…Becomes first HMO in Nigeria to distribute surplus to enrollees
Noor Takaful Insurance Limited has returned more than ₦1.3 billion in underwriting surplus to eligible participants since it began operations in 2017, while its sister company, Noor Health Ltd., is set to become the first Health Maintenance Organisation (HMO) in Nigeria to distribute surplus to eligible enrollees.
Both milestones will be celebrated at the 2026 Surplus Distribution Ceremony scheduled for Tuesday, August 11, in Lagos.
The event will bring together regulators, healthcare providers, brokers, corporate organisations, participants, enrollees and other stakeholders to celebrate the achievements in ethical insurance and healthcare financing.
The latest payout means Noor Takaful has maintained an unbroken record of distributing underwriting surplus to eligible participants every year since it started business in Nigeria.
The company said the achievement reflects the strength of the Takaful insurance model, where participants contribute to a common risk fund based on mutual support and shared responsibility.
Under the model, participants who do not make claims during the financial year may receive a share of the remaining underwriting surplus after claims, reserves and other regulatory obligations have been settled.
In another first for the industry, Noor Health will distribute surplus to eligible enrollees, becoming the first HMO in Nigeria to adopt the same principle of shared value in healthcare financing.
The company said the initiative will allow members to benefit not only from access to quality healthcare but also from the prudent management of the collective healthcare risk fund.
Speaking ahead of the ceremony, the Managing Director of Noor Takaful Insurance Limited, Rilwan Sunmonu, said the company remains committed to delivering value to its participants.
“Since commencing operations in 2017, Noor Takaful has consistently fulfilled one of the most distinctive promises of the Takaful model by returning surplus to eligible participants every year,” he said.
Sunmonu said this year’s distribution will take the total surplus paid to participants to over ₦1.3 billion.
“That shows Takaful is more than insurance. It is a system built on fairness, shared responsibility and shared prosperity,” he added.
He also described Noor Health’s planned surplus distribution as a landmark achievement for the healthcare industry.
“We are proud that Noor Health is becoming the first HMO in Nigeria to distribute surplus to eligible enrollees,” he said.
“This is a major milestone for both Noor Health and Nigeria’s healthcare sector. It reflects our commitment to building a more transparent, ethical and rewarding healthcare financing system.”
According to the organisers, the ceremony will also give participants and enrollees the opportunity to receive their surplus payments, interact with the management of both companies and learn more about the long-term benefits of Takaful insurance and ethical healthcare financing.
The development strengthens Noor Group’s position in Nigeria’s ethical insurance and healthcare market while highlighting a growing focus on customer value through shared benefits and prudent fund management.