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Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria

Authors: AKPA Victoria

Publication Type: Journal article

Journal: Iosr Journal Of Business And Management (iosr-jbm)

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Abstract

Insurance business plays a vital role in the country’s risk management system through risk bearing, providing vehicle for investors and other financial investment services. It also contributes significantly to the Gross Domestic Product (GDP). Despite the importance of the insurance industry for economic development, the performance of Nigerian insurance industry is sub-optimal in terms poor profitability attributed to the inability of Insurance companies’ managers to recognize the relevance of strategic orientation such as proactiveness, customer orientation, aggressiveness, and competitor orientation in the performance of insurance companies in Nigeria. This study therefore investigated the effect of strategic orientation on organizational performance of selected Insurance companies in Lagos State, Nigeria.A mixed sampling technique comprising of proportionate and simple random sampling techniques was used to select a total sample size of 498 employees of the 10 selected insurance companies. Multiple linear regression analysis was used to test the hypothesis formulated. The results obtained from the analysis revealed that strategic orientation dimensions have no significant effect on profitability of selected insurance companies in Nigeria (R-2 = 0.004, F(4,425) = 1.485, p > 0.05). The study recommends that Insurance companies in Nigeria need focus more attention on proactiveness, customer orientation, aggressiveness, and competitor orientation in order to increase their profitability.

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AKPA,V. . (2020). Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria, 22 (), 59-59.

AKPA,V. . "Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria" 22, no (), (2020): 59-59.

AKPA,V. and . (2020). Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria, 22 (), pp59-59.

AKPAV, . Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria. 2020, 22 ():59-59.

AKPA,Victoria , . "Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria", 22 . (2020) : 59-59.

A.Victoria , "Effect of Strategic Orientation on the Profitability of Insurance Companies in Nigeria" vol.22, no., pp. 59-59, 2020.

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