University of Lagos Researchers Add New Data to Research in Economics and Business (Asset Size and Profitability of Life Insurance Companies in Nigeria. A Panel Data Approach): Economics – Economics and Business

2023 JAN 18 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Data detailed on economics and business have been presented. According to news reporting originating from the University of Lagos by NewsRx correspondents, research stated, “The magnitude of a company is a crucial element in evaluating organizational ascendancy while economies of scale are an advantage for most large corporations.”

The news correspondents obtained a quote from the research from University of Lagos: “This study examined how the size of life insurance companies’ asset base affect profitability in Nigeria between 2011 and 2021. Data on assets of life insurance companies and the insurance digest of the Nigerian Insurers Association (NIA) were used to determine profit after tax and asset size for the relevant period. The data’s stationarity test revealed that the data are stationary at the significance levels of 1%, 5%, and 10%. Data are statistically significant because the calculated probability (F-statistic) value from the ordinary least squares regression is smaller than the 0.05 significant value. The profit after tax is accounted for by 73.8811 percent of the total assets of life insurance firms, according to the computed linear coefficient of determination (R2= 0.738811).”

According to the news reporters, the research concluded: “The study’s findings report that asset size affects the financial success of insurance businesses in Nigeria.”

For more information on this research see: Asset Size and Profitability of Life Insurance Companies in Nigeria. A Panel Data Approach. Acta Universitatis Danubius: Oeconomica, 2022,18(6). (Acta Universitatis Danubius: Oeconomica - http://journals.univ-danubius.ro/index.php/oeconomica/index). The publisher for Acta Universitatis Danubius: Oeconomica is Danubius University.

Our news editors report that more information may be obtained by contacting Sunday Adekunle Aduloju, Department of Actuarial science and Insurance, University of Lagos, Nigeria. Additional authors for this research include Oluwaleke Ebenezer Akindipe.

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