Coronation Insurance Plc and Coronation Life Assurance Limited have successfully met the new minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
This marks the successful completion of the Nigerian insurance industry’s year-long recapitalisation exercise as announced by the National Insurance Commission (NAICOM).
A statement released today by both underwriters, that the milestone follows the successful conclusion of a ₦9.2 billion private placement by both companies, which attracted strong participation from existing and new investors. The offer, comprising 4.2 billion ordinary shares, was oversubscribed, demonstrating strong investor confidence in the companies’ long-term strategy, sound corporate governance, and growth prospects.
Meeting the new regulatory capital requirements reinforces the financial strength of both Coronation Insurance and Coronation Life Assurance, positioning the companies to accelerate innovation, expand access to insurance solutions, and create greater value for customers, shareholders, and other stakeholders.
The strengthened capital base will support strategic investments in product innovation, digital transformation, customer experience, and the expansion of the companies’ distribution footprint. It will also reinforce their bancassurance partnership with Access Bank, enabling both companies to extend insurance solutions to customers across one of Africa’s largest banking networks.
Reacting on the milestone, Olamide Olajolo, Managing Director/Chief Executive Officer of Coronation Insurance Plc, said: “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.
“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.”
Also Adebowale Adesona, Managing Director/Chief Executive Officer of Coronation Life Assurance Limited, “said: 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.
“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.”
Both firms continue to strengthen their market position through customer-focused solutions spanning general insurance, life insurance, risk protection, savings, retirement planning, and wealth creation for individuals, businesses, and institutions.
The successful recapitalisation underscores growing investor confidence in the long-term prospects of Nigeria’s insurance industry while reaffirming Coronation’s commitment to building resilient financial institutions that create sustainable value.
With enhanced financial capacity, strong corporate governance, and a clear strategic growth agenda, Coronation Insurance and Coronation Life Assurance are well positioned to accelerate innovation, broaden market access, deepen customer relationships, and contribute meaningfully to the continued development of Nigeria’s insurance sector under the new regulatory framework.
