Crown Takaful Insurance Limited, Nigeria’s ethical insurance company, has approved the sharing of N100.9 million in 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.

A statement by the company in Abuja on Wednesday said the board’s decision followed regulatory approval from the National Insurance Commission for surplus sharing with its participants.

The company’s CEO, Nasir Song, said the achievement was due to participants’ trust in the company’s board and management team and proof of their commitment to world-class standards.

Mr Song said 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.

”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 honouring that trust. We are proud to be among the pioneers delivering the true promise of Takaful to Nigerians,” he said.

He said that sharing the financial year 2024 surplus with 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 also of shared prosperity.

Mr Song said that since NAICOM licensed the company and it commenced operations in 2024, Crown Takaful Insurance has achieved outstanding performance at all levels.

“The company has recorded approximately N1.935 billion in gross contributions in its first year of operations,” he said.

(NAN)