Noor Takaful Insurance Limited and its subsidiary, Noor Health Limited, have distributed N427.96 million in surplus to participants and enrollees who did not make claims during the 2024 financial year.
The companies shared a combined N427,963,044.68 at a ceremony in Lagos, marking what they described as a demonstration of the principles of mutuality, fairness and shared benefits underpinning the Takaful model.
While more than 1,000 participants are expected to receive various amounts from the surplus distribution, 22 Noor Takaful participants and two Noor Health enrollees received their payments at the ceremony.
Among the organisations that received surplus payments were Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities and Taxaide Logistics.
Speaking at the 2024 Surplus Distribution and Claims Celebration Ceremony, themed ‘Promise Kept: Celebrating Takaful’s Commitment to Shared Reward, the National Insurance Commission (NAICOM) described the surplus distribution as a practical demonstration of the principles of cooperation, shared responsibility, fairness, ethical conduct and collective prosperity.
The NAICOM Commissioner for Insurance, Ayo Omosehin, who was represented at the event by Deputy Director, Insurance, Technical, Usman Jankara, said the development showed that Takaful participants were not merely buyers of insurance protection but contributors to a system based on cooperation and mutual benefit.
Jankara said the payment had demonstrated that Takaful could create measurable value while remaining faithful to its ethical foundation.
On the ongoing recapitalisation of the insurance industry, Jankara said Takaful operators were exempted because they had undergone a similar exercise four years ago.
He said there was currently no compelling need for another recapitalisation of the Takaful segment, stressing that all Takaful operators were adequately capitalised.
He added that NAICOM would continue to support the growth of Takaful while maintaining regulatory oversight.
The Board Chairman of Noor Takaful, Ambassador Shuaibu Ahmed, disclosed that the distribution was more than a financial reward but a demonstration of gratitude, accountability and the fulfilment of promises made to participants.
According to him, Noor Takaful’s consistent surplus payments have shown that the concept is not merely theoretical but a model capable of delivering tangible benefits to participants.
He said the growing acceptance of Takaful in Nigeria reflected increasing recognition of the model as a credible alternative to conventional insurance.
‘At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative,’ Ahmed said, citing equity, fairness, mutual responsibility, transparency and shared benefit as core values of Takaful.
The Vice Chairman of Noor Takaful, Aminu Tukur on his part said the 2024 surplus distribution was based on the performance of participants’ risk pool after claims and other obligations had been settled.
Tukur added that the company had grown from about 60 participants at inception to approximately 4,000, adding that it would continue to work with regulators and other stakeholders to deepen Takaful awareness and insurance penetration in Nigeria.
He said the company would mark its 10th anniversary in 2027.
He also disclosed that Noor Takaful had paid about N22 billion in claims to beneficiaries and participants since inception, comprising N7.4 billion from General Takaful and N14.5 billion from Family Takaful.
He said the company’s responsibility extended beyond managing and investing participants’ funds to ensuring that genuine claims were paid promptly and without unnecessary stress.
Noor Takaful was established and licensed by NAICOM in April 2016 as Nigeria’s first full-fledged composite Takaful operator, with 100 per cent indigenous Nigerian ownership.
Noor Health, a National Health Maintenance Organisation licensed by the National Health Insurance Authority, operates on principles inspired by Takaful, including fairness, transparency and shared value.