Revenues at the investment management divisions of French insurer Axa rose 29% last year to €4.4bn ($5.9bn), driven by strong net inflows and favourable market conditions, as well as the integration of assets from Swiss insurer Winterthur, acquired last year.

Assets under management for the group as a whole rose 23% to €1.3 trillion, of which €689bn is third-party, or external client, money. Winterthur contributed €104bn of the increase.