"Last year, despite facing several tough economic challenges, the fund worked tirelessly to deliver the results for our members," said NSL chairman Reg Monagi.
Monagi outlined the challenges, which included high global and local inflation; continued supply chain disruptions; rising fuel and energy prices; the introduction of the additional company tax on BSP Financial; and late payments of State rental arrears.
Highlights included:
• NSL's net asset now totals K8.99 billion (an increase of K170million).
• Net profit for the year 2022 is K144 million.
• Interest credited to member accounts is 1.6%.
• Total contributions of K1.03 billion (an increase from K935 million).
• Total member payouts were K1 billion to 30,000 members (highest ever).
• Fund membership grew to 220,410 from 214,540 members in 2021(an increase of 5000).
• 19% increase in retirement savings account members.
• 5.3% increase in Choice Super members
"But NSL's reduced profits for 2022, can be attributed primarily to the valuation losses of our offshore and local investments which totalled K248 million. That is nearly a 3% reduction in crediting rate terms.
"The total valuation losses for 2022 represent a K274 million unrealised loss from our offshore valuations, and a K27 million unrealized loss from our investment property valuations.
"These losses were slightly cushioned by a K39 million unrealised gain from our unlisted equities, and a K14 million unrealised gain from our shares listed on the PNGX," said Monagi.
The full statement by Monagi may be found at this address: https://bit.ly/3HCoFGp
