PRESS NOTICE
Bogotá, May 4, 2007
PERFORMANCE OF MANDATORY PENSION FUNDS, VOLUNTARY PENSION FUNDS,
UNEMPLYMENT FUNDS, PAY AS YOU GO REGIME AND ADMINISTRATOR OF
PROFESSIONAL RISKS OF THE ISS MARCH OF 2007
1. MANDATORY PENSIONS FUNDS
1.1 MANDATORY PENSION FUNDS YIELD
The accumulated yield of mandatory pension funds during the last three years, period that
considers for the calculation of the minimum yield, was in average of the 13.39% cash annual,
equivalent to an 8.02% yield real and superior to the demanded minimum yield in 3.62 percentage
points. Individually, the funds reached yields that go from the 12.40% to the 14.99% (graph 1).
16.00%
G R A P H 1.
M A N D A T O R Y P E N S IO N F UN D S Y IE LD
M A R .3 1/ 0 4 T O M A R .3 1/ 0 7
14.99%
13.28%
13.29%
14.00%
12.81%
13.39%
12.63%
12.40%
12.00%
9.77%
10.00%
NOM INA L YIELD
AVERAGE (*)
MINIMUN
4.57%
YIELD
8.02%
7.08%
HORIZONTE
SKANDIA
PROTECCION
0.00%
7.29%
7.47%
COLFONDOS
2.00%
SANTANDER
7.91%
4.00%
7.92%
9.54%
6.00%
PORVENIR
8.00%
REA L YIELD
During the last five years mandatory pension funds obtained a yield effective average of 15.03%
annual, the equivalent one to a real yield of the 8.79%, whereas the yield average from beginning of
operations to the 31 of march of 2007 were of the 17.12% annual cash, that corresponds in real
terms to the 5.62% (graph 2).
GRAPH 2.
17.12%
16.40%
16.48%
16.53%
16.81%
OP ER A TI ON S ( 1) M A R . 3 1/ 0 7
16.87%
15.03%
13.92%
14.09%
14.44%
14.61%
16.00%
14.67%
18.00%
17.32%
20.00%
18.76%
YI ELD FR OM TH E B EGI N N I N G OF
LA ST F IV E Y EA R Y IELD
M A R .3 1/ 0 2 T O M A R .3 1/ 0 7
14.00%
5.40%
5.34%
5.09%
5.04%
4.97%
5.62%
SANTANDER
PORVENIR
SKANDIA
HORIZONTE
AVERAGE (*)
7.74%
HORIZONTE
2.00%
COLFONDOS
7.90%
SANTANDER
7.10%
8.23%
PORVENIR
8.79%
8.39%
4.00%
COLFONDOS
6.00%
8.44%
8.00%
SKANDIA
10.00%
10.95%
12.00%
NOM INA L YIELD
PROTECCION
AVERAGE (*)
PROTECCION
0.00%
REA L YIELD
(*) Weighed by the balance daily average of the patrimony
(1) May 1994, without Skandia that began in March 1995
1.2 VOLATILITY AND EVOLUTION YIELDS
The average of the calculated accumulated yields during the last thirty and six months of the funds
was the 16.94% of annual cash and its volatility (standard deviation) of the 1.84%. This average for
the last two years was of the 17.08%, with a volatility of the 2.17%, where as for the last year the
yield average was in the 15.42% and its volatility in 1.44%. The yield average and its volatility of
each one of the funds during the mentioned periods are reflected in graphs 3, 4, 5 and 6.
GRAPH 3
MANDATORY PENSION FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
MAR 31 2004 -MAR 31 2007
20.90%
20.60%
ACCUM. YEILD AVERAGE
20.30%
20.00%
Protección
19.70%
19.40%
19.10%
18.80%
18.50%
18.20%
17.90%
Skandia
17.60%
17.30%
Sistema
17.00%
16.70%
Colf ondos
16.40%
Porvenir
Horizonte
Santander
16.10%
15.80%
15.50%
1.50%
1.55%
1.60%
1.65%
1.70%
1.75%
1.80%
1.85%
1.90%
1.95%
2.00%
2.05%
2.10%
2.15%
2.20%
VOLATILENESS
GRAPH 4
MANDATORY PENSION FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
MAR 31 2005 -MAR 31 2007
20.80%
20.50%
20.20%
Protección
ACCUM. YEILD AVERAGE
19.90%
19.60%
19.30%
19.00%
18.70%
18.40%
18.10%
Skandia
17.80%
17.50%
17.20%
Sis tem a
Colfondos
16.90%
16.60%
Porvenir
16.30%
Horizonte
Santander
16.00%
15.70%
1.70% 1.73% 1.76% 1.79% 1.82
%
1.85% 1.88
%
1.91% 1.94
%
1.97% 2.00
%
2.03
%
2.06
%
2.09
%
2.12
%
2.15% 2.18
%
2.21 2.24
%
%
2.27
%
2.30
%
2.33
%
2.36
%
2.39
%
2.42
%
2.45
%
2.48
%
VOLATILENESS
GRAPH 5
MANDATORY PENSION FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
MAR 31 2006 - MAR 31 2007
22.50%
22.00%
21.50%
21.00%
ACCUM. YEILD AVERAGE
20.50%
20.00%
19.50%
19.00%
Protección
18.50%
18.00%
17.50%
17.00%
16.50%
16.00%
Colfondos
Horizonte
15.00%
Skandia
Sis tem a
Porvenir
15.50%
Santander
14.50%
14.00%
13.50%
13.00%
1.00
%
1.04
%
1.08 1.12% 1.16% 1.20
%
%
1.24
%
1.28
%
1.32
%
1.36
%
1.40
%
1.44
%
1.48
%
1.52
%
1.56
%
1.60
%
1.64
%
1.68
%
1.72
%
1.76
%
1.80
%
1.84
%
1.88
%
1.92
%
1.96
%
2.00
%
VOLATILENESS
GRAPH 6
RETURN´S ACCUMULATED OF MANADATORY PENSIONS FUNDS
EVOLUTION
24.00%
22.00%
20.00%
18.00%
16.00%
14.00%
12.00%
03/2006
04/2006
05/2006
PROTECCION
06/2006
07/2006
PORVENIR
08/2006
09/2006
HORIZONTE
10/2006
11/2006
SANTANDER
12/2006
01/2007
02/2007
COLFONDOS
03/2007
SKANDIA
1.3 VALUE OF THE FUNDS
The value of mandatory pension funds reached to the 31 of March of 2007 a value of USD 20.029
millions, superior in USD 652 millions the value registered to the 28 of February, that is to say, a
3.4% (graph 7, Chart 1.1).
GR A PH 7.
V A LU E OF EA C H F U N D A N D IT S PA R T IC IPA T ION IN T HE SY ST EM
M A R .3 1T H 2 0 0 7 - M ILLION S U S D OLLA R
26.8%
5,500
24.8%
5,000
4,500
4,000
17.2%
3,500
SKANDIA
SANTANDER
0.7%-
20,029
3.4%
19,378
0.9%
19,205
5.9%
1.8%
1.6%
4.2%
6.4%-
7.4%-
5,000
3.4%-
10,000
19,347
18,276
17,957
6.8%
16,812
10.9%15,879
14,323
15,305
16,534
17,111
15,000
16,553
V A LUE O F T H E F UN D S
LA S T Y E A R E V O LUT IO N
1.5%-
MILLONES DE USD
COLFONDOS
P ERCENTA GE OF P A RTICIP A TION
25,000
20,000
SKANDIA
PLAN
ALTERNATIVO
FUND VALUE
HORIZONTE
PORVENIR
0
PROTECCION
500
26
0.1%
2,457
1,500
1,000
816
4.1%
12.3%
2,947
2,000
3,448
2,500
4,965
5,370
14.7%
3,000
FUNDS VALUE
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
-
MONTHLY VARIATION
1.4 AFFILIATED
The number of affiliated with the regime of individual saving with solidarity to the 31 of march of
2007 ascended to a 7.197.578, with an increase of the 1.1%, that is to say, 76.253 affiliated as
opposed to the number reported to the 31 of march of 2007. (Graph 8).
GR A PH 8 .
A F F ILIA T ED A N D PA R T IC IPA T ION OF EA C H F U N D IN T HE SY ST EM
M A R .3 1T H 2 0 0 7
2,400,000.00
28.0%
2,100,000.00
A FFILIA TED
P ERCENTA GE OF P A RTICIP A TION
336
0.0%
SKANDIA PLAN
ALTERNATIVO
62,962
0.9%
SKANDIA
14.6%
1,048,474
15.6%
SANTANDER
PROTECCION
0.00
PORVENIR
300,000.00
HORIZONTE
600,000.00
1,566,855
900,000.00
2,013,291
1,200,000.00
1,383,375
19.2%
1,500,000.00
COLFONDOS 1,122,285
21.8%
1,800,000.00
7,121,325
7,074,020
7,010,287
6,961,430
6,906,460
6,853,741
6,757,284
6,701,261
6,648,211
6,588,211
6,900,000
6,536,567
7,200,000
6,799,647
7,500,000
7,197,578
N UM B E R O F A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
1.1%
0.7%
0.9%
0.7%
0.8%
0.8%
0.8%
0.6%
0.8%
0.8%
0.8%
Apr-06
0.9%
1.0%
6,300,000
Mar-06
6,600,000
AFFILIATED
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
May-06
Jun-06
6,000,000
MONTHLY VARIATION
Of the total of affiliated with the funds of mandatory pension funds, the 52.3% correspond to
affiliated active, that is to say, 3.764.318 and the 47.7%, that is 3.433.260 to affiliated inactive. The
inactive affiliated ones are those that have not carried out quotations in at least last six months
(graph 9).
GR A P H 9
A C T IV E S A N D IN A C T IV E S A F F ILIA T E D B Y E A C H F UN D
M A R .3 1T H 2 0 0 7
1,200,000
1,000,000
A CTIVES
288
48
SKANDIA PLAN
ALTERNATIVO
SKANDIA
SANTANDER
43,552
19,410
476,527
571,947
549,786
572,499
653,194
730,181
COLFONDOS
PORVENIR
-
HORIZONTE
200,000
920,707
646,148
400,000
PROTECCION
600,000
1,120,264
893,027
800,000
INA CTIVES
51.9%
48.1%
Jan-07
52.3%
51.9%
48.1%
Dec-06
52.1%
52.0%
48.3%
Oct-06
48.0%
48.5%
Sep-06
Nov-06
51.5%
48.7%
Aug-06
51.7%
51.3%
51.6%
48.4%
Jun-06
51.1%
51.6%
48.4%
51.5%
52.0%
51.3%
53.0%
May-06
A C T IV E S A N D IN A C T IV E S A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
51.0%
50.0%
47.7%
47.0%
47.9%
48.9%
48.5%
48.0%
48.7%
49.0%
ACTIVES
Mar-07
Feb-07
Jul-06
Apr-06
Mar-06
46.0%
INACTIVES
Of the total of affiliated in the Regime of Individual Saving the 57.7% corresponds to non-quoting
members, is to say to 4.155.749 people; the 42.3%, that is 3.041.829 people, are quoting members
(graph 10). Meaning by non-quoting members those who are affiliated but are not pensioned yet,
and that for some reason, they did not realized the mandatory payment for the reported moth.
1,200,000
G R A P H 10
A F F ILIA T E D C O N T R IB UT O R S A N D N O N C O N T R IB UT O R S B Y F UN D
M A R .3 1T H 2 0 0 7
1,000,000
QUOTING
131
205
SKANDIA PLAN
ALTERNATIVO
SKANDIA
SANTANDER
29,254
33,708
689,619
358,855
530,156
COLFONDOS
HORIZONTE
PORVENIR
-
PROTECCION
200,000
592,129
919,653
463,722
695,785
400,000
871,070
600,000
1,053,893
959,398
800,000
NON-QUOTING
60.9%
60.9%
60.5%
60.0%
60.0%
59.9%
59.1%
58.3%
58.4%
58.0%
58.5%
57.5%
57.7%
39.1%
39.1%
39.5%
40.0%
40.0%
40.1%
40.9%
41.7%
41.6%
42.0%
41.5%
42.5%
42.3%
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
65.0%
Mar-06
C O N T R IB UT O R S A N D N O N C O N T R IB UT O R S A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
NON-QUOTING
QUOTING
Of the total number of affiliated with the funds of mandatory pension funds, the 83.4% happen less
than two minimum wages, the 10.5% perceive income between two and four minimum wages and
the 6.1% win more than four minimum wages.
The 55.9% of the affiliated ones oscillate between the 15 and 34 years old, of which, in this
segment, the 55.4% are men and the 44.6% women.
The 96.4% of the total number of affiliated with the system correspond to workers with labor bond
and the 3.6% to independent workers.
As far as the origin of the affiliated ones, it is important to write down that the 57.1% correspond to
people who entered in the system, 30.1% come from the Pay As You Go Régime, the 12.2% to
transfers between AFPs and the 0.6% comes from the Government social security funds (Chart
1.2).
1.5 PENSIONERS
To the 31 of march of 2007 the Regime of individual saving with solidarity counts on 22.915
pensioners, 13.945 for survival, 4.939 for invalidity and 4.031 of retirement age (graph 11).
The 51.1% of the pensioners are to say 11.705, have decided on the modality of programmed
retiree's pension; the 48.9%, 11.209 pensioners, by the one of immediate life rent and 1 pensioner
by the one of retirement programmed with deferred life rent (Chart 1.3).
2,180
2,265
INVA LIDITY
SKANDIA
SKANDIA P.A
12
146
SANTANDER
HORIZONTE
PORVENIR
PROTECCION
SURVIVA L
COLFONDOS
500
0
106
39
232
834
351
469
1,500
1,000
515
1,190
2,000
936
606
2,500
1,425
2,215
3,000
3,177
2,864
3,500
3,353
4,000
G R A P H 11
P E N S IO N E R S S B Y F UN D
M A R .3 1T H 2 0 0 7
RETIREM ENT A GE
1.7%
1.0%
22,302
1.6%
Jan-07
21,944
1.6%
Dec-06
21,598
1.2%
1.2%
21,101
1.4%
2.2% 20,812
20,371
1.3%
20,102
0.8%
Jun-06
1.3%
Apr-06
1.5% 19,948
1.2%
18,000
Mar-06
19,000
May-06
20,000
19,412
21,000
19,660
22,000
21,346
23,000
22,531
24,000
22,915
N UM B E R O F P E N S IO N E R S
LA S T Y E A R E V O LUT IO N
PENSIONERS
Mar-07
Feb-07
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
17,000
MONTHLY VARIATION
1.6 INVESTMENT PORTFOLIO
As of March 31 2007, the value of portfolio of Mandatory Pension Funds reached USD$ 19,975
million, showing a increase of 3.3% with respect to the end of the previous month, when it was of
USD$ 19,346 million.
To the closing of March 2007, 77.1% of portfolio of the mentioned funds, that is to say, USD$15,404
million correspond to investments of fixed income; the 20.9%, USD$ 4,169 million, to investments in
equity; the 1.5%, USD$ 306 million, to overnight deposits and the 0.5%, USD$ 96 million, to the net
position in derivatives (right less obligations) (Graph 12 and Chart 1.4).
GRAPH 12
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MAR 31TH 2007 - THOUSANDS OF US DOLLAR -
99%
FIXED INCOME
76.6%
79.8%
EQUITY
73.1%
80.7%
70.9%
75.7%
77.1%
73.0%
OVERNIGHT
DEPOSITS
20.5%
21.9%
25.5%
21.5%
22.4%
16.6%
18.9%
20.9%
DERIVATIVES NET POSITION-
8.2%
1.9%
-1%
1.0%
0.2% 1.8%
0.9%
1.2%
0.2%
1.8%
0.4%
1.8%
3.4%
0.5%
1.5%
0.1%
COLFONDOS
$ 2,944,124
HORIZONTE
$ 3,438,408
PORV ENIR
$ 5,345,382
PROTECCION
$ 4,956,502
SA NTA NDER
$ 2,451,378
SKA NDIA
A LTERNA TIV O
$ 25,506
SKA NDIA
$ 813,323
SY STEM
$ 19,974,624
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO IN FIXED INCOME, EQUITY,
OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION - MILLION
OF US DOLLAR
100%
80%
60%
40%
DERIVATIVES NET POSITION
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
Mar-07
19,975 M
Feb-07
19,346 M
JAN-07
19,147 M
DIC-06
19,284 M
NOV-06
18,190 M
OCT-06
17,879 M
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
MAY-06
15,297 M
APR-06
16,541 M
0%
MAR-06
17,112 M
20%
Investment in public debt continues being the most significant in these funds. At March 31 2007,
these investment represented the 47.6% of the value total of portfolio (national debt commits the
41.4%, external national debt 3.6% and territorial organizations and decentralized entities 2.6%),
followed of the titles emitted by institutions watched by other regulatory authority with 19.2% and
titles emitted by the Institutions watched by the Financial Supervisión that counted on a participation
of the 15.5% (Graph 13 Chart 1.4 ).
GRAP H 13
P ORTFOLIO DIVERSIFICATION BY ISSUER
M AR 31TH 2007 - THOUSANDS OF US DOLLAR 100%
Internal govermment
debt
18.9%
24.3%
Institutions watched by
other regulatory
authority
41.4%
38.0%
40.9%
44.2%
43.1%
42.5%
13.4%
Institutions watched by
the Financial
Supervisión
19.0%
13.9%
International
Investment
20.3%
14.6%
17.3%
19.2%
22.9%
External Public Debt
23.6%
22.0%
13.3%
18.0%
42.7%
Fogafin
15.5%
16.8%
11.8%
14.0%
Other public debt titles
12.2%
17.0%
16.1%
13.4%
13.5%
4.8%
Others (1)
0%
1.9%
0.9%
3.8%
COLFONDOS
$ 2,944,124
1.2%
2.5%
4.9%
1.5% 2.1%
2.7%
HORIZONTE
$ 3,438,408
(1) Ovenight deposits and Derivatives net position
3.3%
1.2%
2.7% 1.3%
PORVENIR
$ 5,345,382
3.0%
2.7% 4.1%
1.4%
PROTECCION
$ 4,956,502
13.9%
11.2%
11.3%
3.2%
0.5%
4.1%
8.6%
1.9%
SANTANDER
$ 2,451,378
5.1% 2.0%
SKANDIA
ALTERNATIVO
$ 25,506
SKANDIA
$ 813,323
3.6%
1.8%
2.6%
SYSTEM
$ 19,974,624
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
45%
40%
35%
30%
25%
20%
15%
10%
Mar-07 19,975 M
Feb-07 19,346 M
JAN-07 19,147 M
DIC-06 19,284 M
NOV-06 18,190 M
OCT-06 17,879 M
SEP-06 16,687 M
AUG-06 16,423 M
JUL-06 15,734 M
JUN-06 14,240 M
MAY-06 15,297 M
APR-06 16,541 M
0%
MAR-06 17,112 M
5%
INTERNAL GOVERMMENT DEBT
Institutions w atched by the Financial Supervision
EXTERNAL GOVERMMENT DEBT
INSTITUTIONS NONWACHED BY THE BANKING SUPERINTENDENCY
FOGAFIN
INTERNATIONAL INVESTMENT
OTHERS
MUNICIPAL BONDS
The 71.9% of portfolio mention before is denominated in Colombian pesos, the 14.6% in UVR, the
11.2% in US Dollar, the 1.5% in euros and rest 0.8% in British Pound, Real, Yen and Canadian
Dollar. (Graph 14).
GR A P H 14
P OR T F OLIO D IVER SIF IC A T ION B Y C UR R EN C Y
M A R 31T H 2007 - T H OUSA N D S OF US D OLLA R -
100%
COL Peso
(Includes
Derivatives Net
Position)
46.4%
UVR
64.8%
68.9%
70.3%
73.0%
71.9%
72.2%
80.2%
US Dollar
9.8%
Euro
15.1%
40.7%
18.0%
15.2%
14.8%
14.3%
14.6%
9.1%
11.0%
11.2%
8.3%
3.1%
1.5%
SYSTEM
$ 19,974,624
1.3% 0.8%
SKANDIA
$ 813,323
2.2%
0.1%
SKANDIA
ALTERNATIVO
$ 25,506
2.1%
1.5% 0.3%
PROTECCION
$ 4,956,502
HORIZONTE
$ 3,438,408
(1) British Pound, Real,
Yen and Canadian Dollar
COLFONDOS
$ 2,944,124
0%
1.7%
2.6% 1.1%
0.7%
18.8%
13.4%
SANTANDER
$ 2,451,378
10.2%
8.5%
PORVENIR
$ 5,345,382
Others (1)
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
M ILLION OF US DOLLAR
78%
68%
58%
48%
38%
28%
18%
8%
OTHERS
EURO
UVR
US DOLLAR
Mar-07
19,975 M
Feb-07
19,346 M
JAN-07
19,147 M
DIC-06
19,284 M
NOV-06
18,190 M
OCT-06
17,879 M
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
MAY-06
15,297 M
APR-06
16,541 M
MAR-06
17,112 M
-2%
COL PESO
Concerning the foreing currency position, it is observed that 29.5% of this position is covered from
the exchange rate fluctuation risk. Uncovered portion represents the 9.5% of the total value of the
funds (Graph 15 and Chart 4).
GRAPH 15
MANDATORY PENSION FUND
PERCENTAGE WITHOUT COVER (MAXIMUM 20%)
0.15
0.12
11.62%
11.19%
10.62%
0.09
7.90%
0.06
5.75%
3.97%
0.03
0
Mar-06
Abr-06
May-06
Jun-06
Jul-06
Ago-06
Sep-06
Oct-06
Nov-06
Dic-06
Ene-07
Feb-07
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
SKANDIA
COLFONDOS
Mar-07
Of another part, the 28.6% of portfolio is invested in fixed income issues denominated in colombian
peso, 19.2% indexed to CPI issues, the 14.6% to fixed income in UVR, the 13.8% of portfolio is
invested in stocks, 7% in Shares (Derived from securitizacion processes, Mutual Funds, Unit trust
funds and Index Fund), the 7.3% to the DTF, 6% to fixed income in US Dollar, the 0.5% to fixed
income in euros and rest 2.9% are titles indexed to fixed income in Real from Brazil, the variation of
the UVR, CPI middle income, Libor, Overnight Deposits and net position in derivatives. (Graph 16
and Chart 1.5).
GR A P H 16
P OR T F OLIO D IVER SIF IC A T ION ON F IXED IN C OM E B Y IN T ER EST R A T E T YP E, EQUIT Y, OVER N IGH T D EP OSIT S A N D
D ER IVA T IVES N ET P OSIT ION
M A R 31T H 2007 - T H OUSA N D S OF US D OLLA R -
100%
Fixed income - Col
Pesos
27.1%
Fixed income - Col
Pesos
CPI
17.7%
19.8%
100%
28.6%
27.2%
29.6%
29.4%
32.5%
CPI
17.6%
15.2%
Fixed income - UVR
15.1%
19.4%
22.6%
Fixed income - UVR
18.8%
19.2%
9.8%
15.1%
DTF
24.7%
DTF
1.6%
14.3%
6.0%
Fixed income - US
Dollar
18.0%
15.2%
14.6%
14.8%
23.2%
9.1%
6.7%
Fixed income - US
Dollar
Stocks
Stocks
13.9%
7.3%
8.5%
7.2%
7.3%
4.1%
6.1%
5.8%
6.8%
6.4%
7.6%
6.0%
12.4%
2.2%
14.0%
Shares (1)
13.6%
19.4%
9.5%
13.1%
14.1%
13.8%
9.5%
Shares (1)
0.5%
2.2%
7.1%
5.9%
7.9%
Fixed income - Euro
4.3% 1.5%
2.5%
Fixed income - Euro0%
0%
COLFONDOS
HORIZONTE
PORVENIR
$ 2,944,124
$ 3,438,408
$ 5,345,382
COLFONDOS
HORIZONTE
Others (2)
Others (2)
$ 2,645,680
$ 3,089,623
$ 4,790,576
SANTANDER
7.0%
8.6%
2.3%
1.5%
PROTECCION
$ 4,956,502
PORVENIR
1.4%
8.4%
6.1%
SKANDIA
7.8%
0.5%
2.9%
SKANDIA
SYSTEM
$ 2,451,378
ALTERNATIVO
$ 19,974,624 SKANDIA
PROTECCION
SANTANDER $ 813,323 SKANDIA
$ 25,506
$ 4,445,828
$ 2,191,422
ALTERNATIVO
$ 693,189
$ 22,528
´(1) Securitization, Mutual Funds, Index Funds, Unit Trust Funds
´(2) Real from Brazil, Libor, Floating UVR, CPI Middle income, Overnight Deposits and Derivatives net position
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO OF FIXED INCOME BY INTEREST RATE
TYPE , EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MILLION OF US DOLLAR
35%
30%
25%
20%
15%
10%
5%
OTHERS
FIXED INCOME COL PESO
FIXED INCOME EURO
FIXED INCOME UVR
CPI
FIXED INCOME US DOLLAR
DTF
SHARES
STOCKS
Mar-07
19,975 M
Feb-07
19,346 M
JAN-07
19,147 M
DIC-06
19,284 M
NOV-06
18,190 M
OCT-06
17,879 M
SEP-06
16,687 M
AUG-06
16,423 M
JUL-06
15,734 M
JUN-06
14,240 M
MAY-06
15,297 M
APR-06
16,541 M
MAR-06
17,112 M
0%
As far as the classification of portfolio by credit risk, it is observed that the 45% are titles emitted by
the Nation, the 24.5% are investments with qualification AAA, the 4.9% AA+, the 1% AA, 1.6% AA-,
18.2% are investments that do not require qualification and rest 4.8% corresponds to titles emitted
by the Fogafin, titles with A+, A, 1+, BBB+, BBB, BBB-, B, E, titles with distant qualification and
Titles of emitters in Liquidation (graph17)
SYSTEM
$ 17,878,847
Source: INFORMATION SUPPLIED BY AFP¨S
1) Titles FOGAFIN, Securities with A+, 1+, A, BBB+, BBB, BBB-, B, E, titles with distant qualification and Titles of emitters in Liquidation
(2) Investments: Unit Trust Funds, Mutual Fund, Index Fund and Stocks
Note 1: For effects to establish the percentage, the total value of portafolio considers excluded the net position in derivatives
Note 2: For the titles with provision the net value of purchase was taken from amortizations of capital
Finally, it is possible to write down that 2.2% of portfolio of fixed income have an inferior maturity to
180 days, the 2.6% between 181 and 360 days, the 5.2% between 361 and 720 days, the 13.2%
between 721 and 1080 days, the 12.3% between 1081 and 1440 days, the 8.7% between 1441 and
1800 days, the 11.1% between 1801 and 2160 days, the 16% between 2161 and 2880 days, 16%
between 2881 and 3600 days and the 12.7% have a maturity superior to 10 years (Graph 18 and
Chart 1.6).
GRAPH 18
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) MAR 31TH 2007
100%
1.3%
> 3600
10.4%
12.0%
11.5%
15.0%
5.6%
12.7%
10.1%
20.3%
2881 - 3600
21.9%
12.8%
16.7%
17.6%
19.7%
15.3%
2161 - 2880
10.8%
4.5%
18.2%
1801 - 2160
16.0%
7.6%
10.1%
21.3%
8.2%
16.0%
3.9%
11.1%
23.5%
11.6%
1441 - 1800
20.2%
12.3%
16.0%
1081 - 1440
8.9%
10.2%
3.8%
25.6%
13.1%
8.2%
8.7%
7.9%
8.7%
8.9%
10.1%
721 - 1080
9.2%
18.5%
12.9%
12.3%
361 - 720
13.1%
10.8%
17.9%
6.4%
12.4%
181 - 360
14.4%
13.5%
14.0%
13.2%
13.9%
5.8%
0 - 180
4.8%
6.0%
1.2%
0%
2.5%
2.1%
1.9%
COLFONDOS
HORIZONTE
2.7%
3.7%
PORVENIR
4.3%
7.3%
4.1%
4.7%
1.5%
PROTECCION
0.8%
4.3%
0.4%
SANTANDER
1.8%
SKANDIA
ALTERNATIVO
5.2%
7.9%
11.3%
0.4%
SKANDIA
2.6%
2.2%
SYSTEM
2. VOLUNTARY PENSIONS FUNDS
2.1 VALUE OF THE FUNDS
The total value of the voluntary pensions funds administrated by pension fund administrator societies,
fiduciary societies and insurance agencies to the 31 of march of 2007, reached the sum of USD 3.151
millions, 0.5% superior to the registered value to the 28 of February of 2007. (Graph 19).
950
GRAPH 19
VALUE OF EACH FUND AND ITS PARTICIPATION IN THE SYSTEM
MAR.31th 2007 - MILLIONS US DOLLAR
927
900
850
800
741
750
700
650
600
557
550
500
29.4%
450
400
350
23.5%
300
250
250
17.7%
192
181
200
87
150
62
60
7.9%
100
6.1%
5.7%
2.8%
50
2.0%
1.9%
33
28
1.0%
0.9%
13
14
0.4%
0.5%
3
0.1%
2
0.1%
1
0.0%
FUND VALUE
HELM TRUST
CREDIVALOR
FIDUCOR
MULTIPENSIONES
FIDUCOR
FIDUPENSIONES
FIDUPOPULAR PLAN
FUTURO
FIDUPOPULAR PLAN
FUTURO MULTIOPCION
PROTECCION SMURFIT
FIDUALIANZA ABIERTO
VISION
COLSEGUROS
FIDUCOLOMBIA
RENTAPENSION
SANTANDER
COLFONDOS CLASS
HORIZONTE
FIDUDAVIVIENDA
DAFUTURO
PORVENIR
PROTECCION
SKANDIA MULTIFUND
0
PERCENTAGE OF PARTICIPATION
3,135
3,151
0.6%-
0.5%
Feb-07
Mar-07
3,223
0.3%
Dec-06
3,153
3,214
0.2%
Nov-06
3,084
0.9%
Sep-06
3,207
3,057
1.3%
Aug-06
3,019
2,915
3,500
3,214
3,461
4,000
3,577
V A LUE O F T H E F UN D S
LA S T Y E A R E V O LUT IO N
2,500
7.1%-
500
4.0%
2.2%-
1,000
9.3%-
3.2%-
1,500
3.6%
2,000
0.3%-
MILLONES DE USD
3,000
FUNDS VALUE
Jan-07
Oct-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
-
MONTHLY VARIATION
2.2 AFFILIATED
The number of affiliated with the voluntary pensions funds administrated by pension fund administrator
societies, fiduciary societies and insurance agencies to the 31 of march of 2007 ascended to 489.045,
displaying an superior of 174affiliated, as opposed to the number reported to the closing of the previous
month (graph 20).
13
GRAPH 20
AFFILIATED AND PARTICIPATION OF EACH FUND IN THE SYSTEM
MAR.31th 2007
100,000
94,196
89,600
90,000
80,000
19.3%
18.3%
72,998
70,000
14.9%
60,000
53,299
50,000
10.9%
40,000
47,963
46,525
9.8%
9.5%
42,675
8.7%
30,000
12,190
2.5%
10,000
4,688
3,730
1.0%
0.8%
1,440
1,321
0.3%
0.3%
204
0.0%
159
0.0%
AFFILIATED
FIDUCOR
MULTIPENSIONES
HELM TRUST
CREDIVALOR
FIDUPOPULAR PLAN
FUTURO
MULTIOPCION
PROTECCION
SMURFIT
FIDUALIANZA
ABIERTO VISION
FIDUPOPULAR PLAN
FUTURO
COLSEGUROS
SANTANDER
SKANDIA MULTIFUND
FIDUCOLOMBIA
RENTAPENSION
HORIZONTE
COLFONDOS CLASS
PORVENIR
PROTECCION
FIDUDAVIVIENDA
DAFUTURO
0
93
0.0%
FIDUCOR
FIDUPENSIONES
17,964
3.7%
20,000
PERCENTAGE OF PARTICIPATION
N UM B E R O F A F F ILIA T E D
LA S T Y E A R E V O LUT IO N
0.0%
Mar-07
489,045
0.1%Feb-07
489,219
0.1%
Jan-07
489,900
0.5%
Dec-06
489,263
0.4%
Nov-06
486,926
484,829
0.4%
Oct-06
483,134
0.1%Sep-06
483,419
0.8%-
0.2%-
1.5%
1.3%
480,000
0.7%
485,000
2.1%-
490,000
485,642
495,000
493,899
491,827
500,000
498,005
499,102
505,000
A FFILIA TED
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
475,000
M ONTHLY VA RIA TION
2.3 INVESTMENT PORTFOLIO
As of March 31 2007, the value of portfolio of the voluntary pensions funds managed by the pensions
funds and unemployment funds managers, fiduciary entities and insurance companies reached USD$
3.161 million, showing a increase of 0.4% with respect to the end of the previous month, when it was of
USD$ 3.147 million.
At the end of March 2007, 60.7% of portfolio of the these funds, USD$1,920 million corresponds to fixed
income investments; 18.8%, USD$ 595 million to investments in equity; 19.1%, $603 million dollars to
overnight deposits and 1.4%, $43 million dollars to net position in derivatives. (Graph 21 and Chart
2.1.1).
14
GRAPH 21
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MAR 31TH 2007 - THOUSANDS OF US DOLLAR -
19.1%
1.4%
18.8%
60.7%
SYSTEM
3.6%
14.9%
17.1%
$ 3,161,382
64.4%
SKA NDIA M ULTIFUND
13.4%
11.1%
SA NTA NDER
14.9%
28.9%
$ 87,153
56.2%
P ROTECC. SM URFIT
29.7%
20.2%
19.1%
1.7%
22.0%
$ 743,056
57.3%
P ORVENIR
5.1%
$ 28,336
50.1%
P ROTECCION
0.2%
$ 929,294
75.5%
$ 561,562
90.0%
4.8%
HORIZONTE $ 191,271
35.0%
65.0%
HELM T. CREDIVA LOR
37.6%
$ 783
56.3%
6.1%
FIDP OP U. M ULTIOP CION
$ 13,476
63.7%
36.3%
FIDP OP U. P LA N FUTURO $ 14,219
34.4%
6.0%
59.6%
FIDUDA V. DA FUTURO $ 250,178
35.8%
17.7%
46.4%
FIDUCOR M ULTIP ENSIONES $ 2,382
3.8%
84.7%
11.5%
FIDUCOR FIDUP ENSIONES $ 2,522
19.6%
75.9%
4.4%
FIDCOLOM . RENTA P ENSION
12.9%
6.4%
FID A LIA N A B IERTO VISION
4.2%
$ 62,219
80.7%
11.1%
$ 32,520
84.7%
COLSEGUROS $ 60,092
35.4%
19.5%
45.1%
COLFONDOS CLA SS $ 182,318
-1.0%
99.0%
DERIVATIVES -NET POSITION-
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
The investments in Debt public investment is the most significant investment portfolio of these funds. At
March 31 2007 these investments represented 24.3%, (national debt commits 18.9%, external national
debt 2.6% and territorial organizations and decentralized entities 2.7%), followed by the outside
investments with the 20.3%, titles emitted by Institutions watched by the Financial Supervisión with the
24.1%, and issues by of institutions watched by other regulatory authority with the 10.4% (Graph 22 and
Chart 2.1.1).
2.6% 2.7%
19.6%
1.4%
GRAPH 22
PORTFOLIO DIVERSIFICATION BY ISSUER
MAR 31TH 2007 - THOUSANDS OF US DOLLAR -
10.4%
24.1%
18.9%
20.3%
SYSTEM
6.4% 1.9%
15.0%
3.6%
3.7%
33.9%
26.0%
$ 3,161,382
9.5%
SKANDIA MULTIFUND
5.9%
13.6%
16.9%
29.0%
SANTANDER
15.3%
10.0%
1.5%
18.6%
30.7%
$ 87,153
23.9%
PROTECC. SMURFIT
20.8%
0.3% 3.3%
15.1%
17.3%
16.5%
0.2%
5.7% 6.7%
11.7%
0.1%
4.6%
20.8%
27.5%
7.0%
11.0%
24.0%
18.6%
PORVENIR
$ 743,056
$ 561,562
40.8%
HORIZONTE
35.0%
$ 28,336
26.7%
PROTECCION
19.6%
1.7%
$ 929,294
26.9%
7.7%
$ 191,271
5.7%
59.3%
HELM T. CREDIVALOR
37.6%
3.5%
36.3%
1.7%
34.4%
5.3%
11.8%
5.5%
35.8%
42.0%
6.1%
37.4%
18.8%
FIDPOPU. MULTIOPCION
$ 13,476
FIDPOPU. PLAN FUTURO
$ 14,219
12.8%
29.8%
13.0%
$ 783
5.6%
3.1%
30.0%
14.2%
8.5%
FIDUDAV. DAFUTURO
$ 250,178
7.0%
FIDUCOR MULTIPENSIONES
FIDUCOR FIDUPENSIONES
0.8% 7.3%
24.8%
12.9%
13.8%
4.2%
13.3%
6.7%
33.4%
0.8% 6.4%
14.0%
35.7%
FIDCOLOM. RENTAPENSION
$ 62,219
FID ALIAN ABIERTO VISION
$ 32,520
0.7% 0.7%
25.5%
COLSEGUROS
35.7%
0.2% 4.3%
8.4%
11.4%
16.9%
$ 60,092
23.2%
COLFONDOS CLASS
-1%
99%
Derivatives -net po sitio n-
Others (1)
External P ublic Debt
Other public debt titles
Institutio ns watched by o ther regulato ry autho rity
Institutio ns watched by the Financial Supervisio n
Internatio nal Investment
Internal Go vermment Debt
(1) FOGAFIN AND OVERNIGTH DEPOSITS
$ 2,522
26.8%
57.3%
14.6%
$ 2,382
10.0%
5.3%
84.7%
$ 182,318
15
The 76.8% of portfolio mention before is denominated in Colombian pesos, the 16.9% in US Dollars, the
4.2% in UVR, the 1.5% in Euros and the rest 0.6% in British pound, Reales Yen, and Canadian Dollar
(Graph 23).
GRAPH 23
PORTFOLIO DIVERSIFICATION BY CURRENCY
MAR 31TH 2007 - THOUSANDS OF US DOLLAR 0.6%
1.5%
4.2%
16.9%
76.8%
SYSTEM
0.1%1.5% 2.7%
30.8%
$ 3,161,382
64.9%
SKANDIA MULTIFUND
0.1% 0.3%5.2%3.0%
SANTANDER
6.4%
7.8%
$ 87,153
85.8%
PROTECC. SMURFIT
3.4%
1.9%
$ 929,294
91.4%
4.7%
PROTECCION
4.2%0.9%
0.6%
$ 28,336
77.4%
12.5%
18.9%
75.3%
4.8% 4.7%
PORVENIR
$ 743,056
$ 561,562
90.5%
HORIZONTE
$ 191,271
100.0%
HELM T. CREDIVALOR
0.2%
5.9%
$ 783
93.9%
FIDPOPU. MULTIOPCION
$ 13,476
FIDPOPU. PLAN FUTURO
$ 14,219
100.0%
0.1%
3.1%
6.6%
90.2%
FIDUDAV. DAFUTURO
$ 250,178
93.0%
7.0%
FIDUCOR MULTIPENSIONES
$ 2,382
100.0%
FIDUCOR FIDUPENSIONES
8.2%
5.7%
86.1%
0.7% 0.1%
FIDCOLOM. RENTAPENSION
$ 62,219
FID ALIAN ABIERTO VISION
$ 32,520
99.2%
12.9%
8.0%
79.1%
COLSEGUROS
2.1%
$ 2,522
7.4%
4.1%
$ 60,092
86.4%
COLFONDOS CLASS
0%
$ 182,318
100%
Others (1)
euro
UVR
US Dollar
COL Peso (Includes Derivatives Net Position)
(1) British Pound, Real, Yen, and Canadian Dollar
Concerning the foreign currency position, it is observed that 38.7% of this position is covered from the
exchange rate fluctuation risk. Uncovered portion represents 11.6% of the total value of the funds (Chart
4).
On the other hand, the 21.1% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 14.1% indexed to CPI, 13.8% in Shares (Derived from securitization processes,
Mutual Funds, unit trust funds, and Indexed Funds), the 11.3% to the DTF, 8.8% in fixed income
denominated in US Dollar, the 5% of portfolio is invested in stocks , the 4.2% to fixed income in UVR,
and the rest 21.6% are fixed income issues denominated in Euro, Real, British Pound, Canadian Dollar,
titles indexed to Libor, CPI middle income, overnight deposits and net position in derivatives.(Graph 24
and Chart 2.1.2).
GRAPH 24
PORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND
DERIVATIVES NET POSITION
MAR 31TH 2007 - THOUSANDS OF US DOLLAR 5.0%
21.6%
4.2%
11.3%
8.8%
13.8%
21.1%
14.1%
SYSTEM
1.1%
21.3%
2.7%
15.1%
18.0%
16.0%
$ 3,161,382
16.3%
9.6%
SKANDIA M ULTIFUND
11.1%
12.8%
5.2%
4.9%
8.5%
24.0%
14.9%
7.8% 0.7% 3.5%
$ 929,294
22.3%
35.1%
SANTANDER
4.9%
$ 87,153
18.6%
25.6%
PROTECC. SM URFIT
20.2%
4.7% 1.7% 7.8%
11.2%
18.4%
11.4%
PROTECCION
5.6%
22.3%
15.6%
4.2%
5.2%
16.3%
2.0% 4.8% 2.2%
7.6%
21.8%
2.7%
53.5%
HORIZONTE
53.3%
35.0%
$ 743,056
22.0%
8.6%
PORVENIR
5.3%
$ 28,336
24.4%
6.0%
$ 561,562
$ 191,271
5.7%
HELM T. CREDIVALOR
32.6%
37.6%
6.1%
24.3%
39.7%
34.5%
1.4% 6.6%
17.9%
17.4%
4.6%
$ 783
10.2%
13.5%
18.1%
31.5%
FIDPOPU. M ULTIOPCION
$ 13,476
FIDPOPU. PLAN FUTURO
$ 14,219
4.0%
FIDUDAV. DAFUTURO
35.8%
17.7%
21.3%
$ 250,178
25.2%
FIDUCOR M ULTIPENSIONES
FIDUCOR FIDUPENSIONES
19.6%
8.2%
1.6%
32.7%
4.4%
18.5%
5.6%
35.6%
0.8%
33.8%
0.2%8.0%
8.9%
14.6%
10.9%
6.9%
4.1%
1.0%
5.9%
12.6%
COLFONDOS CLASS
100%
Stocks
Fixed income - UVR
Fixed income - US Dollar
DTF
Shares (1)
$ 60,092
21.1%
13.0%
0%
Others (2)
$ 32,520
30.5%
22.6%
COLSEGUROS
35.4%
$ 62,219
11.4%
FID ALIAN ABIERTO VISION
4.2%
$ 2,522
14.9%
FIDCOLOM . RENTAPENSION
12.9%
$ 2,382
3.8% 1.5%
10.0%
84.7%
CPI
Fixed income - Col Pesos
´(1) Securitization, Mutual Funds, Index Funds and Unit Trust Funds
´(2) Libor, Fixed income Euros, Real, British Pound, Canadian Dollar, CPI middle income, Overnight Deposits and Derivatives Net Position
$ 182,318
16
Of another part, the 16.8% of portfolio of fixed income have an inferior maturity to 180 days, 7.9%
between 181 and 360 days, 12.8% between 361 and 720 days, 19.3% between 721 and 1080 days,
11.4% between 1081 and 1440 days, 7.7% between 1441 and 1800 days, 8% between 1801 and 2160
days, 4.8% between 2161 and 2880 days, 8.8% between 2881 and 3600 days and the 2.4% have a
maturity superior to 10 years (Graph 25 and Chart 2.1.3).
GRAPH 25
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) MAR 31TH 2007
7.9%
16.8%
12.8%
11.4%
19.3%
8.0%
7.7%
4.8%
8.8%
2.4%
SYSTEM
9.5%
18.8%
16.0%
4.4%
7.4%
5.3%
18.4%
6.7%
10.2%
3.3%
SKANDIA MULTIFUND
12.2%
4.7%
14.9%
6.7%
15.5%
7.1%
2.6%
12.4%
12.4%
11.5%
SANTANDER
6.9%
19.1%
6.5%
6.8%
29.4%
9.1%
11.5%
1.4%
9.4%
PROTECC. SMURFIT
13.1%
10.5%
5.3%
29.6%
5.8%
6.2%
12.1%
5.3%
2.0%
10.1%
PROTECCION
39.7%
4.2%
5.0%
12.1%
8.2%
5.9%
5.9%
5.1%
14.0%
PORVENIR
16.0%
13.5%
10.1%
18.6%
12.5%
15.7%
5.6% 1.1%
6.9%
HORIZONTE
100.0%
HELM T. CREDIVALOR
21.2%
26.8%
32.0%
9.4%
4.5%
6.1%
FIDPOPU. MULTIOPCION
43.1%
35.9%
12.8%
1.8% 3.8%
2.6%
FIDPOPU. PLAN FUTURO
19.2%
9.2%
23.1%
18.7%
6.5%
7.1%
13.1%
1.6% 1.4%
FIDUDAV. DAFUTURO
41.5%
8.4%
14.4%
31.6%
4.1%
FIDUCOR MULTIPENSIONES
21.2%
78.8%
FIDUCOR FIDUPENSIONES
10.8%
24.2%
31.0%
11.2%
10.1%
4.9%
2.7% 2.8%
1.3%0.9%
FIDCOLOM. RENTAPENSION
34.9%
4.6%
13.2%
9.8%
1.7%
23.3%
12.4%
0.1%
FID ALIAN ABIERTO VISION
15.5%
13.9%
2.3%
37.9%
4.7%
19.0%
4.6% 0.9% 1.2%
4.9% 2.6%
12.5%
COLSEGUROS
4.8%
2.7%
15.5%
6.0%
22.8%
19.0%
9.2%
COLFONDOS CLASS
0%
100%
0 - 180
181 - 360
361 - 720
721 - 1080
1081 - 1440
1441 - 1800
1801 - 2160
2161 - 2880
2881 - 3600
> 3600
3. UNEMPLOYMENT FUNDS
3.1 YIELD
During the period 31 march of 2005 to 31 march of 2007, the funds obtained a yield average of the
7.98% cash annual, equivalent to a real yield of the 2.89%. It is important to emphasize that these yields
oscillated between the 5.96% and the 10.03% (graph 26).
GR Á F IC O 26.
F UN D S YIELD
M A R .31/ 05 T O M A R .31/ 07
12.00%
10.00%
10.03%
9.22%
8.52%
7.98%
7.82%
8.00%
NOM INAL YIELD
0.96%
RENTABILIDAD
MINIMA
2.89%
0.96%
COLFONDOS
PROMEDIO (*)
1.22%
HORIZONTE
SANTANDER
SKANDIA
0.00%
PORVENIR
2.00%
5.96%
5.96%
PROTECCION
2.74%
3.40%
4.00%
4.07%
4.84%
6.23%
6.00%
REAL YIELD
(*) Weighed by the balance daily average of the patrimony
The obligatory minimum yield certified by the Superintendencia Financiera de Colombia for the
mentioned period was of the 5.96% annual cash. In average, the funds surpassed in 2.02 percentage
points this minimum yield.
17
3,2 VOLATILITY AND EVOLUTION YIELDS
The average of the calculated accumulated yields during the last twenty-four months of the
unemployment funds was 12.07% of annual cash and its volatility (standard deviation) of the 2.64%.
This average for the last year was of the 10.01%, with a volatility of the 1.84%, the yield average and its
volatility of each one of the funds during the mentioned periods is reflected in graphs 27, 28 and 29.
GRAPH 27
UNEMPLOYMENT FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
MAR 31 2005 - MAR 31 2007
GRAPH 28
UNEMPLOYMENT FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
MAR 31 2006 - MAR 31 2007
16.50%
16.00%
15.50%
15.00%
14.50%
14.00%
Porvenir
ACCUM. YEILD AVERAG
ACCUM. YEILD AVERAGE
17.00%
16.30%
16.00%
15.70%
15.40%
15.10%
14.80%
14.50%
14.20%
13.90%
13.60%
13.30%
13.00%
12.70%
12.40%
12.10%
11.80%
11.50%
11.20%
10.90%
10.60%
10.30%
Skandia
Horizonte
Sistema
Santander
13.50%
13.00%
12.50%
12.00%
Porvenir
11.00%
10.50%
Sistema
10.00%
9.50%
9.00%
Colfondos
Protección
8.50%
Protección
8.00%
7.50%
1.90% 1.93% 1.96% 1.99% 2.02 2.05 2.08 2.11% 2.14% 2.17% 2.20 2.23 2.26 2.29 2.32 2.35 2.38 2.41% 2.44 2.47 2.50 2.53 2.56 2.59 2.62 2.65 2.68 2.71% 2.74 2.77 2.80 2.83 2.86 2.89
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
Horizonte
11.50%
7.00%
%
1.40%
1.48%
1.56%
1.64%
1.72%
1.80%
1.88%
VOLATILENESS
1.96%
2.04%
2.12%
2.20%
2.28%
2.36%
2.44%
2.52%
2.60%
2.68%
VOLATILENESS
GRAPH 29
RETURN´S ACCUMULATED OF UNEMPLOYMENT FUNDS
EVOLUTION
18.40%
16.40%
14.40%
12.40%
10.40%
8.40%
6.40%
4.40%
03/2006
04/2006
05/2006
06/2006
PROTECCION
07/2006
PORVENIR
08/2006
09/2006
HORIZONTE
10/2006
11/2006
SANTANDER
12/2006
01/2007
02/2007
COLFONDOS
03/2007
SKANDIA
3.3 VALUE OF THE FUNDS
The funds reached to the 31 of March of 2007 a value of $2.204 millions, a 3.8% inferior one to the
registered value to the 28 of February, that is to say, $87 millions (graph 30).
GR A P H 30.
V A LUE O F E A C H F UN D A N D IT S P A R T IC IP A T IO N IN T H E
S Y S T E M - M A R .3 1T H 2 0 0 7 - M ILLIO N S US D O LLA R
31.0%
700
24.1%
600
FUND VA LUE
42
1.9%
P ERCENTA GE OF P A RTICIP A TION
SKANDIA
HORIZONTE
PROTECCION
PORVENIR
100
0
11.9%
COLFONDOS 261
200
12.1%
420
531
300
682
400
SANTANDER 268
19.1%
500
2,291
39.3%
1,645
1,670
1,633
1,659
1.5%-
2.3%
1.5%-
2.7%
9.7%Jun-06
Oct-06
10.6%May-06
2.3%-
7.7%Apr-06
Sep-06
7.9%-
1,000
Mar-06
1,500
3.8%-
1,653
0.3%Aug-06
1,616
1,657
5.4%
Jul-06
1,572
2,000
1,741
1,947
2,500
2,110
V A LUE O F T H E F UN D S
LA S T Y E A R E V O LUT IO N
M ILLIO N S US D O LLA R
2,204
18
500
FUNDS VALUE
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
0
MONTHLY VARIATION
3.4 AFFILIATED
The number of affiliated with the funds on the 31 of March of 2007 was 4.507.429, displaying an inferior
of the 1.6%, that is to say, 71.482 affiliated as opposed to the number reported to the 28 of February of
2007. (Graph 31).
GR A P H 31
A F F ILIA T E D A N D P A R T IC IP A T IO N O F E A C H F UN D IN T H E
S Y S T E M - M A R .3 1T H 2 0 0 7
1,400,000
30.7%
1,200,000
21.5%
12.2%
30,241
0.7%
200,000
549,002
612,137
400,000
13.6%
960,212
600,000
21.3%
969,852
800,000
1,385,985
1,000,000
A FFILIA TED
SKANDIA
COLFONDOS
SANTANDER
PROTECCION
HORIZONTE
PORVENIR
0
P ERCENTA GE OF P A RTICIP A TION
4,507,429
4,578,911
3,703,398
3,710,477
3,721,053
3,744,028
3,769,872
3,813,605
3,866,581
3,924,267
3,994,994
4,100,000
4,060,847
4,900,000
4,124,343
N UM B E R O F A F F ILIA T E D LA S T Y E A R E V O LUT IO N
1.5%-
1.6%-
1.8%-
1.5%-
1.4%-
1.1%-
0.7%-
0.6%-
0.3%-
0.2%-
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
1.6%-
1.1%-
1,700,000
Mar-06
2,500,000
23.6%
3,300,000
900,000
A FFILIA TED
Mar-07
Feb-07
100,000
M ONTHLY VA RIA TION
Of the total of affiliated, the 96.3% correspond to dependent workers, the 2.3% to affiliated voluntary and
1.4% with independent workers. Of another part, the 65.5% of the affiliated the funds are men and the
34.5% women (To see Chart 3.2).
19
3.5 INVESTMENT PORTFOLIO
As of March 31 2007, the value of portfolio of the unemployment funds reached USD$ 2,222 million,
showing a decrease of 3.60% with respect to the end of the previous month, when it was of USD$ 2,305
millions.
To the closing of March 2007, the 84.4% of portfolio of the mentioned funds, that is to say, USD$ 1,875
million correspond to investments of fixed income; the 14.3% USD$ 317 million to investments in equity,
the 1.1%, USD$ 25 million to overnight deposits and 0.2% USD$ 4 million to the net position in
derivatives (right less obligations) (Chart 3.3 and Graph31).
GRAPH 31
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MAR 31TH 2007 - THOUSANDS OF US DOLLAR 99%
FIXED
INCOME
EQUITY
81.1%
83.5%
86.3%
85.0%
83.6%
85.7%
84.4%
DERIVATIVES
-NET
POSITION-
OVERNIGHT
DEPOSITS
16.8%
2.1%
1.1%
0.1%
-1%
COLFONDOS
$ 262,778
HORIZONTE
$ 423,409
0.8%
0.2%
PORVENIR
$ 687,211
11.4%
13.5%
15.4%
12.4%
14.3%
14.0%
0.1%
3.8%
1.5%
PROTECCION
$ 536,106
1.2%
0.3%
SANTANDER
$ 270,322
1.1%
SKANDIA
$ 41,709
0.2%
SYSTEM
$ 2,221,536
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO IN FIXED INCOME, EQUITY,
OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION - MILLION OF US DOLLAR
100%
85%
70%
55%
40%
25%
DERIVATIVES NET POSITION
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
Mar-07 2,222 M
Feb-07 2,305 M
JAN-07 1,646 M
Dic-06 1,682 M
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
May-06 1,765 M
Abr-06 1,968 M
-5%
Mar-06 2,134 M
10%
The investment in public debt is most significant in these funds. At March 31 2007, this investment
represented the 56.7% of the value of the total of portfolio (national debt commits the 48.8%, external
national debt the 3.1% and territorial organizations and his decentralized the 4.8%), followed by
Institutions watched by other regulatory authority with the 15.5%, the titles of institutions watched by the
Financial Supervision with the 15.7%, the titles emitted and investments in the outside with the 10.5%
(Graph 32)
20
100.0%
GRAPH 32
PORTFOLIO DIVERSIFICATION BY ISSUER
MAR 31TH 2007 - THOUSANDS OF US DOLLAR -
Internal Govermment Debt
99.0%
Institutions w atched by
other regulatory authority
25.9%
39.8%
45.2%
Institutions w atched by the
Financial Supervision
49.4%
51.7%
48.8%
55.5%
13.2%
External Public Debt
18.8%
11.7%
21.9%
Other public debt titles
15.5%
15.4%
19.7%
15.1%
12.9%
12.6%
21.4%
2.8%
International Investment
15.7%
19.2%
9.7%
11.2%
5.2%
5.2%
4.7%
3.1%
3.1%
18.4%
Others (1)
1.4%
-1.0%
COLFONDOS
$ 262,778
6.9%
10.2%
10.9%
2.1%
0.0%
4.9%
2.8%
3.9%
4.7%
14.1%
10.5%
9.6%
7.6%
1.5%
1.6%
COLFONDOS
HORIZONTE
PORVENIR HORIZONTE
PROTECCION
$ 207,090
$ 423,409
$ 687,211 $ 327,042
$ 536,106
4.8%
7.3%
1.6%
1.0%
PORVENIRSKANDIA PROTECCION
SANTANDER
SYSTEM
$ 470,630$ 41,709 $ 376,181
$ 270,322
$ 2,221,536
SANTANDER
$ 215,103
(1) FOGAFIN , OVERNIGHT DEPOSITS AND DERIVATIVES
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
60%
50%
40%
30%
20%
Mar-07 2,222 M
Feb-07 2,305 M
JAN-07 1,646 M
Dic-06 1,682 M
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
May-06 1,765 M
Abr-06 1,968 M
0%
Mar-06 2,134 M
10%
OTHERS
INTERNA TIONA L INVESTM ENT
FOGA FIN
INSTITUTIONS NONWA CHED B Y THE B A NKING SUP ERINTENDENCY
Institutio ns watched by the Financial Supervisio n
INTERNA L GOVERM M ENT DEB T
M UNICIP A L B ONDS
EXTERNA L GOVERM M ENT DEB T
The 77.6% of portfolio in mention are denominated in Colombian pesos, the 12.3% in UVR, the 8.2% in
US Dollar, the 1% in euros, the 0.6% in real, and the rest 0.2% in yen and Canadian dollar. (Graph 33)
SKANDIA
$ 27,833
21
GRAPH 33
PORTFOLIO DIVERSIFICATION BY CURRENCY
MAR 31TH 2007 - THOUSANDS OF US DOLLAR COL Peso
(Includes
Derivatives Net
Position)
99%
US Dollar
64.6%
UVR
74.1%
77.6%
76.2%
78.8%
83.7%
84.0%
EURO
Real
21.9%
8.8%
.
8.2%
9.6%
7.6%
3.3%
others(1)
7.4%
15.3%
10.8%
11.1%
13.3%
7.1%
1.5%
-1%
COLFONDOS
$ 262,778
12.3%
12.8%
2.6%
0.3%
1.8%
HORIZONTE
$ 423,409
PORVENIR
$ 687,211
1.9%
0.8%
PROTECCION
$ 536,106
SANTANDER
$ 270,322
0.7%
0.2%
SKANDIA
$ 41,709
1.0%
0.6%
SYSTEM
$ 2,221,536
(1) Yen and Canadian Dollar
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
M ILLION OF US DOLLAR
80%
70%
60%
50%
40%
EURO
UVR
US DOLLAR
Mar-07 2,222 M
Feb-07 2,305 M
JAN-07 1,646 M
Dic-06 1,682 M
Nov-06 1,638 M
Oct-06 1,655 M
Sep-06 1,617 M
AGO/06 1,646 M
Jul-06 1,653 M
Jun-06 1,587 M
May-06 1,765 M
Abr-06 1,968 M
Mar-06 2,134 M
30%
20%
10%
0%
COL PESO
Concerning the foreing currency position, it is observed that the 33.6% of the same one are covered from
the exchange rate fluctuation risk and that the discovered part represents 6.7% of the total value of the
funds (Graph 34 and Chart 4)
GRAPH 34
UNENPLOYMENT FUNDS
PERCENTAGE WITHOUT COVER (MAXIMUM 20%
0.15
0.12
10.78%
0.09
7.32%
0.06
5.23%
4.99%
0.03
1.61%
1.25%
0
Mar-06
Abr-06
May-06
Jun-06
PROTECCION
SANTANDER
Jul-06
Ago-06
Sep-06
Oct-06
PORVENIR
SKANDIA
Nov-06
Dic-06
Ene-07
Feb-07
HORIZONTE
COLFONDOS
Mar-07
22
On the other hand, the 39.9% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 22.7% indexed to CPI, the 12.3% to fixed income in UVR, 7.5% in Shares
(Derived from securitization processes, Mutual Funds, unit trust funds, and Indexed Funds), 6.7% of
portfolio is invested in stocks, 4.9% to DTF, 3.7% in fixed income in US Dollar, 0.3% are fixed income
issues denominated in euro, and the rest, 2% are titles in Real, Libor, overnight deposits and net position
in derivatives. (Graph 35 and Chart 3.4)
GRAFICO 35
PPORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES
NET POSITION
MAR 31TH 2007 - THOUSANDS OF US DOLLAR Fixed income - Col
Pesos
100.00%
CPI
29.0%
Fixed income - UVR
35.1%
40.7%
38.0%
43.4%
39.9%
44.6%
Fixed income - US
Dollar
12.5%
DTF
22.2%
12.8%
25.7%
Shares (1)
21.9%
22.7%
31.4%
19.0%
18.7%
15.3%
Fixed income - Euro
10.8%
7.1%
3.4%
8.8%
11.1%
6.5%
5.8%
2.3%
5.1%
Others (2)
8.0%
5.0%
9.3%
6.2%
2.9%
1.5%
7.8%
6.2%
4.9%
0.5%
4.9%
7.5%
5.0%
2.0%
0.9%
1.5%
1.0%
3.7%
10.1%
4.6%
3.2%
7.6%
0.2%
2.1%
Stocks
12.3%
13.3%
2.4%
5.0%
8.9%
6.4%
0.3%
6.7%
4.1%
0.00%
COLFONDOS
$ 262,778
HORIZONTE
$ 423,409
PORVENIR
$ 687,211
PROTECCION
$ 536,106
SANTANDER
$ 270,322
SKANDIA
$ 41,709
SYSTEM
$ 2,221,536
´(1) Securitization, Mutual Funds, Unit Trust Funds and Indexed Funds
´(2) Libor, Real, Overnight Deposits and Derivatives net position
As far as the classification of portfolio by credit risk, it is observed that the 51.8% are titles emitted by the
Nation, the 24.7% are investments with qualification AAA, the 8.1% AA+, the 1.3% AA, the 10.8% are
investments that do not require qualification, and rest 3.4% corresponds to titles emitted by Fogafin, titles
with qualification AA-, A+, A, 1+, 1 BBB+, BBB, BBB-, B titles with distant qualification and Titles of
emitters in Liquidation (Graph 36)
GRAPH 36
PORTFOLIO DIVERSIFICATION BY CREDIT RATING
MAR 31TH 2007
100%
Sovereign
90%
AAA
38.5%
80%
42.6%
49.9%
AA+
51.8%
51.7%
52.2%
58.3%
70%
60%
50%
28.4%
AA
40%
36.3%
Don´t require (2)
20.0%
20.0%
26.6%
24.7%
30%
25.8%
20%
2.2%
1.6%
9.4%
8.7%
1.1%
1.9%
21.6%
6.2%
8.1%
2.4%
Others (1)
10%
15.7%
1.3%
9.3%
12.6%
8.7%
1.8%
15.5%
10.8%
6.1%
6.2%
1.5%
0%
COLFONDOS
HORIZONTE
4.7%
PORVENIR
5.6%
0.9%
2.2%
PROTECCION
SANTANDER
3.4%
3.6%
SKANDIA
SYSTEM
Source: INFORMATION SUPPLIED BY AFP¨S
(1) Fogafin, AA-, A+, A, 1+, 1, B, BBB+, BBB, BBB-, titles with distant qualification and Titles of emitters in Liquidation
(2) Investments: Unit Trust Funds, Mutual Fund, Index Fund and Stocks
Note 1: For effects to establish the percentage, the total value of portafolio considers excluded the net position in derivatives
Note 2: For the titles with provision the net value of purchase was taken from amortizations of capital
23
Finally, it is important to write down that the 5.3% of portfolio of fixed income have an inferior maturity to
180 days, the 7% between 181 and 360 days, the 7.9% between 361 and 720 days, the 17.2% between
721 and 1,080 days, the 12.4% between 1,081 and 1,440 days, the 8.8% between 1,441 and 1800 days,
the 11.9% between 1801 and 2,160 days, the 11.6% between 2,161 and 2,880 days, the 11.6% between
2881 and 3.600 days and the 6.2% have a maturity superior to 10 years (Graph 37 and Chart 3.5).
GRAPH 37
PORTFOILO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) MAR 31TH 2007
100.0%
> 3600
0.9%
4.5%
7.8%
6.2%
6.3%
9.9%
12.4%
14.0%
2881 - 3600
12.1%
10.9%
5.6%
11.6%
14.8%
12.7%
3.9%
5.5%
2161 - 2880
10.6%
11.6%
14.1%
1801 - 2160
14.5%
19.7%
10.6%
16.5%
11.4%
11.9%
9.5%
10.3%
5.5%
6.6%
5.2%
1441 - 1800
13.8%
1081 - 1440
8.8%
10.1%
18.7%
19.3%
2.9%
5.5%
12.1%
8.4%
26.9%
12.4%
11.4%
721 - 1080
10.1%
11.0%
19.8%
19.9%
361 - 720
25.9%
16.0%
5.7%
181 - 360
17.2%
4.1%
15.5%
24.8%
7.9%
3.4%
10.5%
6.9%
5.3%
3.6%
0.0%
COLFONDOS
HORIZONTE
PORVENIR
7.0%
3.7%
10.3%
1.5%
0 - 180
4.4%
6.3%
0.2%
PROTECCION
5.3%
5.7%
0.6%
SANTANDER
SKANDIA
SYSTEM
4. PAY AS YOU GO REGIME
4.1 PENSION RESERVE FUND´S EQUITY
Pay as you go pension reserve fund’s equity to the closing of the month of March 2007 it reported a
balance of USD 1.074,2 million dollars, superior value USD 14,1 million dollars in relation to the
registered one in February of 2007, which means a growth of the 1,33% (graphical 38). The total of
reserves to March of 2007 is distributed thus: Retirement Age USD 1.016,2 million dollars, Invalidity USD
4,0 million dollars and Survival USD 54,0 million dollars (chart 5).
Graph 38
Reserve's Found Equited
43,82%
30,41%
11,99%
71,3
41,9
40,9
32,4
31,6
73,9
3,90%
3,01%
128,8
326,6
318,6
470,7
10
126,1
6,88%
100
471,6
Millions of Dollars
1.000
1
ISS
CAPRECOM
Feb-07
CAXDAC
P. ANTIOQUIA
Mar-07
FONPRECON
CAJANAL
Participation to Mar/07
Last Year Evolution of Reserve´s Funds Equity
13,05%
2,73%
0,07%
1,33%
1,33%
1.046,1
1.060,1
1.074,2
1.045,4
1.017,6
Jan-07
Feb-07
Mar-07
956,1
May-06
845,7
Apr-06
824,5
Mar-06
300,0
11,25%
6,43%
2,58%
-7,34%
780,5
757,1
-3,99%
788,6
600,0
-3,35%
701,6
-6,66%
816,0
Milions of Dolars
900,0
5,64%
0,0
Jun-06
Jul-06
Aug-06
EQUITY VALUE
Source: Supervised Entities
Sep-06
Oct-06
Nov-06
MONTHLY VARIATION
Dec-06
24
4.2 AFFILIATES
According to the numbers sent by the administrator entities of the mentioned Regime, for January and
February of 2007, the total number of affiliates was of 6.002.842 and 6.006.159, respectively, showing a
growth of 3.317 affiliated, representing 0,06%. “CAJANAL”´s number is included taking into account
preliminary information, and “FONPRECON”´s data is in process of evaluation is composed as follows: In
January 2007, 103 correspond to Law 4th of 1992 (Members of the “Congreso de la República”) and 616
to Law 100 of 1993 (Administrative Personal of the “Congreso de la República” and of the “Fondo de
Previsión Social”); in February 2007 the distribution was: 103 and 614, respectively (graph 39).
Graph 39
Affiliates
98,87%
10.000.000
1.000.000
1,00%
100.000
0,08%
0,02%
10
0,01%
717
719
1.067
1.068
1.347
1.355
4.562
60.000
0,02%
4.858
100
60.000
1.000
5.938.466
5.934.842
10.000
1
ISS
CAJANAL (1 )
CAPRECOM
Jan-07
P. ANTIOQUIA
Feb-07
CAXDAC
FONPRECON
Participation to Feb/07
(1) According to preliminary information
(2) In January 2007: 103 correspond to Law 4th of 1992 and 616 to Law 100 of 1993; in February 2007
the distribution was: 103 and 614, respectively. (Figures in verification)
Last year Affiliates´ Evolution
0,32%
0,42%
0,16%
0,18%
0,17%
0,21%
0,04%
0,11%
0,08%
0,00%
0,11%
0,19%
0,06%
Dec-06
Jan-07
6.006.159
Oct-06
6.002.842
Sep-06
5.996.177
Jun-06
5.984.905
5.927.648
Mar-06
2.000.000
5.967.080
5.902.690
Feb-06
3.000.000
5.979.853
5.957.848
May-06
4.000.000
5.979.834
5.947.686
Apr-06
5.000.000
5.964.481
5.938.334
6.000.000
1.000.000
0
Jul-06
Aug-06
AFFILIATES
Nov-06
Feb-07
MONTHLY VARIATION
Source: Supervised Entities
From the total of affiliates for each of the administrators of the Pay As You Go Regime in February 2007,
without including “CAJANAL” and “FONPRECON”, 33% corresponds to people who quote, representing
1.933.165; and 67% corresponds to people who do not quote, representing 4.012.277. It is understood
like people who do not quote to those affiliated and not-pensioners yet, who for some reason, with they
did not do the mandatory payment during the month for which is reported. The total amounts who quote
in February 2007 ascended to USD 105,104 thousands of dollars (graph 40).
Graph 40
Affiliates clasification
1.927.396
10.000.000
4.011.070
1.000.000
100.000
4.451
10.000
1.061
1.000
286
111
257
810
100
10
1
ISS
CAPRECOM
P. ANTIOQUIA
QUOTING MEMBERS
CAXDAC
NON-QUOTING MEMBERS
Last Year Contributors and Non-Contributors Affiliates´ Evolution
100%
90%
80%
70%
69%
68%
68%
32%
32%
67%
68%
67%
32%
33%
67%
68%
33%
32%
66%
66%
67%
68%
67%
60%
50%
40%
30%
20%
31%
33%
34%
34%
33%
32%
33%
Dec-06
Jan-07
Feb-07
10%
0%
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
NON-QUOTING MEMBERS
Sep-06
Oct-06
Nov-06
QUOTING MEMBERS
Source: Supervised Entities
4.3 PENSIONERS
The number of pensioners that reported by each-one of the administrators to February 2007 was
943.670, presenting a rise of 4.917 pensioners with respect to January 2007, representing 0.5% (graph
41). Of this total, 690.802 correspond to Oldness, 38.011 to Invalidity and 214.857 to Survival (chart 6).
25
In “CAPRECOM”, of the 22,070 pensioners to January 2007, 13.716 are pensioners prior to the entrance
in use of Law 100/93; 4.762 are pensioners in use of Law 100/93 for which the organization concurs and
others; 3.439 pensioners in use of Law 100/93 concur FONCAP with quota fixed share, and 153 are of
the Advance Plan of Pensions (PAP) to employer responsibility.
From the 2.018 pensioners reported by “FONPRECON”, 811 correspond to Law 4th of 1992 (Exmembers of the “Congreso de la República”) and 1.207 to Law 100 of 1993 (Administrative Personal of
the “Congreso de la República” and of the “Fondo de Previsión Social”). “CAJANAL”´s data is provided
by the Partnership “FOPEP”.
According to article 33 of Law 100 of 1993, modified by the article 9° of Law 797 of 2003, in the Pay As
You Go Regime, the age of the retirement for the men is 60 years and must at any time have contributed
with 1.100 weeks.
Whereas for the women the age of the retirement is 55 years, but the weeks of the contribution continue
being equal, meaning 1.1005 weeks at any time.
Graph 41
Pensioners
73,95%
23,20%
1.000.000
2,34%
0,21%
693
0,07%
694
2.013
2.147
22.061
2.136
10
0,23%
2.018
218.902
100
218.126
1.000
697.840
10.000
693.723
100.000
22.070
10.000.000
1
ISS
CAJANAL
CAPRECOM (1)
Jan-07
Feb-07
P. ANTIOQUIA
FONPRECON (2)
CAXDAC
Participation to Feb/07
(1) CAPRECOM: In February 2007: 13.716 are pensioners prior to the entrance in use of Law 100/93;
4.762 are pensioners in use of Law 100/93 concurs organization and others; 3.439 pensioners in use of
Law 100/93 concur FONCAP with quota fixed share, and 153 are of the Advance Plan of Pensions (PAP)
to employer responsibility. (Numbers in evaluation)
(2) FONPRECON: In January 2007: 811 correspond to Law 4th of 1992 and 1.202 to Law 100 of 1993;
in February 2007 the distribution was: 811 and 1.207, in the same order. (Figures in verification)
Last Year Pensioners´ Evolution
Oct-06
Nov-06
0,40%
0,52%
943.670
Sep -06
0,72%
938.753
0,63%
935.055
Au g -06
0,68%
928.398
Ju l-06
0,78%
922.569
0,61%
916.367
0,75%
909.284
892.741
885.672
400.000
873.954
600.000
868.994
800.000
0,48%
903.761
0,57%
0,80%
896.992
0,11%
1,34%
Jan -07
Feb -07
200.000
0
Feb -06
M ar-06
Ap r-06
M ay-06
Ju n -06
TOTAL PENSIONERS
Dec-06
VARIATION
Source: Supervised Entities
According to the administrator’s report, the monthly payroll value of pensioners for February 2007,
ascended to USD 410.030,7 thousand of dollars (graph 42).
In CAPRECOM, from the USD 20.059,7 thousand dollars reported in January 2007: (a) USD 10.832,3
thousand dollars - It corresponds to the value of the quota fixed share of the organization in which was
affiliated the pensioners, the quota fixed share in charge of the sector of the communications and the
quota fixed share of outside the sector, by pensions recognized prior to the entrance in use of the Law
100 of 1993, as opposed to which contributions were not made; (b) USD 8.772,6 thousand dollars - It
corresponds to the value of the quota fixed share of the organization in which was affiliated the
pensioners, the quota fixed share in charge of the sector of the communications and the quota fixed
share of outside the sector by pensions recognized after the entrance in use of the Law 100 of 1993, as
opposed to which contributions were made; (c) USD 306,0 thousand dollars - It corresponds to the value
of the quota fixed share in charge of the “FONCAP” by pensions recognized after the entrance in use of
the Law 100 of 1993 which contributions were made; (d) USD 148,7 thousand dollars - It corresponds to
the value of the pension that by effect of the Advance Plans of Pensions (PAP) the employer assumes
the totality of the same one, until than the affiliated fulfills the established general requirements in the
effective norms and which the employer continues quoting to the “FONCAP”.
From the USD 5.932,1 thousand of dollars reported by “FONPRECON”, USD 4.878,7 thousand dollars
correspond to Law 4th of 1992 pensioners (Ex-members of the “Congreso de la República”) and USD
1.053,3 thousand dollars to Law 100 of 1993 (Administrative Personal of the “Congreso de la República”
and of the “Fondo de Previsión Social”). The CAJANAL´s information is provided by the Partnership
“FOPEP”.
26
Graph 42
Pension Pays
64,79%
28,16%
0,36%
1.093,5
1.427,9
0,35%
1.495,1
5.932,1
5.871,0
1.501,9
10,0
1,45%
20.059,7
113.825,6
100,0
265.649,6
245.348,7
10.000,0
1.000,0
4,89%
115.466,4
100.000,0
18.160,9
Thousands of Dollar
1.000.000,0
1,0
ISS
CAJANAL (1)
CAPRECOM (2)
Jan-07
FONPRECON (3)
Feb-07
CAXDAC
P. ANTIOQUIA
Participation to Feb/07
(1) Information Partnership FOPEP
(2) "CAPRECOM": (a) USD 10,832,3 thousand of dollars - It corresponds to the value of the quota fixed
share of the organization in which was affiliated the pensioners, the quota fixed share in charge of the
sector of the communications and the quota fixed share of outside the sector, by pensions recognized
prior to the entrance in use of the Law 100 of 1993, as opposed to which contributions were not made.
(b) USD 8,772,6 thousand of dollars - It corresponds to the value of the quota fixed share of the
organization in which was affiliated the pensioners, the quota fixed share in charge of the sector of the
communications and the quota fixed share of outside the sector by pensions recognized after the
entrance in use of the Law 100 of 1993, as opposed to which contributions were made.
(c) USD 306,0 thousand of dollars - It corresponds to the value of the quota fixed share in charge of
the FONCAP by pensions recognized after the entrance in use of the Law 100 of 1993 which
contributions were made.
(d) USD 148,7 thousand of dollars - It corresponds to the value of the pension that by effect of the
Advance Plans of Pensions (PAP) the employer assumes the totality of the same one, until than the
affiliated fulfills the established general requirements in the effective norms and which the employer
continues quoting to the FONCAP. (Numbers in evaluation)
(3) "FONPRECON": In February 2007, 4.878,7 thousand USD correspond to Law 4th/92 and 1.053,3
thousand USD to Law 100/93. (Figures in verification)
Last Year Pension Pays Evolution
62,2%
600.000
52,3%
May-06
Sep-06
Oct-06
395.759,8
6,3%
410.030,7
Apr-06
-2,5%
385.801,5
330.758,0
Mar-06
345.837,3
340.692,5
Feb-06
503.808,0
343.772,0
100.000
4,7%
2,3%
0,9%
600.621,1
-2,9%
370.385,4
-0,9%
353.837,2
-0,2%
300.000
200.000
-34,1%
-31,9%
1,5%
342.889,1
400.000
344.624,7
Thousand of dollars
500.000
Jan-07
Feb-07
0
Jun-06
Jul-06
Aug-06
Pension Pay Value
Nov-06
Dec-06
Monthly variation
Source: Supervised Entities
The arithmetic average of the payment of the pension for this Regime in February 2007 was USD 434,5
dollars, above in 5,73% of last month’s pension pay (graph 43).
434,5
411,0
380,7
353,7
527,5
521,8
1.000,0
665,1
2.000,0
511,9
908,9
823,2
3.000,0
2.157,4
Dollars
4.000,0
2.164,1
2.916,5
5.000,0
2.939,6
Graph 43
Average Pension Pays
0,0
FONPRECON
CAXDAC
CAPRECOM
P. ANTIOQUIA
CAJANAL (1)
Jan-07
ISS
SYSTEM´S
AVERAGE
Feb-07
(1) Information Partnership FOPEP
Last Year Pension Pays´ Average
61,14%
51,60%
Mar-06
Apr-06
Aug-06
Sep-06
Oct-06
-2,90%
Nov-06
Dec-06
Jan-07
5,73%
434,5
-34,58%
3,97%
411,0
384,7
Feb-06
370,5
393,4
100,00
396,6
200,00
1,52%
379,4
300,00
0,25%
423,2
-32,45%
-3,68%
646,9
-2,21%
401,5
-0,81%
386,1
1,40%
400,00
561,7
Dollars
500,00
380,3
600,00
0,00
May-06
Jun-06
Jul-06
SYSTEM´S AVERAGE
Source: Supervised Entities
MONTHLY VARIATION
Feb-07
27
4.4 INVESTMENT PORTFOLIO
The balances of the portfolios of investments of the pensionales reserve funds to March of 2007 (having
in mind that, according to what is established in Law 490 from 1998 and statutory Decree 1404 from 28
of July of 1999, “CAJANAL” transferred its reserves to “FOPEP” and therefore does not present balance;
and in the case of the “Instituto de Seguros Sociales” – “ISS” – are included the resources corresponding
to the Subsidiary Regime) ascend to USD 904,5 million dollars compared to 876,3 million dollars in
February 2007, showing an increase of USD 28,2 million dollars that represent 3,22% (graph 44). The
total of the investments to March of 2007 is distributed for each pensional modality, thus: Retirement age
USD 835,0 million dollars, Invalidity USD 10,4 million dollars and Survival USD 59,1 million dollars (chart
7)
Graph 44
Investment Portfolio
41,54%
36,08%
14,21%
4,61%
41,7
32,2
30,6
40,7
3,56%
128,5
125,8
326,3
318,3
10
375,8
100
360,9
Millions of dollars
1.000
1
ISS
CAPRECOM
CAXDAC
Feb-07
Mar-07
P.ANTIOQUIA
FONPRECON
Participation to Mar/07
Last Years Investment Portfolio´s Evolutionnes
Jun-06
778,5
769,5
656,3
May-06
-0,02%
Oct-06
Nov-06
Dec-06
Jan-07
0,18%
3,22%
904,5
4,60%
729,0
705,3
749,8
400
2,14%
-6,94%
600
500
5,18%
876,3
1,17%
874,7
-5,94%
5,55%
700
786,1
Millions of Dollars
800
11,08%
874,8
-4,62%
836,3
-2,64%
818,8
900
300
200
100
0
Mar-06
Apr-06
Jul-06
Aug-06
PORTFOLIO VALUE
Sep-06
Feb-07
Mar-07
MONTHLY VARIATION
Source: Supervised Entities
In March of 2007, 90,0% of portfolios were invested in TES, the remaining 10,0% were represented in
other bonds different to Nation bonds, contained in the funds administrated by “CAXDAC”.
“CAXDAC”´s investment portfolio is substantially different to other pays as you go reserve funds, due to
the fact that this entity, in investment matters, is ruled by the norms issued by the “Superintendencia
Financiera de Colombia” for Private Pension Fund Administrators (graph 45).
Graph 45
PORTFOLIO CLASIFICATION IN: FIXED AND VARIABLE INCOME, DEPOSITS
AT SIGHT AND DERIVATIVES NET POSITION
Thousands of pesos
300.000.000
250.000.000
200.000.000
150.000.000
94,76%
100.000.000
50.000.000
0,36%
4,84%
0,04%
0
DEPOSITS AT SIGHT
Portfolio
Participation
INV VARIABLE INCOME
BONDS
INV FIXED INCOME
BONDA
FORWARD
AGREEMENTS
VARIABLE RENT BY ISSUER
HIGH LIQUIDITY STOCKS
25,19%
LOW LIQUIDITY STOCKS
4,08%
68,36%
0,19%
2,18%
PARTICIPATION IN
ORDINARY COMMON
FUNDS
PARTICIPATION IN SPECIAL
COMMON FUNDS
PARTICIPATION IN FUNDS
OF VALUES
28
INT T IT OF DEBT PUBL ISHES EMIT T ED OR GUARANT EED BY
T HE NAT ION
VARIABLE RENT BY ISSUER
EXT ERN T IT OF DEBT PUBL ISHES EMIT T ED Or GUARANT EED
BY T HE NAT ION
OT HER PUBL IC DEBT T IT L ES (DEC2681/93)
1,00%
8,46%
8,68%
22,20%
1,63%
T IT S OF CREDIT CONT ENT , DERIVAT IVES OF
T IT UL ARIZACION MORT GAGE PORT FOL IO
T IT S OF CONT ENT CREDIT ICO, DERIVAT IVES OF
PROCESSES OF DIFFERENT T IT UL ARIZACION PORT FOL IO
T IT S ISSUES, ENDORSED ACCEPT ED OR GUARANT EED BY
"SFC"
9,23%
T IT S ISSUES FROM ENT IT IES NOT SUPERVISED BY "SFC"
10,26%
T IT S ISSUES, ENDORSED Or GUARANT EED FROM FOREIGN
GOVERNMENT S
17,24%
0,04%
15,79%
T IT S ISSUES, ENDORSED Or GUARANT EED FROM FOREIGN
BANKS
5,46%
T IT S ISSUES, ENDORSED OR GUARANT EED FROM
MUL T IL AT ERAL ORGANISMS
T IT S ISSUES FROM ORGANIZAT IONS Of T HE OUT SIDE,
DIFFERENT FROM BANKS
SOURCE: Caxdac
5. ISS´s PROFFESIONAL RISKS ADMINISTRATOR
5.1 RESERVES FOR PROFESSIONAL RISKS
With occasion of the expedition of Law 776 of 2002, in the article 1°, and in concordance with the
instruction of External Circular 044 of “Superintendencia Financiera de Colombia”, the “Instituto de
Seguros Sociales” (“ISS”) adopted the technical reserves regime for the life insurance companies that
administrate the field of professional risks; in consequence, during the last semester, the “ISS” presents
in its balance statement the amount of each of the following reserves: (Graph 46).
26,8
17,6
105,1
26,8
1.140,2
1.316,5
26,1
17,1
101,6
26,1
1.108,9
1.279,7
25,6
16,8
97,2
25,6
1.099,1
1.264,4
25,4
16,7
97,4
25,4
1.130,1
1.295,1
24,8
16,1
95,2
24,8
1.088,8
1.249,6
24,4
100,0
15,8
94,4
1.000,0
24,4
1.230,5
10.000,0
1.071,5
Millions of dollars
Graph 46 - Professional Risks Reserves
10,0
1,0
Oct-06
Nov-06
TOTAL RESERVES
Dec-06
1-MATHEMATICAL RESERVE
Jan-07
2-DEVIATION OF SINISTER
Feb-07
3-WARNED SINISTER
Mar-07
4-NOT WARNED SINISTER
5-PROFESSIONAL ILLNESS
SOURCE: ARP-ISS/ FINANCIAL STATEMENTS IN VERIFYING PROCESS
5.2 EMPLOYERS AND AFFILIATE EMPLOYEES
Affiliated employees to the ISS´s professional risk insurance company (ARP) during last year (between
February 2006 and February 2007) they report an increase on 8,83% from 270.277 passing to 294.153,
respectively. The workers affiliated, during the same lapse, displayed an increase of 15,95%, when
happening from 1.393.935 coming, to 1.616.281. For the months of January and February of 2007, the
number of affiliated employers increased in 1.080, representative ones of 0,37%, and the affiliated
workers increased in 6.055, is to say 0,38% (graph 47). The amounts who quote ARP in February of
2007 ascended to USD 7,63 million of dollars.
Graph 47
Employees and workers affiliates
1.620.000
1.616.281
294.153
1.610.226
293.073
1.608.836
290.030
1.555.476
283.057
1.545.264
279.952
279.653
1.445.846
274.487
1.438.653
262.454
1.409.926
278.208
1.408.120
277.439
1.408.712
276.514
420.000
275.732
620.000
270.277
820.000
1.393.935
1.020.000
1.406.807
1.220.000
1.543.208
1.420.000
220.000
20.000
-180.000
Feb-06
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug/06
EMPLOYEES
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
WORKERS
SOURCE: ARP-ISS
5.3 PENSIONERS
From the total of 22.842 pensioners who report the ISS´s ARP in February 2007, 10.791 correspond to
survival pension and 12.051 to invalidity pension. During last year, the number of pensioners of survival
pension showed a growth of 0.85%, invalidity pension a reduction of -0.62% and the total of pensioners
reported an increment of 0,07%. For the months of January and February of 2007, the number of
pensioners by survival, invalidity and the total, they displayed increases in 30, 2 and 32 respectively,
29
representing 0,28%, 0,02% and 0,14% (graph 48). The monthly payroll value of pensioners ARP for
February 2007, ascended to USD 5,3 million dollars; of this total, USD 2,9 million dollars correspond to
survival and USD 2,4 million dollars to invalidity.
Graph 48
Pensioners
22.842
22.810
22.787
22.729
22.685
22.645
22.599
22.573
22.547
22.870
22.833
22.826
22.908
20.000
10.791
12.051
10.761
12.049
10.744
12.043
10.702
12.027
10.663
12.022
10.577
11.996
10.627
12.018
May-06
10.601
11.998
10.773
12.135
Apr-06
10.552
11.995
10.737
12.133
12.119
10.714
12.126
10.700
10.000
0
Feb-06
Mar-06
Jun-06
Jul-06
Ago-06
SURVIVAL
Sep-06
INVALIDITY
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
TOTAL
SOURCE: ARP-ISS
5.4 MANDATORY QUOTATIONS AND PENSION PAYMENTS
Graph 49
Mandatory quotations and pension pays
8,0
5,4
7,6
5,3
Oct-06
5,3
Sep-06
4,0
5,0
Aug-06
3,7
Jul-06
8,8
9,2
8,1
8,1
7,8
8,0
8,0
4,7
May-06
4,6
Apr/06
4,6
Mar-06
4,5
4,6
7,0
4,7
6,0
5,0
8,0
7,4
10,0
7,8
12,0
6,7
Millions of Dollars
14,0
13,2
Between the months of March 2006 and March 2007, ISS´s ARP received USD 102,1 million dollars in
quotations from affiliate employers, for a monthly average of USD 7,9 million dollars. The amount paid
during the same period on pension payments ascended to USD 70,8 million dollars, for a monthly
average of USD 4,7 million dollars, taking into account that law establishes an annual cancellation of 14
pension payments. Financial statements and statistical reports are in evaluation and depuration process
in order for them to be adjusted to the instructions of External Circular 044 of 2003 (graph 49).
Jan-07
Feb-07
Mar-07
2,0
0,0
Jun-06
MANDATORY QUOTATIONS
SOURCE: ARP-ISS
Nov-06
Dec-06
MONTHLY TOTAL PENSION PAY