GHS surplus in 2024 reaches €113m, €707m reserve, Senior Officer says

Senior Officer of the Health Insurance Organisation (HIO), Angelos Tropis, has revealed that the surplus of the General Health System (GHS or GeSY) Fund for 2024 amounts to €113 million, adding that the Fund's accumulated reserve reaches €707 million.

Speaking to the Cyprus News Agency (CNA,) he stressed that the Fund's positive financial situation allows the Organisation to further expand and upgrade the services provided, adopt new technologies and undertake new projects, such as the management of patient missions abroad, which is expected to begin by 1 October, 2025.

Regarding the finances of the GHS Fund for 2024, he noted that based on the unaudited financial statements, the Fund's total revenue for last year came to €1,839 million and total expenses to €1,726 million, thus the surplus for the year amounts to €113 million.

He added that the Fund's accumulated reserve as of December 31, 2024 amounts to €707 million and is equal to approximately 4.6 months of payments.

"Therefore, the current level of the reserve exceeds the level recommended in accordance with international best practices for the period until the full stabilisation of the System (equal to 3 months of payments)," he said.

Based on the actuarial study of the International Labour Organisation (ILO) which was completed in February of this year, the GHS Fund is financially sustainable until 2032. He added that the reserve amount “remains at very satisfactory levels throughout the period in question, in all scenarios of the study, without the need for any increase in the existing contribution rates.”

Regarding the finances of GHS for 2025, he told CNA that the approved budget of the Organisation for 2025 is balanced, since total revenue is estimated to fluctuate at approximately the same levels as total expenses.

Therefore, he concluded, the Fund's reserve at the end of 2025 is estimated to remain at approximately the same levels, depending on the course of the economy on which the Fund's revenue primarily depend.

(Source: CNA)