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Ownership Structure and Financial Performance of Listed Insurance Companies in Nigeria

In: Embracing Technological Agility in Accounting and Business – Vol. 1

Author

Listed:
  • Adesanmi Timothy Adegbayibi

    (University of Johannesburg)

Abstract

Low performance of listed insurance companies has been attributed to an unbalanced ownership structure, lack of public awareness and confidence, which has resulted in a detrimental impact on their performance. In light of this, this study therefore examined the effect of ownership structure on the financial performance of listed insurance companies in Nigeria. An ex-post facto research design was adopted for the study, with data obtained from secondary sources such as the annual reports of sampled firms and the Factbooks of the Nigerian Exchange Group for a period of 2012 to 2023. The study population comprised thirty-one (31) sampled insurance companies listed on the Nigerian Exchange Group as of December 31, 2023. The entire listed 31 insurance companies were selected as a sample size using the census sampling techniques. The data were analyzed using descriptive statistics and panel regression analysis techniques. The study’s findings revealed that institutional and managerial ownership have a positive and significant effect on the financial performance of listed insurance companies in Nigeria. Foreign ownership has a negative and significant effect on the financial performance of listed insurance companies in Nigeria. It is concluded that ownership structure significantly influences the financial performance of these insurance companies. The study recommends that management should adopt a policy to increase shares held by managerial investors. This could help to bolster equity and operational efficiency. Also, institutional investors should expand ownership to boost performance. Management must be cautious with foreign investors from diverse legal frameworks, as this may negatively impact financial performance. This study has practical policy implications for managers to learn strategies to mitigate agency-related conflicts and optimize financial performance for listed insurance companies in Nigeria, ultimately improving overall company performance.

Suggested Citation

  • Adesanmi Timothy Adegbayibi, 2026. "Ownership Structure and Financial Performance of Listed Insurance Companies in Nigeria," Springer Proceedings in Business and Economics, in: Tankiso Moloi (ed.), Embracing Technological Agility in Accounting and Business – Vol. 1, pages 457-474, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-13380-9_29
    DOI: 10.1007/978-3-032-13380-9_29
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