Nicosia: Senior Officer of the Health Insurance Organisation (HIO), Angelos Tropis, shared that the surplus of the General Health System (GeSY) Fund for 2024 amounts to pound 113 million, with the Fund’s accumulated reserve reaching pound 707 million. This surplus enables the Organisation to enhance services and undertake new initiatives, including managing patient missions abroad by October 2025.
According to Cyprus News Agency, Tropis noted that the unaudited financial statements for 2024 show total revenue of pound 1,839 million and total expenses of pound 1,726 million, resulting in the surplus. The reserve, as of December 31, 2024, is equal to about 4.6 months of payments, exceeding the recommended level of 3 months.
An actuarial study by the International Labour Organisation (ILO), completed in February, indicates that the GeSY Fund is financially sustainable until 2032. The reserve is expected to remain stable without needing increased contribution rates.
For 2025, Tropis mentioned that the Organisation’s approved budget is balanced, with revenue and expenses estimated to be similar. The Fund’s reserve by the end of 2025 is anticipated to stay at current levels, influenced by the economic situation.