Noor Takaful Limited, pioneer composite Takaful Insurance company in Nigeria, said it contributed N3.66bn premium to the insurance industry in the 2021 financial year.

A statement from the company said this was disclosed at its 5th annual general meeting in Lagos.

The company said it also recorded a profit of N422.72m during the period under review.

It stated, “Based on the audited report provided by the company, which the regulator recently approved, the National Insurance Commission, the company experienced huge growth in contribution (premium), amounting to 183 per cent compared to N1.29bn in the corresponding period in 2020, its profit after tax rose to an all-time high from N147m in 2020 to N422.72m in 2021

“The result also revealed that gross claims incurred by the company increased from N619.3m in 2020 to N1.97bn in 2021, with family takaful claims payout of N1.74bn accounting for the most significant proportion of gross claims expenses.”

Analysis of the results showed investment income rose by 94 per cent, from N77.8m in 2020 to N151m in 2021, while underwriting expenses grew by over 366 per cent, from N93.2m in 2020 to N434.5m in 2021, as an impact of the growth in gross contribution.

The company’s Chairman, Mr Muhtar Bakare, said the company’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 the increase in the gross contribution by the company was primarily due to the family Takaful business, the general business’ positive returns on investment, and growth in other income, which helped to significantly improve profitability.

He said the company 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, in technology to leverage the digital space, and in building capacity focused on business development, sales and risk management, geared towards deepening takaful penetration across Nigeria without over-extending ourselves,” he said.