Coronation Insurance concludes year-long recapitalisation under new Insurance Act

Coronation Insurance Plc and Coronation Life Assurance Limited have successfully met the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking the successful conclusion of the year-long recapitalisation exercise directed by the National Insurance Commission (NAICOM).

The milestone was achieved through a ₦9.2 billion private placement by both companies, comprising 4.2 billion ordinary shares. The offer was oversubscribed, reflecting strong investor confidence in the companies’ strategy, corporate governance, and long-term growth prospects.

The strengthened capital base is expected to support investments in product innovation, digital transformation, enhanced customer experience, and the expansion of distribution networks. It will also reinforce the companies’ bancassurance partnership with Access Bank, enabling broader delivery of insurance solutions across one of Africa’s largest banking networks.

Commenting on the achievement, Olamide Olajolo, Managing Director and Chief Executive Officer of Coronation Insurance Plc, said the successful private placement demonstrated investor confidence in the company’s vision.

“Meeting the new capital requirements under NIIRA 2025 is a significant milestone for our business and reflects the confidence investors continue to place in our strategy and long-term vision.

The successful completion of our private placement is a testament to the strength of our governance, our business model, and our commitment to building a stronger, more resilient insurance company that consistently delivers value to customers, shareholders, and the wider economy,” Olajolo stated.

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

Adebowale Adesona, Managing Director and Chief Executive Officer of Coronation Life Assurance Limited, described the recapitalisation as more than regulatory compliance.

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“The successful completion of this recapitalisation represents much more than regulatory compliance; it is a strong affirmation of our commitment to building a future-ready life insurance business that inspires confidence and delivers lasting financial security for our customers,” Adesona said.

“This stronger capital base enables us to deepen our investment in innovative life insurance and wealth creation solutions, enhance our digital capabilities, strengthen our customer experience, and expand access to insurance through strategic partnerships.

As Nigeria’s insurance industry enters a new era, Coronation Life Assurance is well positioned to help more individuals, families, and businesses protect what matters most while creating sustainable long-term value for all our stakeholders.”

Coronation Insurance and Coronation Life Assurance offer a range of customer-focused solutions covering general insurance, life insurance, risk protection, savings, retirement planning, and wealth creation for individuals, businesses, and institutions.