Noor Takaful distributes N404m surplus to participants

Noor Takaful distributes N404m surplus to participants

Composite Takaful insurance firm, Noor Takaful Insurance Limited, has distributed N404.19m as surplus to participants who did not make claims on their insurance during the 2023 financial year.

The surplus distribution was announced during the 2023 Surplus Distribution and Claims celebration ceremony for participants in Lagos.

Over 1,000 participants were entitled to the surplus distribution. The participants included individuals, financial institutions, and private and public organisations.

Lotus Bank, ARM Group, Trustlub Resources Limited, MG Vowgas Ltd, and Alternative Bank received the lion’s share of the payment, receiving N19.02m, N8.60m, N1.44m, N1.35m, and N1.28m, respectively.

Other companies and individuals who also received part of the 2023 surplus distribution include Automarket Nigeria Limited, Starlink Internet Services Nigeria Limited, Vanguard Pharmacy, Cardinal Stone, Federal Polytechnic, Ilaro, Globus Bank, Wema Bank/Mezovest Limited, Halden Nigeria Limited & ICA Logistics Ltd, Kaka Ajibola Oladele and i-SOW Investment Limited.

Speaking at the occasion, the Chief Executive Officer of the National Insurance Commission, who was represented by the Deputy Director of NAICOM, Dr Julius Odidi, described the surplus distribution event as a statement of the resilience, inclusivity and ethical foundations upon which Nigeria’s takaful industry is being built.

Odidi stated that celebrating distribution and the fulfilment of claims is a stark reminder of the true meaning of takaful, which entails the principles of trust, fairness, and shared prosperity.

According to him, these principles are at the heart of takaful and remain central to the progress of Nigeria’s broader insurance sector.

He explained further that Takaful offers financial protection, dignity, fairness and confidence in the future.

The regulator anticipates a stronger collaboration between conventional insurers and takaful operators to expand the industry’s reach in the future while aligning with the global movement in ethical finance and sustainability, thus positioning Nigeria as a leader in inclusive and responsible insurance.

“As we celebrate Noor Takaful Insurance’s display of transparency, accountability and fairness through today’s surplus distribution and claim settlement, let us also recommit to the values that underpin the success of Takaful and indeed of the entire insurance industry: trust, integrity, sound risk management and ethical investment. The future of Nigeria’s insurance sector is promising. With NAICOM’s leadership, the innovation of operators and the trust of policyholders, we can build a sector that is not only robust and competitive but also inclusive, ethical and central to Nigeria’s economic development agenda,” he said.

In her keynote address, the founder of The Chair Centre Group, Ibukun Awosika, called for efforts to deepen awareness about Takaful, which she described as an equitable business model that rewards each party for its contribution.

She stressed that Noor Takaful must intensify its efforts to deepen awareness about the Takaful model in a way that will attract interest from Nigerians regardless of their faith.

“Non-conventional insurance is a sector that needs to grow exponentially because of the market space there, and this model will encourage more people to get into insurance. I was asking how many people you have signed up with right now, and I was told that the number is about 20,000. So, we’re really at the early stage. And what I would challenge the company to do is to invest time in educating the public. As a company, you need to share the model of what you do. You don’t want to be just another insurance company, and you don’t want the door to be shut on it just being called a religious insurance company,” she said.

While congratulating the beneficiaries of the surplus distribution, she expressed optimism that the model would help re-engineer the value system with which corporations and society operate.

In his opening remarks at the event, the Chairman of Noor Takaful Insurance Limited, Shuaibu Ahmed, explained that the distribution of N1bn in surplus since inception, including N400m in surplus for 2023 alone, is not just a milestone but powerful proof that the Takaful system works for everyone.

“We are not just celebrating numbers on a balance sheet; we are celebrating trust, partnership, and the very essence of the Takaful model: cooperation and shared prosperity. These numbers are not just statistics but stories of solidarity, fairness, and justice. They show that in Noor Takaful, everyone wins. Our model is not about transferring risk to another; it is about sharing risk. It is about creating a win-win partnership where both protection and prosperity are shared,” Ahmed said.

The Vice Chairman of Noor Takaful Insurance Limited, Aminu Tukur, whilst emphasising that the Takaful model is a win-win for all parties, revealed that the company has paid over N11bn in claims since the company started operations in January 2017.

Tukur maintained that the company remains committed to ensuring that participants get their benefits, whether through receiving claims when they need them or sharing in surplus.

Noor Takaful Distributes N404m Surplus to Policyholders