Noor Takaful Insurance Records N1.87bn Profit After Tax

Noor Takaful Insurance Limited has recorded a nett aft taxation (PAT) of N1.87 cardinal for the 2024 fiscal year.

The nett net achieved by the institution represents a important summation of 79 per cent from N1.05 cardinal that was recorded successful the 2023 fiscal year.

The committee besides approved a 7.0 kobo dividend per stock for the 2024 fiscal year, representing an summation successful dividend payout from the 5 kobo paid retired successful the 2023 fiscal year.

Speaking astatine the company’s eighth Annual General Meeting (AGM) held successful Lagos, the president of the Company, Ambassador Shuaibu Ahmed stated that contempt the challenging operating situation influenced by macroeconomic headwinds characterised by precocious inflation, rising involvement rates, and persistent volatility of the naira, the institution remained resilient, weathering the tempest to present maturation and stronger profitability done prudent underwriting, disciplined hazard management.
He described the company’s beardown maturation arsenic a reflection of participants’ deepening spot successful the Takaful exemplary and the palmy enlargement of some retail and firm concern lines.

“These results are much than conscionable numbers; they embody the resilience, innovation, and corporate effort that specify Noor Takaful. Even successful challenging times, we person promised to present existent and lasting worth to each our stakeholders. Besides, the result is simply a wide testament to disciplined operations, prudent disbursal management, and dependable concern strategies,” helium said.

Ahmed stated that the institution remains steadfast and unwavering successful its ngo to supply ethical, inclusive, and innovative security solutions that service arsenic a existent alternate successful the Nigerian market.

He emphasised the company’s committedness to continuing to present sustainable value, upholding its obligations, and contributing to the maturation of Nigeria’s security industry.

A breakdown of the audited effect besides revealed that Gross Written Contribution (GWC) grew impressively by 52 per cent, moving from N6.49 cardinal successful 2023 to N9.95 cardinal successful 2024.

Noor Takaful Insurance Limited, a takaful security firm, was established and duly licensed by NAICOM successful April 2016 arsenic the full-fledged composite takaful security relation successful Nigeria with 100 per cent Indigenous Nigerian shareholding.

The institution is pioneering and starring successful unlocking Nigeria’s takaful security potential. NAICOM regulates its operational model and is taxable to the Insurance Act 2003.