By Rukayat Adeyemi
Lagos – Noor Takaful Insurance Ltd. said it generated a total premium of N3.66 billion in the 2021 financial year.
The insurance company’s Chairman, Mr Muhtar Bakare, in a statement released on Monday in Lagos, said the firm announced this at its 5th Annual General Meeting held on Oct.12 in Lagos.
Bakare said the insurer also recorded a profit of N422.72 million for the period under review.
“Based on the audited report provided by the company, which the National Insurance Commission (NAICOM) approved, the company experienced huge growth in contribution (premium), amounting to 183 per cent.
“Compared to N1.29 billion in the corresponding period in 2020, its Profit After Tax rose from N147 million in 2020 to N422.72 million in 2021,” he said.
According to him, the underwriting firm’s gross claims increased from N619.3 million in 2020 to N1.97 billion in 2021.
The chairman said Family Takaful claims payout of N1.74 billion accounted for the most significant proportion of the gross claims expenses.
Bakare said the firm’s report on investment income rose by 94 per cent from N77.8 million in 2020 to N 151 million in 2021.
He said, underwriting expenses grew by over 366 per cent from N93.2 million in 2020 to N434.5 million in 2021 as a result of the growth in gross contribution.
He explained that the firm’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 increase in the gross contribution by the company was primarily due to the family takaful business, positive returns on the general business and growth in other incomes, which helped significantly to improve profitability.
He noted that the insurer remained 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 and technology to leverage the digital space.
“Also build capacity and focussing on business development, sales and risk management, geared towards deepening takaful penetration across Nigeria without over-extending ourselves,” he said.
Noor Takaful Insurance Ltd. was established in April 2016 as the first full-fledge composite takaful insurance operator in Nigeria with a 100 per cent indigenous Nigerian shareholding. (NAN)