Profit of Azerbaijan’s State Social Protection Fund soars

The State Social Protection Fund (SSPF), operating under the Ministry of Labor and Social Protection of the Population of Azerbaijan, concluded 2024 with a profit of 116.938 million manats ($68.787 million),a 3.3 times higher than in 2023, Report informs, citing the fund.

In 2024, SSPF recorded the following financial indicators:

- Mandatory state social insurance contributions: 63.525 million manats (+54.5%);

- Other income: 118.962 million manats (+14.8%);

- Interest income: 106.003 million manats (+5.4 times);

- Insurance payments: 10.748 million manats (-32.9%);

- Depreciation and amortization expenses: 5.001 million manats (-10.9%);

- Wages, salaries, and related payments: 98.354 million manats (+10.8%);

- General administrative expenses: 12.727 million manats (+10%);

- Investment income expenses: 39.432 million manats (newly recorded);

- Impairment provision expenses: 1.839 million manats (-25.5%);

- Other expenses: 3.451 million manats (-23.9%).

As of January 1, 2025, SSPF's assets exceeded 10.047 billion manats (just over $5.91 billion), which is 27% year-on-year.

In this specified period, the fund's liabilities rose by 25.9% to nearly 9.843 billion manats (just under $5.79 billion), while its balance capital increased 2.3 times to 204.787 million manats ($120.4 million).

SSPF was established in 1992. Its charter capital is 5.5 million manats. The fund is a public legal entity operating in the field of mandatory state social insurance and voluntary (additional) social insurance, state compulsory personal insurance, provision of labor pensions, social benefits, targeted state social assistance, scholarships and compensations to the population.

Based on the current exchange rate of 1 USD = 1.70 AZN