NOOR TAKAFUL PAYS ₦427M SURPLUS, ₦22BN IN CLAIMS

Noor Takaful Insurance Limited has paid ₦427 million in surplus distributions to eligible policyholders and settled ₦22 billion in claims, highlighting its financial performance and commitment to customers.

The company said the payments reflect its approach to takaful insurance, which is based on mutual cooperation and the sharing of risks among participants.

The ₦427 million surplus distribution represents funds returned to eligible participants after the company accounted for claims and other allowable expenses under the takaful model.

Noor Takaful said the payment of ₦22 billion in claims demonstrates its commitment to supporting policyholders when insured events occur.

Insurance industry stakeholders said timely claims settlement is important for building trust and encouraging greater participation in Nigeria’s insurance market.

They noted that the takaful segment could attract more customers seeking insurance products structured around Islamic principles and mutual risk sharing.

The company said it has continued to strengthen its operations and expand access to takaful products across different customer segments.

Industry analysts said the company’s claims payments and surplus distribution could help improve confidence in alternative insurance models and encourage wider adoption.

They urged insurers to maintain transparency in claims processing, product pricing, and surplus distribution to strengthen customer trust.

Noor Takaful reaffirmed its commitment to providing reliable risk protection and ensuring that eligible participants benefit from the performance of the takaful funds.

The company said it would continue to develop products and services that meet customers’ needs while promoting greater awareness of takaful insurance in Nigeria.