Two major operators in Nigeria’s insurance industry — Coronation Insurance Plc and Mutual Benefits Assurance Plc — have notified the Nigerian Exchange Limited (NGX) of delays in filing their 2025 Audited Financial Statements (AFS), attributing the development to regulatory and audit-related challenges.
In separate corporate disclosures, the companies explained that external factors had affected their ability to meet statutory filing deadlines.
Mutual Benefits Assurance Plc said the delay in submitting its 2025 AFS is partly due to an ongoing capital verification exercise being conducted by the National Insurance Commission (NAICOM). The exercise, which runs from February 23 to March 16, 2026, is in line with the implementation of new minimum capital requirements for insurance companies.
The insurer noted that although its board was scheduled to meet on Friday to approve the 2025 financial results, the concurrent capital verification process could prolong regulatory approval.
“We believe that the simultaneous review of the Audited Financial Statements and the capital verification exercise may result in a longer-than-usual timeline for the regulator’s approval of the 2025 AFS,” the company stated.
Mutual Benefits added that it has secured an extension from the NGX and now expects to release the audited results on or before June 30, 2026.
Similarly, Coronation Insurance Plc informed shareholders that it would be unable to comply with the filing deadlines of March 31 and April 30, 2026. The company attributed the delay to “unforeseen delays” in the completion of its audit by external auditors.
Reaffirming its commitment to regulatory compliance, Coronation stated that it is working closely with its auditors to finalise the financial statements in accordance with applicable standards and best practices.
The insurer projected that it would file its 2025 Audited Financial Statements by June 30, 2026, and submit its 2026 first-quarter Unaudited Financial Statements (UFS) by July 30, 2026.
The disclosures underscore the broader impact of regulatory reviews and audit processes on reporting timelines within Nigeria’s insurance sector.
