Achieving sustainable development in emerging economies is contingent upon the effective and efficient operation of all sectors. The financial sector plays a critical role in supporting individuals and institutions within an economy by ensuring resource allocation and promoting investments. Alongside banking activities, the insurance sector has taken on a significant role in Türkiye’s financial landscape, contributing to the nation’s economic development through its recent growth and profitability. This study analyzes the factors influencing the return on assets (ROA) of firms operating in the Turkish insurance sector. Quarterly data from 28 insurance firms for the period between the first quarter of 2014 and the second quarter of 2024 were analyzed using panel data analysis. The results indicate that premium size, leverage ratio, and BIST variables have a significant impact on the return on assets of insurance companies, while liquidity ratio and conservation ratio do not exhibit significant effects.