Coronation Insurance Plc and Coronation Life Assurance Limited have successfully met the new minimum capital requirements stipulated under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This milestone marks the successful completion of the Nigerian insurance industry’s year-long recapitalisation exercise as announced by the National Insurance Commission (NAICOM).

The achievement follows the successful conclusion of a ₦9.2 billion private placement by both companies, which attracted strong participation from existing and new investors. The offer, comprising 4.2 billion ordinary shares, was oversubscribed, demonstrating strong investor confidence in the companies’ long-term strategy, corporate governance, and growth prospects.

Meeting the new regulatory capital requirements reinforces the financial strength of both Coronation Insurance and Coronation Life Assurance. The strengthened capital base will support strategic investments in product innovation, digital transformation, customer experience, and the expansion of the companies’ distribution footprint.

It will also reinforce their bancassurance partnership with Access Bank, enabling both companies to extend insurance solutions to customers across one of Africa’s largest banking networks.

Olamide Olajolo, Managing Director and Chief Executive Officer of Coronation Insurance Plc, said meeting the new capital requirements under NIIRA 2025 is a significant milestone for the business. He noted that the successful completion of the private placement is a testament to the strength of their governance, business model, and commitment to building a resilient insurance company.

Adebowale Adesona, Managing Director and Chief Executive Officer of Coronation Life Assurance Limited, added that the successful completion of this recapitalisation represents much more than regulatory compliance. He stated that the stronger capital base enables the company to deepen its investment in innovative life insurance and wealth creation solutions while enhancing digital capabilities.