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Noor Takaful Insurance Limited, the pioneer and leading composite Takaful insurance firm in Nigeria, and its subsidiary, Noor Health Ltd., have distributed a combined total of N427, 963,044.68 as surplus to participants and enrollees who did not make claims on their insurance during the 2024 financial year.
This was disclosed by the Board Chairman of Noor Takaful Insurance Limited, Ambassador Shuaibu Ahmed, during the 2024 Surplus Distribution and Claims celebration ceremony themed “Promise Kept: Celebrating Takaful’s Commitment to Shared Reward,” held in Lagos.
According to Ahmed, whilst over 1,000 participants will receive various sums as surplus, a total of 22 participants received surplus payments from Noor Takaful Insurance Limited, while two enrollees received surplus payments from Noor Health at the event. He described the payment of surplus as a demonstration of gratitude, accountability, reflection, and celebration of promises made and kept.
The chairman explained that the company has proven over the years that surplus distribution is not a theoretical concept but a model that works in practice, as evidenced by its consistent payments to participants. He acknowledged that there is growing acceptance of Takaful, as it is increasingly recognised as a credible and established alternative to conventional insurance.
“At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative. We say this because Takaful is built around values that are fundamental to how financial protection should work: equity, fairness, mutual responsibility, transparency, and shared benefit,” he said.
Also speaking at the event, the Vice Chairman of Noor Takaful Insurance Limited, Aminu Tukur, stated that the 2024 surplus distribution was based on the performance of the participants’ risk pool after claims and other obligations had been settled.
Tukur disclosed that the company had grown from a humble beginning of about 60 participants at its inception to approximately 4,000.
