SSIF Assets reach JD 9.9 billion and Comprehensive Income increases to JD ‎‎379 million as at the End of June 2018.

Mr. Mohammad Odeh / the Acting Executive Chief of the Social Security Investment Fund (SSIF) said that the Fund’s performance throughout the first half of the year has improved as  the  total assets reached JD 9.9 billion compared to JD  9.2 billion at the end of 2017, representing an increase of 7.4%. The Fund’s comprehensive income (that is composed of Fund's income from its investment activities in addition to the revaluation of the strategic shares portfolio) amounted to JD 379 million.

The income (that represents  the return on the various investment instruments  in money market instruments, bonds, loans, public equity, real estate, and dividends in addition to the investments in private equity and hospitality sector) amounted to JD 260.4 million . Odeh added that the performance of the companies that the Fund invests in also improved and  their dividends grew to reach around JD 98 million in 2018 compared to around JD 87.5 million in 2017 . The rate of return on the Fund’s total assets at the end of June 2018 registered 5.7% 

As for the revaluation of the strategic shares portfolio, Odeh illustrated that the  Amman Stock Exchange (ASE) performance has direct impact on the Fund’s performance especially that the value of the Fund’s public equity portfolio represents around 11% of the ASE market capitalization. Therefore, the Fund’s comprehensive income registers an increase when the ASE’s performance is positive and it may incur losses when ASE’s performance declines. As a result, the comprehensive income registered  JD 477.7  million as at the end of April 2018 when the ASE market capitalization grew by 8.3 % from the beginning of the year ,then  declined by JD 98.8 million  to reach JD  379 million as at the end of June 2018  as the ASE market capitalization grew by 1.4 % from the beginning of the year. 

Odeh said that as a long term financial investor that assets’ constitute  around 30% of the GDP ( in current prices) , the Fund  invests in many vital sectors including hospitality and development zones which created more than 3700 permanent jobs, most  of them  are for local residents. 

Odeh  concluded that the Fund ,like other pension funds, builds its strategic asset allocation  to achieve acceptable returns and risk levels  and takes into consideration the parameters of the national economy and the actuarial studies of the  Social Security Corporation . In light of the 9th  actuarial study that  will be published by end of this month, the Fund will revisit its investment policies and its strategic asset allocation to enhance the Fund’s performance and reinforce the Corporation’s solvency to enable it meet its future obligations and in line with the best international practices.