PRESS NOTICE
Bogotá, March 6, 2007
PERFORMANCE OF MANDATORY PENSION FUNDS, VOLUNTARY PENSION FUNDS,
UNEMPLYMENT FUNDS, PAY AS YOU GO REGIME AND ADMINISTRATOR OF
PROFESSIONAL RISKS OF THE ISS JANUARY 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 15% cash annual,
equivalent to a 9.63% yield real and superior to the demanded minimum yield in 4.08 percentage
points. Individually, the funds reached yields that go from the 14.03% to the 17.06% (graph 1).
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
J A N .3 1/ 0 4 T O J A N .3 1/ 0 7
17.06%
18.00%
16.00%
14.75%
14.49%
14.46%
15.00%
14.19%
14.03%
14.00%
10.92%
12.00%
10.00%
MINIMUN
5.74%
YIELD
9.63%
8.70%
9.11%
COLFONDOS
8.86%
9.14%
4.00%
PORVENIR
6.00%
9.39%
11.59%
8.00%
NOM INA L YIELD
AVERAGE (*)
SANTANDER
SKANDIA
PROTECCION
0.00%
HORIZONTE
2.00%
REA L YIELD
During the last five years mandatory pension funds obtained a yield effective average of 15.84%
annual, the equivalent one to a real yield of the 9.64%, whereas the yield average from beginning of
operations to the 31 of January of 2007 were of the 17.78% annual cash, that corresponds in real
terms to the 6.27% (graph 2).
GRAPH 2.
YI ELD FR OM TH E B EGI N N I N G OF
17.78%
6.27%
AVERAGE (*)
17.02%
5.59%
HORIZONTE
17.10%
5.66%
PORVENIR
17.13%
5.68%
SKANDIA
17.49%
6.01%
SANTANDER
19.56%
15.84%
17.50%
6.02%
8.49%
HORIZONTE
COLFONDOS
8.79%
SANTANDER
7.88%
9.06%
PORVENIR
5.00%
9.64%
9.17%
SKANDIA
14.63%
9.18%
14.94%
OP ER A TI ON S ( 1) J A N . 3 1/ 0 7
COLFONDOS
10.00%
11.94%
15.00%
15.23%
15.34%
20.00%
15.35%
25.00%
18.27%
LA ST F IV E Y EA R Y IELD
JA N .3 1/ 0 2 T O JA N .3 1/ 0 7
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 17.15% of annual cash and its volatility (standard deviation) of the 1.65%. This average for
the last two years was of the 17.44%, with a volatility of the 1.89%, where as for the last year the
yield average was in the 16.55% and its volatility in 2.08%. The yield average and its volatility of
each one of the funds during the mentioned periods is reflected in graphs 3, 4, 5 and 6.
GRAPH 3
MANDATORY PENSION FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
JAN 31 2004 -JAN 31 2007
20.90%
20.60%
ACCUM. YEILD AVERAGE
20.30%
Protección
20.00%
19.70%
19.40%
19.10%
18.80%
18.50%
18.20%
Skandia
17.90%
17.60%
17.30%
Colfondos
17.00%
16.70%
16.40%
Porvenir
Sistema
Horizonte
Santander
16.10%
15.80%
15.50%
1.37%
1.42%
1.47%
1.52%
1.57%
1.62%
1.67%
1.72%
1.77%
1.82%
1.87%
VOLATILENESS
GRAPH 4
MANDATORY PENSION FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
JAN 31 2005 - JAN 31 2007
20.80%
20.50%
Protección
20.20%
ACCUM. YEILD AVERAGE
19.90%
19.60%
19.30%
19.00%
18.70%
Skandia
18.40%
18.10%
17.80%
17.50%
Sistema
Colfondos
17.20%
16.90%
16.60%
Horizonte
Porvenir
Santander
16.30%
16.00%
15.70%
1.55% 1.58% 1.61% 1.64% 1.67% 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%
VOLATILENESS
GRAPH 5
MANDATORY PENSION FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
JAN 31 2006 - JAN 31 2007
22.50%
22.00%
21.50%
ACCUM. YEILD AVERAGE
21.00%
20.50%
20.00%
Protección
19.50%
19.00%
18.50%
18.00%
Skandia
17.50%
Sistema
17.00%
16.50%
Colfondos
Porvenir
16.00%
Santander
Horizonte
15.50%
15.00%
14.50%
1.65% 1.69% 1.73%
1.77%
1.81%
1.85% 1.89% 1.93%
1.97% 2.01% 2.05% 2.09% 2.13% 2.17% 2.21% 2.25% 2.29% 2.33% 2.37%
VOLATILENESS
GRAPH 6
RETURN´S ACCUMULATED OF MANADATORY PENSIONS FUNDS
EVOLUTION
24.50%
22.50%
20.50%
18.50%
16.50%
14.50%
12.50%
01/2006
02/2006
03/2006
04/2006
PROTECCION
05/2006
PORVENIR
06/2006
07/2006
HORIZONTE
08/2006
09/2006
10/2006
SANTANDER
11/2006
12/2006
COLFONDOS
01/2007
SKANDIA
1.3 VALUE OF THE FUNDS
The value of mandatory pension funds reached to the 31 of January of 2007 a value of USD 19.205
millions, inferior in USD 142 millions the value registered to the 31 of December of 2006, that is to
say, a 0.7% (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
JA N .3 1T H 2 0 0 7 - M ILLION S U S D OLLA R
5,500
26.7%
24.9%
5,000
4,500
4,000
17.2%
3,500
25
0.1%
764
4.0%
SKANDIA
2,362
SANTANDER
HORIZONTE
P ERCENTA GE OF P A RTICIP A TION
SKANDIA
PLAN
ALTERNATIVO
FUND VALUE
PROTECCION
0
PORVENIR
500
2,832
1,000
COLFONDOS
1,500
12.3%
3,311
2,000
4,775
2,500
14.7%
5,137
3,000
6.4%Jun-06
19,205
5.9%
19,347
18,276
17,957
0.7%-
1.8%
6.8%
16,812
1.6%
4.2%
7.4%-
5,000
May-06
3.4%-
1.5%-
3.2%
10,000
16,553
14,323
15,305
16,534
17,111
17,378
16,836
15,000
5.1%
MILLONES DE USD
20,000
10.9%15,879
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
25,000
FUNDS VALUE
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Apr-06
Mar-06
Feb-06
Jan-06
-
MONTHLY VARIATION
1.4 AFFILIATED
The number of affiliated with the regime of individual saving with solidarity to the 31 of January of
2007 ascended to a 7.040.020, with an increase of the 0.9%, that is to say, 63.733 affiliated as
opposed to the number reported to the 31 of December of 2006. (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
JA N .3 1T H 2 0 0 7
2,100,000.00
27.9%
1,800,000.00
21.7%
SKANDIA
7,074,020
0.9%
0.7%
Dec-06
7,010,287
0.8%
Nov-06
6,906,460
0.8%
Oct-06
6,853,741
0.8%
Sep-06
6,799,647
0.6%
0.8%
Jul-06
6,757,284
0.8%
Jun-06
6,701,261
0.9%
May-06
6,648,211
0.8%
Apr-06
6,536,567
1.0%
Mar-06
0.9%
Feb-06
6,473,215
0.8%
Jan-06
6,300,000
6,412,386
6,900,000
6,588,211
7,200,000
6,961,430
P ERCENTA GE OF P A RTICIP A TION
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
6,600,000
338
0.0%
SKANDIA PLAN
ALTERNATIVO
1,038,392
61,325
0.9%
14.7%
COLFONDOS
HORIZONTE
PORVENIR
A FFILIA TED
PROTECCION
300,000.00
0.00
15.6%
1,100,367
600,000.00
1,363,269
900,000.00
1,536,439
1,973,890
19.3%
1,200,000.00
SANTANDER
1,500,000.00
AFFILIATED
Jan-07
Aug-06
6,000,000
MONTHLY VARIATION
Of the total of affiliated with the funds of mandatory pension funds, the 51.9% correspond to
affiliated active, that is to say, 3.672.152 and the 48.1%, that is 3.401.868 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
J A N .3 1T H 2 0 0 7
1,200,000
1,000,000
A CTIVES
290
48
SKANDIA PLAN
ALTERNATIVO
SKANDIA
SANTANDER
42,072
19,253
458,908
579,484
545,936
554,431
COLFONDOS
PORVENIR
-
632,671
730,598
200,000
HORIZONTE
400,000
886,632
649,807
600,000
PROTECCION
1,105,643
868,247
800,000
INA CTIVES
51.9%
51.9%
48.1%
48.1%
Jan-07
52.0%
51.7%
51.5%
51.3%
51.1%
51.6%
51.5%
51.0%
Dec-06
51.0%
50.7%
52.0%
51.3%
53.0%
51.6%
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
48.0%
47.0%
48.3%
48.5%
48.7%
48.9%
48.4%
48.4%
48.5%
48.0%
48.7%
49.0%
49.0%
49.3%
50.0%
ACTIVES
Nov-06
Oct-06
Sep-06
Aug-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
Jan-06
46.0%
INACTIVES
Of the total of affiliated in the Regime of Individual Saving the 58.5% corresponds to non-quoting
members, is to say to 4.139.987 people; the 41.5%, that is 2.934.033 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.
1,400,000
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
J A N .3 1T H 2 0 0 7
1,200,000
QUOTING
132
206
SKANDIA PLAN
ALTERNATIVO
27,081
34,244
SKANDIA
SANTANDER
666,551
371,841
543,013
557,354
869,898
493,371
NON-QUOTING
COLFONDOS
PROTECCION
-
PORVENIR
200,000
HORIZONTE
400,000
679,591
600,000
856,848
800,000
1,162,123
811,767
1,000,000
58.0%
58.5%
42.0%
41.5%
Dec-06
Jan-07
58.4%
41.6%
59.9%
Nov-06
60.0%
40.0%
Jun-06
58.3%
60.5%
39.5%
May-06
41.7%
60.9%
39.1%
Apr-06
60.0%
Oct-06
60.9%
39.1%
Mar-06
59.1%
61.7%
38.3%
Feb-06
60.0%
62.8%
37.2%
65.0%
Jan-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
55.0%
50.0%
45.0%
30.0%
40.1%
40.0%
35.0%
40.9%
40.0%
NON-QUOTING
Sep-06
Aug-06
Jul-06
25.0%
QUOTING
Of the total number of affiliated with the funds of mandatory pension funds, the 87% happen less
than two minimum wages, the 8% perceive income between two and four minimum wages and the
5% win more than four minimum wages.
The 54.9% of the affiliated ones oscillate between the 15 and 34 years old, of which, in this
segment, the 56.7% are men and the 43.3% women.
The 95.8% of the total number of affiliated with the system correspond to workers with labor bond
and the 4.2% to independent workers.
As far as the origin of the affiliated ones, it is important to write down that the 64% correspond to
people who entered in the system, 25.6% come from the Pay As You Go Régime, the 9.4% to
transfers between AFPs and the 1% comes from the Government social security funds (Chart 1.2).
1.5 PENSIONERS
To the 31 of January of 2007 the Regime of individual saving with solidarity counts on 22.056
pensioners, 13.618 for survival, 4.753 for invalidity and 3.685 of retirement age (graph 11).
SURVIVA L
INVA LIDITY
1
SKANDIA P.A
4
SKANDIA 1
8
132
813
SANTANDER
510
464
585
RETIREM ENT A GE
COLFONDOS
PORVENIR
PROTECCION
500
HORIZONTE
340
1,000
0
2,142
2,236
3,126
902
1,157
2,000
1,370
2,500
1,500
G R A P H 11
P E N S IO N E R S S B Y F UN D
J A N .3 1T H 2 0 0 7
2,155
3,000
2,825
3,500
3,285
The 50.7% of the pensioners are to say 11.172, have decided on the modality of programmed
retiree's pension; the 49.3%, 10.883 pensioners, by the one of immediate life rent and 1 pensioner
by the one of retirement programmed with deferred life rent (Chart 1.3).
22,056
1.6%
Jan-07
0.5%
Dec-06
1.2%
Nov-06
1.2%
Oct-06
Sep-06
Aug-06
Jun-06
Jul-06
0.8%
1.3%
1.4%
2.2%
21,716
21,101
20,812
20,102
19,948
1.5%
19,412
19,660
May-06
Jan-06
PENSIONERS
1.3%
17,500
17,000
Apr-06
Feb-06 1.0%
1.8%
18,500
18,000
1.2%
19,000
Mar-06
18,996
19,500
19,190
20,500
20,000
20,371
21,500
21,000
21,346
22,500
22,000
21,598
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
MONTHLY VARIATION
1.6 INVESTMENT PORTFOLIO
As of January 31 2007, the value of portfolio of Mandatory Pension Funds reached USD$ 19,147
million, showing a decrease of 0.7% with respect to the end of the previous month, when it was of
USD$ 19,284 million.
To the closing of January 2007, 77.1% of portfolio of the mentioned funds, that is to say,
USD$14,770 million correspond to investments of fixed income; the 21.3%, USD$ 4,081 million, to
investments in equity; the 1.2%, USD$ 232 million, to overnight deposits and the 0.3%, USD$ 64
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
JAN 31TH 2007 - THOUSANDS OF US DOLLAR -
99%
FIXED INCOME
77.6%
71.5%
71.7%
81.5%
EQUITY
70.2%
82.1%
77.1%
74.6%
OVERNIGHT
DEPOSITS
16.1%
26.5%
21.8%
17.6%
DERIVATIVES NET POSITION-
26.4%
21.2%
21.3%
16.3%
13.3%
1.5%
-1%
0.6%
COLFONDOS
$ 2,826,754
0.8%
HORIZONTE
$ 3,294,144
0.1% 0.8%
0.7%
PORVENIR
$ 5,125,721
1.6%
0.1%
PROTECCION
$ 4,760,343
2.3%
-0.2%
SANTANDER
$ 2,354,476
0.4%
SKANDIA
ALTERNATIVO
$ 24,626
2.8%
SKANDIA
$ 760,575
0.3%
1.2%
SYSTEM
$ 19,146,640
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
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
FEB-06
17,392 M
0%
JAN - 06
16,830 M
20%
Investment in public debt continues being the most significant in these funds. At January 31 2007,
these investment represented the 47.8% of the value of the total of portfolio (national debt commits
the 40.9%, external national debt 4.3% and territorial organizations and decentralized entities
2.6%), followed of the titles emitted by institutions watched by other regulatory authority with 19.3%
and titles emitted by the Institutions watched by the Financial Supervisión that counted on a
participation of the 16.2% (Graph 13 Chart 1.4 ).
GRAP H 13
P ORTFOLIO DIVERSIFICATION BY ISSUER
JAN 31TH 2007 - THOUSANDS OF US DOLLAR 100%
Internal govermment
debt
21.3%
24.3%
Institutions watched by
other regulatory
authority
40.9%
36.4%
40.2%
41.5%
44.0%
42.5%
9.8%
Institutions watched by
the Financial
Supervisión
13.6%
13.7%
International
Investment
19.9%
24.0%
16.5%
17.2%
25.1%
External Public Debt
19.3%
22.2%
38.9%
14.0%
Fogafin
15.5%
17.7%
17.0%
16.2%
14.0%
14.7%
Other public debt titles
16.3%
15.4%
14.0%
13.1%
9.1%
Others (1)
5.2%
4.5%
0%
0.6%
0.9%
3.7% 0.9%
COLFONDOS
$ 2,826,754
1.6%
2.7%2.2%
HORIZONTE
$ 3,294,144
(1) Ovenight deposits and Derivatives net position
4.4%
1.2%
1.6%
PORVENIR
$ 5,125,721
1.8%
4.0%
2.8% 4.1%
1.4%
PROTECCION
$ 4,760,343
3.3%
13.7%
2.1%
SANTANDER
$ 2,354,476
13.3%
15.4%
2.6%
2.8%
0.6%
4.3% 1.5%
SKANDIA
ALTERNATIVO
$ 24,626
SKANDIA
$ 760,575
4.3%
1.8%
2.6%
SYSTEM
$ 19,146,640
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
JAN - 06 16,830 M
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
FEB-06 17,392 M
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY ISUUER
MILLION OF US DOLLAR
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 71.6% of portfolio mention before is denominated in Colombian pesos, the 14.4% in UVR, the
11.5% in US Dollar, the 1.5% in euros and rest 1% 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
JA N 31T H 2007 - T H OUSA N D S OF US D OLLA R -
100%
COL Peso
(Includes
Derivatives Net
Position)
42.4%
UVR
68.0%
70.6%
67.7%
69.4%
71.6%
73.3%
81.3%
US Dollar
10.0%
Euro
4.6%
44.5%
14.3%
19.6%
13.7%
14.4%
7.7%
10.2%
3.1%
2.2%
1.5%
SKANDIA
$ 760,575
0.5%
SKANDIA
ALTERNATIVO
$ 24,626
1.9% 0.7%
11.5%
8.8%
2.1%
PROTECCION
$ 4,760,343
HORIZONTE
$ 3,294,144
(1) British Pound, Real,
Yen and Canadian Dollar
2.1%
1.8% 1.1%
COLFONDOS
$ 2,826,754
0%
0.6%
14.5%
SANTANDER
$ 2,354,476
9.2%
9.1%
PORVENIR
$ 5,125,721
Others (1)
25.6%
1.5%
1.0%
SYSTEM
$ 19,146,640
17.9%
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
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
FEB-06
17,392 M
JAN - 06
16,830 M
-2%
COL PESO
Concerning the foreing currency position, it is observed that 38.6% of this position is covered from the
exchange rate fluctuation risk. Uncovered portion represents the 8.5% of the total value of the funds
(Graph 15 and Chart 4).
GRAPH 15
MANDATORY PENSION FUND
PERCENTAGE WITHOUT COVER (MAXIMUM 20%)
0.16
0.14
0.12
10.19%
9.14%
0.1
8.20%
7.83%
7.60%
0.08
0.06
5.91%
0.04
0.02
0
01-06
02-06
03-06
04-06
05-06
06-06
07-06
08-06
09-06
10-06
11-06
12-06
PROTECCION
PORVENIR
HORIZONTE
SANTANDER
SKANDIA
COLFONDOS
01-07
Of another part, the 28.9% of portfolio is invested in fixed income issues denominated in colombian peso,
18.6% indexed to CPI issues, the 14.4% to fixed income in UVR, the 7.4% to the DTF, the 14.1% of
portfolio is invested in stocks, 6% to fixed income in US Dollar, 7.2% in Shares (Derived from
securitizacion processes, Mutual Funds, Unit trust funds and Index Fund), the 0.6% to fixed income in
euros and rest 2.8% 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).
11
G R A P H 16
P O R T F O LIO D IV E R S IF IC A T IO N O N F IX E D IN C O M E B Y IN T E R E S T R A T E T Y P E , E Q UIT Y , O V E R N IG H T D E P O S IT S A N D
D E R IV A T IV E S N E T P O S IT IO N
J A N 3 1T H 2 0 0 7 - T H O US A N D S O F US D O LLA R 100%
Fixed income - Col
100%
Pesos
Fixed inco me - Co l
P eso s
20.2%
CPI
26.9%
28.9%
26.8%
29.7%
29.7%
29.3%
30.6%
CP I
Fixed income - UVR
11.8%
Fixed inco me - UVR
19.4%
21.0%
DTF
15.3%
13.7%
10.0%
18.0%
18.6%
1.6%
24.2%
DTF
4.6%
6.0%
13.7%
Fixed income - US
Fixed
inco me - US
Dollar
14.3%
19.6%
17.9%
14.4%
25.3%
7.7%
Do llar
11.4%
6.0%
8.9%
Stocks
Sto cks
7.5%
7.6%
9.3%
5.8%
Shares
Shares
(1)(1)
9.8%
4.8%
7.9%
1.1%
0.9%
0% 0%
9.7%
12.8%
2.2%
Others (2)
9.3%
14.1%
1.4%
6.6%
1.5%
3.5%
11.2%
6.6%
7.2%
13.8%
13.7%
0.6%
2.8%
2.4%
2.0%
COLFONDOSHORIZONTE
HORIZONTE P ORVENIRPORVENIR
PROTECCION
COLFONDOS
P ROTECCION
SA NTA NDER
$ 2,645,680 $ 3,294,1$443,089,623$ 5,125,721$ 4,790,576
$ 2,826,754
$ 4,760,343 $ 4,445,828
$ 2,354,476
Others (2)
6.0%
15.2%
19.9%
13.9%
11.8%
6.3%
1.7%
3.8%
Fixed
inco
me - Euro
Fixed
income
- Euro
7.4%
6.9%
5.2%
SANTANDER
SKA NDIA
2,191,422
A$LTERNA
TIVO
$ 24,626
SKASKANDIA
NDIA
ALTERNATIVO
$ 760,575
$ 22,528
SKANDIA
SYSTEM
693,189
$ 19,1$46,640
´(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
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
FEB-06
17,392 M
JAN - 06
16,830 M
0%
As far as the classification of portfolio by credit risk, it is observed that the 46% are titles emitted by the
Nation, the 20.4% are investments with qualification AAA, the 4.5% AA+, the 1% AA, 1.8% AA-, 23.4%
are investments that do not require qualification and rest 2.9% corresponds to titles emitted by the
Fogafin, titles with A+, A, BBB, BBB-, B, E, titles with distant qualification and Titles of emitters in
Liquidation (graph17)
SYSTEM
$ 17,878,847
12
Source: INFORMATION SUPPLIED BY AFP¨S
1) Titles FOGAFIN, Securities with A+, A, BBB, BBB-, B, E, Titles of emitters in Liquidation and titles with distant qualification
(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 2.8% of portfolio of fixed income have an inferior maturity to 180
days, the 1.7% between 181 and 360 days, the 5.4% between 361 and 720 days, the 8.1% between 721
and 1080 days, the 17.5% between 1081 and 1440 days, the 8.1% between 1441 and 1800 days, the
10.7% between 1801 and 2160 days, the 16.9% between 2161 and 2880 days, 17.7% between 2881
and 3600 days and the 11% have a maturity superior to 10 years (Graph 18 and Chart 1.6).
GRAPH 18
PORTFOLIO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) JAN 31THTH 2007
100%
3.0%
9.5%
8.8%
> 3600
8.1%
14.2%
16.3%
2881 - 3600
11.0%
13.7%
11.0%
14.9%
18.2%
2161 - 2880
21.2%
12.1%
17.7%
18.1%
21.3%
17.4%
10.7%
21.6%
1801 - 2160
8.1%
4.6%
16.9%
20.7%
28.3%
1441 - 1800
15.7%
9.4%
13.8%
15.4%
10.7%
9.7%
1081 - 1440
4.4%
9.1%
4.0%
15.7%
181 - 360
15.1%
15.6%
10.0%
9.7%
20.4%
15.6%
8.6%
8.6%
8.0%
8.5%
4.5%
8.1%
5.9%
6.7%
5.1%
1.4%
0%
3.5%
COLFONDOS
5.7%
2.9%
1.8%
1.5%
HORIZONTE
4.0%
PORVENIR
17.5%
6.6%
7.4%
8.1%
0 - 180
8.1%
11.6%
9.4%
21.0%
361 - 720
8.6%
6.6%
7.1%
721 - 1080
17.0%
4.4%
0.5%
4.4%
1.7%
0.9%
PROTECCION
SANTANDER
5.8%
SKANDIA
ALTERNATIVO
5.4%
1.5%
11.7%
3.6%
SKANDIA
1.7%
2.8%
SYSTEM
13
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 January of 2007, reached the sum of USD 3.153
millions, 2.2% inferior to the registered value to the 31 of December of 2006. (Graph 19).
900
GRAPH 19
VALUE OF EACH FUND AND ITS PARTICIPATION IN THE SYSTEM
JAN.31th 2007 - MILLIONS US DOLLAR
898
800
727
700
600
569
500
28.5%
400
23.0%
300
255
215
18.1%
183
200
86
64
8.1%
100
6.8%
5.8%
2.7%
2.0%
61
1.9%
35
27
1.1%
0.9%
14
13
0.5%
0.4%
3
0.1%
1
0.0%
1
0.0%
FUND VALUE
FIDUCOR
FIDUPENSIONES
HELM TRUST
CREDIVALOR
FIDUCOR
MULTIPENSIONES
FIDUPOPULAR PLAN
FUTURO
FIDUPOPULAR PLAN
FUTURO MULTIOPCION
PROTECCION SMURFIT
FIDUALIANZA ABIERTO
VISION
FIDUCOLOMBIA
RENTAPENSION
COLSEGUROS
SANTANDER
COLFONDOS CLASS
HORIZONTE
FIDUDAVIVIENDA
DAFUTURO
PORVENIR
PROTECCION
SKANDIA MULTIFUND
0
PERCENTAGE OF PARTICIPATION
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
3,577
3,587
4,000
3,419
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
500
2.2%-
4.0%
9.3%-
7.1%-
1,000
3.2%-
0.3%-
1,500
3.6%
4.9%
2,000
6.8%
2,500
FUNDS VALUE
MONTHLY VARIATION
Jan-07
Oct-06
Jul-06
Jun-06
May-06
Apr-06
Mar-06
Feb-06
-
Jan-06
MILLONES DE USD
3,000
14
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 January of 2007 ascended to 489.900,
displaying an superior of 637affiliated, a 0.1% as opposed to the number reported to the closing of the
previous month (graph 20).
100,000
88,957
90,000
80,000
GRAPH 20
AFFILIATED AND PARTICIPATION OF EACH FUND IN THE SYSTEM
JAN.31th 2007
95,511
19.5%
18.2%
72,301
70,000
14.8%
60,000
52,092
50,000
10.6%
49,149
46,671
10.0%
9.5%
40,000
41,930
8.6%
3,786
1.0%
0.8%
1,440
0.3%
1,437
0.3%
AFFILIATED
FIDUALIANZA
ABIERTO VISION
FIDUPOPULAR PLAN
FUTURO
COLSEGUROS
SANTANDER
SKANDIA MULTIFUND
FIDUCOLOMBIA
RENTAPENSION
HORIZONTE
COLFONDOS CLASS
PORVENIR
PROTECCION
FIDUDAVIVIENDA
DAFUTURO
0
204
0.0%
159
0.0%
83
0.0%
FIDUCOR
FIDUPENSIONES
4,742
FIDUCOR
MULTIPENSIONES
10,000
HELM TRUST
CREDIVALOR
12,354
2.5%
FIDUPOPULAR PLAN
FUTURO
MULTIOPCION
19,084
3.9%
20,000
PROTECCION
SMURFIT
30,000
PERCENTAGE OF PARTICIPATION
485,000
489,900
489,263
486,926
484,829
498,005
493,899
483,134
490,000
2.3
483,419
482,444
495,000
485,642
500,000
491,827
505,000
499,102
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
475,000
469,989
480,000
0.1%-
0.4%
0.4%
0.5%
0.1%
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
0.8%Jul-06
2.1%-
0.2%-
1.3%
Apr-06
Jun-06
0.7%
Mar-06
460,000
1.5%
2.7%
Feb-06
465,000
2.5%
470,000
A FFILIA TED
Aug-06
May-06
Jan-06
455,000
M ONTHLY VA RIA TION
INVESTMENT PORTFOLIO
As of January 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$
3.160 million, showing a decrease of 2.2% with respect to the end of the previous month, when it was of
USD$ 3.230 million.
15
At the end of January 2007, 70.6% of portfolio of the these funds, USD$2,231 million corresponds to
fixed income investments; 19.5%, USD$ 615 million to investments in equity; 8.9%, $281 million dollars
to overnight deposits and 1.1%, $33 million dollars to net position in derivatives. (Graph 21 and Chart
2.1.1).
GRAPH 21
PORTFOLIO DIVERSIFICATION: FIXED INCOME, EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
JAN 31TH 2007 - THOUSANDS OF US DOLLAR -
8.9%
1.1%
19.5%
70.6%
SYSTEM
2.9%
9.4%
21.9%
$ 3,160,080
65.7%
SKA NDIA M ULTIFUND
14.6%
12.9%
SA NTA NDER
9.3%
$ 897,743
72.4%
30.5%
$ 86,142
60.1%
P ROTECC. SM URFIT
30.0%
5.8%
P ROTECCION
7.6%
1.1%
$ 26,843
64.2%
15.2%
$ 727,753
76.1%
P ORVENIR
$ 575,108
93.3%
0.1% 1.2% 5.5%
HORIZONTE $ 215,027
14.0%
86.0%
HELM T. CREDIVA LOR
37.2%
$ 729
56.6%
6.2%
FIDP OP U. M ULTIOP CION
$ 14,384
66.1%
33.9%
FIDP OP U. P LA N FUTURO $ 13,175
16.1%
6.5%
77.3%
FIDUDA V. DA FUTURO $ 255,688
10.7%
15.2%
74.1%
FIDUCOR M ULTIP ENSIONES $ 2,771
12.0%
32.8%
55.3%
FIDUCOR FIDUP ENSIONES $ 754
93.3%
6.0% 0.7%
FIDCOLOM . RENTA P ENSION
10.3%
5.9%
FID A LIA N A B IERTO VISION
-0.1%2.2%
$ 60,933
83.8%
18.4%
$ 35,031
79.5%
COLSEGUROS $ 64,008
18.5%
25.8%
55.7%
COLFONDOS CLA SS $ 183,990
-1.0%
99.0%
DERIVATIVES -NET POSITION-
OVERNIGHT DEPOSITS
EQUITY
FIXED INCOME
The investments in followed Debt public investment is the most significant investment portfolio of these
funds. At January 31 2007 these investments represented 32.6%, (national debt commits 26.9%,
external national debt 3% and territorial organizations and decentralized entities 2.7%), followed of the
titles the outside of 25.5%, titles emitted by Institutions watched by the Financial Supervisión with the
20.6%, and issues by of institutions watched by other regulatory authority with the 10.9% (Graph 22 and
Chart 2.1.1).
GRAPH 22
PORTFOLIO DIVERSIFICATION BY ISSUER
JAN 31TH 2007 - THOUSANDS OF US DOLLAR 10.9%
3.0% 2.7%
1.1% 9.4%
20.6%
26.9%
25.5%
SYSTEM
9.5%
2.9%
6.6%
1.2% 2.0%
47.8%
20.3%
$ 3,160,080
9.7%
SKANDIA MULTIFUND
5.8%
15.4%
17.8%
22.5%
SANTANDER
9.8%
10.4%
19.9%
31.7%
1.7%
$ 86,142
26.6%
PROTECC. SMURFIT
6.5% 0.5%
3.9%
18.9%
19.3%
18.7%
8.0%
0.1% 1.7%
6.3%
1.2%
0.1%
4.0%
9.3%
6.7%
27.1%
16.4%
36.8%
10.1%
18.6%
PORVENIR
$ 727,753
$ 575,108
52.5%
HORIZONTE
14.0%
$ 26,843
32.2%
PROTECCION
1.1%
$ 897,743
30.5%
8.0%
$ 215,027
6.0%
80.0%
HELM T. CREDIVALOR
3.2%
37.2%
33.9%
16.1%
3.5%
5.9%
10.7%
11.3%
46.2%
7.1%
6.2%
36.0%
24.4%
30.0%
FIDPOPU. MULTIOPCION
$ 14,384
FIDPOPU. PLAN FUTURO
$ 13,175
19.5%
30.4%
17.9%
$ 729
7.2%
19.5%
3.7%
FIDUDAV. DAFUTURO
6.0%
$ 255,688
24.2%
FIDUCOR MULTIPENSIONES
16.9%
32.8%
15.7%
FIDUCOR FIDUPENSIONES
11.2%
2.8%
2.2%
-0.1%
0.8% 7.0%
0.6% 11.6%
11.1%
13.3%
3.3%
37.7%
38.2%
14.1%
7.8%
16.3%
26.7%
0.2% 4.6% 10.3%
15.3%
16.9%
FIDCOLOM. RENTAPENSION
$ 60,933
FID ALIAN ABIERTO VISION
$ 35,031
23.5%
33.8%
$ 64,008
34.0%
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
$ 754
37.2%
0.8%
COLSEGUROS
18.8%
$ 2,771
34.7%
$ 183,990
16
The 70.4% of portfolio mention before is denominated in Colombian pesos, the 22.7% in US dollars, the
4.5% in UVR, the 1.8% in Euros and the rest 0.6% in British pound, Reales and yen (Graph 23).
GRAPH 23
PORTFOLIO DIVERSIFICATION BY CURRENCY
JAN 31TH 2007 - THOUSANDS OF US DOLLAR 0.6%
1.8%
4.5%
22.7%
70.4%
SYSTEM $ 3,160,080
0.1% 2.5%0.7%
48.2%
48.4%
SKANDIA MULTIFUND $ 897,743
0.2% 0.3% 6.7% 3.1%
89.8%
SANTANDER $ 86,142
7.9% 0.8%
91.3%
PROTECC. SMURFIT $ 26,843
3.1% 4.0% 11.4%
1.8%
79.6%
PROTECCION $ 727,753
4.2%0.9%
0.7%
25.9%
10.1%
68.3%
4.4%
PORVENIR $ 575,108
85.4%
HORIZONTE $ 215,027
100.0%
HELM T. CREDIVALOR $ 729
0.4% 5.8%
93.8%
FIDPOPU. MULTIOPCION $ 14,384
100.0%
FIDPOPU. PLAN FUTURO $ 13,175
6.6% 3.7%
89.7%
FIDUDAV. DAFUTURO $ 255,688
94.0%
6.0%
FIDUCOR MULTIPENSIONES $ 2,771
100.0%
FIDUCOR FIDUPENSIONES $ 754
10.0%
5.1%
84.9%
FIDCOLOM. RENTAPENSION $ 60,933
8.6% 0.8%
90.5%
FID ALIAN ABIERTO VISION $ 35,031
15.2%
9.0%
75.8%
COLSEGUROS $ 64,008
2.8%
11.9%
9.1%
76.2%
COLFONDOS CLASS $ 183,990
0%
100%
Others (1)
euro
UVR
US Dollar
COL Peso (Includes Derivatives Net Position)
(1) British Pound Real and Yen
Concerning the foreign currency position, it is observed that 46% of this position is covered from the
exchange rate fluctuation risk. Uncovered portion represents 13.2% of the total value of the funds (Chart
4).
On the other hand, the 27% of the portfolio is invested in fixed income issues denominated in Colombian
pesos, the 14.8% indexed to CPI, 13.8% in Shares (Derived from securitization processes, Mutual
Funds, unit trust funds, and Indexed Funds), the 10.3% to the DTF, 12.2% in fixed income denominated
in US Dollar, the 4.5% to fixed income in UVR, the 5.6% of portfolio is invested in stocks and the rest
11.8% are fixed income issues denominated in euro, Real, titles indexed to Libor, the overnight deposits
and net position in derivatives.(Graph 24 and Chart 2.1.2).
17
GRAPH 24
PORTFOLIO DIVERSIFICATION ON FIXED INCOME BY INTEREST RATE TYPE, EQUITY, OVERNIGHT DEPOSITS AND
DERIVATIVES NET POSITION
JAN 31TH 2007 - THOUSANDS OF US DOLLAR 5.6%
11.8%
4.5%
10.3%
12.2%
13.8%
27.0%
14.8%
SYSTEM
1.1% 0.7%
17.6%
11.3%
26.4%
20.8%
$ 3,160,080
14.3%
7.8%
SKANDIA M ULTIFUND $ 897,743
12.9%
11.0%
6.7%
5.1%
9.5%
25.5%
9.3%
21.9%
32.9%
7.9% 0.8% 3.7%
5.0%
SANTANDER $ 86,142
21.3%
26.6%
PROTECC. SM URFIT $ 26,843
5.9%
4.0% 2.1%
13.2%
9.0%
16.8%
14.8%
34.1%
PROTECCION $ 727,753
6.4%
10.4%
20.1%
4.2%
5.4%
8.7%
36.0%
8.8%
PORVENIR $ 575,108
2.1% 10.1%
1.3%
2.0% 6.9%
21.6%
3.3%
52.6%
HORIZONTE $ 215,027
73.7%
14.0%
6.3%
6.0%
HELM T. CREDIVALOR $ 729
29.6%
37.2%
6.2%
11.6%
15.4%
FIDPOPU. M ULTIOPCION $ 14,384
23.9%
37.4%
16.1%
1.3% 6.6%
20.5%
23.8%
5.2%
15.0%
36.1%
FIDPOPU. PLAN FUTURO $ 13,175
14.2%
FIDUDAV. DAFUTURO $ 255,688
10.7%
15.2%
9.7%
29.4%
35.0%
FIDUCOR M ULTIPENSIONES $ 2,771
6.0%
4.4%
10.0%
12.0%
8.9%
32.8%
10.9%
36.1%
35.5%
0.7%
FIDUCOR FIDUPENSIONES $ 754
18.1%
24.7%
FIDCOLOM . RENTAPENSION $ 60,933
5.1%
10.3%
0.6%
8.6%
24.4%
0.8%
29.6%
20.6%
FID ALIAN ABIERTO VISION $ 35,031
2.1%
0.4% 9.0%
3.6%
11.4%
18.0%
38.4%
17.1%
COLSEGUROS $ 64,008
18.5%
7.8%
1.0% 5.7%
11.9%
18.0%
23.2%
13.9%
COLFONDOS CLASS $ 183,990
0%
100%
Others (2)
Stocks
Fixed income - UVR
Fixed income - US Dollar
DTF
Shares (1)
CPI
Fixed income - Col Pesos
´(1) Securitization, Mutual Funds, Index Funds and Unit Trust Funds
´(2) Libor, Fixed income Euros, Real,Libor, Overnight Deposits and Derivatives Net Position
Of another part, the 16.6% of portfolio of fixed income have an inferior maturity to 180 days, 7.8%
between 181 and 360 days, 10.5% between 361 and 720 days, 11.7% between 721 and 1080 days,
18.5% between 1081 and 1440 days, 7.9% between 1441 and 1800 days, 7.8% between 1801 and 2160
days, 4.7% between 2161 and 2880 days, 8.8% between 2881 and 3600 days and the 5.8% 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) JAN 31TH 2007
7.8%
16.6%
10.5%
18.5%
11.7%
7.8%
7.9%
4.7%
8.8%
5.8%
SYSTEM
13.4%
4.2%
11.8%
12.3%
7.2%
9.2%
18.6%
5.3%
9.2%
8.9%
SKANDIA MULTIFUND
6.2%
3.9%
14.1%
17.7%
7.9%
14.3%
7.4%
2.3%
11.8%
14.3%
SANTANDER
4.8%
19.2%
4.6%
27.9%
13.1%
12.4%
5.9%
4.5%
7.6%
PROTECC. SMURFIT
15.0%
19.4%
3.0%
17.6%
14.4%
4.7%
8.5%
7.2%
0.3%
9.9%
PROTECCION
28.8%
3.0%
4.8%4.5%
6.2%
15.0%
7.9%
4.3%
14.3%
11.2%
PORVENIR
8.6%
2.8%
18.8%
12.6%
11.2%
29.5%
1.1% 6.3%
9.0%
HORIZONTE
92.6%
7.4%
HELM T. CREDIVALOR
19.4%
24.1%
34.6%
5.6% 4.2%
5.7%
6.4%
FIDPOPU. MULTIOPCION
36.6%
33.4%
15.5%
1.8%4.0% 2.7%
6.0%
FIDPOPU. PLAN FUTURO
18.2%
9.8%
13.2%
20.4%
14.4%
11.5%
2.7% 2.2%
7.5%
FIDUDAV. DAFUTURO
31.8%
10.9%
6.2%
15.3%
35.8%
FIDUCOR MULTIPENSIONES
14.2%
23.0%
62.8%
FIDUCOR FIDUPENSIONES
14.5%
14.2%
40.2%
5.8%
4.7%
13.3%
3.1%
1.0%
0.7%
2.4%
FIDCOLOM. RENTAPENSION
19.3%
4.8%
31.1%
20.7%
5.5%
10.9% 0.1% 0.7%
6.9%
FID ALIAN ABIERTO VISION
6.6%
1.3%
11.4%
18.5%
11.9%
29.8%
10.2%
1.0%
9.2%
COLSEGUROS
3.9%
2.0%
15.9%
19.3%
6.6%
21.5%
8.7%
5.6%
15.3%
1.2%
COLFONDOS CLASS
0%
0 - 180
100%
181 - 360
361 - 720
721 - 1080
1081 - 1440
1441 - 1800
1801 - 2160
2161 - 2880
2881 - 3600
> 3600
18
3. UNEMPLOYMENT FUNDS
3.1 YIELD
During the period 31 Jan of 2005 to 31 Jan of 2007, the funds obtained a yield average of the 8.26%
cash annual, equivalent to a real yield of the 3.46%. It is important to emphasize that these yields
oscillated between the 6.02% and the 10.18% (graph 26).
G R Á F IC O 2 6 .
F UN D S Y IE LD
J A N .3 1/ 0 5 T O J A N .3 1/ 0 7
12.00%
10.18%
10.00%
9.72%
9.28%
8.24%
8.26%
8.00%
NOM INA L YIELD
RENTABILIDAD
MINIMA
1.26%
3.46%
1.32%
COLFONDOS
PROMEDIO (*)
1.66%
PORVENIR
0.00%
HORIZONTE
2.00%
5.96%
6.02%
PROTECCION
4.43%
SANTANDER
4.00%
3.44%
4.85%
SKANDIA
6.38%
5.29%
6.00%
REA L 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 2.30 percentage
points this minimum yield.
3,2 VOLATILITY AND EVOLUTION YIELDS
The average of the calculated accumulated yields during the last twenty-four months of the
unemployment funds was 12.50% of annual cash and its volatility (standard deviation) of the 2.23%.
This average for the last year was of the 11.33%, with a volatility of the 2.30%, the yield average and its
volatility of each one of the funds during the mentioned periods is reflected in graphs 27, 28 and 29.
ACCUM. YEILD AVERAGE
GRAPH 27
UNEM PLOYM ENT FUNDS
RETURN´S ACCUM ULATED AVERAGE AND VOLATILITY
JAN 31 2005 - JAN 31 2007
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%
Porvenir
Skandia
Horizonte
Sistema
Colfondos
Santander
Protección
1.80% 1.83% 1.86% 1.89% 1.92% 1.95% 1.98% 2.01% 2.04% 2.07% 2.10% 2.13% 2.16% 2.19% 2.22% 2.25% 2.28% 2.31% 2.34% 2.37% 2.40% 2.43% 2.46% 2.49% 2.52% 2.55% 2.58% 2.61% 2.64%
VOLATILENESS
19
GRAPH 28
UNEMPLOYMENT FUNDS
RETURN´S ACCUMULATED AVERAGE AND VOLATILITY
JAN 31 2006 - JAN 31 2007
17.00%
16.50%
16.00%
15.50%
15.00%
14.50%
ACCUM. YEILD AVERAG
14.00%
Porvenir
13.50%
Horizonte
13.00%
Skandia
12.50%
12.00%
Sistema
11.50%
Santander
11.00%
10.50%
10.00%
Colf ondos
9.50%
Protección
9.00%
1.70%
1.78%
1.86%
1.94%
2.02%
2.10%
2.18%
2.26%
2.34%
2.42%
2.50%
2.58%
VOLATILENESS
GRAPH 29
RETURN´S ACCUMULATED OF UNEMPLOYMENT FUNDS
EVOLUTION
19.80%
17.80%
15.80%
13.80%
11.80%
9.80%
7.80%
5.80%
01/2006
02/2006
03/2006
PROTECCION
04/2006
05/2006
06/2006
PORVENIR
07/2006
08/2006
HORIZONTE
09/2006
10/2006
SANTANDER
11/2006
12/2006
COLFONDOS
01/2007
SKANDIA
3.3 VALUE OF THE FUNDS
The funds reached to the 31 of January of 2007 a value of $1.645 millions, a 1.5% inferior one to the
registered value to the 31 of December, that is to say, $26 millions (graph 30).
GR A P H 30.
VA LUE OF EA C H F UN D A N D IT S P A R T IC IP A T ION IN T H E
SYST EM - JA N .31T H 2007 - M ILLION S US D OLLA R
30.0%
23.0%
FUND VALUE
12.1%
SANTANDER 205
COLFONDOS 200
PERCENTAGE OF PARTICIPATION
SKANDIA
32
1.9%
12.5%
338
HORIZONTE
378
PROTECCION
493
20.5%
PORVENIR
550
500
450
400
350
300
250
200
150
100
50
0
20
1,670
1,645
1.5%-
1.5%-
2.3%
1,633
1,659
1,616
2.3%Sep-06
2.7%
1,653
0.3%-
1,657
Aug-06
9.7%Jun-06
5.4%
10.6%May-06
7.7%Apr-06
1,572
1,741
1,947
7.9%Mar-06
2.9%
1,500
1,000
2,110
2,292
38.7%
1,652
2,500
2,000
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
500
FUNDS VALUE
Jan-07
Dec-06
Nov-06
Oct-06
Jul-06
Feb-06
Jan-06
0
MONTHLY VARIATION
3.4 AFFILIATED
The number of affiliated with the funds on the 31of January of 2007 was 3.703.398, displaying an inferior
of the 0.2%, that is to say, 7.079 affiliated as opposed to the number reported to the 31 of December of
2006. (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 - J A N .3 1T H 2 0 0 7
1,400,000
28.8%
1,200,000
22.4%
1,000,000
19.4%
14.8%
515,109
200,000
13.9%
546,504
719,840
400,000
828,477
1,065,692
600,000
27,776
0.8%
800,000
COLFONDOS
SANTANDER
PROTECCION
HORIZONTE
PORVENIR
A FFILIA TED
SKANDIA
0
P ERCENTA GE OF P A RTICIP A TION
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
4,124,343
4,169,265
4,060,847
4,100,000
3,331,047
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
3,300,000
1.1%-
1.5%-
1.6%-
1.8%-
1.5%-
1.4%-
1.1%-
0.7%-
0.6%-
0.3%-
0.2%-
Mar-06
Apr-06
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
25.2%
1,700,000
0.3%
2,500,000
900,000
Feb-06
Jan-06
100,000
A FFILIA TED
M ONTHLY VA RIA TION
21
Of the total of affiliated, the 96.1% correspond to dependent workers, the 2.6% to affiliated voluntary and
1.4% with independent workers. Of another part, the 63.5% of the affiliated the funds are men and the
36.5% women (To see Chart 3.2).
3.5 INVESTMENT PORTFOLIO
As of January 31 2007, the value of portfolio of the unemployment funds reached USD$ 1,646 million,
showing a decrease of 2.1% with respect to the end of the previous month, when it was of USD$ 1,682
million
To the closing of January 2007, the 81.6% of portfolio of the mentioned funds, that is to say, USD$ 1,343
million correspond to investments of fixed income; the 16.7% USD$ 274 million to investments in equity,
the 1.6%, USD$ 26 million to overnight deposits and 0.1% USD$ 2 millions 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
JAN 31TH 2007 - THOUSANDS OF US DOLLAR 99%
FIXED
INCOME
EQUITY
79.1%
80.1%
78.2%
81.2%
81.6%
87.3%
86.8%
DERIVATIVES
-NET
POSITION-
OVERNIGHT
DEPOSITS
18.8%
16.4%
19.7%
18.9%
2.3%
-0.1%
1.3%
0.8%
-1%
COLFONDOS
$ 199,840
HORIZONTE
$ 336,912
0.2%
PORVENIR
$ 494,129
16.7%
8.1%
11.4%
0.1%
2.3%
PROTECCION
$ 378,181
2.2%
-0.1%
SANTANDER
$ 205,280
3.8%
1.3%
1.6%
SKANDIA
$ 32,088
0.1%
SYSTEM
$ 1,646,430
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
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
Feb-06 2,308 M
-5%
JAN - 06 1,658 M
10%
The investment in public debt is most significant in these funds. At January 31 2007, this investment
represented the 49.6% of the value of the total of portfolio (national debt commits the 38.9%, external
national debt the 4.4% and territorial organizations and his decentralized the 6.4%), followed by
22
Institutions watched by other regulatory authority with the 20%, the titles of institutions watched by the
Financial Supervision with the 15.4%, the titles emitted and investments in the outside with the 12.8%
(Graph 32).
100.0%
GRAPH 32
PORTFOLIO DIVERSIFICATION BY ISSUER
JAN 31TH 2007 - THOUSANDS OF US DOLLAR Internal Govermment Debt
99.0%
Institutions w atched by
other regulatory authority
18.1%
33.2%
37.4%
38.8%
Institutions w atched by the
Financial Supervision
37.7%
10.5%
48.0%
38.9%
External Public Debt
25.8%
24.8%
21.1%
21.4%
20.0%
23.6%
12.6%
Other public debt titles
9.9%
19.6%
17.3%
11.3%
19.9%
15.3%
International Investment
15.4%
4.1%
3.1%
6.9%
3.9%
7.6%
6.4%
9.2%
3.8%
5.4%
5.7%
Others (1)
14.1%
18.1%
14.7%
12.6%
9.4%
1.5%
-1.0%
COLFONDOS
$ 199,840
12.8%
10.2%
2.2%
0.0%
4.4%
6.4%
2.3%
1.8%
8.0%
2.9%
2.2%
COLFONDOS
HORIZONTE
PORVENIR
HORIZONTE
PORVENIR
PROTECCION
SANTANDER
$$336,912
$ 378,181 $ 470,630
$ 205,280
207,090 $ 494,129
$ 327,042
PROTECCION
SANTANDER
SKANDIA
SYSTEM
$$
32,088
376,181 $ 1,646,430
$ 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%
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
Feb-06 2,308 M
0%
JAN - 06 1,658 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 75.6% of portfolio in mention are denominated in Colombian pesos, the 12.3% in UVR, the 9.7% in
US Dollar, the 1.3% in euros, the 0.8% in real, and the rest 0.3% in yen and Canadian dollar. (Graph 33)
SKANDIA
$ 27,833
S
23
GRAPH 33
PORTFOLIO DIVERSIFICATION BY CURRENCY
JAN 31TH 2007 - THOUSANDS OF US DOLLAR COL Peso
(Includes
Derivatives Net
Position)
99%
US Dollar
71.9%
70.1%
UVR
73.1%
72.6%
82.8%
75.6%
84.1%
EURO
Real
9.1%
12.0%
12.4%
9.7%
4.7%
others(1)
5.6%
19.1%
26.1%
10.5%
13.7%
12.3%
7.9%
12.1%
3.4%
1.7%
2.4%
0.3%
COLFONDOS
$ 199,840
HORIZONTE
$ 336,912
PORVENIR
$ 494,129
2.4%
1.1%
-1%
PROTECCION
$ 378,181
SANTANDER
$ 205,280
0.9%
0.3%
SKANDIA
$ 32,088
1.3%
0.8%
SYSTEM
$ 1,646,430
(1) Yen and Canadian Dollar
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO BY CURRENCY
MILLION OF US DOLLAR
EURO
UVR
US DOLLAR
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
Feb-06 2,308 M
JAN - 06 1,658 M
80%
70%
60%
50%
40%
30%
20%
10%
0%
COL PESO
Concerning the foreing currency position, it is observed that the 45.7% of the same one are covered from
the exchange rate fluctuation risk and that the discovered part represents 6.6% of the total value of the
funds (Graph 34 and Chart 4).
24
GRAPH 34
UNENPLOYMENT FUNDS
PERCENTAGE WITHOUT COVER (MAXIMUM 20%
0.16
0.14
0.12
0.1
8.61%
0.08
7.67%
7.09%
0.06
5.74%
4.73%
0.04
3.88%
0.02
0
01-06
02-06
03-06
04-06
05-06
06-06
PROTECCION
SANTANDER
07-06
08-06
09-06
10-06
11-06
PORVENIR
SKANDIA
12-06
01-07
HORIZONTE
COLFONDOS
On the other hand, the 30.5% of the portfolio is invested in fixed income issues denominated in
Colombian pesos, the 27.6% indexed to CPI, the 12.3% to fixed income in UVR, 4.7% in fixed income in
US Dollar, 5.1% to DTF, 8.7% of portfolio is invested in stocks, 7.9% in Shares (Derived from
securitization processes, Mutual Funds, unit trust funds, and Indexed Funds), 0.3% are fixed income
issues denominated in euro, and the rest, 2.8% 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
JAN 31TH 2007 - THOUSANDS OF US DOLLAR Fixed income - Col
Pesos
100.00%
CPI
21.8%
25.6%
25.0%
30.5%
31.8%
Fixed income - UVR
43.5%
Fixed income - US
Dollar
43.6%
28.9%
28.6%
DTF
36.4%
26.8%
27.6%
7.0%
22.8%
Shares (1)
19.1%
13.7%
13.7%
10.5%
12.3%
7.9%
Fixed income - Euro
5.9%
2.6%
12.9%
4.5%
11.3%
7.7%
7.5%
9.8%
2.9%
2.3%
PORVENIR
$ 494,129
´(1) Securitization, Mutual Funds, Unit Trust Funds and Indexed Funds
´(2) Libor, Real, Overnight Deposits and Derivatives net position
PROTECCION
$ 378,181
5.8%
SANTANDER
$ 205,280
0.3%
2.8%
10.1%
6.7%
HORIZONTE
$ 336,912
15.6%
1.4%
11.1%
7.8%
5.1%
7.9%
3.5%
1.9%
0.00%
COLFONDOS
$ 199,840
2.2%
9.6%
5.8%
3.6%
2.2%
0.6%
2.6%
2.3%
Others (2)
0.2%
4.7%
7.6%
8.1%
6.5%
Stocks
11.4%
SKANDIA
$ 32,088
8.7%
SYSTEM
$ 1,646,430
25
OTHERS
FIXED INCOME COL PESO
FIXED INCOME UVR
FIXED INCOME US DOLLAR
SHARES
JAN-07 1,646 M
Dic-06 1,682 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
Feb-06 2,308 M
JAN - 06 1,658 M
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Nov-06 1,638 M
LAST YEAR EVOLUTION OF TOTAL PORTFOLIO OF FIXED INCOME BY INTEREST
RATE TYPE , EQUITY, OVERNIGHT DEPOSITS AND DERIVATIVES NET POSITION
MILLION OF US DOLLAR
FIXED INCOME EURO
CPI
DTF
STOCKS
As far as the classification of portfolio by credit risk, it is observed that the 44% are titles emitted by the
Nation, the 25.3% are investments with qualification AAA, the 9% AA+, the 1.4% AA, the 17.2% are
investments that do not require qualification, and rest 3.1% corresponds to titles emitted by Fogafin, titles
with qualification AA-, A+, A, 1+, BBB, BBB- (Graph 36).
GRAPH 36
PORTFOLIO DIVERSIFICATION BY CREDIT RATING
JAN 31TH 2007
100%
Sovereign
90%
33.9%
AAA
80%
42.8%
41.6%
39.7%
44.0%
42.7%
56.3%
70%
AA+
60%
28.1%
50%
21.2%
AA
40%
25.6%
25.3%
29.2%
32.7%
20.7%
Don´t require (2)
20%
11.2%
11.8%
30%
2.7%
2.1%
2.7%
1.5%
9.0%
20.5%
10.5%
1.4%
4.3%
1.5%
Others (1)
19.7%
10%
17.6%
11.7%
2.4%
21.8%
17.2%
16.8%
11.5%
0%
2.0%
COLFONDOS
5.5%
HORIZONTE
4.1%
PORVENIR
0.7%
2.2%
PROTECCION
SANTANDER
3.1%
0.2%
SKANDIA
SYSTEM
Source: INFORMATION SUPPLIED BY AFP¨S
(1) Fogafin, AA-, A+, A, 1+, BBB, and BBB(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
26
Finally, it is important to write down that the 4.7% of portfolio of fixed income have an inferior maturity to
180 days, the 2% between 181 and 360 days, the 4.8% between 361 and 720 days, the 8% between
721 and 1,080 days, the 22.2% between 1,081 and 1,440 days, the 10.6% between 1,441 and 1800
days, the 13.2% between 1801 and 2,160 days, the 15.2% between 2,161 and 2,880 days, the 15.6%
between 2881 and 3.600 days and the 3.8% have a maturity superior to 10 years (Graph 37 and Chart
3.5).
GRAPH 37
PORTFOILO MATURITY
FIXED INCOME PORTFOLIO DIVERSIFICATION
(Maturity in days) JAN 31TH 2007
> 3600
100.0%
5.3%
3.3%
4.7%
4.7%
3.8%
16.1%
10.7%
2881 - 3600
13.4%
16.2%
22.5%
15.6%
16.2%
3.4%
2161 - 2880
17.8%
7.1%
12.6%
11.5%
15.2%
18.7%
1801 - 2160
29.9%
10.7%
13.1%
19.3%
13.2%
7.2%
1441 - 1800
8.9%
19.7%
10.9%
1081 - 1440
10.6%
12.1%
12.6%
5.3%
36.0%
5.4%
721 - 1080
10.0%
4.8%
25.4%
13.0%
27.0%
22.2%
9.9%
361 - 720
7.0%
17.2%
3.0%
7.0%
181 - 360
14.3%
10.2%
6.0%
8.0%
5.5%
2.1%
5.0%
5.8%
0.0%
1.3%
4.1%
COLFONDOS
8.6%
3.8%
4.7%
1.0%
0 - 180
10.0%
HORIZONTE
PORVENIR
8.7%
2.1%
4.0%
1.5%
4.8%
2.0%
4.7%
1.6%
PROTECCION
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 January 2007 it reported a
balance of USD 1,044.4 million dollars, inferior value USD -1.0 million dollars in relation to the registered
one in December of 2006, which means a diminution of the -0,09% (graphical 38). The total of reserves
to January of 2007 is distributed thus: Retirement Age USD 989.1 million dollars, Invalidity USD 3.9
million dollars and Survival USD 51.4 million dollars (chart 5).
Graph 38
Reserve's Found Equited
44,64%
30,07%
11,99%
1
ISS
CAPRECOM
Dec-06
CAXDAC
Jan-07
P. ANT IOQUIA
FONPRECON
Participation to Jan/07
CAJANAL
68,2
68,7
38,6
31,2
31,0
39,6
3,80%
2,98%
125,2
123,6
315,7
466,2
10
314,0
6,53%
100
467,8
Millions of Dollars
1.000
27
Last Year Evolution of Reserve´s Funds Equity
824,5
845,7
780,5
Aug-06
Sep-06
1.017,6
701,6
Jun-06
956,1
757,1
-7,34%
May-06
-0,09%
Oct-06
Nov-06
1.044,4
-3,99%
2,73%
2,58%
5,64%
1.045,4
11,25%
Apr-06
816,0
874,2
600,0
-3,35%
954,8
Milions of Dolars
-6,66%
788,6
-8,44%
300,0
6,43%
13,05%
3,21%
900,0
0,0
Jan-06
Feb-06
Mar-06
Jul-06
EQUITY VALUE
Dec-06
Jan-07
MONTHLY VARIATION
Source: Supervised Entities
4.2 AFFILIATES
According to the numbers sent by the administrator entities of the mentioned Regime, for November and
December of 2006, the total number of affiliates was of 5.984.905 and 5.996.177, respectively, showing
a growth of 11.272 affiliated, representing 0,19%. “CAJANAL”´s number is included taking into account
preliminary information, and “FONPRECON”´s data is in process of evaluation is composed as follows: In
November 2006, 102 correspond to Law 4th of 1992 (Members of the “Congreso de la República”) and
611 to Law 100 of 1993 (Administrative Personal of the “Congreso de la República” and of the “Fondo de
Previsión Social”); in December 2006 the distribution was: 101 and 586, respectively (graph 39).
Graph 39
Affiliates
98,86%
10.000.000
1.000.000
1,00%
100.000
0,08%
0,02%
713
687
10
0,01%
1.074
1.078
1.367
1.383
5.092
60.000
0,02%
5.181
100
60.000
1.000
5.927.957
5.916.550
10.000
1
ISS
CAJANAL (1 )
CAPRECOM
Nov-06
P. ANT IOQUIA
Dec-06
CAXDAC
FONPRECON
Participation to Dec/06
(1) According to preliminary information
(2) In November 2006: 102 correspond to Law 4th of 1992 and 611 to Law 100 of 1993; in December
2006 the distribution was: 101 and 586, respectively. (Figures in verification)
Last year Affiliates´ Evolution
0,08%
1.000.000
May-06
Jun-06
Jul-06
Aug-06
Sep-06
Oct-06
Nov-06
0,19%
5.996.177
5.984.905
0,00%
5.979.853
0,21%
5.979.834
0,04%
5.967.080
0,11%
5.964.481
0,17%
5.957.848
2.000.000
0,16%
5.947.686
5.927.648
3.000.000
0,18%
5.902.690
4.000.000
5.883.723
5.856.774
5.000.000
0,42%
5.938.334
6.000.000
0,32%
0,46%
0,82%
0
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
AFFILIATES
Dec-06
MONTHLY VARIATION
Source: Supervised Entities
From the total of affiliates for each of the administrators of the Pay As You Go Regime in December
2006, without including “CAJANAL” and “FONPRECON”, 33% corresponds to people who quote,
representing 1.955.540; and 67% corresponds to people who do not quote, representing 3.979.950. 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 December 2006 ascended to USD 112,552 thousands of dollars (graph 40).
Graph 40
Affiliates clasification
10.000.000
1.949.204
3.978.753
1.000.000
100.000
4.979
10.000
1.092
1.000
113
275
265
809
100
10
1
ISS
CAPRECOM
QUOTING MEMBERS
P. ANTIOQUIA
NON-QUOTING MEMBERS
CAXDAC
28
Last Year Contributors and Non-Contributors Affiliates´ Evolution
100%
90%
80%
70%
65%
68%
69%
32%
31%
68%
68%
67%
68%
32%
33%
32%
33%
M ay-06
Ju n -06
Ju l-06
67%
67%
68%
66%
66%
67%
60%
50%
40%
30%
20%
35%
32%
33%
32%
34%
34%
33%
10%
0%
Dec-05
Jan -06
Feb -06
M ar-06
Ap r-06
NON-QUOTING MEMBERS
Au g -06
Sep -06
Oct-06
Nov-06
Dec-06
QUOTING MEMBERS
Source: Supervised Entities
4.3 PENSIONERS
The number of pensioners that reported by each-one of the administrators to December 2006 was
935.055, presenting a rise of 6.657 pensioners with respect to November 2006, representing 0.7%
(graph 41). Of this total, 683,809 correspond to Oldness, 37,830 to Invalidity and 213,416 to Survival
(chart 6).
In “CAPRECOM”, of the 22,147 pensioners to December 2006, 13.810 are pensioners prior to the
entrance in use of Law 100/93; 4.750 are pensioners in use of Law 100/93 for which the organization
concurs and others; 3.432 pensioners in use of Law 100/93 concurs FONCAP with quota fixed share,
and 155 are of the Advance Plan of Pensions (PAP) to employer responsibility.
From the 2008 pensioners reported by “FONPRECON”, 809 correspond to Law 4th of 1992 (Ex-members
of the “Congreso de la República”) and 1.199 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
73,90%
1.000.000
23,21%
2,37%
687
0,07%
686
1.996
0,21%
2.127
22.138
2.110
10
0,23%
2.008
217.071
100
216.735
1.000
691.015
10.000
684.733
100.000
22.147
10.000.000
1
ISS
CAJANAL
CAPRECOM (1)
Nov-06
Dec-06
P. ANTIOQUIA
FONPRECON (2)
CAXDAC
Participation to Dec/06
(1) CAPRECOM: In December 2006: 13.810 are pensioners prior to the entrance in use of Law 100/93;
4.750 are pensioners in use of Law 100/93 for which the organization concurs and others; 3.432
pensioners in use of Law 100/93 concurs FONCAP with quota fixed share, and 155 are of the Advance
Plan of Pensions (PAP) to employer responsibility.
(Numbers in evaluation)
(2) FONPRECON: In November 2006: 806 correspond to Law 4th of 1992 and 1.190 to Law 100 of
1993; in December 2006 the distribution was: 809 and 1.199, in the same order. (Figures in
verification)
Last Year Pensioners´ Evolution
0,48%
200.000
896.992
0,61%
0,78%
0,68%
Ju l-06
Au g -06
Sep -06
Oct-06
0,63%
0,72%
Nov-06
Dec-06
892.741
885.672
Jan -06
873.954
Dec-05
400.000
868.994
868.050
600.000
862.779
800.000
0,75%
935.055
0,80%
928.398
1,34%
922.569
0,57%
916.367
0,11%
909.284
0,61%
903.761
0,41%
0
Feb -06
Mar-06
Ap r-06
May-06
Ju n -06
TOTAL PENSIONERS
VARIATION
Source: Supervised Entities
According to the administrator’s report, the monthly payroll value of pensioners for December 2006,
ascended to USD 395.759,8 thousand of dollars (graph 42). Of this total, USD 320.947,0 thousand of
29
dollars corresponds to Oldness pension, USD 14.594,5 thousand of dollars to Invalidity pension and
USD 60.218,2 thousand of dollars to Survival pension (chart 6).
In CAPRECOM, from the USD 18.272,4 thousand dollars reported in December/06: (a) USD 10.059,0
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 7.813,6 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 261,3 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 138,5 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 11.160,9 thousand of dollars reported by “FONPRECON”, USD 9.135,7 thousand dollars
correspond to Law 4th of 1992 pensioners (Ex-members of the “Congreso de la República”) and USD
2.025,2 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”.
The increase in the monthly payroll value, cancelled by the “Fonprecon” and “Caxdac”, includes the
additional monthly pay of December/06.
Graph 42
Pension Pays
64,05%
27,57%
4,62%
100.000,0
1.936,4
1.051,5
0,27%
2.680,5
11.160,9
5.440,4
18.272,4
109.121,9
0,68%
1.360,2
10,0
2,82%
35.439,2
100,0
253.472,6
1.000,0
106.139,0
10.000,0
450.306,0
Thousands of Dollar
1.000.000,0
1,0
ISS
CAJANAL (1)
CAPRECOM (2)
Nov-06
Dec-06
FONPRECON (3) (**)
CAXDAC (**)
P. ANTIOQUIA
Participation to Dec/06
(1) Information Partnership FOPEP
(2) "CAPRECOM": (a) USD10.059,0 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 7.813,6 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 261,3 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 138,5 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. (Figures in verification)
(3) "FONPRECON": In December 2006, USD 9.135,7 thousand dollars correspond to Law 4th/92 and
USD 2.025,2 thousand dollars to Law 100/93. (Numbers in evaluation)
** "Fonprecon" and "Caxdac", they includes the additional monthly pay of December/06.
Last Year Pension Pays Evolution
700.000
62,2%
52,3%
Source: Supervised Entities
Ju n -06
Ju l-06
Au g -06
Sep -06
Oct-06
Monthly variation
600.621,1
M ay-06
-34,1%
4,7%
370.385,4
Ap r-06
Pension Pay Value
2,3%
353.837,2
M ar-06
342.889,1
Feb -06
0,9%
345.837,3
Dec-05
-2,9%
503.808,0
Jan -06
0
-0,9%
330.758,0
-0,2%
340.692,5
100.000
1,5%
343.772,0
200.000
2,0%
344.624,7
300.000
-31,9%
-36,7%
339.482,7
400.000
Nov-06
395.759,8
500.000
332.750,3
Thousand of dollars
600.000
Dec-06
30
5.558,2
The arithmetic average of the payment of the pension for this Regime in December 2006 was USD 423,2
dollars, under in -34,58%% of last month’s pension pay (graph 43).
423,2
646,9
366,8
657,6
502,7
1.000,0
489,7
494,3
825,0
2.000,0
917,7
3.901,7
3.000,0
1.600,8
Dollars
4.000,0
1.982,8
2.725,6
5.000,0
Graph 43
Average Pension Pays
0,0
FONPRECON
(**)
CAXDAC (**)
CAPRECOM
P. ANTIOQUIA
CAJANAL (1)
Nov-06
ISS
SYSTEM´S
AVERAGE
Dec-06
(1) Information Partnership FOPEP
** "Fonprecon" and "Caxdac", they includes the additional monthly pay of December/06.
Last Year Pension Pays´ Average
61,14%
51,60%
Jun-06
Jul-06
Aug-06
Sep-06
423,2
May-06
-34,58%
3,97%
646,9
Apr-06
1,52%
0,25%
Nov-06
Dec-06
401,5
370,5
Mar-06
-32,45%
386,1
384,7
100,00
-3,68%
Feb-06
391,1
200,00
-2,21%
393,4
300,00
-0,81%
379,4
1,40%
561,7
1,40%
-36,96%
396,6
400,00
385,7
Dollars
500,00
380,3
600,00
0,00
Dec-05
Jan-06
SYSTEM´S AVERAGE
Oct-06
MONTHLY VARIATION
Source: Supervised Entities
4.4 INVESTMENT PORTFOLIO
The balances of the portfolios of investments of the pensionales reserve funds to January 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 874,7 million dollars compared to 874,8 million
dollars in December 2006, showing an decrease of USD -0,1 million dollars that represent -0,02% (graph
44). The total of the investments to January of 2007 is distributed for each pensional modality, thus:
Retirement age USD 808,1 million dollars, Invalidity USD 9,9 million dollars and Survival USD 56,7
million dollars (chart 7)
Graph 44
Investment Portfolio
41,87%
35,86%
14,28%
38,5
30,7
30,3
124,9
122,6
313,8
315,4
366,3
10
4,51%
3,46%
39,5
100
367,6
Millions of dollars
1.000
1
ISS
CAPRECOM
CAXDAC
Dec-06
Jan-07
P.ANTIOQUIA
FONPRECON
Participation to Jan/07
Last Years Investment Portfolio´s Evolutionnes
5,18%
-6,94%
200
Au g -06
Sep -06
2,14%
4,60%
-0,02%
874,7
1,17%
874,8
Ap r-06
5,55%
836,3
M ar-06
300
11,08%
818,8
749,8
Feb -06
400
-5,94%
778,5
786,1
500
807,3
600
823,7
Millions of Dollars
700
-4,62%
769,5
-2,64%
Dec-06
Jan -07
729,0
-1,99%
656,3
8,54%
800
705,3
900
100
0
Jan -06
M ay-06
Ju n -06
PORTFOLIO VALUE
Ju l-06
Oct-06
Nov-06
MONTHLY VARIATION
Source: Supervised Entities
In January of 2007, 90,3% of portfolios were invested in TES, the remaining 9,7% 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).
31
Graph 45
PORTFOLIO CLASIFICATION IN: FIXED AND VARIABLE
INCOME, DEPOSITS AT SIGHT AND DERIVATIVES NET
Thousands of pesos
300.000.000
250.000.000
200.000.000
96,27%
150.000.000
100.000.000
50.000.000
3,43%
0,36%
0
-0,06%
-50.000.000
DEPOSITS AT SIGHT
INV
VARIABLE INCOME
BONDS
INV FIXED INCOME
BONDA
Portfolio
FORWARD
AGREEMENTS
Participation
VARIABLE RENT BY ISSUER
2,58%
3,02%
HIGH LIQUIDITY STOCKS
LOW LIQUIDITY STOCKS
PARTICIPAT UNIT TRUST
FUNDS
94,40%
INT PUB DEBT T IT ISSUED OR GUAR BY NAT ION
VARIABLE RENT BY ISSUER
EXT PUB DEBT T IT ISSUED OR GUAR BY NAT ION
1,17%
OT HER PUBL IC DEBT T IT (DEC2681/93)
21,89%
8,53%
8,98%
CREDIT T IT OF SECURIT IZAT ION M ORT GAGE
PORT FOL IO
CREDIT T IT OF SECURIT IZAT ION DIST RIB
M ORT GAGE PORT FOL IO
T IT ISSUED OR GUAR BY ENT IT IES SUPERVIS BY
SFC
11,34%
T IT ISSUED OR GUAR BY ENT IT IES SUPERVIS BY
OT HERS
17,26%
11,13%
5,26%
14,40%
T IT ISSUED OR GUAR BY OVERSEAS BANKS
0,05%
T IT ISSUED OR GUAR BY M UL T IL AT ORG
130519 - T IT EM IT U ORIG ENT EXT DIF BCOS
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).
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
15,8
94,4
24,4
1.071,5
1.230,5
23,3
15,1
89,7
23,3
1.023,7
1.175,1
23,3
88,8
14,9
100,0
23,3
1.000,0
1.169,0
10.000,0
1.018,8
Millions of dollars
Graph 46 - Professional Risks Reserves
10,0
1,0
Aug-06
Sep-06
TOTAL RESERVES
Oct-06
1-MATHEMATICAL RESERVE
Nov-06
2-DEVIATION OF SINISTER
3-WARNED SINISTER
Dec-06
4-NOT WARNED SINISTER
Jan-07
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
December 2005 and December 2006) they report an increase on 7,43% from 269.977 passing to
290.030, respectively. The workers affiliated, during the same lapse, displayed an increase of 15,27%,
when happening from 1.395.761 coming to 1.608.836. For the months of November and December of
2006, the number of affiliated employers increased in 6.973, representative ones of 2,46%, and the
affiliated workers increased in 53.360, is to say 3,43% (graph 47). The amounts who quote ARP in
December of 2006 ascended to USD 3,66 million of dollars.
32
Graph 47
Employees and workers affiliates
1.610.000
1.608.836
290.030
1.555.476
283.057
279.952
1.543.208
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
1.393.935
275.732
410.000
270.277
610.000
1.393.720
269.977
810.000
269.235
1.395.761
1.010.000
1.406.807
1.210.000
1.545.264
1.410.000
210.000
10.000
-190.000
Dec-05
Jan-06
Feb-06
Mar-06
Apr-06
May-06
Jun-06
EMPLOYEES
Jul-06
Aug/06
Sep-06
Oct-06
Nov-06
Dec-06
WORKERS
SOURCE: ARP-ISS
5.3 PENSIONERS
From the total of 22.787 pensioners who report the ISS´s ARP in December 2006, 10.744 correspond to
survival pension and 12.043 to invalidity pension. During last year, the number of pensioners of survival
pension showed a growth of 0.73%, invalidity pension a reduction of -0.53% and the total of pensioners
reported a an increment of 0,06%. For the months of November and December of 2006, the number of
pensioners by survival, invalidity and the total, they displayed increases in 42, 16 and 58 respectively,
representing 0,39%, 0,13% and 0,26% (graph 48). The monthly payroll value of pensioners ARP for
December of 2006, ascended to USD 5,0 million dollars.
Graph 48
Pensioners
SURVIVAL
22.787
12.043
22.729
22.685
Oct-06
10.744
Sep-06
10.702
12.027
Ago-06
10.663
12.022
22.645
22.599
22.573
Jul-06
INVALIDITY
10.627
12.018
Jun-06
10.601
11.998
May-06
10.577
11.996
10.552
11.995
Apr-06
22.547
22.908
10.737
12.133
Mar-06
22.870
22.833
Feb-06
10.773
12.135
Jan-06
10.714
12.119
Dec-05
10.700
12.126
22.801
10.684
0
12.117
22.773
12.107
10.666
10.000
22.826
20.000
Nov-06
Dec-06
TOTAL
SOURCE: ARP-ISS
5.4 MANDATORY QUOTATIONS AND PENSION PAYMENTS
Between the months of January 2006 and January 2007, ISS´s ARP received USD 100,5 million dollars
in quotations from affiliate employers, for a monthly average of USD 7,7 million dollars. The amount paid
during the same period on pension payments ascended to USD 70,0 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).
13,2
Graph 49
Mandatory quotations and pension pays
Oct-06
5,3
Sep-06
5,0
Aug-06
Dec-06
Jan-07
3,7
4,7
Jul-06
8,8
9,2
4,6
8,1
8,1
7,8
8,0
7,0
7,8
8,0
4,6
Mar-06
4,5
Feb-06
4,6
Jan-06
4,7
5,0
7,4
5,0
6,0
6,5
8,0
4,8
10,0
6,7
12,0
7,6
Millions of Dollars
14,0
4,0
2,0
0,0
Apr/06
May-06
Jun-06
MANDATORY QUOTATIONS
SOURCE: ARP-ISS
MONTHLY TOTAL PENSION PAY
Nov-06
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Performance of Pension - Superintendencia Financiera de Colombia