This study aims to determine the effect of Leverage and Risk-Based Capital (RBC) on the Profitability with Firm Size and Firm Age as control variables of insurance companies in Indonesia, Malaysia, Singapore, and Philippines for the 2016–2020 period and compare the results with those four countries. The study population consisted of 143 insurance companies in Indonesia, 37 insurance companies in Malaysia, 118 insurance companies in Singapore, and 79 insurance companies in Philippines listed on each respective regulator. Purposive sampling method used in this study in order to obtain a sample of 38 insurance companies in Indonesia and each 25 insurance companies in Malaysia, Singapore, and Philippines. The data analysis technique applied is a panel data regression test assisted by Stata 16. The results revealed that leverage has a significant negative effect on the profitability of insurance companies in the four countries. Furthermore, the study shows that RBC has not impacted the profitability of insurance company in Malaysia and Singapore. On the other hand, it found that RBC had a negative significant impact on the profitability of insurance company in Indonesia and positive significant effect on profitability of insurance companies in Philippines.