Tdeclining financial performance evidenced by low profitability anchored on inadequate board independence and other diversity factors. This paper examined the relationship between board diversity components and profitability of listed insurance firms in Nigeria. This study adopted cross sectional survey research design and mixed sampling technique was used. A well-structured questionnaire was developed and validated. The Cronbach's alpha reliability coefficients for the constructs ranged from 0.727 to 0.955. The response rate was 95.8% and data were analyzed using descriptive statistics and Pearson Product Moment Correlation Coefficient Technique. The findings established that board diversity components had a significant relationship with profitability. Recommendation was anchored on promoting group-think towards improved profitability.