L-R: Vice Chairman, Noor Takaful Insurance Limited, Mr. Aminu Tukur; Managing Director/Chief Executive Officer, Noor Takaful Insurance Limited, Mr. Rilwan Sunmonu; Outgoing Chairman, Noor Takaful Insurance Limited, Mr. Muhtar Bakare; Company Secretary, Jackson, Etti & Edu, Mrs. Toluwalase Oliver-Jude and Director, Noor Takaful Insurance Limited, Rtd. Major Abubakar Yusuf during the 7th Annual General Meeting of the company held at its corporate head office in Lagos today.
The Board of Directors of Noor Takaful Insurance Ltd., the pioneer and leading takaful operator in Nigeria, has announced a 123% 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.
This was disclosed by the Chairman of the Board of Directors, Mr. Muhtar Bakare, during the 7th Annual General Meeting (AGM) held on Wednesday, October 23rd, 2024, at the Corporate Head Office in Lagos.
Bakare revealed that the company’s Gross Written Contribution grew from over 4.9 billion Naira in 2022 to 6.5 billion Naira in 2023, representing a significant rise of 30%. Additionally, Profit After Tax rose from 468.5 million Naira in 2022 to 1.05 billion Naira in 2023, representing a remarkable 123% rise in profitability.
Bakare highlighted 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 would 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 annual growth. They expressed confidence in the outgoing chairman’s ability to replicate this success as he transitions to his new role as 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, Mr 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.
Stakeholders expressed excitement about these developments and voiced their anticipation for the upcoming African Takaful and Non-Interest Finance Conference, scheduled for November 12–13, 2024. This conference will serve as a platform for Noor Takaful to advance its ultimate goal of becoming a key player in Africa’s non-interest finance sector.
About Noor Takaful
Noor Takaful Insurance Limited, a takaful insurance firm, was established and duly licensed by NAICOM in April 2016 as the full-fledged composite takaful insurance operator in Nigeria with 100 per cent Indigenous Nigerian shareholding. The company currently plays a pioneering and leading role in unlocking Nigeria’s takaful insurance potential. Its operational framework is regulated by NAICOM and is subject to the Insurance Act 2003.
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