This study examined the effect of corporate governance on selected insurance companies using panel data which span from 2016 to 2020 five years for each of the selected insurance companies. This research statistically pinpoint the impact of corporate governance on the financial performance of insurance companies in Nigeria using the most recent data on shareholders controlling interest ratio. The researcher subjected the data to statistical examinations using the panel least square regression and the Granger causality test and the findings revealed that, in line with expectation, board size positively predicted return on assets in insurance companies. This prediction was found to be insignificant however. The study recommends that Insurance companies should possess a board size large enough to encompass individuals of diverse level of knowledge and expertise. This would make the board competent enough to make sound decisions in diverse fields. Compensation of directors should be tailored to the level of the financial performance of the insurance company. This could be done by allotting bonuses and benefits based on profitability.