Jaiz Takaful Insurance Limited has distributed ₦118 million as surplus to reward loyal participants for the 2023 financial year.
The company said the surplus arose from its 2023 financial statement, which received formal approval from the National Insurance Commission (NAICOM).
Managing Director of Jaiz Takaful Insurance, Ibrahim Shehu, disclosed this in Abuja during the company’s annual Surplus Distribution Ceremony.
Shehu explained that the surplus distribution rewards participants who did not record any claims within the year under review, in line with Takaful’s profit-sharing principles.
“The purpose of this event is to declare to the public our 2023 surplus realised from our financial statement approved by our regulator. This year, we declared ₦118 million as surplus to participants who took part in the 2023 financial year without having any claim,” he said.
Despite economic challenges, Shehu assured stakeholders that Jaiz Takaful remains focused on delivering value and maintaining its leadership position in the Takaful insurance sector.
Chairman of Jaiz Takaful Insurance Limited, Hajiya Zainab Abdurrahman, noted that the occasion marked the fourth surplus-sharing event since the company began operations in 2017.
She expressed gratitude to customers, regulators, and stakeholders for their continued trust and collaboration, emphasising that the company remains committed to transparency, integrity, and sustainable growth.
Abdurrahman said, “In 2023, our company declared a surplus of ₦118 million, which represents a decrease from the ₦230.8 million distributed in 2022 — a drop of approximately 48.9%. We understand that this decline may cause concern among stakeholders, and we would like to provide some context and explanations.
“The Nigerian Takaful industry is highly competitive, and market dynamics have influenced our financial results. In addition, macroeconomic challenges such as inflation and currency fluctuations impacted our investment returns and overall financial performance.”
She reiterated the company’s plans to deepen digital transformation, optimise operations, and enhance customer engagement through technology-driven platforms.
“As we move forward, Jaiz Takaful remains committed to consolidating its niche in the Takaful space and upholding our sustainability mission. We will continue to leverage technology to improve customer experience and deliver superior value to stakeholders,” she added.
Abdurrahman also appreciated NAICOM for its guidance, the company’s Board and Advisory Council for their leadership, and all staff for their dedication to advancing Jaiz Takaful’s mission.
