This study investigated the relationship between human capital investments and financial performance of selected listed insurance companies in Nigeria.  The study adopted a survey research design and collected data through administration of questionnaire.  The population size of the study was one thousand four hundred and fifty  (1,450) employees of twenty three (23)  listed insurance firms from six (6) states of the south-south geo-political zone of Nigeria; while the sample size was 314 of the employees. The results of the study revealed that investments in staff training and retraining have positive and significant relationship with returns on equity of the selected insurance firms. Besides, staff welfare investment as well as staff health investment showed positive and significant relationship with returns on equity. This led to the recommendations that these insurance companies should continue to prioritize and strategically invest in  the training and development initiatives  of their workforce as well as prioritize staff welfare as such investments are evidently associated with improved financial performance and also, they should carefully reassess and potentially reallocate their investments in staff health initiatives, considering alternative strategies and focusing on comprehensive well-being programs that align more closely with the financial metrics of returns on  equity, ensuring a more targeted and impactful approach to achieving optimal financial performance.