Desempeño financiero de las AFP en el Perú: 2006 - 2010

Abstract

El propósito de la presente investigación, es evaluar el desempeño financiero de las instituciones ligadas al sector financiero no bancario, como son las administradoras de fondos privados de pensiones(AFP),Estos fondos de pensiones constituyen una modalidad de ahorro familiar de carácter previsional, que es administrado y canalizadohacia inversiones financieras en el mercado interno y externo con el proposito de obtener rendimientos que permitan incrementar dichos fondos en términos reales y asegurar el bienestar de los afiliados, cuando tengan que pasar a la fase de la jubilación. Los resultados obtenidos evidencian, que durante el período analizado la gestión de carteras ó portafolios de los fondos privados de pensiones que administran las AFP no fueron eficientes, inclusive en el periodo de la aguda crisis financiera sub-prime (2008-2009), En tal sentido no hay evidencia de que las AFP y el sistema privado de pensiones hayan obtenido rendimientos superiores al retorno del mercado.

The purpose of the following investigation is to evaluate the financia} performance of the institutions which are connected to the non-bank financia! sector. One example is the AFPs.(Private Funds of Pensíon) These pensíon funds are a :from of pension famíly saving , which is managed and channeled towards financíal investments in the intemal and the extemal market. Its purpose is to get outputs which let us to increase such and ensure the affiliates' welfare, when they have to go forward the retirement phase.

The evaluation of this financia! performance of the AFP in Peru was made through the valuation ofthe Jensen lndex using the method ofLeast and Ordinary Squares and also the statistical calculation of the Sharpe Index. This study covered the period from · 2006 to 2010 for each of the AFPs, and the prívate pension system as well and it was made over a series of 60 data each month.

The results, which were gotten in this study, prove that the intervention of the portfolios of prívate pension fund, which are manage by AFPs, were not efficient enough, including the period of the sub-prime financial crisis (2008-2009). It was In that sense, there is no evidence that AFPs and the system of prívate pension fund had gotten superior outputs when they come back to the market.