Coronation Insurance Plc grew insurance revenue by 51 percent to N74.8 billion in 2025, from N49.5 billion in the previous year, as the insurer expanded its business despite a challenging operating environment.
The strong revenue performance was accompanied by improvements in the company’s balance sheet and insurance operations, with total assets rising 27.7 percent to N98.1 billion and shareholders’ funds increasing 21.9 percent to N48.5 billion.
Insurance service results also climbed 93 percent to N10.6 billion from N5.5 billion in 2024, indicating stronger underlying insurance performance during the year.
However, profit before tax fell to N9.6 billion from N13.8 billion in 2024, largely because the company did not record the significant net foreign exchange gain that boosted its previous year’s result.
The performance was reviewed by shareholders at the company’s 68th Annual General Meeting in Lagos, where the board outlined its strategy for sustaining growth and strengthening the business.
Mutiu Sunmonu, chairman, Coronation Insurance, said the 2025 results reflected the company’s ability to grow while adapting 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. Our focus remains on strengthening the business, protecting policyholders and creating sustainable value for our shareholders,’ he said.
Olamide Olajolo, managing director/CEO, Coronation Insurance, attributed the revenue growth to the strength of the company’s diversified business model, distribution capabilities and customer-focused strategy.
He said the company had entered 2026 with a stronger operating platform and broader distribution network, positioning it to deepen market participation.
‘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,’ Olajolo said.
A major contributor to the company’s revenue expansion was its bancassurance partnership with Access Bank, which generated N19.4 billion in gross written premium for the Group in 2025, up from N13.6 billion in 2024.
The 42.6 percent increase in premiums from the partnership underscores the growing importance of bancassurance and alternative distribution channels to the insurer’s expansion strategy.
The company’s 2025 performance comes amid significant changes in Nigeria’s insurance market, including rising operating costs, foreign exchange volatility and regulatory pressure on insurers to strengthen their capital positions and improve underwriting capacity.
For Coronation Insurance, the growth in insurance revenue and insurance service results points to expansion in its core insurance operations, while the decline in profit before tax highlights the impact of non-insurance factors on the bottom line.
At the AGM, shareholders considered and approved the company’s audited financial statements, alongside resolutions relating to governance, board composition, the Audit Committee and other oversight arrangements.
The company said its focus going forward would remain on strengthening its operating platform, expanding distribution, improving customer relationships and converting its growing business base into sustainable long-term value.