Principal to Acquire MetLife Afore in Mexico
Today, Principal Financial Group® announced it has signed an agreement to acquire full ownership of MetLife Afore, S.A. de C.V. (“MetLife Afore”), MetLife, Inc.’s pension fund management business in Mexico, subject to regulatory approval. With nearly 25 years in Mexico, Principal is committed to growing across its mandatory pension, voluntary long-term savings, and mutual funds businesses.
“As the middle class in emerging markets continues to grow, there is increasing demand for long-term retirement and investing products that enable individuals to retire with the highest pension possible,” said Roberto Walker, president of Principal International in Latin America. “This acquisition strengthens our commitment to Mexico’s pension market.”
By integrating MetLife Afore into Principal Afore, S.A. de C.V. (“Principal Afore”), Principal will gain additional scale, a larger distribution network and the capacity to better support its customers in Mexico with innovative advice and customized tools that help them achieve their retirement goals. After closing, Principal Afore will be the fifth largest pension provider in Mexico in terms of assets under management.
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