Jaiz Takaful records 93% rise in 2021 Gross premium written

By Olivia Nnorom

Jaiz Takaful Insurance Limited has recorded a gross premium contribution of N1.8 billion in the 2021 financial year, representing a 93 per cent increase from N944 million posted in  the corresponding period  of 2020.

This was disclosed in the company’s 2021 financial report, which was approved by the board of directors at an annual general meeting held virtually.

Furthermore, the company recorded a 44 per cent rise in paid consolidated claim, to N301.983 million from N201.262 million in 2020.

The consolidated Profit After Tax (PAT) also stood at N503 million in 2021, representing a 233 per cent rise from  N151 million in 2020.

In addition, Jaiz Takaful insurance limited declared a surplus  summing up to N305 million for the year 2021, given that  participants who did not make any claim in the year under review would receive a projected Surplus of N152 million, higher than N84.5 million distributed in 2020 fiscal year as part of core business objectives and model of the company.

Commenting on enablers for the company’s growing profitability in 2021,  Ibrahim Usman Shehu the managing director/CEO of Jaiz Takaful Limited, said that the company has embraced ICT for easy accessibility of Takaful products by customers.

“We have improved our customer service efficiency such that at your comfort zone, you can reach us through our mobile App to place business or report a claim and we respond promptly,”he said.