Amundi has announced a record year with net income of €1.4bn (£1.2bn) across 2024.

The asset manager said that these results represented the company’s highest historical levels, thanks to revenue growth of nine per cent, and the improvement of the cost-to-income ratio to 52.5 per cent.

Assets under management also hit a new record of €2.2tn at the end of 2024, a 10 per cent year-on-year increase.

Net inflows grew by €55bn over the year, double that of 2023. Amundi’s retail business delivered €11.5bn of this – its highest level of inflows since 2021, thanks to third party distributors and partner networks.

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The institutional segment of the business delivered €7.1bn, driven by institutional and sovereigns, insurers and corporates.

“2024 was a record year for Amundi, both in terms of results and activity,” said Valérie Baudson, Amundi’s chief executive.

“Our net income has reached €1.4bn and our net inflows have doubled compared to 2023.

“Our assets under management are at an all-time high, at more than €2.2tn, thanks to very dynamic inflows in several strategic areas, such as third-party distributors, ETFs and Asia. We have also confirmed and expanded our leading position in fixed income strategies. The success of our technological services offer was also strengthened.

“Finally, we carried out three external growth operations. They accelerate our development and create value for our clients and shareholders.”

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These external growth operations included the acquisition of the private assets multi-management specialist Alpha Associates, which closed in April 2024; the partnership with the US asset manager Victory Capital, which was signed in July; and the acquisition of the wealth tech firm aixigo, which closed in November 2024.

By 2027, these three operations are expected to generate a combined accretion of earnings per share of about five per cent, and a return on investment of around 12 per cent.

Amundi also reported that it has reached its 2025 investment and ESG objectives one year ahead of schedule.

“This commercial performance translated into record results, both for the year and in the fourth quarter,” added Baudson.

“Our cost/income ratio, at the best level in the industry, is already in line with our 2025 target. This strong financial performance allows us to propose an increased dividend, offering an attractive return for our shareholders.

“2024 marks an acceleration of the diversification that was initiated with the plan Ambitions 2025, several objectives of which have already been achieved, one year ahead of schedule.

“Close to our clients and attentive to their needs, we are very well positioned on the mega-trends of the savings industry. This makes us confident about our future growth.”

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