Noor Takaful Insurance has announced a striking 123% increase in its profitability for the 2023 financial year, despite the persistent economic difficulties impacting Nigeria. The company’s profit after tax surged from N468.5 million in 2022 to N1.05 billion in 2023. This remarkable growth was largely fueled by a 30% increase in gross written contributions, which climbed from N4.9 billion to N6.5 billion.

The Board of Directors declared a dividend of five kobo per share, up from the three kobo paid in the previous year. This increase in profitability and dividends marks a notable achievement for the company, given the difficult operating environment in Nigeria. Chairman Muhtar Bakare attributed the company’s success to its focus on the takaful model, which emphasizes ethical and inclusive finance, a key factor in driving customer trust and expanding the company’s market share.

During the company’s Annual General Meeting (AGM) in Lagos, Bakare highlighted Noor Takaful’s commitment to bringing innovative solutions to the market, including the upcoming launch of RAHA by Noor, a mobile app designed to improve customer engagement and streamline the process of acquiring insurance products. The app aims to provide users with an efficient way to access Noor Takaful’s services and digital offerings, reflecting the company’s continued focus on innovation.

Furthermore, Bakare announced Noor Health, a new subsidiary that has recently received approval to operate as a national health management organization. Set to begin operations in November 2024, Noor Health aims to enhance the company’s reach and services in the growing health insurance sector.

As the company continues to push forward with its ethical finance goals and technological innovations, shareholders expressed confidence in the leadership of Muhtar Bakare, applauding his ability to drive consistent growth and his transition to a new leadership role as chairman of Noor Health.