Profits from the fund management arm of insurer Axa surged by more than a quarter last year to a record €508m ($667m) on the back of strong growth at its US and French units, which each added €53bn in assets under management.

Asset management profits rose 28% from €396m on the back of "higher average assets under management and an improved business mix", according to Axa, which published its full-year results today.