Social security fund’s assets up by 6.5% in H1

AMMAN — The assets of the Social Security Investment Fund (SSIF) until the end of the first half of 2017 totalled JD8,863 million, compared with JD8,325 million during the same period in 2016, marking a 6.5 per cent increase, SSIF announced on Sunday.

The increase came from the comprehensive income (returns from investments in various tools, including the bourse), which totalled JD234 million in the first six months of this year, plus JD303 million as the Social Security Corporation’s (SSC) surplus transferred to SSIF, according to a statement by the fund.

By the end of June last year, the fund had incurred a loss of JD29.2 million and the comprehensive income dropped to JD138 million in 2016 due to a JD121-million decline in the reevaluation of the portfolio of shares after the market cap index in the Amman Stock Exchange (ASE) declined by 3.8 per cent.

The income gained by the evaluation of strategic shares traded at ASE stood at JD19.3 million by June 30, 2017, compared to losses of JD153.6 million during the first half of 2016, according to the statement, which added that SSIF investments constitute some 11 per cent of ASE market value.

SSIF in August 2016, established the Daman for Financial Leasing, a company fully owned by the SSC to help finance national projects, and JD400 million was earmarked for this company to carry out its mission. 

This company had signed necessary agreements to finance the JD96-million Madona Customs Depot and the Tafileh Hospital for JD37 million, amongst other vital projects that the company is studying currently in the health and education sectors, according to the SSIF statement.