With the change in the business scenario, joint ventures in Insurance sector are playing an important role in uplifting the economy. With the help of this research paper, an attempt is made to understand the financial performance of life insurance companies, whose core business is banking and insurance is the diversified area for the companies entering into joint venture. For the insurance companies, the financial strength can be judged by the returns they are earning and the growth in the premium over the period of time. In this paper, a comprehensive study is done taking into account the returns on total assets (ROA) to analyze the financial strength of the life insurance companies. Two major life insurance companies of India are taken as sample, they are SBI Life Insurance & HDFC Standard Life Insurance. Various independent variables are identified and with the help of correlation analysis and multiple regression models, hypotheses are either accepted or rejected.