By David Akinmola
Nigeria’s quest to expand financial inclusion and mobilise domestic saving gained traction as Noor Takaful Insurance Limited distributed N404.19 million in surplus to policyholders who lodged no claims in 2023, underscoring the rising economic significance of ethical finance within Africa’s largest economy.
This disclosure made at the company’s Surplus Distribution and Claims Celebration in Lagos, revealed that more than 1,000 individuals, corporate and public institutions qualified for the payout, while cumulative claims settled by the insurer since 2017 launch have topped N11 billion industry, analysts say the figures point to the growing role of Takaful in unlocking long-term savings and risk-management capacity for households and businesses.
Speaking at the programme, Deputy Director at the National Insurance Commission (NAICOM) Dr. Julius Odidi, represented the Commissioner for Insurance, and described the surplus distribution as a testament to the fairness and inclusivity of the Takaful system.
“Celebrating surplus and the fulfillment of claims is a reminder of the trust meaning of Takaful trust, Fairness, and shared prosperity, “he said.
Renowned entrepreneur and keynote speaker, Ibukun Awosika, urged Noor Takaful to intensify efforts to educate Nigerians about the benefits of Takaful beyond religious perceptions. “Non-conventional insurance is at an early stage in Nigeria, with just about 20,000 enrollees. There is a huge market opportunity, and Takaful can re-engineer corporate values and encourage more people to embrace insurance,” she said.
The Chairman of Noor Takaful, Ambassador Shuaibu Ahmed, highlighted that since its inception in 2017, the insurer has distributed nearly N1 billion in surpluses, including the latest N404 million for 2023.
“We are not just celebrating figures on a balance sheet; we are celebrating trust solidarity, and justice. The Takaful model is about mutual cooperation and shared prosperity, where everyone wins,” Ahmed noted.
The Vice Chairman Aminu Tukur added that the company has paid more than N11 billion in claims to participants since its launch, reinforcing its pledge to provide value either through prompt claims settlement or surplus sharing. The surplus distribution and claims celebration come as Nigeria’s insurance industry pushes to deepen penetration through innovative products and ethical models like Takafull, which emphasizes risk-sharing, transparency, and community prosperity.
Top beneficiaries of the 2023 surplus include Lotus Bank (N19.02 million), ARM Group (N8.6 million), Trustlub Resources, MG Vowgas, Alternative Bank and a range of SMEs, schools and fintechs signaling an expanding customer base that cuts across sectors.
Economists argue that surplus-sharing insurance schemes like Takaful can complement pension funds, mutual funds micro-savings platforms by pooling retail capital for investment in the real economy. “The mechnanism encourages people who might avoid conventional insurance to participate, thus widening the funding base for productive assets,” said a Lagos based financial analyst.
The distribution comes at a time when policyholders are seeking to lift insurance penetration beyond 3 per cent of GDP and strengthen domestic capital formation. With inflation above 20 per cent and many Nigerians wary of traditional savings vehicles, instruments that blend protection with a return on participation could become an important of household financial planning.
By demonstrating consistent claims payment alongside periodic surplus, Noor Takaful is also helping to build confidence in an industry often criticized for weak service delivery.
