By Taiye Olayemi
Coronation Insurance Plc says it plans to begin dividend payments to shareholders within the next year, following improved profitability and the successful recapitalisation of its insurance businesses.
Olamide Olajolo, Managing Director, Coronation Insurance, gave the assurance at the company’s 68th Annual General Meeting (AGM) held in Lagos on Thursday.
Olajolo said the company had strengthened its financial position over the past two to three years and deployed part of its retained earnings to meet the recapitalisation requirement.
“We are very sure in the next one year, maximum, we will start paying dividends to shareholders. That’s our assurance,” he said.
On the company’s financials, Olajolo said revenue growth of Coronation Insurance reflected the strength of its diversified business model, distribution capabilities and customer-focused strategy.
“We entered 2026 with a stronger operating platform, a broader distribution base and greater capacity to respond to the evolving needs of our customers.
“Our task now is to translate that foundation into deeper market participation, stronger customer relationships and sustainable growth.
“The company reported group insurance revenue of N74.8 billion, representing a 51 per cent increase from N49.5 billion in 2024.
“Total assets rose by 27.7 per cent to N98.1 billion, while shareholders’ funds increased by 21.9 per cent from 39.8 billion to N48.5 billion.
“Insurance service results also rose by 93 per cent from N5.5 billion to N10.6 billion during the year.
“Profit before tax, however, declined to N9.6 billion from N13.8 billion in 2024, principally because the company did not record the significant net foreign exchange gain that contributed to the previous year’s result,” he said.
The Managing Director said the company had successfully recapitalised its two insurance businesses within the group and was now focused on leveraging its stronger capital base to expand underwriting capacity.
“The drive now is to move from capital to capacity and we have a map of strategies to be able to execute that,” he said.
Olajolo said the recapitalisation exercise was expected to strengthen the insurance industry’s ability to underwrite large risks and deepen insurance penetration in Nigeria.
According to him, the industry will also need to intensify financial literacy, public awareness and prompt claims settlement to address the trust deficit affecting insurance penetration.
Olajolo also highlighted the performance of its bancassurance partnership with Access Bank, which generated N19.4 billion in Gross Written Premium for the group in 2025, compared with N13.6 billion in 2024.
Also speaking at the AGM, Mutiu Sunmonu, Chairman, Coronation Insurance Plc, said the company’s 2025 performance demonstrated the importance of building resilience while navigating a changing operating environment.
“The performance of Coronation Insurance in 2025 reflects a business that continued to grow while responding responsibly to significant changes in the market.
“Our focus remains on strengthening the business, protecting policyholders and creating sustainable value for our shareholders,” he said.
National Coordinator of the Pragmatic Shareholders Association of Nigeria (PSAN), Mrs Bisi Bakare, commended the board for meeting the minimum capital requirement during the recapitalisation exercise.
She said the achievement demonstrated the company’s resilience and commitment to strengthening its operations.
Also, Mr Ibrahim Abdullahi, another shareholder from Sokoto, urged the company to put all machinery in motion to restore profitability.
Meanwhile, Mr Tunji Bamidele appreciated the management for presenting a thorough and transparent account of the company’s performance.
Bamidele said the company recorded spectacular growth, urging management to sustain revenue growth by designing new products and exploring opportunities in cybersecurity.
The AGM considered the company’s audited financial statements and other resolutions relating to its governance, Board composition, Audit Committee and future oversight arrangements. (NAN)
Edited by Folasade Adeniran
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