In 2005–2007 period, ROE (R2=0.18), sales growth (R2=0.12), and
productivity (R2=0.24) showa clear identificationwith insurance companies'
performance. In 2010–2012 period only ROE (R2=0.21) sustains
evidence. In life insurance 2005–2007 period, return on equity
(R2 = 0.45) is of great importance when comparing to sales growth
(R2 = 0.12) and productivity (R2 = 0.13) of companies. In 2010–2012
period, only return on equity (R2 = 0.21) presents some importance as
a performance variable, though less significant than in the previous period.
Insurance companies' performance depends on temporal contexts,
with ROE becoming more important. H4 receives support.