Anapp: Huge private pension growth potential

Bnamericas Published: Monday, April 19, 2004
The Brazilian private pension industry will experience huge growth potential during the next couple of years, local business daily Jornal do Commercio quoted Osvaldo do Nascimento, president of the country's private pension association Anapp, as saying. The private pension industry today manages some 6.5 million individual pension plans but there is potential for some 20 million plans in Brazil, Nascimento said. Demand for private pension plans has soared in recent years as the Brazilian public has become increasingly aware of the ailing state of the public pension system. Individual plans today represent 76% of total private pension plans in Brazil while collective company plans and plans for children make up 20% and 4%, respectively. Nascimento believes collective and children's plans will also experience very strong growth during the next couple of years as both companies and parents will seek to improve their employees' and children's retirement prospects. Billing jumped 54% to 3bn reais (US$1.03bn) in the local pension industry during the first two months of this year, compared to the same period last year, Nascimento said. Brazil's pension industry is dominated by insurance companies and insurers controlled by the country's largest banks.

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