JIS News

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  • Minister of Labour and Social Security, Hon. Shahine Robinson, says the National Insurance Fund (NIF) continues its primary focus to maximise returns, within acceptable risk limits, while maintaining a level of liquidity to facilitate the timely payments of National Insurance Scheme (NIS) benefits.
  • Speaking at a quarterly press briefing held at the Ministry’s North Street Offices today (September 4), the Minister said the NIF continues to evaluate the asset allocation with a view to ensuring that there is appropriate diversification, given the ever-changing investment environment.

Minister of Labour and Social Security, Hon. Shahine Robinson, says the National Insurance Fund (NIF) continues its primary focus to maximise returns, within acceptable risk limits, while maintaining a level of liquidity to facilitate the timely payments of National Insurance Scheme (NIS) benefits.

Speaking at a quarterly press briefing held at the Ministry’s North Street Offices today (September 4), the Minister said the NIF continues to evaluate the asset allocation with a view to ensuring that there is appropriate diversification, given the ever-changing investment environment.

She informed that the NIF has demonstrated strong financial performance, and that the net assets of the Fund grew by $13.8 billion or 14.8 per cent to $106.2 billion as at March 2018.

“For the first quarter in this fiscal year, the net assets of the NIF grew by 7.37 per cent to $114.02 billion when compared to 2.03 per cent over the similar quarter of the 2017/18 financial year,” Mrs. Robinson said.

She noted that the Fund continues to invest in a diversified portfolio of assets comprising equities, real estate, bonds and loans. She said that over the last three years, the equity portfolio has been the main contributor to the growth in the net assets of the Fund, averaging 44.3 per cent.

“As at June 30, 2018, the equity portfolio was valued at $26.07 billion, up 7.16 per cent since the start of the financial year.

The Real Estate portfolio also grew in the first quarter by 0.21 per cent to $14.84 billion. As at June 30, 2018, the equity portfolio was valued at $26.07 billion, up 7.16 per cent since the start of the financial year,” the Minister informed.

Also as at June 30, 2018, the bonds and loans portfolios were valued at $73.68 billion, up 9.67 per cent.

Meanwhile, Mrs. Robinson clarified that contrary to media reports, no decision has been made in relation to the redesign of the NIF’s portfolio, other than the fact that it is intended to be given body corporate status.

“Reports of impending Fund Management outsourcing, including to multiple private pension-fund managers, are merely speculative. A consulting firm has been hired and we await their deliberations to create greater value for the pensioners who benefit from this Fund,” she noted.