The effect of intellectual capital on financial performance was investigated in this paper for the period 2008 to 2019. A total of 696 observations were generated from data collected from 56 general insurance companies in 12 years. The Value Added Intelligent Coefficient Model was used and data was analysed using both static (two stage least square, fixed and random effect) and dynamic panel regression analysis (two step system generalised method of moments). The findings showed a significant and direct relationship between lagged return on assets, intellectual capital and financial performance of insurers in the South African Development Community. Out of the components of intellectual capital, human capital and structural capital are significantly and directly related with return on assets while capital employed is inversely and insignificantly related with return on assets. The control variables-underwriting risk, insurer size and leverage are all inversely and significantly affecting return on assets. Thus, a U-shape relationship exists between intellectual capital and financial performance in general insurance companies in the South African Development Community. Thus, the policy makers-cum-insurers’ managers should maximise their intellectual capital as this creates competitive advantage that leads to financial performance drive and wealth generation. The Model used in this study is an important model decision-makers can use to assimilate intellectual capital in their decision-making procedures. This will inadvertently permit insurers to scale themselves according to the intellectual capital efficiencies and advance in strategies that will boost their company's financial performance.

本文研究了2008年至2019年期间智力资本对财务绩效的影响。从12年中从56家普通保险公司收集的数据中，共得出696个观察结果。使用了增值智能系数模型，并使用静态（两阶段最小二乘，固定和随机效应）和动态面板回归分析（两步系统广义矩方法）分析了数据。调查结果表明，在南非发展共同体中，资产回报率，智力资本与保险公司的财务绩效之间存在着密切而直接的关系。在智力资本的组成部分中，人力资本和结构资本与资产收益显着且直接相关，而所使用的资本与资产收益呈反相关且无关紧要。控制变量-承保风险，保险公司的规模和杠杆率均成反比，并且极大地影响了资产收益率。因此，在南非发展共同体的一般保险公司中，智力资本与财务绩效之间存在U型关系。因此，政策制定者兼保险公司的经理应最大化其智力资本，因为这将创造竞争优势，从而推动财务绩效驱动并创造财富。本研究中使用的模型是决策者可以用来吸收其决策程序中的智力资本的重要模型。