Nasfund announces audited results for 2022 with a net asset value of K6.3 billion and a net profit after tax of K256 million for the year ending 31 December 2022.
The Nasfund Board approved an interest crediting rate of 4.3 percent for the 2022 financial year during the board meeting held on 9th March, and over K260 million will be allocated into over 650,000 member accounts in the coming days.
Despite difficult economic circumstances, Nasfund demonstrated strong resilience to achieve positive results, with contributions, cash income, and effective cost management over operating expenses exceeding budget expectations. However, valuation losses due to continuing European conflict and FX losses at the year-end partly offset these positive outcomes.
Chairwoman Tamzin Wardley, joined outgoing CEO Ian Tarutia, and incoming CEO Rajeev Sharma for the announcement of the 2022 Audited Financial Results. She highlighted that Nasfund's crediting rate for the past financial year of 4.3 percent is a testament to its commitment to providing strong and stable returns to its members above CPI over a rolling five-year period.
In FY2022, Nasfund's main highlights include a cash income of K473 million compared to a budget of K450 million, employer receipts of K650 million, and 30,816 new members registered resulting in a 5 percent increase in total membership to 653,754 members. The economic outlook of PNG remains positive, underpinned by a projected recovery in the extractive sector.
Nasfund's investment division will be actively pursuing and assessing opportunities in FY23 while remaining vigilant in monitoring market conditions and adjusting its investment strategy as needed to maximize returns for its members while managing risks.
Additionally, Nasfund is making progress on key digital and strategic initiatives aimed at improving the overall member experience and adding value for its membership while also helping them increase their retirement funds.
Wardley reminds members that their long-term Nasfund savings will always benefit them, ensuring they have a level of financial comfort following their retirement from active employment.
She also thanks the outgoing CEO Ian Tarutia, incoming CEO Rajeev Sharma, executive management, and staff for their commitment and hard work in delivering commendable results in this challenging economic environment.