The research analyzes the effect of insurance premium and investment on the profitability of insurance companies in Nigeria covering the period from 2000 to 2022. Data were collected from the Central Bank of Nigeria (CBN) and NAICOM statistical bulletin. Econometric analysis with the use ofAutoregressive Distributed Lag (ARDL)and diagnostics tests was utilized to measure the coefficient of the independent variables and dependent variable.The result of the empirical analysis is disclosed as follows; Life insurance premium has a positive and insignificant effect on the profitability of insurance companies in Nigeria(p-value of 0.1503>5% ). Nonlife insurance premium showed a negative but significant effect on the profitability of insurance companies in Nigeria (p-value of 0.0141<5%).Total insurance investment revealed a positive and significant effect on the profitability of insurance companies in Nigeria (p-value of 0.0178<5%). The main result shows that insurance premium and investment has a significant effect on the profitability of insurance companies in Nigeria. The paper recommended that Insurance companies in Nigeria should embark on public awareness programs such as seminars, conferences, trainings and advertisement to help fine-tune perception toward insurance services thereby enhancing insurance demand and leading to profitability in the industry. More so, Insurance companies should diversify investment portfolios and generate more investment returns which will enlarge the profit making of Nigerian insurance firms.