The profits of the Afores fell 63.7% in 2022: Consar

Las retirement fund managers (afores) They obtained a profit of 5,691 million pesos in all of 2022, which meant a 63.7% drop, in real terms, when compared to the same period last year, according to data from the National Commission of the Savings System for the Retirement (Consar).

Likewise, the figures of Consar, in charge of Iván Pliego Moreno, also revealed that only two administrators (Invercap and Principal) had no profits last year. In other words, they recorded losses for the 12 months of 2022.

The contraction in the profits of the Retirement Savings System (SAR) is the largest since the record was recorded and is linked to the commission ceiling –approved in the reform to the SAR Law of 2020– that the Afores charge on the balance of the worker and that forced the historical decrease from 0.80 to 0.57% in the average commission for this year.

It should be noted that commission income is the main source of funds for fund managers, therefore the drop of 23 percentage points in said item has impacted the entire industry.

commission income

Los commission income that the Afores charge on the worker’s balance registered 28,497 million pesos in all of 2022, the foregoing meant a drop in real terms of 32.6% compared to 2021.

In this context, the consar confirmed that the average commission charged by the Afores on the worker’s balance will continue at 0.57% by 2023. The public body has revealed that the 0.57% commission will represent savings for workers of 24.4 billion pesos.

Managed resources contract 7.6% annually

The resources managed by the fund managers registered more than 5.2 trillion pesos in all of 2022, which meant an annual contraction of 7.6% in real terms. The data shows that it is the first drop for a year-end since records have been recorded.

Last year, the Retirement Savings System suffered the impact of high volatility in the market as a result of the war in Ukraine, inflation and the rise in central bank rates, which led to losses in the balance of workers .

The accumulated loss reported in November (latest data available) was 224.827 million pesos. However, in that month capital gains of 131,046 million pesos were reported.

santiago.renteria@eleconomista.mx