The Board of Directors, Noor Takaful Limited-pioneer composite Takaful Insurance firm in Nigeria, has announced a total sum of N3.66billion as a contribution for the 2021 financial year at its 5th Annual General Meeting held in Lagos.
The Company also recorded a profit of N422.72m for the period.
Based on the audited report provided by the Company, which the regulator recently approved – The National Insurance Commission (NAICOM), the Company experienced huge growth in contribution (premium), amounting to 183% compared to N1.29 Billion in the corresponding period in 2020, its Profit After Tax rose to an all-time high from N147 million in 2020 to N422.72million in 2021.
The result also revealed that gross claims incurred by the Company increased from N619.3 million in 2020 to N1.97 billion in 2021, with Family takaful claims payout of N1.74 billion accounting for the most significant proportion of gross claims expenses.
Further analysis of the results showed Investment Income rose by 94% from N77.8 million in 2020 to N 151 million in 2021, while underwriting expenses grew by over 366% from N93.2 million in 2020 to N434.5 million in 2021 as an impact of the growth in gross contribution.
According to a statement signed by Muhtar Bakare, the Company’s Chairman, the Company’s strategies and operations for the year yielded encouraging results despite the challenging operating environment occasioned by the COVID-19 pandemic, worsening insecurity, and sustained inflation, among others.
Bakare stated that the increase in the gross contribution by the company was primarily due to the Family Takaful business, the General business’ positive returns on investment, and growth in other income, which helped significantly improve profitability.
He maintained that the Company remains committed to preserving its operational and thoughtful leadership positions in the takaful sub-sector and the insurance industry.
“While we remain mindful of the current difficult macro-economic and political environment, we shall continue to ensure steady growth of your business by investing in health Insurance, in technology to leverage the digital space, and in building capacity focused on business development, sales and risk management, geared towards deepening takaful penetration across Nigeria without over-extending ourselves,” he said.