MetLife has signed an agreement to acquire Mexican pensions
administration company AFORE Actinver for an undisclosed sum. The
acquisition will increase the client base of the US insurer’s
Mexican unit, MetLife Mexico, from 7 million to about 8.3
million.
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Founded in 2003 by Mexican financial services company Grupo
Actinever, AFORE Actinver is one of Mexico’s 21 administradoras de
fondos para el retiro (AFORE) which administer individual pension
accounts. Since 1997 all workers in Mexico who are covered by the
state social security system have been required to invest 6.5
percent of their remuneration in a pension scheme administered by
an AFORE. MetLife Mexico is already represented in the market by
its unit AFORE MetLife, established in 2005.
“We see vast opportunities in the savings and retirement business
in Mexico and this transaction enables us to increase the scale of
our existing pension operation,” said MetLife International’s
president, William J Toppeta. “We have a strong company and
management team in Mexico that is well able to integrate AFORE
Actinver into the MetLife family of companies. We expect that this
transaction will position us for further growth and expansion in
the Mexican market.”
In addition to the acquisition of AFORE Actinver, the agreement
includes an alliance under which Grupo Actinver will distribute
MetLife products to its clients. MetLife Mexico’s product portfolio
includes individual life insurance, medical expense insurance and
retirement plan administration.
Grupo Actinver’s operations include mutual fund and third-party
asset management.
