Ammon News - The Social Security Investment Fund’s (SSIF) assets grew by 8.9% from the beginning of the year to the end of July, reaching JD17.6 billion.

In a statement Wednesday, Social Security Corporation (SSC) said this growth was driven by a surge in comprehensive income, which more than doubled, compared with the same period last year, reaching JD1.3 billion, marking a growth rate of 135 percent, in addition to JD134 million in transferred insurance surplus.

Comprehensive income included net income of about JD670 million and an increase of around JD632 million in the valuation of the strategic equities portfolio.

The Corporation’s board of directors reviewed these results and discussed the Fund's financial reports as of the end of July, during a meeting chaired by Minister of Labor Khaled Bakaar, with the participation of SSIF Chairman Ezzedine Kanakrieh and SSC Director-General Jadallah Khalaileh.

Net income from the Fund’s various investment portfolios grew by 16 percent compared with the same period last year, including JD191 million in cash dividends from companies’ profits for last year, which are the highest in the fund’s history.

The statement noted these results reflect a "notable" improvement in the financial performance of major companies in which the fund invests, which have importance extending beyond direct income to strengthening the Amman Stock Exchange's performance and boosting both local and international investor confidence in the national economy.

It added that data demonstrates "strength" of the social security system and the "distinguished" performance of the Fund’s investment strategy, which combines safe assets such as bonds with high-return strategic investments in vital sectors, mainly banking, mining, and services.

This approach has enabled the fund to achieve stable and sustainable returns while expanding into promising sectors that foster future growth and reinforce its standing as a national investment institution.

Petra