Private pension liabilities

3 Months Ended

12 Months Ended

Mar. 31, 2020

Dec. 31, 2019

11. Private pension liabilities

As of March 31, 2020, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws.

In this respect, such financial products represent investment contracts that have the legal form of private pension plans but which do not transfer insurance risk to the Group. Therefore, contributions received from participants are accounted for as liabilities and balance consists of the balance of the participant in the linked FIE at the reporting date (Note 4 (a)).

a) Changes in the period


	Three months period ended March 31,
	2020			2019
As of January 1		3,759,090			16,059
Contributions received		278,357			1,766
Transfer with third party plans		1,636,370			31,777
Redemptions paid		(46,585	)		—
Gain (loss) from FIE		(472,144	)		324

As of March 31		5,155,088			49,926

Contributions invested in FIEs (Note 4 (a))		5,155,088			49,926

21. Private pension liabilities

As of December 31, 2019, active plans are principally accumulation of financial resources through products PGBL and VGBL structured in the form of variable contribution, for the purpose of granting participants with returns based on the accumulated capital in the form of monthly withdraws for a certain term or temporary monthly withdraws.

Changes in the period


	2019			2018
As of January 1		16,059			—
Contributions received		609,639			16,059
Transfer with third party plans		3,047,492			—
Withdraws		(20,153	)		—
Interest received from FIE		106,053			—

As of December 31		3,759,090			16,059

Contributions invested in FIEs		3,759,090			16,059