Concentration of Resources in Four Major Afores
In Mexico, four out of the ten Afores (Pension Fund Managers) manage 70% of the total resources in the SAR (System for Retirement Savings), leaving only 30% to the remaining six Afores. The four major players are Profuturo with 1.61 billion pesos (bdp), XXI Banorte with 1.58 billion pesos, SURA with 1.34 billion pesos, and Banamex with 1.28 billion pesos, according to data from the National Commission for the System of Retirement Savings (Consar).
High Concentration of Net Incomes
These same four Afores also accounted for 72% of the net profits made by all ten pension fund managers in 2025.
Reasons for Concentration: Mergers and Performance
Carlos Ramírez, co-director of Integralia Consultores and former president of Consar, explained that the concentration of resources in a few Afores is due to mergers between Afores that have grown “inorganically.” An example of this is XXI Banorte, which was formed in 2011 through the merger of Grupo Financiero Banorte and the Instituto Mexicano del Seguro Social (IMSS) Afores. Later, in 2013, the merged XXI Banorte acquired Afore Bancomer.
However, Ramírez also mentioned that some Afores have grown “organically,” like Profuturo, which has increased its managed savings by attracting transfers from account holders due to the returns it offers.
Moisés Pérez, an expert in pensions and founder of Yo Jubilado consultancy, stated that SURA’s growth is attributed to an aggressive commercial strategy and promotion over the years, as well as its good returns. He noted that Banamex benefits from the strength of its bank, with a wide network of branches and brand presence.
Not Necessarily the Afores with Most Accounts
Pérez also pointed out that these four Afores have focused on acquiring accounts with higher balances in the SAR, meaning they target high-income workers. This explains why, although these Afores manage the most money, they do not have the most retirement savings accounts.
In fact, Azteca is the Afore with the most administered accounts in the entire SAR system, with 17.54 million accounts, followed by Coppel with 11.96 million accounts as of the end of 2025.
- Azteca and Coppel together administered 42% of the 69.73 million accounts managed by the ten Afores at the end of the previous year.
- Banamex managed 8.64 million accounts, Profuturo 8.49 million, SURA 7.96 million, and XXI Banorte 7.30 million accounts by the end of 2025.
Lack of Concern Over Concentration
Both experts agreed that they do not view the concentration of pension fund resources in just four Afores as a cause for concern, as account holders still have ten distinct options to choose from.
“The competition is among 10 (Afores). Chile only has 7 Afores. For the size of the Mexican market, having 10 options is sufficient,” Ramírez stated.
“I do not see this concentration as risky, since only four out of ten Afores hold the majority of resources,” Pérez concluded. “What would be concerning is if a single Afore held 40% of all resources, for example.”
