Governance Mechanisms and Financial Outcomes: Evidence from India’s Health Insurance Sector

This study investigates the relationship between selected corporate governance mechanisms—board size, board independence, audit quality, risk management, and corporate social responsibility—and financial performance in health insurance companies. Using data from 25 Indian health insurance firms between 2015 and 2024, the study employs panel regression and moderation analysis to measure direct and interaction effects. Findings indicate board size and independence positively influence profitability, while audit quality presents mixed results. Risk management strongly contributes to operational efficiency, whereas CSR expenditure negatively affects financial returns in the short term. Both economic disruptions and regulatory changes moderate these relationships, signifying contextual dependence. The study validates contingency-based governance perspectives and provides practical and policy-level insights for the Indian health insurance industry