Jaiz Takaful Declares N151mn Profit After Tax

By Yusuf Issa An-Nuphawi

The shareholders of Jaiz Takaful Insurance Plc, a pioneer ethical complaint insurance company in Nigeria, have declared N151 million profit after tax for 2020 financial year at the company’s Annual General Meeting held Wednesday in Abuja.

The financial statement sighted by Daily Commerce revealed that the company collected a total gross premium contribution of N940,992,335 in the year under review representing 77% increase when compared to N531,636,797 collected in the year 2019.

The year 2020 financial performance propelled the company to the profitability curve against the negative underwriting year 2019 which recorded N102 million.

The financial statement disclosed that the General Takaful business class recorded N735,553,564 premium contribution in the year 2020 against N441,203,369 in the year 2019 while Family Takaful recorded N189,441,882 in the year 2020 against N86,293,108 recorded in year 2019.

The statement further noted that the Agricultural Takaful business class recorded N15,996,890 premium contribution in the year 2020 against N4,140,320 recorded in the year 2019.

The year under review recorded growth in premium contribution across all the business classes with an increase of 67%, 24% and 286% for General, Family and Agricultural Takaful businesses respectively.

Speaking with Daily Daily Commerce after the meeting, the Chairman Board of Directors, Alhaji Abidu R. Yazid, said Jaiz Takaful Insurance Plc was a fairly new company with all the indices pointing towards growth direction.

According to Alhaji Yazid, the 2020 performance was much better than preceding years, adding that the shareholders were excited about a profit of about N151 million.

Alhaji Yazid said: “This year we have our AGM meeting, it is the fourth so far and Alhamdulillah, we had scored great successes, I like to believe.”

He added that: “The shareholders are very happy because this year we had a profit of about N151 million.”

He said: “We had never had this kind of profitability but you must know that with Takaful Insurance, you do make profit but what happen is that a huge part of it goes back to your customers subject to the approval by the regulator, the National Insurance Commission (NAICOM).”

“Our customers are going to share in our profitability, this is the beauty of Jaiz Takaful Insurance Plc and other Takaful companies,” Alhaji Yazid disclosed.

Speaking on the factors that propelled the company to the profitability region, the Managing Director/CEO of Jaiz Takaful Insurance Plc, Mr. Ibrahim Usman Shehu said, despite the challenges occasioned by the COVID-19 pandemic, the company did well.

He said: “We are working with a very resourceful team and we have our strategies right.

“Our staff’s way of thinking have been refocused and rejuvenated, and we clearly take the necessary steps to target our market without missing it.”

On the company’s commitment towards efficient customer service delivery, Mr. Shehu said: “Recently, we acquired a new software which is really enhancing the efficiency of our customer service delivery.”

He added: “The software is really helping us to reach the target market, everybody has a companion now which is the mobile phone, so wherever you are we can easily reach you and you can easily access us too from wherever you are.”

He disclosed: “Very soon we will launch an application that allows our customers buy our Takaful products, get the policy issued immediately and if they have any claim they can lodge it from even the comfort of their living rooms and we will get it processed and settled as quickly as possible.”

He stressed that the company was steadily growing as the year 2020 profit was unprecedented “in the sense that we made substantial profit as an Operator and Surplus to be distributed soon to the Participants[customers].”

On the date for distribution of Surplus to the anticipating customers, Mr. Shehu explained that: “After the approval of the account by NAICOM, we needed to present the approval to the Board at the meeting and we have just done that.”

He revealed that: “The Board has graciously approved that we go back to NAICOM and seek approval on some specific areas after which we will call the eligible customers to give then their share of Surplus.

“I assure you that the Surplus distribution will be as soon as possible so that our customers will be happy with us,” Shehu said.

Courtesy: Daily Commerce