Abstract

The determinant of financial performance of insurance firms in Nigeria is empirically examined in this study. Between 2014 and 2023, a sample of twenty four (24) listed insurance firms was investigated using descriptive statistics, correlation analysis, and panel data regression. The panel data regression was used to investigate the effect of firm size, leverage, underwriting risk, economic growth, inflation rate and carbon footprint on financial performance of listed insurance firms in Nigeria. The empirical findings showed that leverage, underwriting risk and economic growth had a substantial impact on the financial performance of Nigeria's listed insurance firms. The firms' size, inflation rate and carbon footprint, however, have no appreciable influence on the financial performance of Nigeria's listed insurance firms. We recommend among others; that managers of insurance firms in Nigeria should pay more attention to leverage, underwriting risk and economic growth if they want to enhance their performance. In addition, there is need for a strategy to manage leverage and underwriting risk in an optimal manner among insurance firms.