FSS revenue reaches MOP16 billion on investment gains

[Photo: Lynzy Valles]

The Social Security Fund (FSS) announced that its total revenue last year reached approximately MOP16.11 billion, up about 21% year-on-year, while total expenditure rose 6.8% to about MOP7.2 billion. Net operating profit stood at MOP8.9 billion.

According to the fund’s annual report, the main source of revenue was a MOP6.72 billion allocation from the government, accounting for about 41% of total annual revenue.

Total investment income amounted to about MOP8.62 billion, or about 53% of total revenue, of which global financial investment income was about MOP6.44 billion and bank time deposit income was about MOP2.17 billion. The average return rate on investments in 2025 was about 8.86%, an increase of 2.08 percentage points over 2024.

The report stated that global financial markets generally improved last year. Although there were fluctuations during the period due to uncertainty over trade tariff policies, favorable factors, including major central banks continuing to cut interest rates, steady growth in major global economies, and the continued boom in artificial intelligence investment, supported market performance. The fund’s global stock and bond portfolios all recorded positive returns, with the stock market performing especially well.

As of the end of last year, the FSS’s total assets were about MOP108.43 billion, of which cash and bank deposits were about MOP58.93 billion, accounting for about 54%; financial assets were about MOP47.7 billion, accounting for nearly 44%; and fixed and intangible assets were about MOP31.23 million. After deducting MOP63.74 million in current liabilities, the fund’s net asset value was about MOP108.37 billion.