SBS authorized the operation of AFP Habitat in Peru

The Peruvian Superintendency of Banking and Insurance (SBS) authorized the chilean AFP Habitat to begin operations as a Pension Fund Administrator in Peru.

Through SBS Resolution No. 2680-2013, published today in "El Peruano", the regulator informed that AFP Habitat, which established it's headquarters in Lima, met the requirements of the law, "by which is legal, technical and administratively capable of receiving the operating license. "

On December 20th, 2012, the first bidding process of new affiliates to the Private Pension System in Peru took place, with the winning bid being awarded to the subsidiary of AFP Habitat in Peru, which was in the process of being constituted. Due to this result, Habitat became the fifth participant in the Peruvian market.

The Company expects to receive some 700,000 affiliates in 2 years. The commissions offered were: 0.47% on monthly salary contributions (commission on flows) and 1.25% annually on accumulated AUM balances (commission on the accumulated stock). The commission on the flow will be extinguished gradually over a ten-year period, while the commission on the accumulated stock will remain in place.

The entry of AFP Habitat into the Peruvian marketplace is the beginning of the internationalization process that the Company has established as a strategic goal for the years to come.

AFP Habitat participates in Chile in the provisional industry managing individual obligatory pension accounts as well as voluntary saving accounts (APV) and savings accounts (CAV)), it also offers programmed retirement fund withdrawal plans.  

The company was founded in 1981, by the Chilean Construction Chamber (CChC), which controls AFP Habitat through Inversiones La Construcción (ILC).  In terms of affiliates, contributors and assets under managemente, it's the second largest AFP in the chilean market. As of March 2013, The Company’s Net Profit reached CLP 22,423 MM,  showing a decline of 14.1% against the same period of the last year.