Insurer grows profit by 123%

Despite the hard economic situation ravaging the operating environment in the country, the Board of Directors of Noor Takaful Insurance has announced a 123 per cent 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.

The Chairman of the Board of Directors, Muhtar Bakare, revealed this during the seventh yearly general meeting held in Lagos.

Bakare said that the gross written contribution grew from N4.9 billion in 2022 to N6.5 billion in 2023, representing a significant rise of 30 per cent. Additionally, Profit after tax rose from N468.5 million in 2022 to N1.05 billion in 2023, representing a remarkable 123 per cent rise in profitability.

Bakare explained the company’s unwavering focus on its takaful and ethical model as the main driver of the growth.
He noted that the company remains focused on bringing innovation that can help improve its current achievements.

He stated that the company has identified the need for financial inclusion as the driving force behind its success.

Some shareholders who attended the meeting applauded the company’s leadership for ensuring steady yearly growth.

They expressed confidence in the outgoing chairman’s ability to replicate this success as he transitions to his new role as the chairman of Noor Health.
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.