Insurance expenditures in 2021 reach over AED8 billion: GPSSA

Insurance expenditures in 2021 reach over AED8 billion: GPSSA

WAM: The General Pension and Social Security Authority (GPSSA) announced that in 2021 the estimated insurance expenditures reached over AED8 billion with an increase of AED499.4 million in comparison to 2020, during which the value of insurance expenditures amounted to AED7.5 billion.

Speaking about the expenditure growth, Mohamed Saif Al Hameli, GPSSA’s Director-General, said, “We constantly work towards increasing the value of financial resources at the GPSSA to meet short-term annual obligations. Each year, all the indicators showcase a steady increase in the volume of financial assets at GPSSA, which supports long-term obligations for stakeholders who highly benefit from the services.”

“We look forward to continuing our quest to achieve sustainability of resources for more decades to come to provide similar top-notch benefits and privileges for the future generation and encourage insured individuals to continue to work for as long as possible to obtain some of the best pension benefits for themselves and their families alike, once retired,” he added.