Coronation Insurance Plc has announced a significant capital boost of N9.2 billion, which will allow the company to target larger insurance risks following the recent recapitalisation exercise in the insurance sector. The announcement was made during the company’s 68th Annual General Meeting held virtually on September 24, 2026.
Managing Director Olamide Olajolo stated that only N1.3 billion of the raised funds was necessary for the life business's full recapitalisation, leaving additional capacity to pursue larger risks. This enhanced capital position will also support technology investments and expand the company’s reach into underserved markets and SMEs.
Both the life and non-life segments of Coronation Insurance are now fully recapitalised, positioning the company to utilize its stronger balance sheet for greater underwriting capacity. The Chairman, Mutiu Sunmonu, emphasized this shift towards market expansion and resilience in navigating a changing operating environment.
Despite a decline in profit before tax due to foreign exchange fluctuations, Coronation Insurance reported a 51.4% increase in insurance revenue from N49.47 billion in 2024 to N74.83 billion in 2025. Shareholders raised concerns about profit declines amidst rising revenues, seeking clarity on future dividends and the company's strategic direction.