Coronation Insurance Completes Recapitalization, Meets Regulatory Requirements

Coronation Insurance Plc and Coronation Life Assurance Limited have successfully concluded a significant recapitalization effort, bolstering their financial standing and preparing them for future growth. The companies achieved this through a private placement that was oversubscribed, indicating strong investor confidence in their strategic direction, governance, and long-term potential.

This capital injection is crucial as it enables both entities to meet the enhanced minimum capital requirements mandated by the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The private placement involved issuing 4.2 billion ordinary shares, attracting substantial investor demand that underscores a belief in the companies' growth strategy and disciplined execution.

With a fortified capital base, Coronation Insurance and Coronation Life Assurance are now better positioned to accelerate key initiatives. These include driving product innovation, advancing digital transformation, improving customer experiences, and expanding their distribution networks across the Nigerian insurance market. The recapitalization also provides support for the ongoing growth of their bancassurance partnership with Access Bank, leveraging one of Nigeria's largest banking networks to extend insurance solutions.

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This successful capital raise is a strong endorsement of our strategy, governance and long-term vision. It reflects the confidence investors have in our ability to build resilient insurance businesses that create lasting value for our customers and shareholders.

Olamide Olajolo, Managing Director/CEO of Coronation Insurance Plc, expressed optimism, stating, "This successful capital raise is a strong endorsement of our strategy, governance and long-term vision." He added that the stronger capital base allows them to "accelerate innovation, deepen customer relationships, expand our distribution capabilities and capture the opportunities emerging across Nigeria’s insurance sector."

Adebowale Adesona, Managing Director/CEO of Coronation Life Assurance Limited, echoed this sentiment, calling the milestone "the beginning of our next phase of growth." He highlighted that the additional capital will enhance their ability to invest in people, technology, and product development, reinforcing their commitment to delivering life insurance and wealth solutions that help customers protect their assets and plan for the future.

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This milestone marks the beginning of our next phase of growth. The additional capital enhances our ability to invest in our people, technology and product development, while strengthening our commitment to delivering innovative life insurance and wealth solutions that help our customers protect what matters most and plan confidently for the future.