THE National Social Security Authority (Nssa) is fast emerging as a major investment force in Zimbabwe’s capital markets after its total asset base breached the half-a-billion dollar mark on the back of strong income growth despite a challenging economic environment.
Nssa assets surged by over US$135 million (30%) from US$456,7 million in 2010 to US$592,2 million as of the end of 2011. Total Income jumped 11% to US$221,8 million from US$200,2 million in 2010, as it emerged Nssa was a major shareholder in listed companies as well as a serious investor in the property sector.
NSSA chairman Innocent Chagonda said his board was taking steps to ensure the public fund would remain solvent in the future.
Nssa general manager James Matiza noted pension contributions for 2011, at US$147,4 million were 7% more than in 2010. However, collection of premiums under the Workers Compensation Insurance Fund (WCIF) recorded a 13% decline in 2011 to US$38,7 million from US$43,8 million the previous year. This followed a 20% reduction in the assessment rates based on advice given by the authority’s actuaries.
Investment income rose a robust 21% from US$19,7 million in 2010 to US$23,2 million in 2011, driven mainly by property rental income. Consultancy income from the Occupational Safety and Health (OSH) division went up 37% from US$1,1 million to US$1,5 million.