In this article the econometric analysis of panel data for insurance companies of the Republic of Kazakhstan from with a research objective of financial figure for profitability and influencing of factors defining profitability was performed. The article reveals the indicators that affect the profitability of insurance companies in order to further forecast. Independent variables were calculated using information on insurance companies of the Republic of Kazakhstan available in the public domains, mainly data from financial statements. The author reaches to prove that the data on insurance companies' obligations exert special influence on the evaluation of the profitability of the insurance company. The article suggests a methodical approach to measuring financial indicators of insurance companies based on panel data models, taking into account industry and individual differences. The research is carried out using the Gretl software package. Panel data models with fixed effects, panel data models with random effects were applied, and the most effective model was selected by the Hausman Test. As a result, it is proved that the profitability of the insurance company is affected by three indicators, two of which are calculated on the financial statements, including the financial leverage. This allows us to use these indicators in further forecasting the profitability and financial stability of insurance companies. Correctness of the assessment of profitability and forecasts are influenced by the correctness of data in the financial statements. The quality of models is limited by the quality of the financial statements of companies analyzed in this article.