Noor Takaful Insurance Limited has distributed N427m as surplus to eligible participants for the 2025 financial year, reaffirming its commitment to the Takaful principle of shared benefits and ethical insurance.
The surplus distribution was announced on Tuesday during the company’s Annual Surplus Distribution Ceremony held in Lagos.
Speaking at the event, the Chairman of Noor Takaful Insurance Limited, Shuaibu Ahmed, said the payout reflects the company’s promise to reward participants whenever the risk fund records a surplus after claims and operational obligations have been met.
Ahmed disclosed that Noor Takaful has consistently declared and distributed surplus every year since it commenced operations in 2017, noting that the annual payout has grown from about N12m in its first year to N427m this year.
He described the achievement as evidence that the Takaful model is commercially sustainable while remaining rooted in fairness, transparency, mutual responsibility and shared prosperity.
According to him, Takaful differs from conventional insurance because participants collectively contribute to a common risk fund from which claims are paid, while any surplus generated is returned to eligible participants.
He said, “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.”
Ahmed also announced that Noor Health, the company’s Health Maintenance Organisation, distributed surplus to eligible enrollees for the first time, describing it as another milestone in extending ethical financial protection beyond insurance.
He revealed that since inception, Noor Takaful has paid about N7.4bn in general Takaful claims and N14.5bn in family Takaful claims, bringing total claims settlement to approximately N22bn.
According to him, the figures represent businesses restored after losses, families supported during difficult times and organisations that recovered from unexpected setbacks.
Looking ahead, Ahmed said the company would strengthen governance, improve digital capabilities, simplify claims processes and expand access to insurance products to reach more Nigerians who remain uninsured.
Speaking on behalf of the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission, Olusegun Omosehin, the Deputy Commissioner for Insurance (Technical), Dr Usman Jimada, commended Noor Takaful for consistently rewarding participants and promoting confidence in the Takaful model.
He said surplus distribution demonstrates the principles of mutual cooperation and ethical finance, adding that transparency, sound governance and prompt claims settlement remain essential to sustaining public trust.
Jimada noted that NAICOM remains committed to supporting the growth of Takaful insurance because of its potential to deepen financial inclusion and provide protection for millions of underserved Nigerians.
He urged operators to mobilise additional capital, invest in technology, strengthen distribution channels and improve service delivery to expand the sector’s reach.
The Managing Director and Chief Executive Officer of Noor Takaful Insurance Limited, Rilwan Sunmonu, attributed the company’s consistent surplus distribution to prudent fund management, disciplined underwriting and strategic investment of participants’ contributions.
He explained that contributions belong to participants rather than the operator, stressing that the company acts only as a fund manager.
According to him, the funds are used primarily to settle claims, pay re-Takaful obligations and distribute any remaining surplus to eligible participants.
Sunmonu added that Noor Health was established as part of the company’s organic growth strategy to extend the principles of fairness, transparency and shared value to Nigeria’s healthcare sector.
Major beneficiaries of the 2025 surplus distribution included Alternative Bank with N32.5m, Lotus Bank with N27.6m, Jaiz Bank with N21.9m, Sterling Bank with N21.3m, ARM Group with N5.1m and Wema Bank with N5.1m, alongside several corporate organisations and individual participants.
The event also featured testimonials from customers who shared their claims settlement experiences, as well as the unveiling of A Primer on Takaful: Understanding the Foundational Practices and Benefits of Takaful, a publication aimed at improving public understanding of ethical insurance.