Labour and National insurance Minister Shane Gibson said based on preliminary results the National Insurance Board (NIB) as of December 2015 collected some $260.5 million during his contribution to the budget debate Monday.

The figure, according to Mr. Gibson, is almost $3million dollars under budget.

“Other results of operations for the 2015 fiscal year show that investment income decreased by approximately $7.16 million mainly due to NIB’s share of loss for the Bank of the Bahamas. Benefits increased by 5.7 percent to $258 million from $244 million in 2014; and there was a savings in Administrative expenses of $8.1 million,” he said.

“As at March 31, 2016, total assets of the National Insurance Fund stood at just over $1.8Billion. Investments represent some $1.65 billion of total assets; with total reserves for the same period of just over $1.712 Billion. Overall income for NIB was impacted by the failure of Baha Mar to open as projected.”

Along with performing well financially, Mr. Gibson says he is pleased that over the past 11 months NIB has made tremendous progress in several major infrastructural developments.

“Work has begun on the construction of the Government Complex in Bimini as well as the C.A. Smith Storage Facility in Freeport; The Sandilands Rehabilitation Centre’s Robert Smith Child, Adolescent and Special Education Unit was commissioned this week,” Mr. Gibson said.

“In looking ahead, Mr. Speaker, the National Insurance Board is currently in the final stages of the completion of the Ministry of National Security Building on John F. Kennedy Drive, with the anticipated completion set for December 2016.”

Other developments include the completion of the renovation of the Court of Appeal at Claughton House, The formal handing over to the Ministry of Health of the mini hospitals in Abaco and Exuma respectively was completed in April.

Both of the buildings are expected to open this month.