In a week that has seen a number of French financial titans report their results, AXA, the insurance and asset management group which is also involved in wealth management, reported net income of €3.6 billion (around $4.9 billion) for 2009, up strongly from €900 million in the previous year.

Total revenues for the whole group fell by 3 per cent year-on-year to €90.1 billion, AXA said in a statement issued yesterday.  Asset management revenues dropped by 24.7 per cent to €3.074 billion, it said, while assets under management stood at €845 billion, up by €29 billion from the end of December 2008.

The big rise in net income happened as lower adjusted earnings were more than offset by a higher contribution from the change in the value of assets and derivatives, net of foreign exchange and other items, the firm said.

AXA said a dividend of €0.55 per share – up by 38 per cent from 2008 – will be proposed at the firm’s annual general meeting on 29 April this year.