Coronation Insurance Raises N9.2 Billion for Growth Strategy

Coronation Insurance Plc announced its strategy to target larger insurance risks following a successful capital raise of N9.2 billion during the insurance sector recapitalisation exercise. Managing Director and Chief Executive Officer Olamide Olajolo disclosed this at the company's 68th Annual General Meeting (AGM) held virtually on September 24, 2026.

He noted that only N1.3 billion of the raised funds was necessary for the life business to achieve full recapitalisation, leaving the company with enhanced capacity to pursue larger risks. The additional capital will also support technology investments, deeper market penetration, and expansion through digital channels and new products.

Both life and non-life businesses are now fully recapitalised. Coronation Insurance Chairman Mutiu Sunmonu emphasized the shift from merely meeting capital requirements to leveraging a stronger balance sheet for market expansion.

Despite a decline in profit before tax from N13.81 billion to N9.65 billion due to foreign exchange losses, the company reported significant growth in insurance revenue, increasing from N49.47 billion in 2024 to N74.83 billion in 2025.