Coronation Insurance Seeks Growth Amid Shareholder Concerns

Coronation Insurance Plc, represented by Managing Director Olamide Olajolo, announced at its virtual annual general meeting on September 24 that it is targeting a stronger capital base to undertake larger insurance risks and increase premium income. The company has met recapitalisation requirements for both its life and non-life businesses, needing only about N1.3 billion to complete the life business recapitalisation.

However, shareholders expressed concerns regarding the decline in profit despite a 51.4% increase in insurance revenue, which rose to N74.83 billion in 2025, while profit after tax fell to N7.52 billion from N11.91 billion. Management attributed this decline to external factors.

In H1 2026, insurance revenue increased by 14.8% to N37.81 billion, with profit needing to rise significantly in H2 2026 to match 2025 earnings per share. The total number of shares increased from about 23.99 billion to approximately 28.53 billion due to the capital raise, complicating profit distribution.