The board of directors, Noor Takaful Limited has announced a profit after tax of N478.049m for the 2022 fiscal year, and a N4.97 billion gross contribution for the same year.
This was contained in the annual report and accounts of the company during its 6th AGM held in Lagos on October 18, 2023.
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The board recommended the dividend payment of N46.84 million at 3k 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 N3.66 billion recorded in the corresponding period in 2021 while the profit after tax increased from N422.72m in 2021 to N478.049m in 2022.
The result also showed gross claims incurred 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 the Family Takaful Claims payout took N2.176 billion, the General Takaful Claims payout amounted to N961.42 million.
A 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.
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Muhtar Bakare, chairman, Noor Takaful Insurance Limited, said 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 to weather some of the worst of the storms of uncertainty. Despite the challenging operational landscape, the company’s strategic initiatives yielded encouraging results,” he said.
