Gesy’s positive finances will allow it to adopt new technologies and projects, including sending more patients abroad, the senior officer of the Health Insurance Organisation (HIO) said on Saturday.

Speaking to the Cyprus News Agency, Angelos Tropis said that the surplus of the Gesy fund for 2024 amounts to €113 million adding that its accumulated reserve is €707 million.

He stressed that the fund’s positive financial situation allows the organisation to further expand and upgrade the services provided, such as the management of patient missions abroad, which is expected to begin by October 1, 2025.

He said 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 three 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 Gesy 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 Gesy 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.