Policyholders get N208m surplus from Noor Takaful

Eligible policyholders have received N208,496,800 surplus from Noor Takaful Insurance Limited.

The beneficiaries are basically persons and corporates that did not make claims on their insurance in the 2021 financial year.

Among the customers that shared the surplus were Lotus Capital Limited, Jaiz Bank plc, Sterling Bank plc, Ahmed Zakari & Co, Nasco Group, Istabraraqim Nigeria Limited, and Kings College Old Boys Association, among others.

While Sterling Bank plc, Jaiz Bank plc, and Lotus Bank Limited got N13 477,583.42, N13,151,076.33, and N1,495,559, respectively, Kings College Old Boys (19977-1982 set) received N465,957.70.

The surplus distribution was announced during a two-day African Takaful and non-interest finance conference held in Lagos.

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Rilwan Sunmonu, managing director of Noor Takaful Insurance Limited, explained that from the total amount of N208, 496,800.00 to be distributed, Group Family Takaful will distribute N173,994,800 while General Takaful will N34, 502,000.00.

The distributable amounts are net of reserves and Jualah/ performance incentives due to the Takaful Operator. The surplus amounts have been approved by the National Insurance Commission (NAICOM), which regulates Noor Takaful Insurance Ltd.

Sunmonu stated that the distribution of surplus to participants was in line with the true spirit of the Takaful concepts. He stressed that the payment of surplus by the company was a demonstration of its commitment to offering Sharia-compliant solutions to policyholders while reinforcing Takaful as the best alternative insurance.