The Savings – Insurance Branch of the Caisse de Dépôt et de Gestion in charge of the management of the National Pension and Insurance Fund (CNRA) and the Collective Retirement Allowance Scheme (RCAR), presented on April 25, 2024 , during the meetings of the Management Committees chaired by Mr. Khalid SAFIR, Director General of CDG, the annual results as well as the financial and operational performances of the two organizations managed: CNRA and RCAR.

As such, the year 2023 was marked by the launch of a new strategic cycle covering the period 2024-2030, called CAP 2030. This is a new roadmap aimed in particular at:

to continue the effective involvement of CDG in the pension reform and generalization of social protection projects, the conduct of an investment strategy further capitalizing on the expertise of the CDG group through its specialized subsidiaries and responding to the balancing needs and strategic allocations of the CNRA and RCAR while contributing to the useful financing of the national economy, the constant search for operational excellence for an optimal response to the needs of stakeholders and customer service to the best standards.

CDG, through its Savings – Insurance Branch, intends to consolidate its vocation as a “Structurer”, “Assembler” and “Provider of useful solutions” for public authorities, as part of the implementation of national strategic projects linked to its areas of activity. CNRA: AT THE SERVICE OF THE IMPLEMENTATION OF SOCIAL PROGRAMS

The year 2023 saw unprecedented development in its activity, marked by the deployment of three social programs considered by the public authorities as essential pillars of the Social State:

The Direct Social Aid program, alongside the CNSS, which has benefited 3.5 million Moroccan households since its launch; The Direct Housing Assistance program which recorded around 53,000 applications; The Aid to Victims of the Al Houz Earthquake program which paid aid amounting to 1.6 billion MAD for the benefit of more than 60,000 victims.

These successful contributions position the Savings – Provident Branch of the Caisse de Dépôt et de Gestion, manager of the CNRA, as a major player in the field of social welfare in Morocco and an important stakeholder in the deployment of generalization projects. Social Protection.

Furthermore, in 2023, the CNRA finalized the transformation of its RECORE product into an individual capitalization scheme, thus confirming its capacity with public authorities to restructure its products to serve their beneficiaries and to support ongoing developments in the welfare sector.

On the operational level, the CNRA recorded notable performances with significant impacts on the quality of service to citizens and on its processing times which showed significant reductions.

In terms of its management activity on behalf of third parties, the CNRA paid a total amount of 4,664.58 MMAD for annuities, pensions, aid and advances compared to 1,154.2 MMAD in 2022, an increase of 304% explained by the support of new social programs. On the financial side, the CNRA collected during this financial year a total amount of capital, premiums and contributions, of 2,666.90 MMAD. The value of its investment portfolio has stabilized at around 23.5 billion MAD and generated net income of 881 MMAD.

The CNRA displays a positive net result of 135 MMAD for the 2023 financial year.


The year 2023 recorded an increase of 1% in the number of contributing members of the RCAR General Scheme, going from 119,955 in 2022 to 121,813 in 2023.

Likewise, the contributions recovered, under the General and Supplementary Schemes, increase by 4.2%, going from 3,482.48 in 2022 to 3,628.23 MMAD in 2023.

Furthermore, the RCAR provided, in 2023, 7,824.76 MMAD as benefits for the benefit of 147,266 pension beneficiaries compared to 7,474.68 MMAD in 2022 for the benefit of 144,162 beneficiaries.

Like the CNRA, the operational performance of the RCAR has significantly improved thanks to the in-depth work undertaken in recent years and aimed at continuously improving the quality of service to citizens. Processing times for RCAR pension applications have thus recorded notable improvements.

On the financial side, the RCAR benefited from the favorable development of the financial markets to maintain a reserve of more than 121 billion MAD and preserve its viability horizon estimated at 2052 according to its latest actuarial balance sheet.

In 2023, RCAR will show a positive net result of 1.1 billion MAD.

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