Administradora de Fondos de Pensiones Habitat (HABITAT) Q3 2024 earnings summary

Executive summary

• Net profit for Q3 2024 rose 43.1% year-over-year to $117,949 million CLP, driven by higher ordinary revenues and a significant increase in profitability of the obligatory reserve.

• AFP Habitat maintained the largest market share in total assets under management at 27.5% as of September 2024, with $51.4 trillion pesos in pension fund assets.

• Operating income before tax from the Chilean AFP business rose 2.9% to $108,278 million.

• Other business segments posted a pre-tax result of $51,758 million, a 796.7% increase, mainly due to improved encaje profitability.

• Recognized for corporate reputation and social responsibility, including top workplace and senior citizen initiatives.

Financial highlights

• Ordinary/operating revenues grew 4.4% year-over-year to $187,069 million, mainly from higher mandatory savings commissions.

• Net profit increased to $117,949 million CLP, a 43.1% year-over-year rise.

• EBITDA for the period was $197,029 million CLP, up 13.4% from the previous year.

• Encaje returns surged to $48,716 million from $2,930 million, reflecting strong pension fund investment performance.

• Total assets grew 19% year-over-year to $681,657 million CLP.

Outlook and guidance

• Average base salary for contributors increased 8.2% year-over-year, supporting higher contribution levels.

• Total AUM rose 18.8% year-over-year, indicating continued growth in managed assets.