The Eswatini National Provident Fund (ENPF) reported total asset growth of E7.14 billion for the financial year ending June 2025, a 13.2% increase from E6.31 billion the previous year.
This is according to the Fund’s 2025 annual report, which reflects a strong portfolio performance despite a challenging global economic environment.
Growth was supported by strong performance in the offshore market, steady progress in the unlisted investment portfolio, and increased allocations to fixed-income and property assets.
Despite a challenging environment marked by global monetary tightening, fluctuating commodity prices, and moderating inflation, the Fund delivered resilient performance, underscoring the strength of its diversified investment strategy and disciplined management of members’ savings.
Investment Committee Chairman Armstrong Dlamini highlighted that the Fund’s long-term objective is to deliver a net real return of inflation plus 4.5% per annum, measured over a rolling three-year period and net of taxes and investment costs. He noted that the Fund’s total assets grew significantly during the review period, reflecting consistent progress across both domestic and offshore portfolios.
In line with its strategic evolution, the Board of Directors approved the creation of a fully stand-alone Investment Division, marking a milestone in the Fund’s long-term sustainability plans.
The new division will drive growth in the domestic investment portfolio through rigorous due diligence, strategic sector allocation, and continuous performance monitoring. It will also oversee South African and offshore investments managed by external asset managers, ensuring alignment with the Fund’s investment policy, risk parameters, and performance benchmarks.
Looking ahead, the Investment Committee plans to continue a strategy anchored in capital preservation, sustainable growth, and diversification, while integrating Environmental, Social, and Governance (ESG) principles to enhance long-term value creation. The Committee also aims to strengthen internal investment research capabilities and governance structures to support the Fund’s strategic objectives.
Dlamini expressed appreciation to the Board of Directors, Management, and the Investment Division for their professionalism and dedication, reaffirming the Fund’s commitment to delivering sustainable returns, promoting local economic development, and safeguarding members’ retirement futures.
E383 Million Paid Out in Benefits
In addition to its soaring asset base, the Fund also disbursed E383 million in the 2025 financial year.
This represents a 13% increase from the E315 million paid out in 2024, driven largely by a significant rise in members reaching retirement age and accessing their savings.
The most striking growth was in Retirement Benefits, which jumped 28% to E94 million. Age Benefits also rose substantially, increasing 20% to E259 million.
Other key payout categories included:
• Survivor Benefits: Increased by 7.9% to E17.6 million.
• Supplementary Benefits (Retrenchments): Grew by 74%.
• Scholar Benefits: Saw a massive 162% increase, attributed to improved compliance and more efficient refund processing.
• Disability Benefits: Rose 4.2% to E2.9 million.
Despite handling the highest volume of claims in the Fund’s history (18,451 claims in total), the ENPF reduced processing times to near-record lows.
Through aggressive digitization and streamlined internal workflows, the average claim wait time has decreased from 1.8 days in 2023 to 1.07 days in 2025. This efficiency ensures that members and their families receive critical financial support almost immediately after filing.
The Fund noted that the record volume of payouts is a testament to its ability to meet its obligations. However, the ENPF emphasized that this level of disbursement is sustainable only through “strong contribution inflows and prudent investment management.”
“Each payment reflects the Fund’s core mission to safeguard members’ savings and support families in times of need,” the Fund stated.