2017 1st half and 2nd quarter results

This Friday July, 28^th, Amundi publishes strong results in the first half of 2017 confirmed profitable growth momentum.

Amundi’s assets under management amounted to €1,121bn at 30 June 2017¹ (€1,342 billion including Pioneer Investments²), reflecting excellent business activity (strong net inflows of +€28.8bn² in the first half 2017) and a positive market effect (+€9.5bn) owing to favourable market conditions, especially in equities.

The net inflows of +€28.8bn² in the first half of 2017, driven by retail (€22.9bn in H1 2017), where sustained on the French network, especially in medium/long term assets (+€2.4bn).

The Institutional segment recorded satisfactory net inflows of +€5.9bn in H1 2017, despite some exceptional negative developments, particularly the withdrawal of a mandate by the ECB in Q1 2017 (‑€6.9bn) and seasonal effects in treasury products.

Net inflows were generated on all asset classes with medium/long term assets representing +€12.7bn.

Finally, net inflows remained primarly driven by international sources (67% of total net inflows).

Amundi's results in the first half of 2017 confirm a trend of steady growth.

The Group’s share of net income was up 10,9% from the first half of 2016. This excellent results was driven by solid revenue growth (€910m) of 8,6% linked to the 12 months growth in assets under management.

Operating expenses were under control at €454m leading to a 2-point improvement in the cost/income ratio, which stood at 49,9%.

_{1 Assets under management and inflows include assets under advisory and assets sold and take into account 100% of assets under management and inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
2 Data combined prior to harmonisation of accounting methods for AuM
3 Excluding costs associated with the integration of Pioneer Investments amounting to €32m before tax and €21m after tax in H1 2017.}