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Coronation Insurance Plc and Coronation Life Assurance Limited have successfully completed their recapitalisation through an oversubscribed private placement, strengthening their capital base and positioning both companies for their next phase of growth.
The successful capital raise reflects strong investor confidence in the companies’ strategy, governance and long-term prospects. It also enables both businesses to meet the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
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The private placement involved the issuance of 4.2 billion ordinary shares and attracted strong investor demand, underscoring confidence in the businesses’ long-term growth strategy and disciplined execution.
With a strengthened capital position, Coronation Insurance and Coronation Life Assurance are well positioned to accelerate product innovation, digital transformation and customer experience initiatives, while expanding distribution and deepening their presence across the Nigerian insurance market.
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The additional capital will also support the continued growth of the companies’ bancassurance partnership with Access Bank, extending access to insurance solutions through one of Nigeria’s largest banking networks.
Commenting on the successful completion of the recapitalisation, Olamide Olajolo, Managing Director/Chief Executive Officer of Coronation Insurance Plc, said:
“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.
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“With a stronger capital base, we are well positioned to accelerate innovation, deepen customer relationships, expand our distribution capabilities and capture the opportunities emerging across Nigeria’s insurance sector. Our focus remains on delivering sustainable growth while providing insurance solutions that meet the evolving needs of individuals, businesses and institutions.”
Adebowale Adesona, Managing Director/Chief Executive Officer of Coronation Life Assurance Limited, said:
“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.”
The successful recapitalisation reinforces Coronation Insurance and Coronation Life Assurance’s position as financially strong, well-governed insurers committed to long-term value creation. With a strengthened capital base, both companies are well positioned to accelerate growth, deepen customer relationships and contribute to the continued development of Nigeria’s insurance industry.
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