Mexico’s Afores Log Near-Record 2025 Gains as Amafore Signals Cooler 2026 Returns

Overview

• Consar reports plusvalías of roughly 941.5 billion pesos from January through September, equal to about 11.68% of assets under management.
• Amafore president Guillermo Zamarripa cautions that 2025’s outsized gains are atypical and expects more moderate, historically normal returns next year.
• Forthcoming adjustments to the Afores investment regime will be published in the Diario Oficial, with Amafore describing them as calibrations rather than structural changes.
• The anticipated rule updates may touch currency-related allocations, according to indications from Consar and industry comments.
• Amafore notes about 150,000 unemployment withdrawal requests per month in recent months, up from roughly 100,000 before the pandemic and attributed to greater awareness of the option.