After a turbulent year marked by litigation, boardroom conflict and governance uncertainty, EswatiniMed is steadily rebuilding both its financial position and leadership architecture, while delivering practical benefits aimed at making healthcare more affordable and accessible for members.
At the Annual General Meeting held at the Hilton Garden Inn in Mbabane, members were presented with evidence of a sharp financial turnaround alongside a series of initiatives designed to reduce out-of-pocket costs and improve convenience. The Fund reported a surplus of E42.6 million for 2024, a dramatic reversal from the E14.1 million deficit recorded in 2023.
Insurance income rose to E628 million, while accumulated funds increased to E582.8 million. Short-term deposits climbed to E189.9 million and the statutory reserve ratio improved from 15 per cent to 22 per cent, underscoring a stronger financial position.
Retired Principal Officer Peter “Samora” Simelane, who was invited by the Board to return and present the annual report, attributed the improved performance to tighter clinical claims auditing, rigorous cost containment measures and disciplined financial management.
For members, one of the most significant announcements was the establishment of four EswatiniMed pharmacies in Manzini, Mbabane, Pigg’s Peak and Buhleni. The initiative is intended to lower medicine costs by reducing mark-ups from about 55 per cent to 33 per cent and eliminating upfront co-payments for members who use the Fund’s pharmacies.
The expansion is expected to make essential medication more accessible while easing the immediate financial burden on families who depend on the Fund for their healthcare needs.
Board Chairman Samuel “Sammy” Dlamini said the turnaround reflected the collective discipline of management, staff and members during one of the most challenging periods in the Fund’s history.
“This turnaround belongs to our entire team and our members, whose collective discipline allowed us to weather severe operational headwinds and place EswatiniMed on a much firmer footing,” he said.
The AGM also marked the continuation of a governance renewal process aimed at strengthening the Board with experienced corporate leaders. Several high-profile executives have been nominated and provisionally endorsed, with some appointments subject to final approval at a forthcoming Special General Meeting.
Together, the proposed directors bring expertise in finance, telecommunications, insurance and risk management, reinforcing confidence that the Fund is being positioned for long-term stability.
With assets exceeding E3 billion and ownership of the state-of-the-art Ezulwini Private Hospital, valued at more than E400 million, EswatiniMed occupies a central role in the country’s private healthcare system.
The message from the AGM was clear: after navigating one of the most difficult chapters in its history, EswatiniMed is moving from recovery to renewal, with stronger finances, lower medicine costs and a renewed focus on delivering peace of mind to members and their families.