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ABSTRACT
In this study, the determinant of financial performance of listed insurance firms in Nigeria was investigated over the period 2017 – 2021. A longitudinal research design was adopted for the study. The population of the study consists of twenty six (26) listed insurance companies as at 31st December, 2021. Twenty (20) of the listed insurance firms were selected to form the sample of the study. Firm specific and macroeconomic factors considered in this study include firm size, leverage, liquidity, inflation and GDP while insurance firms’ financial performance was proxy with the return on asset. Panel data techniques (fixed and random effects models) were employed in estimating the data. The findings of the study reveals that firm size has a positive and significant effect on financial performance of listed insurance firms; leverage has a negative and significant influence on financial performance of listed insurance firms while liquidity has positive and insignificant effect on financial performance of listed insurance firms; inflation rate has a positive and significant influence on financial performance of listed insurance firms while GDP has negative and significant effect on financial performance of listed insurance firms. The study recommends among others that government should provide an enabling macroeconomic environment capable of making insurance companies operating in Nigeria improve their financial performance.
