The National Insurance Scheme (NIS) is reporting EC$1.03 billion (One EC dollar=US$0.37 cents) in total assets as at the end of December 2024, an increase of 3.5 per cent on the previous figures.
According to the 2024 Statement of Performance report, which provides a comprehensive assessment of the financial and operational performance of state-owned enterprises (SOEs) and statutory bodies (SBs), as at December 2024, total assets increased to EC$1.03 billion in 2024, rising from EC$996.9 million in 2023.
‘The expansion was shaped by a 54.2 per cent rise in current assets, supported by a strong rebound in cash and cash equivalents and higher other current assets,’ according to the report which will be laid in the Parliament on Tuesday.
The report noted that in contrast, non-current assets declined by 2.4 per cent due to a reduction in other long-term assets, while net property, plant and equipment grew by 10 per cent.
‘Total liabilities rose by 3.6 per cent to EC$1.02 billion, largely on account of higher current and long-term social security obligations (future benefit payments), which reached EC$960.1 million in 2024. Overall, the entity maintained strong reserves, minimal liabilities, and improved liquidity,’ the report stated.
The NIS also experienced growth in revenue by more than 10 per cent during 2024.
‘The income statement for NIS shows that total revenue grew by 10.1 percent in 2024, shaped largely by stronger contribution inflows following the implementation of major reforms aimed at strengthening the sustainability of the fund.’
Further, gross profit rose in line with this outturn, while operating expenses increased at a similar pace, resulting in an 8.8 per cent improvement in Earnings Before Interest and Taxes (EBIT) from EC$33.3 million to EC$36.2 million.
‘Net profit fell by 21.2 per cent, however, due to a sharp contraction in finance income, which declined from EC$13 million to EC$0.2 million. Overall, the entity maintained strong operating performance despite weaker non-operating income,’ said the report.