Noor Takaful, Noor Health share N427.96m surplus with non-claiming participants

Noor Takaful Insurance Limited and its subsidiary, Noor Health Limited, have distributed N427.96 million in surplus to participants and enrollees who did not make claims during the 2024 financial year.

The companies disclosed this at their 2024 Surplus Distribution and Claims Celebration Ceremony, held in Lagos on Tuesday, August 11, 2026, with the theme, “Promise Kept: Celebrating Takaful’s Commitment to Shared Reward.”

Chairman of Noor Takaful, Ambassador Shuaibu Ahmed, said more than 1,000 participants would benefit from the surplus distribution, while 22 participants received payments from Noor Takaful and two enrollees received payments from Noor Health at the ceremony.

He described the distribution as a demonstration of the companies’ commitment to accountability, fairness and the principle of shared benefits that underpins Takaful insurance.

Ahmed said the company’s repeated surplus distributions showed that the model was not merely theoretical but could deliver tangible financial benefits to participants.

According to him, growing acceptance of Takaful reflects increasing recognition of the model as a credible alternative to conventional insurance.

He said Noor Takaful’s approach was built around equity, mutual responsibility, transparency and shared benefits.

Vice Chairman of Noor Takaful, Aminu Tukur, said the 2024 surplus was calculated from the performance of participants’ risk pools after claims and other obligations had been settled.

Tukur disclosed that the company had grown from about 60 participants at inception to nearly 4,000, adding that it would continue working with regulators and other stakeholders to expand Takaful awareness across Nigeria.

He said the company would mark 10 years of operations in 2027.

Tukur further disclosed that Noor Takaful had paid about N22 billion in cumulative claims since inception, comprising N7.4 billion from its General Takaful business and N14.5 billion from Family Takaful.

He said the company’s responsibilities included proper management and investment of participants’ funds as well as ensuring that genuine claims were settled promptly.

Representing the Chief Executive Officer of the National Insurance Commission, Ayo Omosehin, the Deputy Director, Insurance, Technical, NAICOM, Usman Jankara, described the surplus distribution as a practical demonstration of cooperation, shared responsibility, fairness and ethical financial conduct.

Jankara said the payment showed that Takaful participants were not simply purchasers of insurance protection but contributors to a system based on mutual benefit.

“This has sent a strong message that Takaful can create measurable value while remaining faithful to its ethical foundation,” he said.

On the recent recapitalisation exercise in the insurance industry, Jankara said Takaful operators were exempted because they had undergone a similar exercise four years ago.

He said there was currently no compelling need for another recapitalisation of the Takaful segment, noting that existing operators were adequately capitalised.

He added that NAICOM would continue to support the growth of Takaful while strengthening regulatory oversight and promoting consumer education.

Some of the participants that received surplus payments included Jaiz Bank, Lotus Bank, Sterling Bank, The Alternative Bank, Payvantage Limited, Integrated Indigo Limited, Smadac Securities and Taxaide Logistics.