Noor Takaful Insurance Records N3.66bn Contribution, Declares N422.7m Profit

Kayode Tokede

The Board of Directors, Noor Takaful Limited-pioneer composite Takaful Insurance firm in Nigeria, has announced a total sum of N3.66billion as a contribution for the 2021 financial year at its 5th Annual General Meeting held in Lagos.

The Company also recorded a profit of N422.72mmillion for the period.

Based on the audited report provided by the Company, which the regulator recently approved – The National Insurance Commission (NAICOM), the Company experienced huge growth in contribution (premium), amounting to 183per cent compared to N1.29 Billion in the corresponding period in 2020, its Profit After Tax rose to an all-time high from N147 million in 2020 to N422.72million in 2021.

According to a statement signed by the Company’s Chairman, Mr Muhtar Bakare, the Company’s strategies and operations for the year yielded encouraging results despite the challenging operating environment occasioned by the COVID-19 pandemic, worsening insecurity, and sustained inflation, among others.

Bakare stated that the increase in the gross contribution by the Company was primarily due to the Family Takaful business, the General business’ positive returns on investment, and growth in other income, which helped significantly improve profitability.