Noor Takaful Insurance Announces N4.97bn Premium
Ebere Nwoji
Pioneer composite Takaful Insurance firm, Noor Takaful limited, has announced N4.97 billion as its gross premium contribution for the 2022 financial year.
The underwriting firm disclosed this at its 6th Annual General meeting held in Lagos.
Based on this performance, the company’s board recommended the dividend payment of N46.84million at 3kobo per ordinary share.
A breakdown of the audited result approved by the regulator- NAICOM showed that the contribution of the insurance company for the financial year ended December 31, 2022, experienced a sharp growth, amounting to 36 percent compared to N3.66billion recorded in the corresponding period in 2021 while Profit After Tax increased from N422.72million in 2021 to N478.049m in 2022.
The result also showed that gross claims paid by the Company rose from N1.97 billion in 2021, to 3.14 billion in 2022 with Family Takaful claims payout accounting for the huge proportion of the gross claim expenses. While Family Takaful Claims payout took N2.176 billion, the General Takaful Claims payout amounted to N961.42 million.
Further breakdown of the results showed that Investment Income grew from N151.26 million in 2021 to N204.55, while underwriting expenses rose by over 68 percent from N434.5 million in 2021 to N728.19 million in 2022, causing a dip in the gross contribution.
Speaking at the meeting, Chairman, Noor Takaful Insurance Limited, Mr Muhtar Bakare, noted that the company maintained a strong financial position despite the challenges posed by the global economic dynamics. Our prudent risk management and disciplined underwriting practices have enabled us weather some of the worst of the storms of uncertainty. Despite the challenging operational landscape, the company’s strategic initiatives yielded encouraging results
“As a business, we will continue to make business decisions that would ensure returns on investment taking into cognizance the difficult macro-economic and political environment. Going forward, investment in technology to deepen Takaful penetration shall be core to our business operations. We are equally determined to take actions that would serve the best interest of our shareholders,” he said.
