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Fiji National Provident Fund Boost Figures Through Investments

  The Fiji National Provident Fund announced a net profit of $538.7 million for the 2018 financial year ended June 30, 2018. This was revealed by the FNPF chief executive
25 Nov 2018 17:32
Fiji National Provident Fund Boost Figures Through Investments
FNPF

 

The Fiji National Provident Fund announced a net profit of $538.7 million for the 2018 financial year ended June 30, 2018.

This was revealed by the FNPF chief executive officer Jaoji Koroi during the annual member forum meeting at the FNPF Labasa Office yesterday.

This is an increase of 27.5 per cent from the 2017 profit of $359.5 million and has been attributed to a strong performance of the Fund’s investment.

It resulted in a growth of income investment by 8.9 per cent.

FNPF’s core functions

He reiterated the fund’s core functions, which was to collect contributions, to grow them and ensure that members retired comfortably, were becoming stronger.

“Our focus remains to deliver excellent services and ensure that the fund remains sustainable in the long term,” he said.

Total withdrawals totalled to $314.5 million, which includes the housing related assistance of $44.2 million and immediate relief in Tropical Cyclone Keni and Josie of $11.9 million.

Total assets grew from $5.8 billion to $6.6 billion; with total members’ balances at $5.5 billion from $4.9 billion.

FNPF performance

Mr Koroi said the continued demonstration of the Fund’s improved performance reinforced FNPF’s role as the social and economic anchor for Fiji.

“Our performance illustrates that the Fund is in a strong position to continue to invest and grow our members’ hard-earned retirement savings.

“The record financial performances are a clear indication that the reforms have built a sound platform, improving operational efficiencies and placing FNPF on solid financial and governance foundations.”

Facts and figures

Revaluing investment in subsidiaries led to $66.8 million gain in 2018 and $165.4 million was retrospectively applied to 2016 and 2017.

The value of investment properties also increased by $82.9 million.

The Fund also achieved a record contribution collection of $546.2 million compared with $480.6million in 2016.

The hike in contribution collection is largely due to improved compliance, use of the Employer Portal and increased economic activity.

The Fund also achieved a record contribution collection of $599.9 million an increase of 9.8 per cent compared with $546.2 million in 2017.

“The hike in contribution collection is largely due to improved compliance, use of the Employer Portal and increased economic activity.

“The Fund is now in a much stronger position to transform and face the challenges of the future, especially the increasing expectations from all our stakeholders,” he said.

Achievements

“The achievements for the year should help build confidence from our stakeholders and project the Fund firmly in its journey,” he said.

“The achievements provided a renewed focus on our vision – securing your future, as well as realigning us to our core business, which is to offer financial and social security for our members’ retirement,

“We will continue to strive to operate with the highest integrity to provide assurance to our members and stakeholders through robust governance, processes and operations.

“It also reflects our aspirations to be the leading superannuation firm in the region committed to delivering quality, relevant and excellent service to our members,” he said.

Feedback: maraia.vula@fijisun.com.fj

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