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, following a ₦9.2 billion private placement. This milestone marks the completion of the industry-wide recapitalisation exercise mandated by the National Insurance Commission (NAICOM).
Successful ₦9.2 Billion Capital Raise
The capital raise, which comprised 4.2 billion ordinary shares, was oversubscribed, indicating strong investor confidence in the companies' strategic direction and governance. Both existing and new investors participated, reflecting robust trust in the long-term growth prospects of Coronation's insurance businesses.
This achievement strengthens the financial base of both entities, enabling them to accelerate innovation, expand insurance access, and create enhanced value for customers, shareholders, and stakeholders. The increased capital will fund strategic investments in product development, digital transformation, customer experience, and distribution network expansion.
Strengthened Bancassurance Partnership with Access Bank
The reinforced capital position will further bolster the bancassurance partnership with Access Bank, allowing Coronation to extend insurance solutions across one of Africa's largest banking networks. This collaboration is expected to deepen market penetration and provide customers with seamless access to insurance products.
Olamide Olajolo, Managing Director/Chief Executive Officer of Coronation Insurance Plc, commented: “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.”
Leadership Perspectives on Recapitalisation
Olajolo added: “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/Chief Executive Officer of Coronation Life Assurance Limited, also commented: “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.”
Future-Ready Life Insurance and Wealth Solutions
Adesona elaborated: “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.”
The recapitalisation underscores growing investor confidence in Nigeria's insurance sector and reaffirms Coronation's commitment to building resilient financial institutions. With enhanced financial capacity, robust governance, and a clear strategic agenda, Coronation Insurance and Coronation Life Assurance are poised to drive innovation, broaden market access, and contribute to the sector's development under the new regulatory framework.
