Coronation Insurance, Life Assurance Meet NIIRA 2025 Capital Rules via ₦9.2bn Oversubscribed Placement
Coronation Insurance Plc and Coronation Life Assurance Limited have recently met the new minimum capital requirements set by Nigeria's Insurance Industry Reform Act (NIIRA) 2025. The companies achieved this through a ₦9.2 billion private placement of 4.2 billion ordinary shares that was oversubscribed, showing strong investor confidence in their strategy and governance.
This capital boost positions both companies to accelerate innovation, expand digital transformation efforts, enhance customer experience, and grow their distribution networks. Notably, it reinforces their bancassurance partnership with Access Bank, allowing them to offer insurance products through one of Africa's largest banking networks to more customers nationwide.
Olamide Olajolo, MD of Coronation Insurance, said the milestone reflects investor trust in their vision and will enable deeper investment in digital innovation and expanded distribution. Adebowale Adesona, MD of Coronation Life Assurance, called it more than regulatory compliance—a commitment to building a future-ready life insurance business delivering lasting financial security.
With stronger finances and clear growth plans, the companies aim to accelerate innovation, broaden market access, and deepen customer relationships under Nigeria's new insurance regulatory framework.