MEXICO CITY--(BUSINESS WIRE)--Fifth paragraph should read: After the purchase, Principal in Mexico will manage around 3.4 million individual accounts for retirement with U.S. $12.3 billion** of assets under management*. (instead of After the purchase, Principal in Mexico will manage around 3.4 million individual accounts for retirement with U.S. $12.3 million** of assets under management*.)
The corrected release reads:
PRINCIPAL COMPLETES THE PURCHASE OF METLIFE AFORE IN MEXICO
Today, Principal Financial Group® (“Principal”) announced it has completed its acquisition of MetLife Afore, S.A. de C.V. (“MetLife Afore”), MetLife, Inc.’s pension fund management business in Mexico, attaining full regulatory approval for the deal. The purchase and integration will position its Principal Afore, S.A. de C.V. (“Principal Afore”) as the fifth largest Afore in Mexico with more than 7 percent market share*.
“Mexico is a growing and important market for Principal,” said Luis Valdes, president of Principal International, the global pension business of Principal Financial Group. “We are committed to making investments in countries with a robust middle class to bring more people the long-term retirement and investing solutions they need to achieve a more secure financial future.”
Clients currently served by the MetLife Afore will become part of Principal Afore over the course of the next 90 days as the Afores merge. Principal Afore is owned by Principal Financial Group, a global pension and retirement expert that serves more than 22 million clients around the world and has 25 years of experience in Mexico providing mandatory pension, voluntary long-term savings, and mutual fund products and services.
"We are excited to continue to build our business in Mexico and bring greater services and expertise to our clients and the assets they entrust to us,” said José Antonio Llaneza, country head for Principal Mexico. “This purchase reflects our confidence in the pension system in Mexico and its ability to provide financial well-being for Mexicans when they enter retirement.”
After the purchase, Principal in Mexico will manage around 3.4 million individual accounts for retirement with U.S. $12.3 billion** of assets under management*.
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals — offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.
* Considering the total sum of the resources managed by both Afores
according to the statistical information published by CONSAR on January
** Reflecting today's exchange rate of Mex$18.65/U.S. $1.00
As a result of the merger, workers registered with MetLife Afore have the right to request the immediate transfer of their Individual Account to another Administrator.