Noor Takaful Insurance Limited, the pioneer and leading composite Takaful insurance firm in Nigeria, and its subsidiary, Noor Health Ltd., have distributed N427,963,044.68) as surplus to participants and enrollees who did not make claims on their insurance during the 2024 financial year.
This was disclosed by the Board Chairman of Noor Takaful Insurance Ltd, Amb. Shuaibu Ahmed, during the 2024 Surplus Distribution and Claims Celebration Ceremony with the theme: “Promise Kept: Celebrating Takaful’s Commitment to Shared Reward,” held in Lagos on Tuesday.
Ahmed said no fewer than 1,000 participants would receive various sums as surplus, while 22 participants received surplus payments from Noor Takaful Insurance Ltd. Also, two enrollees received surplus payments from Noor Health. He described the event as a demonstration of gratitude, accountability, reflection, and celebration of promises made and kept.
The Chairman explained that the company has proven over the years that surplus distribution is not a theoretical concept but a model that works in practice, as evidenced by its consistent payments to participants. He acknowledged that there is growing acceptance of Takaful, as it is increasingly recognised as a credible and established alternative to conventional insurance.
“At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative. We say this because Takaful is built around values that are fundamental to how financial protection should work: equity, fairness, mutual responsibility, transparency, and shared benefit,” he said.
Also speaking at the event, the Vice Chairman of Noor Takaful Insurance Limited, Aminu Tukur, stated that the 2024 surplus distribution was based on the performance of the participants’ risk pool after claims and other obligations had been settled.
Tukur disclosed that the company had grown from a humble beginning of about 60 participants at its inception to approximately 4,000. He noted that the company would continue to collaborate with regulators and other stakeholders to promote Takaful and deepen insurance awareness across Nigeria. He added that the company will mark 10 years of operations in 2027.
He explained further that since inception, the company has cumulatively paid N22 billion in claims to beneficiaries/participants, with General Takaful accounting for N7.4 billion and Family Takaful contributing N14.5 billion. “Our role is to ensure proper management and administration of funds, which includes investments. Secondly, we have a responsibility to ensure that every genuine claim is paid on a timely and stress-free basis,” he stressed.
In his remarks at the event, the Chief Executive Officer, National Insurance Commission (NAICOM), Ayo Omosehin, who was represented by the Deputy Director, Insurance, Technical, NAICOM, Usman Jankara, described the payment of surplus to participants as a practical demonstration of the values that define cooperation, shared responsibility, fairness, ethical conduct, and collective prosperity.
Jankara stated that the distribution of surplus by Noor Takaful clearly demonstrates that participants are not merely purchasers of protection but contributors to a system built on cooperation and mutual benefit. “This has sent a strong message that Takaful can create measurable value while remaining faithful to its ethical foundation,” he added.
Speaking on the recapitalisation exercise for Insurance companies recently carried out by NAICOM, he stated that Takaful operators were exempted as they had undergone a similar exercise 4 years ago. According to him, there is no compelling need at the moment for recapitalisation of the Takaful segment of the insurance industry, as all the Takaful operators are well capitalised.
While commending the company for reaching the milestone and promoting participants’ education and engagement, he stressed that NAICOM would continue to support Takaful’s growth while ensuring proper regulatory oversight.
Some of the participants that received surplus payments include Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities, and Taxaide Logistics.
