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The Board of Directors, Noor Takaful Limited-pioneer composite Takaful Insurance firm in Nigeria, has announced a sum of N4.97 billion as the 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 held in Lagos on October 18, 2023.
The result also revealed that gross claims incurred by the Company rose from N1.97 billion in 2021, to 3.14 billion in 2022 with Family Takaful claims payout accounting for the huge proportion of the gross claim expenses. While Family Takaful Claims payout took N2.176 billion, the General Takaful Claims payout amounted to N961.42 million.
In his address, the Chairman,Noor Takaful Insurance Limited, Mr Muhtar Bakare, noted that the company maintained a strong financial position despite the challenges posed by the global economic dynamics. Our prudent risk management and disciplined underwriting practices have enabled us weather some of the worst of the storms of uncertainty. Despite the challenging operational landscape, the company’s strategic initiatives yielded encouraging results.
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