Despite the harsh economic situation in the country, insurance firm, Noor Takaful Limited, has raised N4.97 billion as its gross premium contribution for the 2022 financial year.

The underwriter revealed this at its sixth yearly general meeting in Lagos, saying that based on the performance, the company’s board recommended the dividend payment of N46.84 million at three kobo per ordinary share.

The breakdown of the audited result approved by the National Insurance Commission (NAICOM) showed that the contribution of the insurance company for the financial year ended December 31, 2022. It experienced growth of 36 per cent compared to N3.66 billion recorded in the corresponding period in 2021 while Profit After Tax increased from N422.72 million in 2021 to N478.049 million in 2022.

The result also showed that gross claims paid by the insurer rose from N1.97 billion in 2021, to 3.14 billion in 2022 with Family Takaful claims payout recorded a 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.

Further breakdown of the results also showed that investment income grew from N151.26 million in 2021 to N204.55, while underwriting expenses rose by over 68 per cent from N434.5 million in 2021 to N728.19 million in 2022, causing a dip in the gross contribution.

Speaking at the meeting, the Chairman, Noor Takaful Insurance Limited, Muhtar Bakare, said that the company maintained a strong financial position despite the challenges posed by the global economic dynamics.

He said the underwriter’s 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.