Insurance Firm Records N1.94bn Contributions, Pays N100.9m Surplus

Crown Takaful Insurance Limited has recorded gross contributions of about N1.94 billion in its first year of operations and secured regulatory approval to distribute N100.9 million as surplus to its participants, reinforcing the core principles of ethical insurance.

The company said the Board approved the surplus distribution following approval from the National Insurance Commission (NAICOM), making it one of the early operators in Nigeria’s Takaful insurance industry to return surplus to participants within its first year of operations.

Under the Takaful insurance model, participants contribute to a common fund, and any surplus remaining after claims, Re-Takaful (reinsurance) expenses and statutory reserves is returned to them. The model is based on mutual cooperation, fairness and shared responsibility.

Managing director and chief executive officer of Crown Takaful Insurance, Nasir Song, described the approval as a significant milestone for the company and the ethical insurance industry.

According to him, the surplus distribution reflects the confidence participants have placed in the company’s board and management, as well as its commitment to transparency and global best practices.

“This approval is not just a regulatory milestone; it is 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. To achieve this within our first year of operation is a testament to the dedication of our team and the confidence of our participants.

“Receiving regulatory approval to distribute surplus is our most direct and tangible way of honouring that trust. We are proud to be among the pioneers delivering the true promise of Takaful to Nigerians,” Song said.

He noted that the distribution of the 2024 financial year surplus demonstrates that Takaful insurance goes beyond risk protection by enabling participants to share in the financial benefits generated by the collective fund.

Since receiving its licence from NAICOM and commencing operations in 2024, Crown Takaful has continued to expand its footprint in Nigeria’s insurance market, recording approximately N1.94 billion in gross contributions during its maiden year.

The company said it remained committed to providing ethical insurance solutions for individuals, families and businesses through products anchored on transparency, inclusive financial protection and ethical finance principles.