Noor Takaful policy holders get N109m surplus

Noor Takaful, an indigenous Takaful (non-interest) insurance operator in Nigeria, Wednesday distributed a surplus worth over N109 million to its policyholders, the highest to be given out since 2017 when the company started operation.

The 2020 surplus distribution covers General and Family Takaful policies taken by holders from January 1, 2020 and December 31, 2020.

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Chairman of the insurance firm, Mr Muhtar Bakare, described the surplus as the largest ever in the industry to be distributed to qualifying participants.

He broke down the amount to include N74,121,000 for the General/Corporate surplus and another 35,725,000 for family Takaful policy holders.

He also disclosed that the company paid over N1.9bn in claims with a claim ratio of 22 percent which he stated is one of the best if not the best in the insurance industry.

Managing Director of the firm, Mr Rilwan Sunmonu, added that the participants would on average get 16 per cent return as against the 13% of 2019 and 10% of 2018 surplus.

Senior Pastor of Covenant Christian Nation and Convener of the Platform, Pastor Poju Oyemade, described the surplus as “very impressive”.

Managing Director of Lotus Capitals, Hajia Hajarat Adeola, in her keynote address said the distribution of the surplus “suggests that all claims have been paid, reserves have been set aside and there is still something left over.”