57 clients at end-2023, an increase of +10 in one year, including +7 outside France; its revenue growth remained healthy at +24% compared to 2022;
    • Fund Channel (BtoB fund distribution platform) reached €400bn in assets under distribution, and signed partnership agreements with CACEIS and Airfund.
  • In responsible investment:
    • Amundi achieved several major successes, particularly with its Green Bonds funds, where it leads the market;
    • as of year-end, the range of strategies aligned with a Net Zero trajectory8 boasts 40 funds in five asset classes, with the aim of reaching a full range in 2025, in both active and passive management;
    • the share of ETFs tracking responsible investment indices reached 33% of the range9, versus 27% at end-2022 and well on the way to the 2025 objective of 40%;
    • in terms of engagement and voting policy, Amundi has initiated an ongoing dialogue on the Climate, with 966 new companies, already very close to the 2025 ESG Ambitions objective of 1,000 new companies;
    • Amundi is among the global Top 3 for its voting policy on environmental and social ambitions10.


High net inflows for the year and in 4th quarter, thanks to treasury products and JVs

Amundi assets under management as of 31 December 2023 grew by +7.0% in one year (compared to end-December 2022) and by +3.2% in one quarter (compared to end-September 2023), to €2,037bn. The market and forex effect was very positive over the quarter (+€63.8bn) thanks to a rally in the equity and bond markets in December 2023, accounting for more than half of the total market effect over one year.

In 2023, Amundi experienced high net inflows of +€25.8bn, positive in Retail, Institutionals and JVs:

  • Passive management brought in +€16.6bn over the course of the year driven by commercial synergies from the integration of Lyxor, the development of the fixed income range, and the expansion of the ETF range in responsible investment;
  • Active management experienced outflows (-€21.3bn), a clear indicator of client risk aversion and their preference for treasury products or passive management products;
  • Structured products, a key area of Amundi expertise that perfectly suits the context of risk aversion, accumulated +€5.6bn, primarily in partner networks;

Finally, real and alternative assets (-€1.3bn) withstood outflows in real estate (-€2.1bn), thanks to successful net inflows in private debt and multi-management.

By client segment:

  • Retail excluding Amundi BOC posted excellent net inflows (+€10.5bn), both for French networks (+€5.7bn), thanks to structured and treasury products, and for Third-party distributors (+€4.6bn) thanks to passive management and again treasury products; International networks were flat (+€0.1bn), with very good commercial performance for structured products and Target Maturity bond funds being offset by withdrawals from higher-risk products (multi-assets and equities), in a context of fierce competition from the issuance of government bonds aimed at retail investors, particularly in Italy;
  • The activity of Amundi BOC WM (China, -€3.7bn) was affected, particularly in early 2023, by the maturity of the last term funds that were sold upon the launch of this subsidiary in 2021;
  • Institutionals (+€12.0bn) experienced a good level of activity in all sub-segments — institutionals & sovereigns +€12.9bn, Corporates +€2.7bn, Employee savings plans +€1.9bn — with the exception of CA & SG insurers (-€5.4bn), which still experienced withdrawals of traditional life insurance policies by their clients; excluding this sub-segment, net inflows (+€17.4bn) were concentrated in treasury products, passive management, active bond strategies and private debt;
  • Solid activity for the JVs (+€7.0bn) came from India (SBI MF, +€12.2) and South Korea (NH Amundi, +4.4), whereas the outflows in China (ABC-CA, -10.0, of which -2.0 in the Channel business in run-off) were primarily posted in the first half, with the second half taking a slightly positive turn thanks to the stabilisation of the Chinese mutual fund market.


In the fourth quarter, net inflows were particularly high, at +€19.5bn, continuing the trends of the first nine months of the year.

2023 4th Quarter & Full-Year Results

Full-year 2023

2023 adjusted net income2 climbed to €1,224m, up +3.9%. This good and growing profitability results from solid operating performance:

  • adjusted revenues2 increased by +2.1% versus 2022, to €3,204m, thanks to the turnaround of net financial income (€80m vs. -€48m in 2022), mainly relating to high returns offered by short-term rates in Europe in 2023 whereas they were negative for the most part of 2022; revenues for Amundi Technology also experienced strong growth (+23.6% to €60m), thanks to the acquisition of 10 new clients in 2023 and the ramp up of license revenues; on the other hand, net management fees contracted slightly, a little more than average assets excluding JVs did, at ‑0.9% vs. ‑0.3%, due to the slight erosion of fee margins (17.7bp in 2023 versus 17.8bp in 2022): net inflows were concentrated in less risky assets, resulting in an unfavourable product mix effect for margins which started being felt in H2; performance fees, however, saw a far more noteworthy decrease, of ‑27.8% (€123m vs. €171m), reflecting the cautious investment policy regarding riskier assets and the implementation of ESMA guidelines, which extend the reference periods for performance fee calculations;
  • adjusted operating expenses2 remained under control, at €1,706m, an increase of +2.1% compared to 2022, identical to revenue growth despite the inflationary context: investments in development were largely absorbed by productivity gains and synergies unlocked by the integration of Lyxor, which have now been almost entirely achieved and will take full effect in 2024 (€60m); the adjusted cost-income ratio2 improved to 53.2%, versus 53.3% in 2022, still at a best-in-class level and close to the 2025 objective of 53%.

Adjusted gross operating income2 rose to €1,498m, up +2.2% over 2022.

Adjusted net Earnings per Share2 reached €6.00 in 2023.

Profitability maintained at a high level in 4th Quarter

In 4th Quarter 2023, adjusted net income2 reached €313m, a high level of profitability in a persistently difficult context, and a climb up from the previous quarter and year-over-year.

As in the previous quarters, this result was partly obtained thanks to new revenue growth, underpinned by net financial income and technology revenues and the resilience of management fees in a context of risk aversion, with credit also going to the operational efficiency that helped keep costs down despite an inflationary context.

Adjusted net revenues2 were €806m, an increase of +3.4% over the third quarter.

Good control of operating expenses2 (€426m) kept them nearly unchanged over the four quarters of 2023, up only +0.3% compared to Q3.

Continuation of exemplary cost control this quarter confirms Amundi's agility in managing costs, with a cost-income ratio among the best in the industry: 52.8% in adjusted data2.

A solid financial structure and a dividend of €4.10 per share

On 19 September, the rating agency FitchRatings confirmed Amundi's long-term rating of A+ with a stable outlook, the best in the sector.

At the Annual General Meeting, which will take place on 24 May, 2024, the Board of Directors will propose a dividend of €4.10 per share, in cash, stable from the dividend paid in respect of FY 2022.

The ex-dividend date will be Monday 3 June 2024 and payment will begin on Wednesday 5 June 2024.

Since listing in November 2015, the TSR stands at +97%, ie +8.6% annualised.

Valérie Baudson, CEO, stated:

2023 was a very satisfactory year for Amundi: our net inflows reached +€26bn and our net profit grew by +4% to €1.2bn. We are also continuing along the path of our development plan, with the announcement of a new acquisition in real assets.
All throughout the year, Amundi has successfully supported its clients with solutions tailored to market conditions, in bonds, passive management, and treasury products, where we enjoy widespread recognition of our expertise. By the same token, our structured products and Target Maturity bond funds, a segment in which Amundi is the global leader, have been particularly attractive to our clients, in a context of high rates and inflation.
We achieved growing profitability thanks to higher revenues, the very dynamic contribution of our Asian JVs, and our ability to maintain operational efficiency.
Furthermore, we are continuing to implement our strategic plan, with the acquisition of Alpha Associates, which will help speed up our development in the rapidly growing multi-management market for private debt, infrastructure, and private equity. This move is in perfect alignment with our strategic objectives and criteria for acquisition, and constitutes yet another driver for growth and value creation for our clients and our shareholders.


7 February, 2024
02.07.2024 - PR - 2023 Amundi's Q4 results
7 February, 2024
02.07.2024 - Slides - 2023 Amundi's Q4 results

1. Net income, Group share
2. Adjusted data: excludes amortisation of intangible assets and integration costs for Lyxor in 4th quarter and full-year 2022 year.
3. Sources: Morningstar FundFile, ETFGI. European open-ended & cross-border funds (excluding mandates and dedicated funds). Data as of end-December 2023.
4 The number of Amundi open-ended funds ranked by Morningstar was 1,157 funds as of end-December 2023, and 778 over 5 years. © 2023 Morningstar. All rights reserved
5 Portion of assets under management in active funds, including money market  funds, whose gross performance outstrips that of the benchmark; does not include: ETFs, index funds, JVs, delegated management, mandates, structured products, real assets; where no benchmark exists, absolute gross performance is taken into account; source: Amundi/Risk Department.
6 Based on the share price as of 2 February 2023 (€61.90 at closing)
7.40% in private equity, 35% in private debt, and 25% in infrastructure; for more details on this transaction, please refer to the press release issued today, 7 February 2024 and available on https://about.amundi.com/.
8 All Net Zero Ambition funds in passive management complying with EU CTB/PAB criteria.
9 In percentage of the number of ETFs managed.
10 Voting Matters 2023 report by the UK charity ShareAction; Amundi was 3rd among the 69 main asset managers worldwide, with a score of 98%. ShareAction evaluated 257 shareholder resolutions in 2023.

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