CORPORATE SOCIAL RESPONSIBILITY AS A CATALYST OF FINANCIAL PERFORMANCE OF INSURANCE COMPANIES IN NIGERIA

Abstract

The study examined how CSR affects the financial performance of insurance companies in Nigeria. In order to examine the effect of CSR on performance of listed Insurance firms in Nigeria, multiple panel regression and OLS was used as the technique of data analysis, The panel statistics for 2021-2024 were derived from the audited annual financial report which shows cases of all facets of a business, both monetary and otherwise. The regression result shows that CRS expenditure on environmental conservation and CSR investment in philanthropy have a significant effect on organizational performance. The study concludes CSR is a self-regulating business model that encourages corporations to be accountable to themselves, their stakeholders, and the general public. CSR is essential for both communities and corporations. CSR programs may assist employees and organizations in uniting, boosting morale, and feeling more connected to the global community. As a result, the study recommended that regulators should develop environmental policies and operational procedures for their business to meet its environmental obligations. Also, companies should demonstrate a commitment to addressing societal issues such as growing high school dropout rates; this indicates that the corporation sets a premium on the improvement of society. This image will attract clients who are interested in doing business with a firm that cares about the welfare of the society.