Crown Takaful Insurance Limited, Nigeria’s leading and most participant-friendly ethical insurance company, has set a new record in the ethical risk-underwriting insurance industry as the Board has approved the sharing of a total surplus distribution of N100.9 million to its participants.
Surplus sharing is the chore principle of Takaful insurance model, which is anchored on mutual cooperation where 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.
The board’s decision was sequel to the regulatory approval from the National Insurance Commission (NAICOM) to the company on surplus sharing to its participants, a feat achieved within its very first year of operations, and a turning point not just for the company but for the future of ethical, faith-sensitive insurance in Nigeria.
Speaking on the company’s remarkable feat, which represents a major scorecard in the annals of Nigeria’s ethical insurance space, the Managing Director/CEO of Crown Takaful Insurance Limited, Mr. Nasir Abubakar Song, attributed the achievement to participants’ trust in the company’s board and management team and a clear proof of their commitment to world class standards in the company’s operations.
He clarified: “This approval is not just a regulatory milestone — it is a promise kept. When our participants entrusted us with their contributions, they did so believe 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, the confidence of our participants, and the grace of Allah.
“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”, Song added.
The sharing of the FY2024 surplus to its participants implies that Crown Takaful Insurance is now fulfilling one of the most fundamental promises of Takaful – that insurance is a tool not only of protection, but of shared prosperity.
Since its licensing by the NAICOM and commencement of operations in 2024, Crown Takaful Insurance has achieved outstanding performance at all levels of assessment parameters, recording approximately N1.935 billion in gross contributions in its first year of operations.
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