The Board of Directors of Noor Takaful Insurance Ltd, the pioneer takaful operator in Nigeria has emphasised the need for innovation in driving financial inclusion for growth.
The Company according to remains focused on bringing innovation that would help improve its current achievements, just as they have identified the need for financial inclusion as the driving force behind its success.
Muhtar Bakare, chairman of the Board of Directors, who made the disclosure during its 7th Annual General Meeting (AGM) held in Lagos, announced a 123 percent increase in profitability for the 2023 financial year. The board also approved a five-kobo dividend per share for the 2023 financial year compared to the three kobo paid out in the 2022 financial year.
Bakare revealed that the company’s Gross Written Contribution grew from over 4.9 billion Naira in 2022 to 6.5 billion Naira in 2023, representing a significant rise of 30 percent. Additionally, Profit After Tax rose from N468.5 million in 2022 to N1.05 billion in 2023, representing a remarkable 123 percent rise in profitability.
Bakare highlighted the company’s unwavering focus on its takaful and ethical model as the main driver of the growth.
Some shareholders who attended the meeting applauded the company’s leadership for ensuring steady annual growth. They expressed confidence in the outgoing chairman’s ability to replicate this success as he transitions to his new role as chairman of Noor Health.
Read also: Noor Takaful Insurance prioritises tech for distribution, services
Noor Health, a subsidiary of Noor Takaful, recently received approval to operate as a national health management organisation and is expected to commence operations in November of this year.
During the AGM, the outgoing chairman, Muhtar Bakare, also unveiled the company’s upcoming mobile app, RAHA by Noor.
According to him, the new digital platform is designed to cater to customers’ insurance needs, providing a seamless participant acquisition tool and serving as a gateway to Noor Takaful’s full suite of digital solutions. By streamlining access and reducing the need for retail staff interactions, RAHA promises to save participants valuable time.
The app reflects one of Noor Takaful’s core values: innovation, furthering its mission to become a leading provider of ethical finance solutions across Africa,” he said.
Noor Takaful Insurance Limited, a takaful insurance firm, was established and duly licensed by NAICOM in April 2016 as the full-fledged composite takaful insurance operator in Nigeria with 100 per cent Indigenous Nigerian shareholding. The company currently plays a pioneering and leading role in unlocking Nigeria’s takaful insurance potential. Its operational framework is regulated by NAICOM and is subject to the Insurance Act 2003.
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