This study examines the effect of corporate governance mechanisms on the financial performance of listed insurance firms in Nigeria. Focusing on board size, board independence, board gender diversity, and audit committee independence, the study uses audited financial statements from all 17 listed insurance companies with complete data from 2020 to 2024. Employing an ex-post facto research design and panel data analysis, the study applies descriptive statistics, correlation analysis, and Ordinary Least Squares (OLS) regression to assess the relationships between governance characteristics and Return on Assets (ROA). The findings reveal that board gender diversity and audit committee independence significantly enhance ROA, while board size and board independence do not have a statistically significant effect. The study highlights the importance of board composition quality, particularly gender diversity and independent audit oversight, in promoting firm performance. These results provide practical insights for regulators, investors, and corporate boards in optimizing governance structures for sustainable growth.
Keywords: Board independence, Board size, Corporate Governance, Financial Performance, audit committee independence, board gender diversity
