Noor Takaful Insurance Limited and its subsidiary, Noor Health Ltd., have distributed a combined N427.96 million in surplus to participants and enrollees who did not make claims during the 2024 financial year. The distribution, which underscores the growing adoption of Takaful insurance in Nigeria, was announced at the 2024 Surplus Distribution and Claims Celebration Ceremony held in Lagos on Tuesday, August 11, 2026. Themed “Promise Kept: Celebrating Takaful’s Commitment to Shared Reward,” the event brought together participants, regulators and industry stakeholders. The Board Chairman of Noor Takaful, Ambassador Shuaibu Ahmed, said the company distributed N427,963,044.68 to eligible participants, describing the payment as evidence of the practical application of the Takaful model. He said more than 1,000 participants would receive surplus payments, while 22 Noor Takaful participants and two Noor Health enrollees received their payments at the ceremony. According to Ahmed, surplus distribution represents more than a financial reward, describing it as a demonstration of accountability, fairness and the fulfilment of commitments to participants. He noted that Takaful was gaining acceptance as an alternative to conventional insurance but argued that Noor considers the model more than simply an alternative. “At Noor, however, we believe it is more than just an alternative. We believe it is a better alternative,” Ahmed said, citing equity, transparency, mutual responsibility and shared benefit as key principles underpinning Takaful. The Vice Chairman of Noor Takaful, Aminu Tukur, explained that the 2024 surplus was determined by the performance of the participants’ risk pool after claims and other obligations had been settled. Tukur said the company had expanded significantly from about 60 participants at inception to approximately 4,000, reflecting increased awareness and acceptance of Takaful products. He disclosed that Noor has cumulatively paid about N22 billion in claims since inception, comprising N7.4 billion from General Takaful and N14.5 billion from Family Takaful. “Our role is to ensure proper management and administration of funds, which includes investments. Secondly, we have a responsibility to ensure that every genuine claim is paid on a timely and stress-free basis,” he said. Tukur added that Noor would continue working with regulators and other stakeholders to deepen insurance awareness and expand Takaful participation across Nigeria. The company is also preparing to mark 10 years of operations in 2027. The National Insurance Commission (NAICOM) described the surplus distribution as evidence that Takaful can deliver financial value while maintaining its principles of cooperation and shared responsibility. The NAICOM Chief Executive Officer, Ayo Omosehin, represented by Deputy Director, Insurance Technical, Usman Jankara, said the payment demonstrated fairness, ethical conduct and collective prosperity. Jankara said Takaful participants were not merely customers purchasing 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.
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