The financial business is rapidly expanding, allowing for high quantities of transactions. This expansion has raised the demand for insurance and insurance products dramatically. Though previous research has looked at the elements that drive the profitability of the insurance business from both a general and a life viewpoint, little attention has been paid to the main indicators that define the financial performance of these insurance organizations. This study looked at the factors that impact the financial success of insurance businesses in Ghana, a developing country. It investigated the elements that influence financial performance. The findings of the study showed that General insurance was the most purchased type of insurance policy. It was also discovered that the majority of the policyholders who buy insurance policies were 24 years and above.Finally, the study showed that the most influential factor considered for the financial performance of the insurance company is the effective management factor followed by the competition factor. Other factors that were also identified were personality influence, liquidity, and profitability. As a result, the purpose of this project is to raise knowledge about the variables that impact the financial performance of insurance businesses in Ghana. This knowledge, on the other hand, will assist policyholders, stakeholders, brokers, and others concerned in understanding their insurance company's financial status and the variables impacting it. This research would also provide knowledge on the influential factors for insurance companies' financial performance as well as the most purchased insurance policy, which would help insurance companies understand why policyholders and investors patronize insurance by making more improvements to ensure a higher insurance penetration in Ghana.

Keywords : General Insurance, Insurance Policy and Penetration, Factor Analysis, Effective Management, Liquidity, Profitability and Personality Influence