Paris headquartered AXA group has published its results for the first quarter of 2016.
On the asset management side, revenues have dropped by 9% year-on-year to €883m from €956m.
The firm explained the decrease can be explained by lower average assets under management and by a slump in average management fee bps linked to a higher share of fixed income products, mostly driven by weak equity markets in the first two months of the year.
Asset management net inflows for AXA have amounted to €10bn in Q1 2016, of which AXA IM’s inflows have accounted for €8bn and AB’s net new cash for €2bn.
Inflows of AXA IM have primarily come from the Asian joint ventures (over €10bn) and from institutional clients.
These have been partly offset by outflows on assets managed on behalf of AXA’s general account, the company said.
Assets under management of the AXA group are down quarter-on-quarter, standing at €1.11trn at end March 2016 against €1.12trn at end 2015.
According to AXA, the drop was mainly driven by the strengthening of the euro against major currencies.
Average assets under management have amounted to €1.03trn, down 4% yoy.
Overall, AXA’s total revenues are up 1% yoy (€31.8bn) supported by growth in the property & casualty (3% rise in revenues) and international insurance (6% increase in revenues) business lines.