Noor Takaful crosses N1.3bn surplus payout mark

Noor Takaful Insurance Limited says it will surpass N1.3 billion in cumulative surplus payments to eligible participants as it prepares for its 2026 Surplus Distribution Ceremony scheduled for August 11 in Lagos.

The event will also mark what the company described as a milestone in Nigeria’s healthcare sector, with Noor Health becoming the first Health Maintenance Organisation (HMO) in the country to distribute surplus to eligible enrollees.

According to a statement issued on Thursday, the ceremony will bring together regulators, healthcare providers, brokers, corporate partners, participants and other stakeholders to celebrate the achievements in ethical insurance and healthcare financing.

Noor Takaful said it has maintained an unbroken record of distributing underwriting surplus every year since commencing operations in 2017.

Following this year’s exercise, the company said total surplus returned to participants will exceed N1.3 billion.

The company explained that under the Takaful model, participants contribute to a common risk fund based on mutual cooperation and shared responsibility. Eligible participants who do not make claims during the financial year may receive a share of the underwriting surplus after claims, reserves and regulatory obligations have been settled.

Noor Health said it is extending the same principle to healthcare financing by introducing surplus distribution for eligible enrollees, describing the initiative as a first for Nigeria’s HMO industry.

Managing Director of Noor Takaful Insurance Limited, Rilwan Sunmonu, said the development reflects the group’s commitment to promoting fairness, transparency and shared value.

He noted that the consistent surplus distribution demonstrates that the Takaful model goes beyond conventional insurance by allowing participants to benefit directly from prudent management of the collective risk fund.

Sunmonu added that Noor Health’s adoption of the model represents a significant step in expanding ethical financial principles into healthcare financing.

The ceremony will also provide participants and enrollees with an opportunity to receive their surplus payments, interact with the management of both organisations and gain a better understanding of the Takaful model and its long-term benefits.

Noor Group said the event reinforces its position as a pioneer in ethical insurance and healthcare financing in Nigeria while promoting a system built on mutual benefit and shared prosperity.