Coronation Insurance, Coronation Life Assurance Complete ₦9.2bn Recapitalisation

Companies meet NIIRA 2025 minimum capital requirements after oversubscribed private placement

Coronation Insurance Plc and Coronation Life Assurance Limited have completed a ₦9.2 billion private placement, strengthening their capital base and enabling both companies to meet the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The capital raise marks a major step for the companies as the Nigerian insurance industry completes the recapitalisation exercise introduced by the National Insurance Commission (NAICOM).

The private placement involved 4.2 billion ordinary shares and was oversubscribed, signalling strong investor interest in the two businesses and confidence in their long-term prospects, governance and growth strategy.

The additional capital gives Coronation Insurance and Coronation Life Assurance greater financial capacity to pursue opportunities in the Nigerian insurance market. It will also support investments aimed at improving how customers access and experience their insurance services.

Both companies plan to use the stronger capital position to drive product development, digital transformation, customer experience and expansion of their distribution network.

The capital injection will also support the continued growth of the companies’ bancassurance partnership with Access Bank, helping to make insurance solutions available to more customers across the bank’s extensive network.

Commenting on the development, Olamide Olajolo, Managing Director/Chief Executive Officer of Coronation Insurance Plc, said the successful capital raise reflects the confidence investors have in the business and its future.

“Meeting the new capital requirements under NIIRA 2025 is a significant milestone for our businesses and reflects the confidence investors continue to place in our strategy and long-term vision. The successful completion of our private placement is a strong testament to the strength of our governance, business model and growth prospects.

“With our strengthened capital position, we are focused on expanding our product offerings, deepening our distribution capabilities, investing in digital innovation and delivering exceptional service to our customers. We are well positioned to respond to emerging opportunities within Nigeria’s evolving insurance market while driving sustainable growth and operational excellence.”

The recapitalisation strengthens the position of Coronation Insurance and Coronation Life Assurance in the Nigerian insurance market, with both companies providing solutions across general insurance, life insurance, risk protection, savings and wealth creation.

The companies said the additional capital would support their continued efforts to provide solutions that protect lives, preserve wealth and help individuals, businesses and institutions manage financial risks over the long term.

Their compliance with the new capital requirements also demonstrates their commitment to maintaining financially strong and resilient businesses capable of creating lasting value for customers and shareholders.

With the recapitalisation now completed, Coronation Insurance and Coronation Life Assurance will focus on expanding their reach, improving customer relationships, investing in innovation and growing their businesses as Nigeria’s insurance market continues to evolve.