2023: net income rose to €1.2bn, inflows of +€26bn, o/w +€19bn in Q4
Financial results up
High adjusted net income for[1],[2] 2023: €1,224m, +3.9% /2022
- Cost control despite inflation, operational efficiency maintained at the highest levels
- Cost-income ratio of 53.2%[2], still at the best level of the industry
Q4: adjusted net income[1],[2] of €313m, +7.9% Q4/Q3
Dividend per share proposed to the Annual General Meeting: €4.10 per share, yield of 6.6%[3]
High net inflows thanks to a diversified business model
Assets: €2,037bn as of 31 December 2023, +7.0% over one year
Full-year 2023 net inflows of +€26bn
- Strong net inflows in key areas of expertise tailored to market conditions: active bond management +€18bn[4], treasury products +€19bn
- MLT assets[5] stable throughout the year despite context of risk aversion
(vs. major outflows in the European open-ended fund market[6])
Success in product innovation: Amundi global #1 in Target Maturity bond funds (+€11bn in 2023 net inflows), high net inflows in structured products (+€5.6bn)
Q4: very high net inflows of +€19.5bn
Continuing development according to 2025 Medium Term Plan
2023: development in line with the priorities of the 2025 Ambitions plan:
- Passive Management: +€13bn in ETF net inflows
- Real assets: +€2bn in private debt and multi-management net inflows
- Asia: assets under management of €399bn, strong inflows for the JVs in India and South Korea
- Technology & Services: +10 new clients for Amundi Technology
- Responsible Investment: Amundi is among the global Top 3 its policy of voting on environmental and social ambitions[7]
Acquisition of Alpha Associates
Value-creating acquisition in the area of real assets (private debt, infrastructure and private equity):
- €8.5bn in assets in multi-management of private assets
- Average annual growth of +15% in assets since 2018
- Expected return on investment > 13% after 3 years
The Amundi Board of Directors held a meeting chaired by Philippe Brassac on 6 February 2024, and approved the 2023 fourth-quarter and yearly financial statements.
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.
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[1] Net income, Group share
[2] Adjusted data: excludes amortisation of intangible assets and integration costs for Lyxor in Q4 2022 and full-year 2022 year (see note p. 11)
[3] Based on the share price as of 2 February 2023 (€61.90 at closing)
[4] Excluding CA & SG insurers
[5] Medium-Long Term Assets, excluding JVs
[6] Source: Morningstar, European open-ended, cross-border, and domestic funds
[7] 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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