This research explores the implication of board composition on the financial viability of insurance corporations in Nigeria from 2018-2023. The research utilised ex-post facto design and data was gathered from the yearly report of the eight (8) Insurance firms listed in the Nigerian Exchange Group (NXG). The study adopted gender mixture, board size, independence, and meetings, as a proxy for board composition; while, return on assets was used to measure insurance businesses viability. In this research, the Hausman test was utilized, as well as the fixed effect model (FEM) for analysis. The analysis indicates that board size positively and significantly correlates with return on assets, suggesting that larger boards may enhance performance due to diverse perspectives and expertise. However, board independence revealed a favourable yet insignificant effect, indicating that the presence of independent directors alone does not significantly implication financial outcomes. Board gender diversity demonstrated a negative and statistically inconsequential effect on returns, suggesting that gender diversity on boards does not necessarily translate to improved financial performance in this context. Additionally, the frequency of board meetings had an unfavourable and statistically inconsequential effect on returns, implying that merely increasing the number of meetings does not lead to better financial results and may even be counterproductive. The study underscores the importance of optimizing board size to enhance financial performance in Nigerian insurance firms and suggests that other control practices, like board independence and meeting frequency, require a more nuanced approach. Future research should explore these dynamics, considering the unique characteristics and governance challenges of different industries and regions.