SAR Posts August Gains but July Losses Leave System Volatile

Overview

• In August the Sistema de Ahorro para el Retiro (SAR) recorded plusvalías of 84,126 million pesos, which did not offset July’s minusvalías of 92,763 million pesos.
• Despite monthly swings, the SAR kept a positive balance with 475,433 million pesos in accumulated plusvalías from January through August 2026.
• Consolidated profits of the 10 Afore rose 12.05% year over year for January–August 2026 while growth slowed from the prior year, and commission revenues increased to 137,613.8 million pesos.
• Average commissions fell from 0.547% to 0.538% as account numbers grew from 68.8 million to 70.5 million, while operating costs rose to 59,912.4 million pesos even as their growth rate slowed.
• Partial withdrawals for unemployment climbed to roughly 31–32 billion pesos from January to August involving about 1.45 million workers, a trend regulators link to misuse by unauthorized intermediaries and say could strain future retirement balances.