Andorra's CASS General Branch Posts €16.6M Q2 Deficit as Expenses Outpace Contributions

Andorra's CASS general branch recorded a €16.6 million deficit in the second quarter of 2026, as expenses rose faster than contribution income despite growth in the number of salaried workers and self-employed contributors.

Contributions to the general branch totalled €112.8 million from April to June, marking an 8.4% increase from the same period in 2025. This included €101 million from salaried employees and self-employed individuals, plus €11.8 million linked to economic benefits. Expenses, however, reached €129.4 million, up 7.3% year-on-year, with €84.3 million for healthcare benefits (a 7.7% rise) and €45.1 million for economic benefits including sick leave, disability pensions, and orphan's pensions (up 6.5%).

The deficit follows a €8.54 million loss in the first quarter, when contributions grew 9.1% but disease-related costs increased 15%, with reimbursements at €40.32 million (up 11.78%) and sick leave payments at €10.19 million (up 10.95%). The government bridged that gap with a €9.01 million transfer.

Employment trends supported higher revenues: June 2026 saw 48,464 salaried workers, up 3.1% from June 2025 and 2% over the first half of the year. Self-employed contributors numbered 9,531, a 4.6% increase. Indirect insured individuals totalled 18,595. General branch pensioners fell 6.5% to 2,430, including 2,115 on disability, 314 on orphan's pensions, and one for surviving ascendants.

The retirement branch, by contrast, achieved an €18.2 million surplus. Contributions rose 7.1% to €122.8 million, comprising €116 million from workers, €3.3 million from economic benefits, and €3.5 million in government transfers for non-contributory pensions. Expenses climbed 11.3% to €104.6 million, with €101.1 million for contributory pensions (up 11.7%) and €3.5 million for non-contributory ones.

Pensioners in this branch increased 4.9% to 19,082, including 17,401 retirees and 3,657 widow's pensions (68 temporary). The dependency ratio stood at 2.89 active contributors per pensioner in June, down 1.7% from the prior year.

CASS's Administrative Council approved these financial statements on Tuesday and submitted them to the government. The organisation has also launched a private portal feature allowing insured users to view their accumulated contribution months in Andorra and compare them to requirements for full retirement at 65 or early retirement.