Jaiz Takaful Insurance Ltd. has shared N230.8m among its customers for the 2022 financial year.
Speaking during a press briefing on the 2022 Surplus Distribution yesterday in Abuja, the Managing Director of Jaiz Takaful Insurance Ltd, Ibrahim Shehu, said the sum represented a 51.2% increase over the Surplus declared in 2021 of N152.5m.
He noted that the figure is the highest ever in Nigeria’s insurance Takaful industry with the surplus being the underwriting profit that conventional insurance companies would have withheld as their profit but the company is taking the step to share it with its customers.
He said the surplus comes from a pool of General Takaful operations, which produced N62.3m, followed by the Motor Takaful class, which accounted for N60m and additional classes, including agriculture, general accident and marine.
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He said the Family Takaful Operations also significantly advanced, generating N58.1m for both individual and group Takaful classes.
“For agriculture, the surplus was not much because it is a recent approval. So, we were trying to market and reach out to farmers to be able to patronize us so that we have the food. You know, as insurance, you need to have a pool of many to be able to settle a few and they have underwriting profit. That’s what we’ve been working hard. So, we’re trying to reach out to farmers, especially in Nigeria, because in Nigeria today, apart from oil, the next main thing is agriculture.”
On her part, Chairman, Board of Directors, Hajiya Zainab Abdurrahman said in the allocation of the surplus to its participants, it is fulfilling not only contractual obligations but also reinforcing the principles of Islamic finance, which emphasize fairness, transparency, and justice. We are reaffirming our motto of sharing and caring.
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