by Linda Straker
- NIS total revenue grew by 10.1% in 2024
- Entity maintained strong operating performance despite weaker non-operating income
- Report will be laid in Parliament on 20 January 2026
The assets of the National Insurance Scheme (NIS) during 2024 increased by 3.5%, according to the 2024 State Owned Enterprises and Statutory Bodies Statement of Performance report.
This report is prepared in accordance with Section 73 of the Public Finance Management Act 2015 as amended. It provides a comprehensive assessment of the financial and operational performance of State-Owned Enterprises (SOEs) and Statutory Bodies (SBs) under the oversight of the Ministry of Finance. The review captures consolidated financial statements, overall entity-level risk rating and performance indicators across the Commercial, Non-Commercial, and Social Security and Regulatory portfolios.
“As at December 2024, total assets increased by 3.5%, rising from EC$996.9 million in 2023 to EC$1.03 billion in 2024. The expansion was shaped by a 54.2% rise in current assets, supported by a strong rebound in cash and cash equivalents and higher other current assets,” said the report, which will be laid in Parliament during the 20 January 2026 sitting of the Lower House.
The report said that in contrast, non-current assets declined by 2.4% due to a reduction in other long-term assets, while net property, plant and equipment grew by 10%. “Total liabilities rose by 3.6% 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 said.
The NIS also experienced growth in revenue by more than 10% during 2024. “The income statement for NIS shows that total revenue grew by 10.1% in 2024, shaped largely by stronger contribution inflows following the implementation of major reforms aimed at strengthening the sustainability of the fund,” said the report.
Further, gross profit rose in line with this outturn, while operating expenses increased at a similar pace, resulting in an 8.8% improvement in Earnings Before Interest and Taxes (EBIT) from EC$33.3 million to EC$36.2 million.
“Net profit fell by 21.2%, however, due to a sharp contraction in finance income, which declined from EC$13.0 million to EC$0.2 million. Overall, the entity maintained strong operating performance despite weaker non-operating income,” said the report.
