Nigeria’s Takaful market gets a major boost as Noor Takaful rewards eligible participants from its 2025 surplus, while revealing billions of naira paid to support families and businesses since inception.
Noor Takaful Insurance Limited has distributed N427 million in surplus to eligible participants for the 2025 financial year, underscoring the company’s commitment to the principle of shared benefits at the heart of Takaful insurance.
The payout was announced on Tuesday at the company’s Annual Surplus Distribution Ceremony in Lagos, where its management highlighted the growth of the business and its contribution to ethical insurance in Nigeria.
Chairman of Noor Takaful, Shuaibu Ahmed, said the distribution reflects the company’s commitment to returning surplus to participants when the common risk fund records excess funds after claims and other operational obligations have been settled.
Ahmed disclosed that the company has distributed surplus every year since commencing operations in 2017.
The annual payout, he said, has risen dramatically from about N12 million in the company’s first year to N427 million for the 2025 financial year.
He described the growth as evidence that the Takaful model can achieve commercial sustainability while retaining its emphasis on fairness, transparency, mutual responsibility and shared prosperity.
‘Insurance is a partnership’
Unlike conventional insurance, Takaful is based on the principle of mutual assistance, with participants collectively contributing to a common risk fund from which eligible claims are paid.
Where the fund records a surplus after meeting its obligations, eligible participants can receive a share of the surplus.
Ahmed said the model places participants at the centre of the insurance relationship.
“For us, insurance is not merely a transaction. It is a partnership built on mutual support. When participants experience losses, the fund is there for them, and when the fund performs well, they also share in the benefits,” he said.
The company also announced a new milestone involving Noor Health, its Health Maintenance Organisation, which distributed surplus to eligible enrollees for the first time.
Ahmed said the development represents an expansion of the company’s approach to ethical financial protection beyond its core insurance operations.
Noor Takaful settles N22bn in claims
Beyond the N427 million surplus distribution, Noor Takaful revealed that it has paid approximately N22 billion in claims since beginning operations.
The figure comprises about N7.4 billion in general Takaful claims and N14.5 billion in family Takaful claims.
Ahmed said the numbers represented more than financial statistics, noting that the claims had helped businesses recover from losses, supported families during difficult periods and enabled organisations to withstand unexpected setbacks.
The company plans to build on the progress by strengthening corporate governance, upgrading its digital capabilities, simplifying claims processes and expanding access to insurance products.
The objective, Ahmed said, is to bring insurance protection to more Nigerians who remain outside the formal insurance system.
NAICOM backs Takaful expansion
Representing the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Olusegun Omosehin, the Deputy Commissioner for Insurance (Technical), Dr Usman Jimada, commended Noor Takaful for its consistent surplus distributions and efforts to strengthen confidence in the Takaful model.
Jimada said surplus distribution reflected the principles of mutual cooperation and ethical finance that distinguish Takaful, while stressing that transparency, strong governance and prompt claims settlement would remain critical to maintaining public confidence.
He added that NAICOM would continue supporting the growth of Takaful insurance because of its potential to deepen financial inclusion and extend insurance protection to millions of underserved Nigerians.
With its annual surplus growing from N12 million at inception to N427 million and cumulative claims payments approaching N22 billion, Noor Takaful is positioning the Takaful model as an increasingly significant component of Nigeria’s evolving insurance landscape.
