Abuja: Crown Takaful Insurance Limited, Nigeria’s ethical insurance company, has approved the sharing of N100.9 million total surplus distribution to its participants. Surplus sharing is the core principle of the Takaful insurance model, anchored on mutual cooperation. Participants contribute to a shared fund and, at the end of a defined period, any surplus remaining after claims, Re-Takaful (Re-Insurance) expenses, and reserve, is returned to them.
According to News Agency of Nigeria, a statement by the company in Abuja on Wednesday said the board’s decision followed regulatory approval from the National Insurance Commission (NAICOM) on surplus sharing to its participants. The company quoted its Managing Director/CEO, Mr. Nasir Song, as saying that the achievement was due to participants’ trust in the company’s board and management team and a proof of their commitment to world-class standards. Song noted that the approval was not just a regulatory milestone but a promise kept.
‘When our participants entrusted us with their contributions, they did so believing in a system grounded in fairness, transparency, and mutual benefit,’ Song stated. ‘To achieve this within our first year of operation is a testament to the dedication of our team, the confidence of our participants, and the grace of God. Receiving regulatory approval to distribute surplus is our most direct and tangible way of honoring that trust. We are proud to be among the pioneers delivering the true promise of Takaful to Nigerians,’ he added.
He further explained that the sharing of the Financial Year 2024 surplus to its participants implied that the company was now fulfilling one of the most fundamental promises of Takaful. According to him, the fundamental promise is that insurance is a tool, not only of protection but of shared prosperity. Song highlighted that since the licensing of the company by NAICOM and the commencement of operations in 2024, Crown Takaful Insurance had achieved outstanding performance at all levels. ‘The company has recorded approximately N1.935 billion in gross contributions in its first year of operations,’ he concluded.