Members getting K526mil

The National Business

By PETER ESILA
THE Nambawan Super Limited (NSL) will be paying a rate of 6.5 per cent on their members’ savings, according to the superfund.
Deputy chairperson Dame Meg Taylor said this was a total of K526 million to be paid to 208,000 members.
She said this yesterday when presenting the results of the 2021 financial year which were:

  • A 2021 net asset value of K8.82 billion which was an 8.4 per cent rise or an increase of K680 million;
  • THE fund recorded a record net profit of K526 million which climbed by K437 million from 2020;
  • THE 6.5 per cent return was excellent in challenging economic conditions;
  • THE management expense ratio remained at one per cent;
  • TOTAL contributions for 2021 were K935 million which was an increase of K134 million;
  • TOTAL member payouts were K778 million, an increase of K337 million;
  • K88 million was paid to members in housing advances which represented a rise of K48 million since 2020; and,
  • MEMBERS contributed K37 million voluntarily in 2021 and membership grew to 30,391 members with voluntary funds under management totaling K244 million.

“It is pleasing that we will be kicking off 2022 with news of a good result from last year. As 2022 also marks Nambawan Super’s 60th anniversary of service to our members, building better futures, throughout PNG.
“As a profit-to-members fund, generating profits that we can return to members is priority and we are proud to have been doing this for 60 years.”
Dame Meg added that despite a tumultuous 2020, the fund was determined to overcome the challenges of the Coronavirus pandemic and continue to deliver results for its members.
“Over the past 10 years our asset base has more than doubled.
“Our asset base is our members’ savings which means the wealth of members has doubled over the past decade. Nambawan Super’s compound average returns over the past 10 years are seven per cent, almost a full two per cent over the national CPI for the period, which means real returns to members.”