Noor Takaful, Noor Health Distribute N427.96m Surplus to Customers

Noor Takaful Insurance Limited has announced the distribution of N427.96 million as surplus to its participants and enrollees who did not file claims during the 2024 financial year. This significant payout was disclosed by Ambassador Shuaibu Ahmed, the Board Chairman of Noor Takaful Insurance Limited, at the 2024 Surplus Distribution and Claims Celebration Ceremony held in Lagos.

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the payment of surplus is a demonstration of gratitude, accountability, reflection, and celebration of promises made and kept.

The event, themed “Promise Kept: Celebrating Takaful’s Commitment to Shared Reward,” underscored the company’s dedication to the principles of Takaful, an Islamic finance system emphasizing mutual assistance and shared responsibility. Ambassador Ahmed stated that the surplus payment is a demonstration of gratitude, accountability, and a celebration of promises made and kept. He noted that the company has consistently proven that surplus distribution is a practical model, not just a theoretical concept.

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the company had over the years proven that surplus distribution was not a theoretical concept but a model that worked in practice, as evidenced by its consistent payments to participants.

During the ceremony, 22 participants received surplus payments from Noor Takaful Insurance, while 2 enrollees received payments from Noor Health. Aminu Tukur, the Vice Chairman of Noor Takaful Insurance, explained that the 2024 surplus distribution was determined by the performance of the participants' risk pool after all claims and obligations were settled. Tukur also highlighted the company's growth from approximately 60 participants at its inception to around 4,000.

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the 2024 surplus distribution was based on the performance of the participants’ risk pool after claims and other obligations had been settled.

Representing the National Insurance Commission (NAICOM), Usman Jankara, Deputy Director of Insurance Technical, commended the distribution. Jankara described the event as a practical manifestation of the values that define cooperation. He emphasized that Noor Takaful's surplus distribution clearly shows participants are not merely purchasers of protection but active contributors to a system built on cooperation and mutual benefit, reinforcing the core tenets of Takaful.

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the distribution of surplus by Noor Takaful clearly demonstrated that participants were not merely purchasers of protection but contributors to a system built on cooperation and mutual benefit.