Coronation Insurance targets larger insurance risks after N9.2 billion additional capital boost

Coronation Insurance Plc, the Nigerian insurance giant, announced a strategic shift to pursue larger insurance risks following a N9.2 billion capital injection during the sector's recapitalisation exercise. At the company's 68th Annual General Meeting (AGM) held virtually on September 24, 2026, Managing Director and CEO Olamide Olajolo disclosed that the additional funds would bolster the company's underwriting capacity and market reach.

According to Olajolo, only N1.3 billion of the raised capital was necessary to fully recapitalise the life business, leaving the company with increased financial flexibility to expand into larger risks, underserved markets, and small and medium enterprises (SMEs).

The capital boost, coupled with strengthened financial reserves, would also fund technology investments, deeper penetration in underserved markets, and digital channel expansions. Both the life and non-life businesses are now fully recapitalised, positioning Coronation Insurance to leverage a stronger balance sheet for growth. The company's Chairman, Mutiu Sunmonu, highlighted the shift from meeting capital requirements to using the enhanced financial position to drive underwriting capacity and market penetration.

The recapitalisation, which came as the company recorded significant growth in its core insurance business in 2025, saw insurance revenue soar from N49.47 billion in 2024 to N74.83 billion in 2025—a 51.4% increase. However, profit before tax declined to N9.65 billion from N13.81 billion, driven by foreign exchange movements. Despite the earnings dip, the CEO emphasised the improvement in the company's underlying underwriting performance and the successful bancassurance partnership with Access Bank, which generated N19.4 billion in Gross Written Premium for the Group in 2025.

Shareholders, while commending management for meeting the recapitalisation requirement, questioned the profit decline and inquired about the resumption of dividends and key audit matters. The company's H1 2026 performance showed a 14.81% increase in insurance revenue to N37.81 billion, alongside an 18.90% rise in profit before tax to N4.05 billion, underscoring the positive impact of the enhanced capital position.