Overview

• In the first half of 2025, the 10 Afores generated plusvalías of 534.18 billion pesos, nearly matching the full-year 2024 total of 556.76 billion pesos.
• Equity market rallies and government debt yields powered most gains, outweighing a 31.7 billion peso loss in April tied to US tariff-driven volatility.
• June returns dropped 53% to 82.54 billion pesos after May’s peak of 175.47 billion pesos, marking the sharpest monthly slowdown of the year.
• Unemployment-related withdrawals rose 19% year-on-year in June to 3.04 billion pesos, driving a record 17.61 billion pesos withdrawn in the first half.
• The Chamber of Deputies approved a reform to Article 191 of the Social Security Law to calculate unemployment withdrawals on a 52-week average salary instead of the last registered wage.