NSSA PAT more than doubles to $106 million

Source: NSSA PAT more than doubles to $106 million | The Financial Gazette July 6, 2017

NATIONAL Social Security Authority profit increased by 230 percent to $105,9 million for the full year to December 31, 2016, on the back of less write downs and improved contributions.Income rose seven percent to $354,6 million from $331 million in the corresponding period.

Contributions and premiums were 12 percent up to $327,6 million, with contributions alone at $276,5 million.

“The increase in contributions is attributable to improved collections arising from stakeholder engagement. This has resulted in more voluntary compliance despite the decline in number of registered employers from 28,739 to 28,162 due to company closures,” general manager Liz Chitiga said in a statement of the results.

Claims and benefits grew five percent to $142, 6 million with pensions and other benefits amounting to $128,5 million. Accident prevention and workers compensation accounted for $7,4 million.

Trade receivables stood at $282 million, including government’s debt payment of $180 million through treasury bills.

Company’s total assets grew 15 percent to $1,052 billion with total liabilities of $69,9 million.

NSSA increased its stake in short term insurer NicozDiamond to 50.9 percent. That stake is being sold to First Mutual Holdings, a NSSA associate.

The pension fund also holds significant investments in many listed companies, including RTG, FBC Holdings and FML.

National Building Society achieved break even in April this year. The mortgage lender, which was launched in April last year, posted an income of $1 million and an operating loss of $3 million in the eight months to December.

NSSA, which financed government’s takeover of Telecel last year, said it will be paid $43,25 million in quarterly instalments over a three year period.

So far, the authority has received the first installment of $7 million in the second quarter of 2017. – The Source