Insurance Limited, a pioneer in Nigeria’s Islamic insurance sector, has declared a record surplus of N230.8 million for the 2022 financial year.
This figure represents a 51.2 per cent increase compared to the N152.6 million surplus declared in 2021, marking a significant milestone for the company despite the current volatile economic environment.
During the surplus distribution event in Abuja on Wednesday, the Chairman of Jaiz Takaful, Zainab Abdurrahman, described the achievement as a testament to the company’s prudent management, participant loyalty, and adherence to the Islamic principles of fairness and cooperation.
“We are pleased to announce a surplus of N230,806,451.75, reflecting a 51.2 per cent increase over the surplus declared in 2021 of N152,596,760.88,” she said.
She attributed the achievement to the company’s resilience amidst economic challenges and its adherence to Islamic principles of transparency, fairness, and cooperation.
“This achievement serves as evidence of the prudent management of our Takaful fund, the loyalty and trust of our participants, the dedication of our staff, and the unwavering support, guidance, and cooperation of the Board,” Mrs Abdurrahman said.
She said that the surplus, derived from Takaful operations, underscores the firm’s commitment to delivering value to participants while navigating the constraints of Nigeria’s economic environment.
The chairman explained that General Takaful operations contributed the largest portion, amounting to N62.38 million, followed closely by the Motor Takaful class, which accounted for N60.01 million.
She said that while certain Takaful classes, including Agriculture, General Accident, and Marine, showed notable growth, they did not generate a surplus for the year. Similarly, the Erection All Risk and Contractor All Risk classes also did not yield any surplus.
