Noor Takaful Insurance Limited, has announced that it distributed a total of N427. 96 million 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 in Lagos.

This year's edition of the surplus distribution ceremony themed: "Promise Kept: Celebrating Takaful's Commitment to Shared Reward."

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According to Ahmed, a total of 22 participants received surplus payments from Noor Takaful Insurance at the event while 2 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.

Ahmed explained that 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.

Also speaking, the Vice Chairman of Noor Takaful Insurance, 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.

Speaking at the event, the Commissioner for Insurance and Chief Executive Officer, National Insurance Commission (NAICOM), Olusegun Ayo Omosehin, who was represented by the Deputy Director, Insurance, Technical, NAICOM, Usman Jankara, described the distribution as a practical demonstration of the values that defined cooperation.

Jankara stated that 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.

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