Joy Agwunobi
Noor Takaful Insurance Ltd has reported a 123 per cent rise in profitability for the 2023 financial year and declared a dividend of five kobo per share, an increase from the three kobo distributed in 2022.
This announcement was made by Muhtar Bakare, chairman of the board of directors, during the company’s 7th Annual General Meeting (AGM) held in Lagos.
Bakare highlighted the impressive growth in the company’s Gross Written Contribution, which rose from over 4.9 billion Naira in 2022 to 6.5 billion Naira in 2023, a substantial 30 per cent increase.
He also noted the jump in Profit After Tax, which climbed from 468.5 million Naira in 2022 to 1.05 billion Naira in 2023, signifying a 123 per cent rise in profitability.
Bakare attributed these achievements to the company’s dedication to its takaful and ethical model, which has been central to its growth strategy. He emphasised the company’s commitment to innovation and its focus on financial inclusion as key factors driving their continued success.
Shareholders present at the AGM praised the company’s leadership for maintaining steady growth and expressed their confidence in Bakare as he transitions to his new role as Chairman of Noor Health.
Noor Health, a subsidiary of Noor Takaful, recently obtained approval to function as a national health management organisation, with plans to begin operations in November.
During the meeting, Bakare also introduced the company’s upcoming mobile app, RAHA by Noor, aimed at enhancing customer experience. The app is designed to streamline insurance processes, making it easier for users to access Noor Takaful’s full range of digital solutions.
According to Bakare, RAHA will minimise the need for retail staff interactions, saving customers valuable time and aligning with the company’s mission to lead in the provision of ethical finance solutions across Africa.
He emphasised that innovation remains a core value at Noor Takaful as the company continues to enhance its services and expand its reach within the African market.
