Insurance is a way of transferring risk from insured to the insurer by considering premium payments. Insurance plays a great role in a country's economic growth and offers financial protection to an individual or firm against monetary and non-monetary losses suffered from unforeseen circumstances. Ethiopian insurance companies are remained undeveloped and As a result, the insurance industry in Ethiopia's economy is not growing as predicted, it is less profitable, and it is unable to compete on a global scale As a result, this study investigated the determinants of insurance companies' profitability in Ethiopia, such as size, liquidity, leverage, inflation, market share, age, capital adequacy, and premium growth, and assessed their effects on Ethiopian insurance profitability using descriptive statistics, correlation analysis, and the linear regression method on the given panel data. The researchers conducted the analysis using secondary data obtained from audited annual reports (balance sheets, income statements) of Ethiopian insurance companies. The study included 9 insurance companies in Ethiopia from 2011 to 2020. To indicate an insurance company’s financial performance and profitability, ROA is used as a dependent variable & liquidity, premium growth, age, inflation, size, adequacy of capital, market share & leverage as independent variables. Liquidity, premium growth, age, inflation, size and capital adequacy all have a significant impact on Ethiopian insurers' profitability during the study period. Leverage and market share had an insignificant impact on Ethiopian insurers' profitability during the study period. Therefore, the study recommends that Ethiopian insurance companies should give due consideration to these factors to address profitability issues.