This relocation marks the conclusion of Nasfund’s temporary arrangement with BSP Financial Group Limited, who kindly provided office space during this period.

Nasfund’s Chief Executive Officer Rajeev Sharma said, “The Fund extends its sincere appreciation and acknowledgment to Mr. Mark Robinson, Chief Executive Officer of BSP Financial Group, as well as the banks Board, Management, and Staff for their generous support, which enabled Nasfund to continue serving its members without interruption.”

The new Tang Mow Plaza office will maintain the standard operating hours of 9:00am to 3:00pm, with segmented days allocated for specific services to ensure efficient and streamlined assistance.

We welcome all members and employers to visit our new premises from Monday, 14th July 2025, and look forward to continuing to provide superannuation services to the people of East Sepik Province in Wewak town.

A formal signing ceremony was held in Port Moresby on June 25th, officiated by George Constantinou Jr, Managing Director and Group Chairman of the Constantinou Group of Companies, and Rajeev Sharma, Chief Executive Officer of Nasfund.

Through this partnership, Monier Limited will offer a 10% discount on key products including Water Solutions Poly (HDPE) Pipes, Masonry Concrete Blocks & Pavers, and Construction Sand, available exclusively to registered and currently contributing Nasfund employers.

Nasfund CEO Rajeev Sharma stated, “We’re pleased to have Monier Limited join our Employer-to-Employer Discount Program. These strategic partnerships are what Nasfund has been actively pursuing to help provide financial relief for our contributing employers.”

How Can Employers Access Discounts?

To access E2E discounts, registered and currently contributing Nasfund employers must:

1. Contact Nasfund’s Marketing & Stakeholder Engagement Team Email the team to request an official Employer ID Card.

2. Use the ID Card at E2E Partner Locations Present this ID card at any participating E2E partner, such as Monier to receive the applicable discount on purchases for your business.

Why Join the E2E Program?

Businesses that join as E2E partners benefit from: Brand visibility and promotion as a responsible corporate partner supporting local PNG businesses. Recognition for contributing to nationwide cost savings for employers. Stronger B2B relationships by participating in a network that fosters collaboration and economic growth.

Nasfund remains committed to growing this initiative with partners from a range of industries, ensuring mutual value for our contributing employers and the wider business community.

For more information or to join the E2E Program, contact: Rhaymoly Alphonse at mailto:ralphonse@nasfund.com.pg or Hamilton Riman at mailto:hriman@nasfund.com.pg.

The National Superannuation Fund Limited (Nasfund) yesterday, 19th June 2025, officially reopened its Boroko Client Service Centre, marking the return of one of its most recognized and historically significant branches.

Closed in October 2022 to allow for a full upgrade, the Boroko branch has now been transformed into a modern, inclusive, and member-focused facility, designed to enhance comfort, efficiency, and accessibility.
Speaking at the reopening, Nasfund CEO Rajeev Sharma said the project reflects the Fund’s long-term commitment to investing in infrastructure that directly improves the member experience.

“This isn’t just a refreshed space, it’s a recommitment to serving our members with purpose,” said Mr. Sharma. “Boroko has always held an important place in our story, and it’s now equipped to support members even better.”

The redesigned center includes a member chamber with a capacity for up to 180 people, eight service counters, private interview rooms, and a new internal conference space. The facility also features upgraded electrical and IT systems, enabling it to function as a backup site to Head Office should service disruptions occur.

“We’ve built Boroko not just for convenience, but for continuity,” Sharma added. “This branch now plays a key role in keeping our services accessible and reliable in any situation. We’re proud to welcome members back to a space that truly belongs to them, their service center, their Fund, and their future.”

The Boroko Client Service Centre is now open Monday to Friday, from 9:00am to 3:00pm, offering a full range of member services. These include processing of withdrawals, housing advances, ID card issuance and replacements, member detail updates, and general account support. In the near future, the Service Centre will also house Nasfund’s Employer Services Team.

These regional events bring employers together to gather updates on superannuation, and encourage best practices for all employers and their respective staff.

A key moment at today’s conference was the recognition of the Coffee Industry Corporation Limited (CIC), who travelled to Mt. Hagen to receive two awards from Nasfund Chief Executive Officer, Mr. Rajeev Sharma.

• Best Employer with Employer Voluntary Contributions – Category B (Winner)

• Most Compliant Employer in Mandatory Contributions – Category B (2nd Runner-Up)

“These awards reflect CIC’s ongoing commitment to looking after its employees’ future through regular and voluntary super contributions,” said Mr. Sharma. “CIC’s leadership in this space is an example for others across the Highlands and PNG.”

Other employer award recipients from the region included:

• Lahani Finance– Best Non-Mandatory Contribution Employer

• Jojo Enterprise Limited– Best Non-Mandatory Contribution Employer

• Asaroka Lutheran High School– Category C Runner-Up

The program included presentations from Ms. Anne Wilson, Chief Officer Member and Employer Services, and Ms. Fiona Nelson, Chief Investment Officer, followed by an open Q&A session.

The final conference for the New Guinea Islands region will be held in Kokopo, East New Britain on Friday the 13th June.

Nasfund confirms that its Wewak Branch office, which was located in a rented property, sustained significant damage following a fire incident on Friday, 6 June 2025. The fire is believed to have started from an electrical fault in a neighbouring property and quickly spread to the building where our office is located.

We are grateful to report that all Nasfund staff and members present at the time are safe, and no injuries were reported.

We are working closely with the relevant authorities to assess the full extent of the damage. In the meantime, we have activated our Business Continuity Plan to minimise disruption and maintain essential services to our members in Wewak and surrounding areas.

“Our team is actively securing a temporary location so that we can resume operations as soon as possible,” said Rajeev Sharma, Chief Executive Officer of Nasfund.

Members will be notified once a temporary site is confirmed. In the interim, we encourage members to use our digital channels, including the Nasfund Mobile App, Member Online Portal, and e-branch services for assistance.

Members in the affected region may also access support through our Maprik Service Centre or contact our team in Port Moresby directly by calling 1588 or emailing help@nasfund.com.pg.

We will provide further updates as they become available.

Winning in the Large Business category, our AI-Powered Vendor Invoice Management and Three-way Automation Solution, developed in collaboration with ZeonAI, has set a new standard in the industry.

The Innovation PNG 2025 Conference, co-hosted by the PNG Chamber of Commerce and Industry and Business Advantage International, was held at the Stanley Hotel on March 27th and 28th.

Competing against formidable finalists like Credit Bank PNG, Kramer Asia-Pacific PNG, Markham Culverts Lae, MiBank, and TISA Bank NCD, Nasfund emerged victorious, showcasing our commitment to excellence and technological advancement.

Our journey began with a vision to revolutionize our operations through digital transformation.

The InvoiceAI Solution, powered by Generative AI, has been a game-changer. It automates the entire invoice processing workflow, from extraction to validation and approval, with unmatched efficiency and precision. This innovation has reduced our processing time by 70% and achieved over 97% accuracy in data extraction, as highlighted by our Chief Financial Officer, Debbie Oli.

The success of the InvoiceAI Solution lies in its integration with our existing enterprise systems, leveraging Large Language Models (LLMs) and AI-powered document intelligence. It features smart anomaly detection, precise risk assessments, and real-time decision-making capabilities, setting a new benchmark for innovation in the industry.

Our CEO, Rajeev Sharma, emphasizes the strategic vision behind this innovation: "This award is a testament to our unwavering commitment to embracing cutting-edge technologies that elevate service delivery for our members and stakeholders. AI-powered automation is transforming superannuation administration, ensuring peak efficiency at every level."

This award is further to the PNG CORE Award for our exceptional service in the Finance and Banking sector. Our continuous efforts to enhance member services have set new industry standards. Our Call Center Modernization now handles an impressive average of 500 calls and 200 emails daily. Additionally, our E-Withdrawals process over 400 applications monthly for unemployment benefits and housing advances.

At Nasfund, we are committed to bridging the gap between electronic and physical branches, ensuring accessibility, efficiency, and security in superannuation services. Our award-winning innovation is a testament to our dedication to excellence and our vision for a digitally empowered future.

Join us on this exciting journey as we continue to lead the way in innovation and service excellence. Nasfund is not just a superannuation fund; we are a partner in your financial journey, committed to making a difference in the lives of our members and the community.

The audited financial statements were approved by the Trustee Board at its meeting today, March 13, 2025. Reporting Net Asset Value (NAV) of K8.1 billion and a notable Net Profit After Tax (NPAT) of K849 million for the year ended 31 December 2024.

Following these results, the Trustee Board has declared an interest crediting rate of 11.75% for the 2024 financial year. This translates to a distribution of over K839 million to members' accounts this weekend, reinforcing the Fund’s commitment to Growth and increasing members' savings despite economic challenges.

I am delighted that Nasfund’s growth has continued throughout 2024 despite what has been a tumultuous year both domestically and internationally. With strong membership growth and investment returns across the portfolio your Fund has reached the K8 billion milestone. This success is a testament to our Responsible approach to managing investments and ensuring long-term stability.

In a year that started with the devastations of Black Wednesday, the continuing Government cashflow crisis adversely impacting local business performance, and shadowed by ‘a cost-of-living crisis’ the team at Nasfund has ensured that returns to members remain steady. Despite no major projects commencing in country during the year, we have seen strong Growth from our existing membership with 56,874 new members and 191 new companies joining the Fund.

The positive financial outcomes were significantly influenced by the valuation gains of K487m, more than double the valuation gain of K180m last year. It should be noted that K280m of this gain is from our investment in BSP, which represents 59% of the overall valuation gains.

Our crediting rate for 2024 of 11.75%, underscores our dedication to providing strong and stable returns to our members above CPI over a rolling five-year period, which on average is 7.2% compared to 5.1% CPI average over the same time during 2020 to 2024.

This performance underlines our dedication to ensuring the financial well-being and Trust of our members, and we look forward to this positive trajectory in the future.

Main highlights for FY2024 include:

• Cash income of K482 million compared to budget of K486 million (FY23: K485 million income)

• Valuation gain of K487 million (FY23: K180 million)

• Foreign currency loss of K5.7 million (FY23: 84.9 million gain)

• Expenses of K78 million compared to budget of K86 million (FY23: K75 million)

• Net profit before valuation of K336 million against Budget of K334 million

• Net profit after tax of K849 million (FY23: K596 million)

• Total assets of K8.19 billion (FY23: K7.13 billion)

• Net assets of K8.12 billion (FY23: K7.07 billion)

• Contributions received of K793 million, 12% higher than collected in 2023 (FY23: K705 million)

• Member benefit payments of K591 million (FY23: K534 million)

• Total membership increased by 4% to 715,873 members (FY23: 688,169)

• Gross employer base increased by 5% to reach 3,776 employers (FY23: 3,585)

• Interest credited of K839 million (FY23: 584 million)

• Interim Crediting Rate paid to Exiting Members during the year of K13.7 million

The short- and medium-term outlook of PNG’s economy remains cautious, confidence and performance will be underpinned by a projected recovery in the extractive sector.

Nasfund as an investor and landlord sees extraordinarily improved performance when the country’s resource projects are operational, as it improves the property portfolio in terms of value and rental income and increases contributions due to a larger work force.

Throughout the year, while there were economic challenges, it's important to recognize the resilience and strategic adaptations made by our team, our strategic response and portfolio adjustments have been proactive and thoughtful.

Our allocation of assets for international investments is currently at 17% of Net Asset Value, which is well below the board-approved target of 25% and within the prudential standard limit of 35%.

While we saw an increase in interest rates on Government Securities in 2024, the impact of these increases will only be seen in our future results. The lower interest income in 2024 was a result of lower yields on Government Inscribed Stock and Treasury Bills.

Our investment division will intensify efforts to identify and assess opportunities in FY25 while remaining vigilant in monitoring market conditions and adjusting our investment as needed to ensure we are maximizing returns for our members while also managing risk.

In 2024 we implemented our new strategy for the years 2024 – 2026, with a focus on enhancing operational efficiencies and superannuation education and Connecting with our members. We have also launched a series of superannuation videos in both English and Tok-Pisin which are being used to drive awareness of our products and services and the importance of long-term savings.

We continue to focus on digital initiatives, launching our WhatsApp appointment process, with more strategic initiatives aimed at improving the overall member experience. This means placing more emphasis on adding value for our membership while also helping them increase their retirement funds.

We also embarked on a number of AI initiatives within our finance operations, to drive more efficiencies. Following the success of these initiatives, we are now in the process of developing more AI initiatives focused on delivering a better experience for members and employers.

Most of you will be familiar with our Membership Discount Program (MDP), which provides discount opportunities for our members with 29 partners. In 2024 we launched the Employer to Employer (E2E) Discount partnership. This initiative gives employers with Nasfund the opportunity to enjoy corporate discounts they may not otherwise have received. To date, we have signed 10 E2E partners.

As we continue an upward trajectory, with 2024 being the best year since 2010, I would urge members to look at consistent long term returns as superannuation is for the long term – this year our results were supported by BSP share value increases and international share markets, factors we do not influence and are beyond our control, next year it may be different story. Valuation income 2024represents 51% of total income.

At Nasfund we are always focused on being ready for tomorrow. We remind our members that if you remain invested throughout employment then your long-term returns can grow exponentially over time. This will provide financial security following your retirement from active employment.

It is important to understand that interest is calculated in two parts, interest on your opening balance at the start of the year plus interest on daily average rate based on date of contribution received in our bank account. This makes timely remittance of contributions very important to gain full advantage of interest throughout the year. Those employers who have not remitted funds are disadvantaging their employees who are our members as they are missing out on the benefit of high interest crediting this year.

This achievement reflects Nasfund’s prudent approach to its investments and expense management, ensuring the long-term financial security and confidence of our members. The Fund remains committed to safeguarding and growing retirement savings, despite external economic pressures.

Nasfund remains a Trusted partner in securing the financial futures of its members, reinforcing its position as Papua New Guinea’s leading superannuation provider. The Fund looks forward to continuing this positive trajectory, ensuring the long-term financial security and confidence of its members.

I would like to sincerely thank our CEO, Rajeev Sharma, executive management, and staff for their commitment and hard work in 2024 in delivering such commendable results in this economic environment.