OUR BUSINESS

NSSF Five Year Performance Review

Income Statement

Five Year Performance Review	Actual 2018/19 Ushs. Billion	Actual 2019/20 Ushs. Billion	Actual 2020/21 Ushs. Billion	Actual 2021/22 Ushs. Billion	Actual 2022/23 Ushs. Billion	Budget 2022/23 Ushs. Billion	Actual 2022/23 vs Actual 2021/22 Var %	Actual '2022/23 vs Budget 2022/23 Var %	CAGR (2018/19-2022/23)
Total Income	891	1,471	1,837	1,776	1,158	1,946	-35%	-40%	7%
Total Revenue(Core)	1,255	1,472	1,696	1,912	2,201	1,946	15%	13%	15%
Total Cost*	145	158	164	203	191	221	-6%	-14%	7%
Profit Before Interest & Tax	746	1,312	1,672	1,573	968	1,726	-38%	-44%	7%
Profit After Tax + Interest to Members	573	1,160	1,505	1,393	775	1,549	-44%	-50%	8%

Total Costs (Operating Expenditure)* Operating expenses represent costs incurred to support income generation for the Fund. Major categories include staff costs, equipment costs, costs associated with Fund Premises and other costs. These have grown at a CAGR of 7% over the past 5 years in line with the Fund growth.

FINANCIAL POSITION (UGX' BN)

Five Year Performance Review	Actual 2018/19 Ushs. Billion	Actual 2019/20 Ushs. Billion	Actual 2020/21 Ushs. Billion	Actual 2021/22 Ushs. Billion	Actual 2022/23 Ushs. Billion	Budget 2022/23 Ushs. Billion	Actual 2022/23 vs Actual 2021/22 Var %	Actual '2022/23 vs Budget 2022/23 Var %	CAGR (2018/19-2022/23)
Total Assets	11,339	13,284	15,559	17,255	18,560	18,988	7.6%	-2.3%	13%
Fixed Income Investments	8,693	10,235	11,773	13,061	14,340	14,303	9.8%	-0.3%	13%
Equity Investments	1,675	1,912	2,378	2,607	2,370	3,040	-9.1%	-22.0%	9%
Real Estate	802	943	1,142	1,173	1,303	1,146	11.1%	13.7%	13%
Total Investments	11,170	13,090	15,292	16,842	18,013	18,489	7.0%	-2.6%	13%
Accumulated Members' Funds	11,138	13,062	15,299	16,962	19,068	18,666	12.4%	2.2%	14%

FINANCIAL PERFORMANCE (%)

Five Year Performance Review	Actual 2018/19	Actual 2019/20	Actual 2020/21	Actual 2021/22	Actual 2022/23	Budget 2022/23	Actual 2022/23 vs Actual 2021/22 Var %	Actual '2022/23 vs Budget 2022/23 Var %	CAGR (2018/19-2022/23)
Realised Return on Average Investment (%)	11.9%	12.1%	11.9%	11.9%	12.6%	10.5%	-6%	20%	N/A
Cost Income Ratio (%)	16.29%	10.77%	8.95%	11.44%	16.39%	11.36%	-43%	44%	N/A
Cost of Administration (%)	1.28%	1.19%	1.06%	1.18%	1.03%	1.16%	13%	-12%	N/A

Member's Fund Statistics (UGX'M)

Five Year Performance Review	Actual 2018/19 Ushs. Billion	Actual 2019/20 Ushs. Billion	Actual 2020/21 Ushs. Billion	Actual 2021/22 Ushs. Billion	Actual 2022/23 Ushs. Billion	Budget 2022/23 Ushs. Billion	Actual 2022/23 vs Actual 2021/22 Var %	Actual '2022/23 vs Budget 2022/23 Var %	CAGR (2018/19-2022/23)
Contributions Collected	1,208	1,272	1,367	1,486	1,717	1,630	15%	5%	9%
Benefits Paid	450	496	642	1,189	1,199	1,127	1%	6%	28%
Interest Credited to Members**	978	1,154	1,516	1,362	1,584	1,543	15%	3%	13%

Interest Credited to members** Interest credited to members has grown by a CAGR of 13% in the past five years due to continued exceptional performance posted by the Fund. The rates declared have consistently surpassed the 10-year average inflation threshold.

Member's Fund Statistics

Five Year Performance Review	Actual 2018/19	Actual 2019/20	Actual 2020/21	Actual 2021/22	Actual 2022/23	Budget 2022/23	Actual 2022/23 vs Actual 2021/22 Var %	Actual '2022/23 vs Budget 2022/23 Var %	CAGR (2018/19-2022/23)
Interest Declared (%)	11.00%	10.75%	12.15%	9.65%	10%	9.86%	4%	1%	N/A
Compliance Level (%)	68%	55%	51%	55%	57%	52%	4%	10%	N/A
Benefits Processing Time (Days)	7	7	8	12.3	11.9	8	-3%	N/A	N/A

Customer Satisfaction Rate (%)

Five Year Performance Review	Actual 2018/19	Actual 2019/20	Actual 2020/21	Actual 2021/22	Actual 2022/23	Budget 2022/23	Actual 2022/23 vs Actual 2021/22 Var %	Actual '2022/23 vs Budget 2022/23 Var %	CAGR (2018/19-2022/23)
Internal Customers (Staff)	88%	93%	94%	93%	86%	90%	-8%	-4%	N/A
External Customers (Members)	84%	88%	86%	82%	88%	86%	2%	2%	N/A