Noor Takaful Insurance Limited and its subsidiary, Noor Health Limited, have paid out a combined N427.96 million in surplus to participants who recorded no claims during the 2024 financial year.
The companies distributed N427,963,044.68 at a ceremony held in Lagos, describing the payment as a reflection of the mutual and cooperative principles on which the Takaful insurance model is built.
More than 1,000 participants are expected to benefit from the surplus distribution, although 22 Noor Takaful participants and two Noor Health enrollees received their payments during the ceremony.
Several corporate organisations were among the beneficiaries, including Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities and Taxaide Logistics.
The National Insurance Commission (NAICOM) commended the initiative, saying it demonstrated the principles of cooperation, shared responsibility, fairness and collective benefit associated with Takaful.
The Commissioner for Insurance, Ayo Omosehin, represented at the event by the commission’s Deputy Director, Insurance, Technical, Usman Jankara, said participants in Takaful were more than conventional insurance customers because they contributed to a system founded on mutual support.
According to Jankara, the distribution showed that Takaful could deliver tangible financial benefits while maintaining its ethical foundation.
He also addressed concerns surrounding the ongoing recapitalisation of Nigeria’s insurance industry, explaining that Takaful operators were excluded from the current exercise because they had undergone a similar recapitalisation process about four years ago.
Jankara said there was no immediate need for another recapitalisation of the Takaful segment, noting that operators in the sector were adequately capitalised.
He assured stakeholders that NAICOM would continue to promote the development of Takaful while ensuring effective regulatory supervision.
The Chairman of Noor Takaful’s Board, Ambassador Shuaibu Ahmed, said the surplus distribution represented more than a financial payout.
He described it as an expression of gratitude and accountability, as well as evidence that the company was honouring its commitment to participants.
The latest distribution reinforces Noor Takaful’s emphasis on the shared-benefit structure of Takaful, under which eligible participants can receive a portion of surplus generated when claims and other applicable costs are lower than expected.
