Shareholders of Coronation Insurance Plc approved a capital raise of up to ₦9.26 billion.
They took the decision during a virtual Extraordinary General Meeting held on April 24. 2026.
Shareholders Approve Coronation Insurance Capital Raise
The Company Secretary, Mary Agha, confirmed the approval in an official statement.
The company will raise funds through a private placement targeted at selected investors.
Private Placement Structure And Pricing
This approach allows it to avoid the public market and better manage pricing and timing.
It plans to raise about ₦9 billion through new share issuance and will allocate about ₦257 million for transaction costs.
The company will issue each new share at ₦2.16.
Financial Performance And Growth Outlook
Meanwhile, the Board may adjust the total amount depending on market conditions.
It may also raise part of the funds in foreign currency if necessary.
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After approval, the Board will identify investors, negotiate terms, and set the placement timeline.
However, the company still needs approval from NAICOM, the Securities and Exchange Commission, and the Nigerian Exchange Limited.
This capital plan follows a 30.4% drop in pre-tax profit to ₦9.65 billion in 2025.
This compares with ₦13.81 billion recorded in 2024.
The decline resulted mainly from the absence of a large foreign exchange gain recorded in the previous year.
Despite this, insurance revenue rose strongly by 51.4% to ₦74.83 billion.
Net insurance and investment income also increased sharply by 148% to ₦17.68 billion.
Total assets grew by 28% to ₦98.1 billion, while equity rose to ₦48.49 billion.
Overall, the capital raise is expected to strengthen the company’s growth plans.
It will also improve regulatory compliance and support expansion in Nigeria’s insurance market.
