Coronation Insurance, Life Assurance complete ₦4.2bn share placement, meet NIIRA 2025 capital rules
Coronation Insurance Plc and Coronation Life Assurance Limited have successfully completed an oversubscribed private placement, issuing 4.2 billion ordinary shares to strengthen their capital base and meet the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The raise attracted strong investor confidence, reflecting trust in the companies’ strategy, governance and long-term prospects.
The strengthened capital positions both firms to accelerate product innovation, digital transformation and customer experience initiatives while expanding distribution and deepening their presence across Nigeria's insurance market. It also supports the continued growth of their bancassurance partnership with Access Bank, extending insurance solutions through one of Nigeria’s largest banking networks.
Commenting on the milestone, Olamide Olajolo, Managing Director/CEO of Coronation Insurance, said the capital raise endorses their strategy and positions them to capture emerging opportunities. Adebowale Adesona, MD/CEO of Coronation Life Assurance, added it marks the beginning of their next growth phase, enabling investment in people, technology and product development. With the NIIRA 2025 deadline approaching, what does this mean for policyholders and potential investors—will you consider Coronation's enhanced capacity when choosing an insurer or evaluating investment opportunities in the Nigerian insurance sector?