International Journal of Academic and Applied Research (IJAAR)   Year: 2021 | Volume: 5 | Issue: 4 | Page No.: 31-40 Potential Implication Of Firm Specific Factors On Insurance Profitability In Nigeria Ugwu, Ikechukwu Virginus Ph.D; Ekwochi, Eucharia Adaeze Ph.D; Ogbu, Cyril Gabriel, Ph.D Abstract: This work determined the potential implication of firm specific factors on profitability of listed Insurance companies in Nigeria, 2015 to 2019. Firm specific factors are Firm Size, FSSIZE; Firm Age FSAGE; Firm Leverage FSLE; and Firm Liquidity FSLQ and the dependent variable is Profitability-Return on Asset ROA. This study applied ex-post facto research design and the population comprised all the quoted insurance companies in the Nigerian Stock Exchange NSE, 2014-2019. A purposive sampling technique selected 10 listed insurance firms with the required annual reports made available to the public in, 2020 NSE. The statistical techniques employed: Descriptive statistics; Pearson Correlation Matrix and Robust Least Square (RLS) Regression. The results show that the R-squared value is 0.0342, which implies that all the independent variables jointly explain only about 3.42% of the systematic variations in the (ROA). The final findings indicated that: FSSIZE has insignificant negative implication; FSAGE is positively insignificant; FSLEV is negatively insignificant; and FSLIQ are positively insignificant on, profitability of insurance firms pooled for the period. Our recommendations are that Insurance firms should increase firm size; earn more premiums to increase liquidity and leverage in order to increase profitability. We contribute with the findings that depict the true state of polled insurance companies in Nigeria, the modernized model and the rich literatures for academia. Implications are that insurance firms in increasing the firm size, and premium to drive profitability, and that Nigeria law only mandated third party vehicle insurance and also Nigerians' hostile attitude toward other insurance cover.