EUROPE - AXA Investment Managers had a net inflow of 9.5 billion euros of institutional business in 2003.

"Total net new monies for 2003 were 12.7 billion euros with the institutional business accounting for over 9.5 billion euros and the retail business contributing over three billion euros," AXA said.

Assets under management rose by 24 billion euros to 292 billion euros. It also said pre-tax profits rose 20%, from 100.7 million euros in 2002 to 120 million euros in 2003.

"I am very pleased to see such strong growth in profits during the year," said chief executive Nicolas Moreau. "In 2003 we took the decision to refocus the business on those areas where we had a strong competitive advantage and we are now seeing the results of that strategy."

The company added that AXA Real Estate Investment Managers gathered around one billion euros of new equity. And AXA Rosenberg saw inflows of more than 4.6 billion euros.

"The results for 2003 were certainly very encouraging and we look forward to achieving further success in 2004," Moreau said, adding that AXA had already made "a strong start" to 2004.

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