Overview
- Afores generated investment gains of roughly 1.08–1.14 trillion pesos in 2025 with an annual return near 16%, according to Amafore.
- For 2026, the association projects plusvalías at about half of last year’s level, in line with 2023–2024 results of 464–557 billion pesos.
- Amafore identifies geopolitical tensions, persistently weak economic growth and a reset in expectations for AI’s impact as the main risks to returns.
- Further interest‑rate cuts could support long‑duration asset values and help keep results positive, said Amafore president Guillermo Zamarripa.
- Administrators’ earnings from investing their own capital in Siefores doubled in 2025 to 5.6 billion pesos, while higher unemployment withdrawals reflected minimum‑wage increases rather than system stress.