<![CDATA[Profitability is an important indicator that reflects an insurance company's ability to generate profits and maintain its business sustainability. The profitability of insurance sub-sector companies listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period showed fluctuating conditions, while previous studies on the effect of the underwriting ratio, premium growth ratio, and risk based capital on profitability still produced inconsistent results, indicating the need for further research. This study aims to analyze the effect of the underwriting ratio, premium growth ratio, and risk based capital on profitability, proxied by Return on Assets (ROA). This study employed a quantitative method with a descriptive research design. The sample was selected using a purposive sampling technique, resulting in 16 insurance sub-sector companies with a total of 80 observations over a five-year period. The data were analyzed using panel data regression with the Fixed Effect Model through EViews 13 software. The results indicate that the underwriting ratio, premium growth ratio, and risk based capital simultaneously have a significant effect on profitability. Partially, the underwriting ratio has a positive and significant effect on profitability, while the premium growth ratio and risk based capital have no significant effect. The adjusted R-squared value of 0.502762 indicates that the three independent variables explain 50.3% of the variation in profitability, while the remaining 49.7% is explained by other variables outside the research model. This study implies that the effectiveness of underwriting activities is an important factor that insurance companies should consider to improve profitability.]]>
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