NSL members get 7pc

The National Main Stories
Reg Monagi

By GYNNIE KERO
NAMBAWAN Super Limited’s (NSL) 228,319 members’ account balances have been increased by seven per cent, as a result of a “big jump” in the 2023 financial year profit to K659 million.
The 2023 profit was K515 million more than the 2022 profit of K144 million, which NSL chairman Reginald Monagi described as a “big jump”.
He said after a tough year in 2022, the Fund entered 2023 “with even stronger determination and resolve to deliver better results for members”, including:

  • NET profit after tax of K659 million;
  • MEMBERSHIP growing by 7,909 (3.6 per cent);
  • NET asset value increasing by K848 billion to K9.84 billion;
  • TOTAL member contributions received in 2023 was K970 million; and
  • TOTAL member benefit payments was K781 million.

The NSL in 2022 increased the balances of member’s accounts by only 1.6 per cent.
Earlier this month, the other superfund, the National Superannuation Fund, approved a 9 per cent increase for its 680,000-plus members’ account balances.
Monagi said the 2023 results were achieved because of strong investment earnings received from interest, dividend and rental income.
He pointed out that the superfund’s assets did not perform as well locally compared to offshore investments.
“The Fund’s international assets performed strongly in 2023 as global markets proved resilient and recovered strongly following a surge in inflation in 2022,” he said.
He added that foreign exchange was “still an issue for us”.
“We could invest more overseas because there’s better opportunities for us,” he said.
As of 10am yesterday, NSL members would have been able to check their accounts after the credits were entered over the weekend.
NSL chief executive officer Paul Sayer said the record profit of K659 million was a great result for the 228,000 members “who persevered, being there for us”.
“I would like to assure our members who are considering retirement in 2024, regardless of the challenges, their funds are safe and we will continue to make them available and interests earned,” he said.
NSL members are public servants.