Amundi Financial Results and Partnership with Société Généra

SG partnership renewed for five years

Good level of business activity and earnings

Business activity

AuM¹ of €1,592bn at 30 June 2020, an increase of +7% year-on-year (+4% vs. the end of March 2020)
Good trend in Medium-Long-Term² assets: inflows +€3.5bn in Q2 2020, offsetting outflows in treasury products

Results

Revenues³ affected by the market downturn (-7.3% in Q2 2020 vs. Q2 2019)...
... offset by a reduction of operating expenses (-7.8% in Q2 2020 vs. Q2 2019) while continuing to hire for growth
Cost/income ratio³ improving (50.9% in Q2 2020, -0.3 pt. vs. Q2 2019)
Adjusted net income³ still high: €233m (vs. €258m in Q2 2019)
Excluding the impact of the market’s downturn, Q2 2020 income would be comparable to Q2 2019

Partnership with Société Générale

Partnership renewed for 5 years

Growth drivers

Sabadell AM in Spain: a deal that boosts Amundi's European leadership, with integration well under way
New JV with BoC in China: a promising project staying on schedule

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 30 July 2020 to review the financial statements for the first half of 2020.

Yves Perrier

Amundi's CEO

Despite an unfavourable market environment, Amundi’s business activity and earning were solid in the 2nd quarter, which proves the company’s business model is sound. Medium-Long-Term assets inflows turned positive, thanks notably to real assets and passive management.

The Q2 2020 cost/income ratio of 50.9% was improved by 0.3 pt vs. the second quarter of 2019. Adjusted net income amounted to €233m. Excluding the impact on revenues of the decrease of average financial markets levels, this net income would be comparable to that of Q2 2019.

The partnership with Société Générale has been renewed in all its aspects, which strengthens Amundi's position as a reference partner of the Retail networks in Europe

The growth drivers initiated at the start of the year are taking shape in line with our stated objectives:

The acquisition of Sabadell AM, making Amundi the 4th player in Spain, was finalized at the end June, and the expected synergies have been revaluated.
The implementation of the joint-venture with BOC in China continues in line with the envisaged plan, with a launch of operations planned in Q4 2020
Lastly, Amundi continued to implement its ESG plan announced in October 2018, stepping up responsible investing initiatives

Assets under management and net inflows (excluding Sabadell AM) include assets under advisory and assets marketed and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.
Medium-Long-Term Assets: excluding -€4.3bn in treasury products in Q2 2020.
Adjusted data: excluding amortisation of distribution contracts; See page 10 for definitions and methods.