Crown Takaful Insurance Limited Board has approved the distribution of N100.9 million in surplus to participants, setting a new benchmark in the country’s Takaful insurance industry. The surplus distribution followed approval from the National Insurance Commission (NAICOM), marking a significant achievement for the company within its first year of operations. The development reinforces the core principle of the Takaful insurance model, which is built on mutual cooperation, shared responsibility and equitable benefit among participants. Under the Takaful model, participants contribute to a common fund used to support claims and operational expenses. Any remaining surplus after payment of claims, Re-Takaful expenses and required reserves is distributed back to eligible participants. Speaking on the development, Managing Director and Chief Executive Officer of Crown Takaful Insurance Limited, Nasir Abubakar Song, described the approval as a fulfilment of the company’s commitment to fairness, transparency and mutual benefit. He said the achievement reflects the confidence participants have placed in the company’s leadership and operations, adding that the surplus distribution demonstrates the practical value of the Takaful model in providing both protection and shared financial benefits. “Receiving regulatory approval to distribute surplus is our most direct and tangible way of honouring the trust placed in us by our participants. We are proud to be among the pioneers delivering the true promise of Takaful to Nigerians,” Song said. The company noted that the FY2024 surplus distribution represents more than a financial reward, describing it as evidence that ethical insurance can serve as a platform for shared prosperity and inclusive financial protection. Since receiving its licence from NAICOM and commencing operations in 2024, Crown Takaful Insurance has recorded strong growth, achieving approximately N1.935 billion in gross contributions during its first year. The company has continued to focus on providing ethical insurance solutions for individuals, families an businesses, guided by principles of transparency, responsible finance and mutual support.
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