Noor Takaful Limited has stated that its total claims increased from N1.97 billion in 2021 to N3.14 billion in 2022.
This was contained in its annual report at the company’s sixth annual general meeting in Lagos, according to The PUNCH.
A statement claimed that a sizable amount of the total claim costs were covered by payouts from family Takaful claims.
“Family Takaful claims payout took N2.18bn, the general Takaful claims payout amounted to N961.42m,” the statement read in part.
At the end of the fiscal year 2022, the corporation had a gross contribution of N4.97 billion.
The board of directors recommended a dividend payment of N46.84m at 3kobo per ordinary share, according to the statement.
A breakdown of the audited results approved by the regulator, National Insurance Commission, revealed that the insurance company’s contribution increased by 36% from N3.66bn in the same period in 2021, while profit after tax increased from N422.72m in 2021 to N478.049m in 2022.