Crown Takaful Approves ₦100.9m Surplus Sharing for Participants
Participants in the ethical insurance firm’s General and Group Family Takaful funds will share N100.9 million after regulatory approval, marking a major milestone for Nigeria’s Takaful industry.
By Abdullahi Yusuf
Crown Takaful Insurance Limited has approved the distribution of N100.9 million in surplus to eligible participants, becoming one of the few Takaful operators in Nigeria to return surplus to participants after completing its first full year of operations.
The company said the distribution followed approval by the National Insurance Commission (NAICOM), clearing the way for qualified participants under its General Takaful and Group Family Takaful funds to receive a share of the surplus generated during the 2024 financial year.
Under the approved distribution, participants in the General Takaful Fund will receive ₦84,404,639.09, while those in the Group Family Takaful Fund will share ₦16,593,120.00, bringing the total distributable surplus to ₦100,997,759.09.
The announcement comes ahead of the company’s first-ever Surplus Sharing Ceremony, scheduled for Tuesday, August 4, 2026, in Abuja, where the payments will be formally commemorated.
Unlike conventional insurance, the Takaful model is based on mutual cooperation, with participants contributing to a common fund used to meet claims. Where funds remain after claims, Retakaful expenses and statutory reserves have been settled, the surplus is returned to eligible participants rather than retained solely by the operator.
Managing Director and Chief Executive Officer of Crown Takaful Insurance Limited, Nasir Abubakar Song, described the regulatory approval as both a milestone for the company and a fulfilment of one of Takaful’s defining principles.
“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, the confidence of our participants and the grace of Allah,” he said.
Song said the approval demonstrated the company’s commitment to delivering the ethical insurance model as intended, adding that surplus distribution represented “our most direct and tangible way of honouring that trust.”
Song, a chartered insurance professional, has more than two decades of experience in Nigeria’s insurance industry. Before leading Crown Takaful, he worked at the National Insurance Commission (NAICOM), where he served in regulatory roles across the Inspectorate, Authorisation and Policy departments, rising to the position of Manager in 2009.
The company said the 2024 financial year surplus distribution reflected its commitment to ensuring that participants benefit not only from financial protection but also from prudent management of the shared fund.
Licensed by NAICOM in 2024, Crown Takaful said it recorded approximately ₦1.935 billion in gross contributions during its first year of operations.
The company said it has focused on providing ethical insurance products for individuals, families and businesses, built on the principles of transparency, mutual responsibility and inclusive financial protection.
The surplus-sharing ceremony, to be held in Abuja, will mark the first time Crown Takaful formally distributes surplus to participants, a step regarded within the Takaful model as a key measure of operational performance and adherence to the principles of ethical insurance.
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