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ABSTRACT
The study examines the firm specific determinants insurance firms’ performance in Nigeria and South Africa over the period 2013 – 2022. A causal research design was adopted for the study. The population of the study consists of all the listed insurance companies as at 31st December, 2022. Thirty two (32) of the listed insurance companies were selected to form the sample of the study. Firm specific and macroeconomic factors considered in this study include leverage, firm age, firm size and liquidity while insurance companies’ performance was proxy by return on asset. Panel data techniques was utilized to examine the effect of firm specific factors onperformance and Hausman specification test confirmed that random effects model was more appropriate for the study. The findings of the study reveal that firm size and liquidity are critical firm specific factors that influence the performance of insurance companies in Nigeria and SouthAfrica. The study recommends that managers of insurance firms in Nigeria and South Africa should give importance to their growth strategies. In addition, merger and acquisition alternativesshould be considered.
