Profits from the asset management division of insurer Axa soared by 27% to over €1bn ($1.2bn) in the first quarter as it benefited from net inflows of €19bn and favourable stock markets.

AllianceBernstein, the US fund manager in which Axa has a 61% stake, saw its profits increase 23% compared with the first quarter of 2005 due to higher fee income.