The internal audit function in insurance companies in Nigeria plays a crucial role in safeguarding assets and ensuring financial transparency. A study looked at how the size, independence, and financial expertise of audit committees impact financial performance. Data from 2011-2020 showed that larger, independent, and financially knowledgeable audit committees have a positive effect on financial performance. However, the size of the insurance company itself had a negative impact. Strengthening these audit committee characteristics can improve financial performance in the insurance sector.