Axa's revenues from asset management grew by 4% over 2014, helping to increase the group's net income by 12% from €4.48bn ($5.08bn) to €5.02bn.
Assets under management climbed from €893bn in 2013 to €925bn in 2014, with the higher management fees boosting revenues for the French insurer.
However, looking at the detailed revenue figures shows a more complicated picture. Axa Investment Management (Axa IM) saw revenues decrease from €1.36bn in 2013 to €1.15bn in 2014, reflecting the impact of the sale of its stake in Axa Private Equity in 2013.
According to the company, if Axa Private Equity's 2013 contribution was excluded from the results, Axa IM recorded a 20% increase in underlying earnings from 2013 to 2014.
At the same time Axa's other asset management arm AllianceBernstein saw revenues increase slightly from €2.10bn in 2013 to €2.18bn in 2014.
Total underlying earnings for Axa increased marginally, going from €400m in 2013 to €403m in 2014.
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