Corporate Strategy and Financial Performance: Evidence from Selected Non-Life Insurance Company in Nigeria

The study investigates the nexus between corporate strategy and financial performance of insurance companies in Nigeria. The first ten (10) largest non-life Insurance companies are selected from the population of 48 using market share as the basis for the selection. The study utilizes secondary data extracted from the financial statements and annual Nigerian Insurers Association (NIA) Digest of individual insurance companies in the sample. Simple and multiple regressions are employed to analyze the data gleaned for this purpose. The study reveals a significance influence of pricing strategy on underwriting profit and market penetration on profit after tax of the companies respectively. In the same vein, the study’s findings reveal that pricing strategy and market penetration have joint significant influence on profit after tax of selected non-life insurance companies in Nigeria. It concludes that the capitalization of these firms on the combination various strategies will help improve their financial results. The paper therefore recommends that the non-life insurance companies in Nigeria should carefully consider the adoption of both pricing and market penetration strategies in order to boost their financial results.