Noor Takaful Insurance Limited has announced a post-tax profit of N1.87 billion for the fiscal year 2024.
This net profit marks a remarkable 79% rise compared to the N1.05 billion reported in 2023, highlighting substantial financial growth.
Additionally, the board has sanctioned a dividend of 7.0 kobo per share for 2024, an increase from the 5 kobo dividend distributed in the previous year.
During the company’s eighth Annual General Meeting (AGM) held in Lagos, Chairman Ambassador Shuaibu Ahmed acknowledged the tough economic conditions marked by soaring inflation, escalating interest rates, and ongoing naira fluctuations. Despite these challenges, the company demonstrated resilience by achieving growth and enhanced profitability through careful underwriting and stringent risk controls.
He attributed this robust performance to growing confidence in the Takaful insurance model and the successful broadening of both retail and corporate sectors within the business.
“These figures represent more than financial success; they reflect Noor Takaful’s resilience, creativity, and collective dedication. Even amid adversity, we remain committed to delivering meaningful and enduring value to our stakeholders. This achievement underscores our disciplined management, cost efficiency, and prudent investment approach,” Ahmed remarked.
He reaffirmed the company’s unwavering dedication to offering ethical, inclusive, and innovative insurance products that stand out as genuine alternatives in Nigeria’s insurance landscape.
Ahmed also highlighted Noor Takaful’s ongoing pledge to generate sustainable value, honor its commitments, and actively support the advancement of Nigeria’s insurance sector.
The audited financials further revealed a striking 52% surge in Gross Written Contribution (GWC), which climbed from N6.49 billion in 2023 to N9.95 billion in 2024.
Founded in April 2016 and fully licensed by NAICOM, Noor Takaful Insurance Limited operates as Nigeria’s premier composite takaful insurer with 100% indigenous Nigerian ownership.
The company is at the forefront of unlocking the potential of takaful insurance in Nigeria, operating under the regulatory framework of NAICOM and governed by the Insurance Act of 2003.
