The capital market is one of the investments that is starting to attract the attention of the wider community. The stock price reflects the corporate value of publicly traded companies. One of the things that has contributed to the acceleration of the rise in stock market participants is the COVID-19 epidemic. People are searching for ways to augment their income due to uncertain economic conditions, and one such option is the stock market. One of the industries that has become a concern during the COVID-19 pandemic is insurance, especially life insurance where life insurance companies have taken on large claims during the pandemic. This study aimed to examine the impact of Risk Based Capital, insurance company health ratio, market return, inflation, and COVID-19 instances on the stock return of insurance companies listed in Indonesia stock exchange 2017-2022. Sample used in this study are 10 companies listed on Indonesia stock exchange with the period of 2017Q1-2022Q4. Statistical t0test were used to investigate the effects of independent variables on dependent variable. It was discovered that risk-based capital, insurance company health ratio, and covid status has no direct impact and inflation had a negative impact on insurance company stock return while market return had a positive impact and inflation had a negative impact on insurance company stock return. This study showed that capital asset pricing model (CAPM) was still relevant today as it was before, and insurance company needs to look for what other factors and indicators that have impact to stock return. Last, this research shows investors should properly analyze inflation and market return since they affected stocks return significantly.