NASFUND REPORTS RECORD K8.1bil PROFIT FOR 2024

By Ricky ISRAEL

Nasfund, Papua New Guinea’s leading superannuation provider, has reported a record net asset value of K8.1 billion for 2024. This marks a K1 billion increase from 2023, which had a net asset value of over K7 billion kina.

Rajeev Sharma, the CEO of Nasfund, shared this positive news at the 2025 Nasfund Employers Conference in Port Moresby this morning. He mentioned that the Nasfund Board released its audited results last Thursday, showing a net profit after tax of K849 million in 2024, up from K597 million in 2023.

Based on this strong performance, Nasfund’s National Board has approved an interest rate of 11.75% for the 2024 financial year. This is the highest interest rate for Nasfund members in 15 years, since 2010.

Sharma expressed his congratulations to all Nasfund members, stating that their balances will see significant growth due to this strong performance. Despite the challenging start to 2024, which included some losses in January due to the events of black Wednesday, Nasfund has bounced back, managing its operational costs well and delivering positive returns.

In addition to the financial results, Sharma highlighted two key initiatives launched last year. First, the Employer-to-Employer (E2E) program, which offers discounts to registered employers. Second, the use of artificial intelligence (AI) to improve invoice management and membership services. These initiatives are designed to make Nasfund more efficient and responsive to its members’ needs.

Sharma also emphasized the importance of digitalization. He noted that Nasfund has launched several informational videos to help members better understand their superannuation, encouraging them to ask questions and engage in meaningful conversations about their investments.

Overall, Nasfund’s strong financial results and focus on technology aim to ensure continued growth for its over 715,000 members.