Noor Takaful Insurance Records N1.87bn Profit After Tax

Noor Takaful Insurance Limited has recorded a profit after tax (PAT) of N1.87 billion for the 2024 financial year.

The net profit achieved by the company represents a significant increase of 79 per cent from N1.05 billion that was recorded in the 2023 financial year.

The board also approved a 7.0 kobo dividend per share for the 2024 financial year, representing an increase in dividend payout from the five kobo paid out in the 2023 financial year.

Speaking at the company’s eighth Annual General Meeting (AGM) held in Lagos, the chairman of the Company, Ambassador Shuaibu Ahmed stated that despite the challenging operating environment influenced by macroeconomic headwinds characterised by high inflation, rising interest rates, and persistent volatility of the naira, the company remained resilient, weathering the storm to deliver growth and stronger profitability through prudent underwriting, disciplined risk management.
He described the company’s strong growth as a reflection of participants’ deepening trust in the Takaful model and the successful expansion of both retail and corporate business lines.

“These results are more than just numbers; they embody the resilience, innovation, and collective effort that define Noor Takaful. Even in challenging times, we have promised to deliver real and lasting value to all our stakeholders. Besides, the outcome is a clear testament to disciplined operations, prudent expense management, and sound investment strategies,” he said.

Ahmed stated that the company remains steadfast and unwavering in its mission to provide ethical, inclusive, and innovative insurance solutions that serve as a true alternative in the Nigerian market.

He emphasised the company’s commitment to continuing to deliver sustainable value, upholding its obligations, and contributing to the growth of Nigeria’s insurance industry.

A breakdown of the audited result also revealed that Gross Written Contribution (GWC) grew impressively by 52 per cent, moving from N6.49 billion in 2023 to N9.95 billion in 2024.

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 is pioneering and leading in unlocking Nigeria’s takaful insurance potential. NAICOM regulates its operational framework and is subject to the Insurance Act 2003.