Coronation Insurance Plc is one of Nigeria’s oldest and most enduring insurance companies, with a legacy dating back to 1958. Originally incorporated as Wapic Insurance Plc, the company began as a subsidiary of the West African Provincial Insurance Company and played a pioneering role in shaping Nigeria’s insurance landscape. Over the decades, it evolved through mergers, restructuring, and rebranding efforts to become the trusted brand now known as Coronation Insurance.
In 1973, following Nigeria’s indigenization policy, the company’s ownership structure was localized, and it became a wholly Nigerian entity. Over the decades, the company grew its footprint across Nigeria and the West African subregion, building a strong reputation in general business and life insurance. The company was listed on the Nigerian Stock Exchange (NGX) in 1990, marking a major milestone in its corporate journey.
A transformative era began in 2013, when Access Bank Plc divested its stake in Intercontinental Properties Ltd, leading to a restructured board and renewed capital injection. In 2020, Wapic Insurance rebranded as Coronation Insurance Plc—a strategic move aligned with its integration into the Coronation Group, a diversified African financial services platform.
Coronation announced a remarkable turnaround: a profit before tax of ₦2.2 billion in the financial year ending 31 December 2023, reversing a ₦1.8 billion loss in 2022. This performance accompanied a 34% rise in insurance revenue to ₦24 billion, and a 228% surge in net investment income to ₦1.5 billion.
The rebound reflected digital innovation, cost control, and prudent investment strategies.
