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2009 was another year of steady growth for Nambawan Super Members. Here are some of the highlights

 

Attractive steady returns

10% interest was credited to members' accounts, the 7th consecutive year after the reforms of double digit returns, and taking 2008 interest of 11.5%, the year of the Global Financial Crisis (GFC), achieveing double digit growth post the GFC will be pleasing to members.

Again, the 10% is above the 2009 5.7% inflation rate.


Strong membership growth

  • Membership of the Fund grew by 15.3%, double the growth from the previous year. 113, 564 people were members of the Fund as at 31 December 2009.

  • During the year over 1, 700 members chose to deposit funds worth over K29 million into Nambawan Super's Retirement Savings Account (RSA), At the end of the year, the RSA had 1,406 active members and K40million under management.

Member Services

  • Over 16,000 members attended information sessions and had the oppotunity to meet Nambawan information specialists during the member engagement road show that covered 18 provinces during the year.

  • Plan and action to open offices in all provinces in the country commenced.

  • Valuable discounts for RSA members were negotiated with a number of organisations:
    • Air Niugini: 45% discount on fares and 10 kilos extra baggage allowance
    • Funeral Home: 25% discount on services
    • Brian Bell, CHM, Beltek and Esco: 15% discount on purchases
    • RSA gold identification cards issued

Asset Management

  • Extensive development activity in the Fund's property portfolio to capture the performance of the expected growth in the PNGs property sector:
    • 9 storey Port Tower in Port Moresby's CBD neared completion;
    • Work progressed on the Kokopo Gazelle International Hotel, East New Britian, scheduled for opening in mid 2010;
    • Contract awarded to construct what will be the tallest building in Lae;

    • The Board approved the construction of an A-grade commercial office development to be built on land, formerly occupied by Taurama Squash Courts. Work on the 6-storey building, which will be based on "Environmental Sustainable Design", is expected to begin mid 2010.

  • Prudent and responsible approach to market valuation of investment assets