Insurance company Noor Takaful Limited has generated N4.97 billion as its gross premium contribution for the 2022 financial year, despite the challenging economic climate in the nation.
At its sixth annual general meeting in Lagos, the underwriter made this revelation. It stated that the company’s board had recommended paying a dividend of N46.84 million, or three kobo per ordinary share, based on the company’s performance.
The National Insurance Commission (NAICOM) authorized the audited result breakdown, which revealed the insurance company’s contribution for the fiscal year that concluded on December 31, 2022. Profit After Tax rose from N422.72 million in 2021 to N478.049 million in 2022, representing a 36% increase over the N3.66 billion recorded in the same period in 2021.
The outcome additionally demonstrated that the insurer’s gross claims payments increased from N1.97 billion in 2021 to N3.14 billion in 2022, with the payout of Family Takaful claims accounting for a sizable amount of the gross claim costs. The General Takaful Claims payout was N961.42 million, while the Family Takaful Claims payout was N2.176 billion.
An additional analysis of the data revealed that, although underwriting costs increased by more than 68% from N434.5 million in 2021 to N728.19 million in 2022, investment income increased from N151.26 million in 2021 to N204.55, resulting in a decrease in the total contribution.
Muhtar Bakare, the chairman of Noor Takaful Insurance Limited, addressed the gathering and stated that in spite of the difficulties brought about by the dynamics of the world economy, the company remained in a healthy financial position.
He said that we had been able to weather some of the worst of the unpredictability storms thanks to the underwriter’s careful risk management and meticulous underwriting procedures. Notwithstanding the difficult operational environment, the company’s strategic objectives produced positive outcomes.
