Coronation Insurance Plc recorded a 51 per cent increase in group insurance revenue to N74.8 billion in the financial year ended December 31, 2025, as the company strengthened its balance sheet and expanded its insurance operations.
The figure rose from N49.5 billion recorded in 2024, according to the company’s financial results presented to shareholders at its 68th Annual General Meeting in Lagos.
Total assets also increased by 27.7 per cent to N98.1 billion, while shareholders’ funds rose by 21.9 per cent from N39.8 billion to N48.5 billion.
The company’s insurance service result almost doubled during the year, rising by 93 per cent from N5.5 billion in 2024 to N10.6 billion.
However, profit before tax declined to N9.6 billion from N13.8 billion recorded in the previous year.
Coronation Insurance attributed the decline principally to the absence of the significant net foreign exchange gain that contributed to its 2024 result.
Speaking at the AGM, Mutiu Sunmonu, CON, Chairman, Coronation Insurance Plc, said the company’s performance reflected its efforts to build resilience while responding to changes in the 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,” he said.
“Our focus remains on strengthening the business, protecting policyholders and creating sustainable value for our shareholders,” Sunmonu added.
Olamide Olajolo, Managing Director/CEO, Coronation Insurance Plc, said the growth in revenue reflected the company’s diversified business model, distribution network 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,” Olajolo said.
He added that the company would focus on converting the stronger operating base into increased market participation and sustainable growth.
“Our task now is to translate that foundation into deeper market participation, stronger customer relationships and sustainable growth,” he said.
The company 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.
A representative of the company’s shareholders, Mrs Bisi Bakare, commended the Board, Management and staff for meeting the recapitalisation requirements.
“We commend the Board, Management and staff for successfully meeting the recapitalisation requirements,” she said.
Bakare also acknowledged the progress recorded during the year, saying shareholders expected the company to build on the stronger foundation.
The AGM considered the company’s audited financial statements and resolutions covering governance, Board composition, the Audit Committee and future oversight arrangements.