BUSINESS

Noor Takaful Insurance declares N478m profit

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The Board of Directors, Noor Takaful Limited, a composite takaful insurance firm in Nigeria, has announced a N4.97 billion gross contribution for the 2022 financial year.

The announcement is contained in the annual report and accounts of the company, which was made available during the 6th Annual General Meeting of the company in Lagos.

The Board of Directors recommended the dividend payment of N46.84million at 3kobo per ordinary share.

A breakdown of the audited result showed that the contribution of the insurance company for the financial year ended December 31, 2022, experienced a sharp growth, amounting to 36% compared to N3.66billion recorded in the corresponding period in 2021 while profit after tax increased to N478.049 million in 2022 from N422.72million in 2021.

The result also revealed that gross claims incurred by the company rose to 3.14 billion in 2022 from N1.97 billion in 2021, with Family Takaful claims payout accounting for the huge proportion of the gross claim expenses.

Family Takaful Claims payout took N2.176 billion, while the General Takaful Claims payout amounted to N961.42 million.

In his address, the Chairman of the company, Mr. Muhtar Bakare, noted that the company maintained a strong financial position despite the challenges posed by the global economic dynamics.

-Vanguard

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