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Tag: Coronation Insurance Plc

  • Insurance firm empowers customers

    Insurance firm empowers customers

    Coronation Insurance Plc has unveiled winners of the first ‘Insure & Win’ Promo following a live raffle draw at its head office in Ikoyi, Lagos.

    Designed to reward customer loyalty and increase awareness about insurance, the promo features prizes worth N30 million across various draws, including the grand finale.

    The campaign continues to emphasise customer appreciation and highlights the transformative impact of insurance in securing the future of Nigerians.

    Speaking at the event, Managing Director and Chief Executive Officer, Olamide Olajolo, noted the objectives behind the campaign. “The ‘Insure & Win’ Promo is our way of appreciating our customers while reinforcing importance of insurance in Nigeria,” Olajolo remarked.

    He decried the challenge of low insurance penetration in Nigeria and Africa, adding: “Through this campaign, which launched in October and extended into 2025, we further drive public awareness and encourage adoption of insurance products,”

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    Olajolo underscored the success of the Bancassurance partnership with Access Bank, which has democratised access to insurance for a broader demographic. He said: “Our strategic collaboration with Access Bank has made it easier for individuals and businesses to obtain insurance coverage, enabling us to reach more Nigerians with products…”

    Managing Director of Coronation Life Assurance, Adebowale Adesona, noted the campaign’s focus on comprehensive protection and customer satisfaction. “This initiative is a testament to our commitment to delivering value through innovative solutions. It is not just about winning prizes but also about ensuring our customers have access to the protection they need to secure their futures,” he noted.

    A winner, Ejoke Joseph, who won a bedside refrigerator, said. “I’m thrilled. It’s reassuring to know my insurance needs are well-catered for by Coronation. This is a great way to encourage people to see the value in protecting what matters most,” Joseph said.

  • Coronation Insurance to delist, pay off shareholders

    Coronation Insurance to delist, pay off shareholders

    Coronation Insurance Plc is set to delist from the capital market as its Board of Directors has agreed to pay off the company’s minority shareholders.

    At a Court-Ordered Meeting recently in Lagos, the company’s Chairman, Mr. Mutiu Sunmonu, said the proposal is an offer from core shareholders to acquire the shares held by other shareholders, except those who opted to remain as shareholders of Coronation Insurance Plc, with each shareholder receiving 65 kobo as consideration for every share transferred.

    Starting with an initial offer of 65 kobo, even though the company’s share is valued at 50k per unit, the shareholders at the meeting requested an upward review of the offer price. This request was granted by the company’s Board of Director as a final offer of 78 kobo per share, which represented a 20 per cent increase over the initial offer of 65 kobo was communicated and accepted by shareholders.

    Sunmonu said  by this development, Coronation Insurance Plc is expected to approach regulators, comprising of the Nigerian Stock Exchange (NGX), Securities and Exchange Commission (SEC), the National Insurance Commission (NAICOM), and Court to affirm this decision, and begin the process of delisting from the NGX to become a Limited company.

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    Addressing the over 600 shareholders who voted at the meeting, Sunmonu said the Board took this decision in view of the anticipated recapitalisation in the industry, noting that the insurer will need to deploy significant capital, which is unlikely to be met by profit retention alone.

    According to him, “the ability to raise capital through the public equity markets was considered and not favoured given current market conditions. It is also unclear if all shareholders will be willing and able to invest additional capital in the business”.

    “Few shareholders participated in the company’s rights issue in 2020, which was about 68% subscribed, with 96 per cent of that coming from Coronation Capital (Mauritius) Limited and other related parties. As such, any new capital raise will result in significant dilution of equity stake of minority shareholders. It will also be prudent for the company to save all generated profits which suggests that no significant dividends will be paid in the short to medium term.”

    These reasons, he said, have resulted in extensive discussion around the optimal corporate structure for the company, considering its plans and capital requirements, adding that, pursuant to these discussions, the company received a proposal from Coronation Capital (Mauritius) Limited on behalf of itself, and other core shareholders, who collectively own 73.4% of the share capital of the company to acquire the shares of other shareholders.