<![CDATA[Purpose: This study examines how capital structure relates to the financial performance of life and non-life insurance companies in Vietnam, an emerging market where the sector has grown quickly but has received limited empirical attention.Methodology: A balanced panel of 27 insurers over 2018-2024 (189 firm-year observations) was analyzed. Performance is measured by Return on Assets (ROA) and Return on Equity (ROE), and capital structure by Leverage (LEV) and the Short-Term Liabilities Ratio (STD), with firm size, asset turnover, revenue growth, and insurance type as controls. After specification and diagnostic tests, fixed-effects models with Driscoll-Kraay standard errors were estimated.Results: Leverage is positively and significantly related to both ROA and ROE, while the short-term liabilities ratio has no significant effect. Asset turnover raises ROE, whereas firm size and revenue growth lower it.Conclusions: The drivers of profitability differ depending on whether performance is judged from total assets or from shareholders' equity, and effective liability management and asset use matter more than liability maturity.Limitations: The sample is limited to 27 insurers, and the fixed-effects design cannot estimate the effect of insurance type.Contributions: The study adds evidence from an emerging insurance market and separates the level of leverage from its maturity composition.]]>
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