IMPACT OF OWNERSHIP STRUCTURE ON FINANCIAL PERFORMANCE OF LISTED INSURANCE FIRMS IN NIGERIA

Abstract

This study examines the impact of ownership structure on the financial performance of listed insurance firms in Nigeria. The study focused on three ownership dimensions which includes managerial ownership, institutional ownership and foreign ownership and evaluates their influence on financial performance measured by return on assets (ROA).
The study adopted a correlational research design using secondary data obtained from the annual reports of twenty-three (23) sampled insurance firms filtered from a population of twenty-seven (27) listed insurance firms on the Nigerian Exchange Group (NGX) for the period 2015–2024. Multiple regression was used in examining the relationships among the variables and ordinary least square (OLS) was used to estimate the relationship between the dependent variable and the independent variables. The findings of the study indicate that managerial ownership and institutional ownership have significant negative effects on financial performance, whereas foreign ownership has a significant positive effect. The study recommends strengthening corporate governance, balancing ownership concentration, and encouraging foreign investment to improve the performance and sustainability of Nigeria's insurance industry.