The profits of the Retirement Fund Administrators (Afores) have grown 27% in 2025 compared to last year, this due to factors such as the historic capital gains that workers’ savings have achieved and the growth in the resources managed by the largest mandatory contributions.
From January to November 2025, the Afores earned 14,572 million pesos for managing the retirement savings of the 69.42 million registered accounts, according to data from the National Commission of the Retirement Savings System (Consar).
It is the highest level of Afore profits since 2020, before the reforms were made to the Afores. Retirement Savings Systems Law (HE) that capped the commissions that administrators can charge to workers. By 2026, the Afores will charge each worker a commission of 0.54% on the balance managed in their savings account. In 2020, before the reform, the average commission they charged was 0.90 percent.
With the 2020 reform, the commissions charged by administrators were capped so that they are not above the average charged in the pension systems of Chile, Colombia and the United States.
In addition, the reform also included a gradual increase in employers’ mandatory contributions to their workers’ retirement savings accounts.
In this way, workers’ contributions to Afores went from 6.5% of their salary before the reform to 9.5% in 2025, with the goal of growing to 15% in 2030.
Moisés Pérez Peñaloza, pension specialist and founder of the consulting firm Yo Jubilado, has explained that the growth in contributions to the Afores has meant a greater influx of resources into retirement savings accounts.
Thus, the balances of the accounts on which commissions are charged are greater, thanks to which it is compensated for the fact that the percentage of commission charged is lower.
capital gains
For its part, the National Commission of the Retirement Savings System (Consar) has explained that the growth observed in the Afores’ profits is partly explained by a statistical distortion caused by the high capital gains achieved in 2025.
From January to November of this year, the capital gains from the savings managed by the Afores amounted to 1.12 trillion pesos, a historical figure for a similar period.
There are 10 Afores in the Retirement Savings System, nine of which are private and belong to a financial group (such as Banorte, Banamex or Inbursa) or a conglomerate (such as Profuturo, which belongs to Grupo BAL). The profits from these Afores are also for the private corporations to which they belong.
Only one of the 10 Afores, PensionISSSTEis public and instead of keeping the profits, it distributes them among its account holders.
The growth in contributions to the Afores has meant a greater entry of resources into the accounts. Thus, the balances on which commissions are charged are higher, which compensates for the fact that the commission percentage charged is lower.
