UIC distributes 16% surplus for 2012 takaful contributions

UIC has decided to distribute 15.8% of the takaful contributions net surpluses after deducting administrative and general expenses and the statutory reserves.

The amount is a notable increase from last year’s figure of 10.9%, and the highest since UIC launched its takaful department in 2009.

The surplus will be distributed to clients whose claims have not surpassed contributions. General Manager, Tarek Hayel Saee said that its success was achieved through the support of the company’s clients.

In 2012, UIC generated US$41 million in GWP, representing over 42% of the market premiums.