Noor Takaful, Noor Health distribute N427.96m surplus to participants

NOOR Takaful Insurance Limited, Nigeria’s pioneer and leading composite Takaful insurance firm, along with its subsidiary, Noor Health Ltd, has distributed a total surplus of N427,963,044.68 to participants and enrollees who did not make any claims during the 2024 financial year.

The announcement was made by Ambassador Shuaibu Ahmed, the board chairman of Noor Takaful Insurance Limited, during the 2024 Surplus Distribution and Claims celebration, held in Lagos on August 11. The event was themed: “Promise Kept: Celebrating Takaful’s Commitment to Shared Reward.”

Ahmed noted that over 1,000 participants would receive various surplus amounts. Specifically, 22 participants received surplus payments from Noor Takaful Insurance Limited, while two enrollees received payments from Noor Health.

He described this payment of surplus as a sign of gratitude, accountability, reflection, and a celebration of commitments fulfilled.

The chairman highlighted that the company has consistently demonstrated that surplus distribution is a practical model, evidenced by its regular payments to participants.

He acknowledged the growing acceptance of Takaful as a credible and established alternative to conventional insurance, stating: “At Noor, however, we believe it is not just an alternative, but a better alternative.

“Takaful is built on values fundamental to how financial protection should work: equity, fairness, mutual responsibility, transparency, and shared benefit.”

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Also addressing the event, Aminu Tukur, vice chairman of Noor Takaful Insurance Limited, explained that the 2024 surplus distribution was based on the performance of the participants’ risk pool after settling claims and other obligations.

Tukur revealed that the company has grown from approximately 60 participants at its inception to around 4,000 today.

He affirmed the company’s commitment to collaborate with regulators and other stakeholders to promote Takaful and enhance insurance awareness across Nigeria.

He also mentioned that Noor Takaful would celebrate its 10th anniversary in 2027.

He elaborated that since its inception, the company has cumulatively paid N22 billion in claims to beneficiaries and 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, including investments. Additionally, we have a responsibility to ensure that every legitimate claim is paid promptly and without stress,” he emphasised.

In his remarks, Ayo Omosehin, the Chief Executive Officer of the National Insurance Commission (NAICOM), represented by Usman Jankara, the Deputy Director of Insurance (Technical), commended the surplus payments as a practical example of cooperation, shared responsibility, fairness, ethical conduct, and collective prosperity.

Jankara noted that the distribution of surplus by Noor Takaful demonstrates that participants are not merely consumers of protection but contributors to a system built on cooperation and mutual benefit. “This sends a strong message that Takaful can create measurable value while maintaining its ethical foundation,” he stated.

Addressing the recent recapitalisation exercise conducted by NAICOM, Jankara explained that Takaful operators were exempted because they had completed a similar exercise four years prior. He indicated that there is currently no urgent need for further recapitalisation of the Takaful segment of the insurance industry, as all Takaful operators are well capitalised.

He commended Noor Takaful for reaching this milestone and promoting participant education and engagement, assuring that NAICOM would continue to support the growth of Takaful while ensuring proper regulatory oversight.

Among the participants who received surplus payments were Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities, and Taxaide Logistics.