Jaiz Takaful Insurance Disburses N152m Underwriting Profit to Participants

James Emejo in Abuja

Jaiz Takaful Insurance Limited has approved the sharing of N152 million in underwriting profit to participants and brokers who didn’t make insurance claims during its 2021 financial year.

Speaking at the 2021 surplus distribution event, the company’s Managing Director/Chief Executive, Mr. lbrahim Shehu, said the sharing demonstrated one of the unique takaful propositions and “proves to be another medal on our chest, being one of the leading takaful operators in the country with a reputation for the highest levels of transparency and disclosure”.

He said the distribution of surplus to participants was of great importance and reflected the company’s professional commitment to the basic principles of takaful, which it considered a duty towards the clients.

Shehu explained that the mechanism to distribute and allocate the surplus and profits to each participant takes into consideration Shariah considerations, equity among participants, as well as the practicality of the distribution.

He stressed that apart from the modest achievement in underwriting profits, the company has also been instrumental in achieving the federal government Financial Inclusion Strategy (FSS 2020), thereby deepening insurance penetration in the country.

Chairman, Jaiz Takaful Insurance Limited, Hajiya Zainab Abdurrahman, described the distribution of surplus as a remarkable milestone in the company’s journey.

She said, “We have come a long way since our inception, and it is a testament to the dedication and trust our participants have bestowed upon us that we can gather here to distribute a surplus of N152 million.

“The surplus we are distributing today is not just a financial transaction; it is a symbol of our commitment to our participants and the values that guide us. It signifies our ability to efficiently manage our resources and deliver on the promise of mutual help and support. It underscores the success of our business model and the trust you have placed in us.”

The Commissioner for Insurance/Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, commended the company for promptly paying claims, pointing out that this remained the main essence of insurance.