Lagos:Coronation Insurance Plc has announced plans to initiate dividend payments to shareholders within the next year, following its improved profitability and successful recapitalisation efforts.
According to News Agency of Nigeria, Managing Director Olamide Olajolo shared this development at the company’s 68th Annual General Meeting held in Lagos. Olajolo emphasized the strengthening of the company’s financial position over the past two to three years, highlighting the deployment of retained earnings to meet recapitalisation requirements.
Olajolo noted that the revenue growth of Coronation Insurance is a testament to its diversified business model, distribution capabilities, and customer-focused strategy. The company entered 2026 with a robust operating platform, expanded distribution base, and enhanced capacity to meet customers’ evolving needs. The focus now is on translating this foundation into deeper market participation and sustainable growth.
The company reported a group insurance revenue of N74.8 billion, marking a 51% increase from N49.5 billion in 2024. Total assets rose by 27.7% to N98.1 billion, while shareholders’ funds increased by 21.9%, reaching N48.5 billion. Insurance service results also surged by 93%, from N5.5 billion to N10.6 billion. However, profit before tax declined to N9.6 billion from N13.8 billion in 2024, primarily due to the absence of significant net foreign exchange gains that had contributed to the previous year’s results.
Olajolo highlighted the successful recapitalisation of the company’s two insurance businesses within the group, now focusing on leveraging the stronger capital base to expand underwriting capacity. The company’s strategy aims to transition from capital to capacity expansion.
The recapitalisation exercise is expected to bolster the insurance industry’s ability to underwrite large risks and enhance insurance penetration in Nigeria. Olajolo stressed the need for the industry to intensify financial literacy efforts, public awareness, and prompt claims settlement to address the trust deficit affecting insurance penetration.
The bancassurance partnership with Access Bank was also highlighted, generating N19.4 billion in Gross Written Premium for the group in 2025, compared to N13.6 billion in 2024.
Chairman Mutiu Sunmonu remarked on the company’s resilience and focus on strengthening the business amidst a changing operating environment. He emphasized the importance of creating sustainable value for shareholders.
Shareholders, including Mrs. Bisi Bakare and Mr. Ibrahim Abdullahi, praised the company’s achievements and urged continued efforts to restore profitability. Mr. Tunji Bamidele commended the management’s transparency and encouraged the exploration of new products and opportunities in cybersecurity.
The AGM also reviewed the company’s audited financial statements and other governance-related resolutions.