Our audited Consolidated Financial Statements and, unless otherwise indicated, other financial information concerning AFP Provida S.A. included in this report are presented in Chilean pesos. Until the year ended December 31, 2009, AFP Provida S.A. prepared its financial statements in accordance with generally accepted accounting principles in Chile (Chilean GAAP). In accordance with the rules of the Superintendency of Pensions beginning in 2010, AFP Provida S.A. has prepared its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standard Board (IASB).

The term “Authority” means the Superintendencia de Pensiones (“Superintendency of Pensions”), the principal regulator of Chile’s pension system.

In this annual report and as related to Provida’s business, the term “participant” means a client that has made contributions at least once to his individual capitalization account, while “contributor” means a participant periodically making pension contributions. The term “individual capitalization account” (ICA) means for each participant the account where he or she maintains his/her mandatory savings invested in shares of the selected pension fund until the age of retirement.

This Form 20-F contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements appear throughout this Form 20-F and include statements regarding intent, belief or current expectations of our officers or our management with respect to (i) our asset growth and financing plans, (ii) trends affecting our financial condition and results of operations, (iii) the impact of competition and regulations, and (iv) our exposure to various types of market risks, such as interest rate risk, foreign exchange rate risk and market price risk. Forward-looking statements include known and unknown risks and uncertainties and are indicated by words such as “anticipate”, “believe”, “expect”, “intend”, “risk”, “could”, “may”, “seeks”, and similar words and phrases and the negatives and variations thereof. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those described in such forward-looking statements in this Form 20-F, including, without limitation, “Item 4. Information on Provida—B. Business overview”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures About Market Risk”.

Some factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this Form 20-F include, but are not limited to: general economic conditions in Chile and Latin

The forward-looking statements contained in this document are made only as of the date of this report, and we do not undertake to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Our audited Consolidated Financial Statements as of and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009 are prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the IASB.

The financial data as of and for each of the years ended December 31, 2013, 2012, 2011, 2010 and 2009 in the table below are presented in nominal pesos.

The following table sets forth, for the periods and dates indicated, certain information concerning the exchange rate between the Chilean peso and the US dollar. Such exchange rates are provided solely for the convenience of the reader and are not necessarily the exchange rates used by the Company in the preparation of the audited Consolidated Financial Statements included in this annual report. No representation is made to the effect that the Chilean peso could have been, or could be, converted into US dollars at the exchange rates indicated below or at any other exchange rate.

According to the latest information published by the Central Bank at the date of issuance of this report, the exchange rate on April 15, 201325, 2014 was Ch$472.12560.36 per US$1.00.

In addition to the information contained in this annual report, prospective investors should carefully consider the risks described below and the other information contained in this annual report. Provida’s business, financial condition or results of operations could be materially and adversely affected by any of these risks.

The main source of Provida’s revenues from operations comes from the monthly fees charged to its contributors for mandatory contributions made in their individual capitalization accounts, which are compulsory for every salaried worker as long as there is a labor contract in force. These represented 83.4%84.2% of the total revenues from operations for the year ended December 31, 2012.2013. As a result, the economic situation in Chile related to economic activity indicators and employment conditions significantly affects the Company’s results.

Macroeconomic conditions affect the financial capacity of employers and/or entrepreneurs, which might produce a drop in the number of employee contributors or a lack of capacity for creating new jobs,, and decrease the salary of

Additionally, Provida’s financial condition and operations results could also be adversely affected by changes in the economic policies implemented by the Chilean Government, political or economic developments in Chile or those affecting Chile. Changes in the development of the Chilean economy could adversely affect Provida’s ability to develop its business strategy.

Pension funds, such as those managed by Provida, are global investors and are therefore affected by both the economies of neighboring countries as well as by worldwide economic factors. In recent years, pension fund returns have been subject to volatility in international and local financial markets, where foreign investments represented 39.6%42.6% of Provida’s total assets under management for the year ended December 31, 2012.2013.

The Pension Reform Law increased the percentage of investments which AFPs are allowed to make abroad, from a range between 30% to 45% to a range between 30% to 60% during the first twelve months following the enactment of the Pension Reform Law (from October 1, 2008 to September 30, 2009); and between 30% to 80% sinceafter the thirteenth month (October 1, 2009). In September 2008, the Central Bank gradually increased the maximum investments limits abroad: 45% fromas of October 1, 2008, 50% fromas of December 1, 2008, 55% fromas of April 1, 2009 and 60% fromas of August 3, 2009. In November 2010, the Central Bank increased again the maximum global investment limit abroad from 60% to 80%, gradually increasing as follows: 65% fromas of December 1, 2010, 70% fromas of March 1, 2011, 75% fromas of June 1, 2011 and 80% fromas of September 1, 2011.

Such increase permitsincreases permit pension funds to have new investment opportunities, which could improve the diversity of their investment portfolios, but at the same time increasesincrease the potential exposure to the international markets of the total assets managed by the AFPs.

Provida’s assets under management totaling MCh$22,079,26523,821,383 (US$46.045.5 billion) as of December 31, 20122013 are very large with respect to the size of the local capital market measured by its total capitalization. The latterThis reduces Provida’s flexibility to significantly modify its portfolio structures, and consequently to improve the return offered to its participants. Additionally, in situations of instability or uncertainty in the markets, Provida’s reactive capacity is likely to be limited. In this context, Provida cannot ensure that it will be able to maintain a sufficient rate of return on its pension funds to decrease the number of participant transfers. Any decrease in Provida’s participant portfolio could have a negative impact on its revenues from operations.

Additionally, if pension fund returns managed by Provida do not achieve the legal minimum return established by law, due to any instability or uncertainty in capital markets as described above, the Company could lose part of its mandatory investments aimed at covering this difference. (SeeSee “Item 4. Information on Provida—B. Business overview—Principal activities—Investment services for participants’ contributions in the pension funds”). This portion must be replenished in a maximum term of 15 days to fulfill the legal requirement to maintain a reserve equal to 1% of the value of each pension fund under management and to continue with its business with the consequent reduction in the Company’s equity.

Provida’s operations are regulated by the Pension Law and, to the extent applicable, Chilean corporation law. The Pension Law defines the scope of the business of pension fund administrators, which only permits Provida to engage in the administration of its pension funds and the rendering of related benefits. Provida is also authorized to establish local related corporations that may complement its line of business or invest in pension fund administrators or entities located in other countries whose business is related to pension matters.

In addition, the Pension Law requires each AFP to maintain a minimum reserve fund known as mandatory investment equal to 1% of the value of each pension fund under management in order to provide a minimum real return on investmentinvestments for each of its pension funds. This minimum return is based on a weighted average of the real return by all pension funds in the AFP system in a 36-month period. This requirement has been designated in accordance with different portfolio compositions, giving those with a higher component of variable income and therefore higher volatility (funds Type A and B), a larger margin to achieve the requirement. If a fund’s real return for a certain month wereis lower than the minimum return, the AFP must cover the difference within a 5-day period. To do so, the AFP is permitted to apply funds from the mandatory investments, and in that event, such amount must be refunded within 15 days. In accordance with the Pension Law, if an AFP fails to comply with either the minimum return requirement or the minimum reserve fund requirement, it may eventually be required to be dissolved. See “Item 4. Information on Provida—B. Business overview—Principal activities—Investment services for participants’ contributions in the pension funds”.

The Pension Reform Law increased the investment limits for the pension funds. However, Provida cannot ensure that it will be able to fulfill minimum return requirements or the minimum reserve.

However, future changes in laws or regulations in Chile may have a negative effect on Provida’s financial results.

In addition, Provida is subject to changes in tax laws. Reflecting the above, in September 2012 Chile implemented a new tax law maintaining the applicable tax rate at 20% instead of lowering the rate to 18.5% for 2012 and 17% from

2013 thereon.thereon, as established in a previous change in tax law made in 2010. Further increases in applicable taxes, or other negative tax treatment, could have a negative effect on Provida’s financial results.

Before the changes introduced by the Pension Reform Law, that includedincluding the bidding process for life and disability insurance by all the AFPs in July 2009 (see “Item 3. Key Information —Recent Regulatory Changes”), Provida by law was legally obligated to provide life and disability benefits by individually contracting an insurance in order to comply with such obligation.compliant insurance.

Even though the Pension Reform Law eliminated the AFP’s individual obligation regarding the coverage of casualties beginning on July 1, 2009, by awarding the life and disability administration to a group of insurers, the obligation of those casualties pending payment due to temporary disability under coverage as of June 30, 2009 will remain in Provida.as Provida’s.

Finally,As of December 2013, the Company continuescontinued recording its obligations for this concept at fair value in accordance with the casualty model that considers the future evolution of relevant variables under conservativeprudent scenarios, which might include constituting higher provisions than those required by law that correspond to the surplus of the insurers’ balance sheets. Provida has recorded a gainan expense in its provisions for unfavorable casualty rate byof MCh$4,0471,940 as of December 31, 2012,2013, primarily due to the higher speedconstitution of paymentsreserves for possible survival claims that may arise related to deceased participants that were paid disability pensions (MCh$3,478) as of casualty claims with respect to the expected (implying a minor sensibility regarding interest discount rates) accompanied by a decrease in the average cost per casualty.December 31, 2013.

In the case of bankruptcy of all involved insurance companies, the State guarantees the necessary additional contributions to complete the required amount to finance the life and disability pension through the State guarantee. The coverage of such guarantee is from 100% of the prevailing minimum pension and 75% overof the excess of the pension with a maximum of UF 45 per month (MCh$1 approximately) for each beneficiary or pensioner.

Administradora de Fondos de Pensiones Provida S.A. is a corporation formed under the laws of Chile. Its deed of incorporation was executed on March 3, 1981 and was registered in the Registry of Commerce in Santiago of Chile on April 6, 1981, under number 6,060, subsection 3,268. Provida’s by-laws specify that the Company shall have a duration of one hundred years, beginning on the date on which its existence was authorized. Provida’s registered office is located at 100 Pedro de Valdivia Avenue, 16th floor, Providencia, Santiago, Chile. Provida’s telephone number at that location is (56-2) 2351-1200 and its website is www.bbvaprovida.cl.www.provida.cl.

Provida is one of the oldest private pension fund administrators operating in Chile, maintaining a leading position in the Chilean private pension industry since its incorporation. As of December 31, 2012,2013, according to official statistics released by the Superintendency of Pensions, Provida was the largest of the six AFPs operating in Chile in terms of the number of participants, contributors, assets under management, participants’ salary base and number of branch offices. The Chilean private pension system was created in May 1981, when Decree Law 3,500 of November 13, 1980 (the “Pension Law”) was implemented to replace the prior social security system. Subsequently, on March 11, 2008 the Pension Reform Law was promulgated in order to improve the pension system, reinforcing the solidarity character of the system, extending its coverage, increasing competitiveness in the industry and boosting gender equality.

In 2001 Provida Internacional sold its interest in the Mexican company AFORE Profuturo S.A. de C.V., a sale that allowed Provida to complete the consolidation of its strategic position in Mexico, along with the BBVA Group after the purchase of a 7.50% equity interest in AFORE Bancomer S.A. de C.V. (“AFORE Bancomer”). Additionally, in September 2001, Provida became the owner of 100% of the shares of AFP Génesis S.A., which had a leading position in the Ecuadorian fund management industry. Since then, AFP Génesis’ financial statements have been consolidated with those of Provida.

In 2003, Provida sold its equity interest in AFPC Porvenir S.A. in Colombia to the Sarmiento Group, the controlling shareholder of such administrator. This decision was based on the fact that the Colombian market had matured and was undergoing changes in regulations and the fact that Provida did not have management control of the company while the BBVA Group had a controlling position in another administrator, AFPC Crecer. In conjunction with the

above transaction, Provida acquired a 100% equity interest in AFP Porvenir S.A. in the Dominican Republic from the Sarmiento Group and the minority shareholders with the expectation of the future merger with BBVA Crecer, the AFP of the BBVA Group in that country.

In May 2004, Provida sold its 30.00% equity interest in AFP Porvenir in the Dominican Republic to the local investor Progreso Group retaining a 70.00% equity interest to carry out the merger process between AFP Porvenir and BBVA Crecer, in which the BBVA Group held a 70.00% equity interest. Following the merger, Provida and the BBVA Group each held a 35.00% equity interest in AFP Porvenir and the remaining 30.00% was held by the Dominican financial investor Progreso Group. Also in October 2004, Provida Internacional sold its equity interest in AFP Crecer in El Salvador to Fondo Universal S.A. de C.V, a disposal that was triggered bydue to moderate growth perspectives for that mature market.

In 2007, Provida Internacional sold 10.00% of its equity interest in BBVA Crecer AFP S.A. to one of the companies of the Vicini Group, retaining a 25.00% equity interest in such AFP. In December 2007, Provida Internacional sold the remaining 25.00% equity interest to the Bank of Nova Scotia of Canada, as a result of which Provida Internacional no longer has an equity interest in that company.

The following table sets out information corresponding to capital expenditures and divestitures for the years ended December 31, 2013, 2012 2011 and 2010:2011:

Source: Superintendency of Pensions

Chilean AFPs are regulated by Law Decree 3,500 and by the Superintendency of Pensions. In order to commence operations, an AFP must hold a minimum capital equal to UF 5,000 (approximately ThUS$240)220), which increases based on the number of participants up to UF 20,000 (approximately ThUS$950)890) for AFPs with over 10,000 participants. The Administrators must maintain at all times shareholders’ equity equal to at least the minimum capital

The services provided by the AFPs in connection with collection and management of contributions include mandatory contributions and voluntary contributions made by its participants.

Regarding mandatory contributions and in accordance with the Pension Law, each dependent worker and participant of Provida must contribute 10% of his/her taxable salary into his/her individual capitalization account. Such contributions are deducted from the participant’s salary and are used to purchase shares of some of the five types of funds that Provida manages. These funds are legal entities separate from Provida as Administrator.

Each AFP also administers an individual and private indemnity account in the fund for household workers (such as housekeepers).

Provida offers its participants the option to establish a voluntary savings account into which they may deposit additional funds to be invested in the elected pension fund. Because this voluntary account is not designated as pension savings but free disposal, the participant may make deposits into his/her account as often as desired and is able to make withdrawals up to six times a year with no amount restriction. Currently, Provida charges a variable fee of 0.92% per month on an annual basis over the administered funds. This account is kept open in the pension fund registers, regardless of its account balance status.

Finally, and in connection with voluntary pension savings these correspond to additional amounts of contributions that each worker may add to improve his future pension. The maximum voluntary monthly contribution with associated tax benefits is UF 50 (approximately US$2,380)2,220). If these funds are withdrawn for uses other than pension, the amount withdrawn will be charged a higher tax rate applicable to each particular case.

AFPs are entitled to charge a fee over funds of voluntary pension savings and for collection of such funds for other institutions. Currently, Provida charges a monthly fee equivalent to 0.56% on an annual basis over accumulated funds and has established a fee of Ch$1,250 (approximately US$2.60)2.38) for fund transfers collected for other financial institutions.

As a way to improve the volume of participants’ contributions and therefore the coverage of the private system, the Pension Reform Law incorporates the alternative of Collective Voluntary Pension Savings (“APVC” in its Spanish acronym) that corresponds to a contract to be agreed between the employer and his workers and the AFP or an authorized institution. This APVC is financed in a joint manner, because the employers agree to contribute a percentage of the savings made by employees who voluntarily select this modality.type of contribution. The conditions of the APVC administration contract are agreed between the employer and the AFP or the authorized institution. In order to promote this modality,type of contribution, tax incentives have been established for workers.

The general investment policy of the pension funds is determined by Provida’s Board of Directors. In the process of management’s investment decisions, the following committees of Provida are involved:

The organizational structure and the clear definition of the powers vested, attributions and responsibilities play an important role in the investment process. The structure is designed to fully develop the staff’s abilities and the optimum implementation of the investment policy in order to reach the proposed goals, managing the complexity of different instruments and markets in which the different type of funds are invested in, and the appropriate management of financial and operative risks faced by them.

For this, the responsible party for asset management is the Investment Area, that has thewhich includes Variable Income management division, theManagement, Fixed Income management division, theManagement, Alternative Assets & Strategy management division;Management and Middle Office Deputy management,Management, all of whomwhich report directly to the Chief Investment Officer. These Units include full-time research analysts with experience in investments, economics and securities. Provida also receives external advisory services provided by domestic and international consultants who provide advice to the Investment Area on trends and developments affecting the value of current and potential investments.

In Chile, all secondary market trading by AFPs must be executed in the formal trading markets either through a securities exchange or a competitive bidding process. Potential investments are validated on a daily basis by Provida’s Department of Administration and Valuation, which is part of the Financial Control Deputy Management’s Back Office Unit both of which belong tounder the Company’s Planning and Control Division, validates investments each day before entering into them.Financing. Additionally, this unit has the obligation of disclosing to the Superintendency of Pensions a daily report withof all investment activities.

It is important to note that since 2006, Provida has a quality certification in accordance with the ISO 9001-2000 Norm, which has been renewed periodically. The last renewal was made in December 2012 and includes the period between January 2, 2013 and January 1, 2016 provided that surveillance audits become

intermediary and coordinator between the Money Market Desk, and the Back Office Unit and the Financial Risk Deputy management, reporting to the Risk Division,Management, which is responsible for establishing principles, operation and general guidelines in terms of good practices that AFP Provida should adopt in relation to managing their risks.

The main difference among the different fund types, as stipulated in the regulation, is the proportion invested in variable income securities. Fund Type A has the highest concentration allowed in variable income securities with a maximum of 80%; fund Type B has a maximum concentration of 60%; fund Type C has a maximum concentration of 40%; fund Type D has a maximum concentration of 20% and fund Type E (begun in October 2008) has the lowest concentration with a maximum of 5%.

The regulation establishes several restrictions regarding the investment activities that can be developed by each fund to guarantee the maintenance of such differences among the funds according to the risk of variable income securities permitted for each of them.

The investment philosophy behind the five fund types is to combine the highest possible diversification with low costs and a high degree of transparency. These principles must always be observed when making and implementing investment decisions.

The Pension Reform Law increased the range allowed for AFPs to make investments abroad, from a range between

The maximum foreign investment limits per each Fund Type determined by the Central Bank beginning December, 2010 are as follows:

Source: Superintendency of Pensions

With respect to fees charged for programmed withdrawals or temporary income, the Pension Reform Law authorizes the AFPs to charge only a variable fee over the pension paid. Currently, four AFPs charge a variable fee of 1.25%, while AFP Habitat charges a fee of 0.95% and AFP Modelo charges a fee of 1.20%.

Under this structure, the participant maintains his/her funds deposited in an individual capitalization account in the AFP and withdraws a monthly pension in accordance with a pre-established formula determined by law. In the event that such amounts fall below the minimum pension level, the Government’s guarantee applies, depending on the contribution level of participants. See “Item 4. Information on Provida—B. Business overview—Principal activities—Services of granting senior pension benefits.”

The Pension Reform Law required a fee charge for the administration of voluntary savings accounts calculated as a percentage of the balance kept on such accounts. Currently, Provida charges a fee of 0.92%, while the rest of the AFPs’ fee charges are in the range of 0.60% to 0.95% per year.

The AFPs, like other authorized institutions, also offer participants the option to have a voluntary pension savings account, in which they can make monthly deposits previously determined to improve their future pensions. AFPs are allowed by law to charge a fee on assets under management, and fees currently range between 0.50% and 0.70% on an annual basis, and the fee charged by Provida is 0.56%. Fixed fees on fund transfers collected for other institutions can also be charged, currently ranging between Ch$1,100 and Ch$1,437 for each fund transfer (approximately US$2.292.10 and US$2.99)2.74). The current fee charged by Provida is Ch$1,250 (approximately US$2.60)2.38).

With the Pension Reform Law, the AFPs have the right to charge a fee for administering the collective voluntary pension savings and on the transfer of these savings deposits towards other administrators or authorized institutions. Fees for administration may be freely agreed between the employer and the AFP or the authorized institutions, allowing for different fees to be charged for different contracts. Additionally, different fees could be charged in relation to the same contract according to the number of workers incorporated in the plan.

Under no circumstance will an AFP be able to establish conditions related to the affiliation or transfer of participants who are parties to a collective voluntary pension savings contract.

The fees can be changed at any time upon three months’ notice to participants, the Superintendency of Pensions and the public. The following table sets forth the fee rates charged by Provida for each of the services in the last three years:

 

Gains (losses) on mandatory investment (see “Item 4. —InformationInformation on Provida—B. Business overview—Principal activities—Investment services for participants’ contributions in pension funds”) represented 8.1%8.0%, -2.3%8.1% and 12.9%-2.3% of Provida’s revenues from operations in 2013, 2012 2011 and 2010,2011, respectively. As detailed in the following tables, such returns have evolved in accordance with the performance of each of the pension funds, as well as the relative importance of each fund relative to the total assets under management.

Source: Superintendency of Pensions.

Source: Superintendency of Pensions.

As shown inMoreover, the tables above, fund Type C has the highest concentration of total administered assets. Additionally,assets in those funds considered the participation in the riskiest fundsmost conservative (funds Types AD and B)E) has declined, likely reflectingcontinued to increase, while concentration in those funds considered the volatility exhibited over themost risky (funds

 

 

past twoTypes A and B) has declined. Such performance likely reflects the volatility exhibited over certain years (i.e. 2008 and 2011) in the financial markets, when negative returns were recorded, causing certain participants to prefer to take less risks, by moving themselves towards more conservative funds, and increasing participation in those funds established as less risky (funds Types D and E).funds.

The following table sets forth information with reference to real returns, over a twelve-month12-month period (as of year end 2012,2013, year end 20112012 and year end 2010)2011); the annual average since the multiple funds’ inception (as of year end 2012,2013, year end 20112012 and year end 2010)2011) and the relative positions of each of the pension funds managed:

Source: Superintendency of Pensions

Source: Superintendency of Pensions

Provida’s activities, as with all AFPs in the industry, are limited to offering only those products and services permitted under the Pension Law. As a result, Provida seeks to maximize its income by attracting and retaining participants as well as by offering the possibility to make voluntary pension contributions and to receive payments under the programmed withdrawals structure.

Provida attracts participants mainly through its sales force, which targets potential clients who may be interested in changing the administration of their pension savings.

Although the scope of potential clients was restricted by the bidding process of new participants that enter the private pension system for the first time, as established by the Pension Reform Law, the same Law gradually incorporated the

The sales force also performs tasks aimed at retaining participants’ portfolios in order to avoid client transfers to other AFPs. Provida also captures new participants through its wide network of pension service centers without the intervention of sales agents.

As the largest AFP in the Chilean private pension system, Provida seeks to capitalize on its brand name recognition to attract new clients and retain the existing ones. Management believes that Provida’s prestige is boosted by its consolidated leading market position.

During 2012,2013, under its strategy of supporting and advising its affiliates during their pension life, Provida has developed several initiatives, among which are: (i) a share-value simulator that allows comparative analysis between acarried out various marketing and advertising campaigns designed to help retain Provida’s customer portfolio, consisting of differentfeaturing clear and simple messages relating to investment instruments availableand funds issues. Additionally, the AFP informed its pension participants on events occurring in the mutual funds industry,country, such as the tax reform law, and a combination of available multiple funds available throughhow to consider market variables, personal preferences and savings terms in choosing the correct fund type for them.

Furthering its role in pension education, AFP Provida (ii) a new website-based processing service for employers, which allows employers to process their employees’ pension information (e.g., estimated debt or uncredited contributions, either voluntary or mandatory) by entering the firm’s identification number and the password, and (iii) a new service channel through social networks (e.g., Facebook and Twitter) to communicate special campaigns (e.g., the 2012 Chilean tax reform, savings alternatives, information for self-employed workers) and provide information regarding Provida’s new products.

Provida’s established network, the largest in the communications plan. It highlightedChilean pension system, assisted 1.6 million participants last year. In order to ensure that the “2.0”campaign, which aimsassistance can be perceived as excellent and that each contact is likely to communicate regulatory changes associated withbecome a pension advisory and business opportunity, the voluntary saving account by emphasizing its flexibilitymanagement model in offices project was consolidated during 2013, seeking to improve the customer’s experience, and simplicitytranslate it into a differentiating factor. For this, the Mystery Shopper, a tool part of administration;that model, has allowed assessing the “Provida’s proposals for savings” campaign, which aimedcurrent level of customers’ satisfaction coming to convey thatProvida’s branch offices, and has identified the differences between the actual performance and the standards to be complied with.

During the year, AFP Provida can providemainly oriented its efforts to understand the best advice based oncurrent and future needs of its customers, by reinforcing the experienceassistance protocols in order to further improve the expectations of over 30 yearsthose clients who received assistance in administering savingsProvida’s branch offices. As a result, the model showed significant and sustained improvements of 65% in the satisfaction indicator.

Additionally, the Company enhanced the 106 self-assistance-device system available in the network throughout the country, by facilitating its use and enhancing its performance. With these enhancements, more than 33.5 million customers. Participants having voluntary products continuedof certificates were issued in the year, enabling participants to receive specific communications with economicobtain pension data in a quick and financial information on a weekly basis. The objective was to retain and encourage them to maintain their voluntary funds in AFP Provida, for which a permanent presence campaign was carried out through mass media (press, radio, etc.).secure manner.

As for telephone service, during 20122013 more than 550,000803,000 pension calls were answered, of which more than 360,000338,000 were assisted directly by executives from the pension platform, obtaining aan executive. We improved our telephone service in 2013 which let us achieve an effective 95% service assistance level within 20 seconds.

 

 

Moreover, on both our classic and mobile sites, functions for pensioners were reinforced and the transfer form was renewed in order to facilitate its use. In order to assist participants in a greater mix of service. Though this project,channels, social network tools have been used intensively to establish a dialogue with customers that helps the Company seeksresolve their doubts and get feedback on prevailing participant needs. With this approach, Provida has become one of the most important players in these channels in the AFP system, with a total of 53,733 fans on Facebook and 4,246 followers on Twitter. The joint work of these digital channels during 2013 resulted in more than 5 million visits to focus everythe Provida website.

Finally, at the end of 2013, the employers assistance on satisfyingmodel was modified to prioritize remote assistance in order to cover a larger number of employers with pension deficits. This assistance service helps employers with many issues, among them issues relating to possible judicial collections, the customer’s needs, making every contactcorrect payroll administration and the timely inclusion of the entities’ staff, by intervening in an advisory opportunity.certain situations related to pension payments at a general level; thus the employer can resolve issues without needing to come to the Company’s branch.