Top 10 Insurance Companies in Canada - New Discovering


Top 10 Insurance Companies in Canada - New Discovering

In recent years, insurance companies around the world have joined with brokerage firms, banks and other financial institutions to offer their customers a wider range of services. This is certainly the case in Canada's insurance industry, which has experienced a series of acquisitions and mergers in recent years.

Canada's top insurance providers have emerged from the pandemic poised for growth, with the top 10 insurers reporting a more than 15% increase in combined gross written premiums to approximately $204 billion in 2023, up from nearly $177 billion in 2023. This is demonstrated by the latest data processed by Insurance Business.

Major insurance companies in Canada are Manulife Financial Corp, Sun Life Financial, Great-West Lifeco, iA Financial Group, Desjardins Group, Fairfax Financial, Intact, Co-operators, Empire Life, La Capitale (Beneva), etc.

We reviewed the latest annual reports from the country's major industry players and also found that the total assets of each of the companies on the list grew, posting increases of between 4.2% and 9.7% last year.

Intact Financial was the only outlier, as the company's assets nearly doubled from 2020 data. Even top-tier insurers have anticipated a rosy 2022, according to their balance sheets.

Below are the 10 largest Canadian insurance companies defined by their annual revenue in 2019. Revenue data mainly includes insurance premiums collected by policyholders, earnings from investing in such premiums, and other insurance products integrated into investment products, such as mutual funds.

It's important to note that many insurance companies offer other financial services, such as wealth management. As a result, some finance companies may be larger than the companies listed here, but their insurance businesses are not a major component of their revenue.

All numbers reported are in Canadian dollars and US dollars at a rate of C$1.30 to the US dollar.


List of 10 Top Insurance Companies in Canada

1. Manulife Financial Corp

2. Sun Life Financial

3. Great-West Lifeco

4. iA Financial Group

5. Desjardins Group

6. Fairfax Financial

7. Intact

8. Co-operators

9. Empire Life

10. La Capitale (Beneva)

1. Manulife Financial Corp

Manulife Financial (MFC) is Canada's largest insurance provider and also offers financial services. The company is headquartered in Toronto and had revenues of C$61 billion ($47 billion) in 2019, which included insurance premiums and income earned from investing those premiums. Manulife operates in Canada, Asia and Europe, as well as the United States, through its subsidiary John Hancock. 

Top 10 Insurance Companies in Canada - New Discovering

At the end of 2019, the company employed approximately 38,000 people and had nearly 98,000 agents. Manulife had C$1.2 trillion (US$920 billion) in assets under management.

The firm was founded as The Manufacturers Life Insurance Company in 1887 and sold its first foreign policy in Bermuda in 1893. 

In 2002, the China Insurance Regulatory Commission (CIRC) authorized a branch of the company to set up a branch in Guangzhou. It was the first license to open a branch in China granted to a foreign-invested joint venture life insurance company. Manulife now has authorized branches in more than 50 cities in mainland China


2. Sun Financial Life (SLF)

Sun Life Financial (SLF) is headquartered in Toronto and is one of the oldest insurance providers, founded in 1865. It offers health insurance policies, investment products and wealth management services.

Top 10 Insurance Companies in Canada - New Discovering

The company has customers in Asia and the UK, as well as North America. Sun Life Financial has more than 40,000 employees and nearly 126,000 consultants as of the end of 2019. Sun Life had C$1.1 trillion (nearly US$850 billion) in assets under management. Revenues from insurance products were nearly C$38 billion in 2019 (US$29 billion), including insurance premiums and hedge fund deposits, which are life insurance products embedded in mutual funds.

Sun Life also earns fee income for providing insurance administration for company benefit plans, called an Administrative Services Only Agreement (ASO).


3. Great West Lifeco

Great-West Lifeco Inc. is a Canadian-based financial services provider and operates as a holding company for six subsidiaries, providing insurance to clients in North America, Europe and Asia. Great-West Lifeco offers a variety of insurance policies, including life, health, and disability insurance. 

Top 10 Insurance Companies in Canada - New Discovering

At the end of 2019, the company employed approximately 24,000 people and had consulting relationships serving 30 million clients.

Great-West has C$772 billion (US$594 billion) of assets under management. Great-West generated nearly C$50 billion ($38 billion) in revenue, which included insurance premiums, deposits and investment income such as dividends in 2019.


4. iA Financial Group

Industrial Alliance Insurance and Financial Services (IAG.TO) trades as IA Financial Group. The company offers a wide range of insurance and financial services to its customers, both corporate and private. 

In 2015, the company began to focus its efforts on building its base in the United States. Founded in 1892, the company is headquartered in Quebec City.

Top 10 Insurance Companies in Canada - New Discovering

IA Financial Group has over C$189 billion (US$145 billion) in total assets under management and earned C$11.4 billion (US$8.8 billion) in premiums and deposits in 2019. Industrial Alliance has more than 8,000 employees with 25,000 representatives serving four million customers.


5. Desjardins Group

Desjardins provides financial services and insurance products and had C$313 billion (US$241 billion) in total assets under management at the end of 2019.

Top 10 Insurance Companies in Canada - New Discovering

Desjardins has more than 48,000 employees and seven million customers across Canada. Insurance premium income totaled C$9.4 billion (US$7.2 billion) in 2019.


6. Financial Fairfax

Total assets: $111.5 billion. Gross premiums written: $23.9 billion

Fairfax Financial Holdings Limited is a holding company operating through various subsidiaries including Allied World, Brit Group, Odyssey Group, Northbridge Financial and Zenith National. It offers a wide range of general insurance, reinsurance and investment services. 

Top 10 Insurance Companies in Canada - New Discovering

The company employs approximately 39,000 workers. Last year, the company's total assets increased 17% from $95.3 billion in 2020. GWP also jumped from $19.1 billion, up 25%.


7. Intact

Total assets: $66.3 billion. Gross premiums written: $18 billion

Intact Financial Corporation is the largest provider of general insurance in Canada and is also a leading provider of specialty insurance in North America. The firm serves more than six million individual, corporate, public sector and institutional clients through offices in Canada, the United States, the United Kingdom and Ireland. 

Top 10 Insurance Companies in Canada - New Discovering

In 2021, total premiums increased nearly 50% and GWP nearly doubled from $12.1 billion and $35.1 billion, respectively, a year earlier. Intacto employs more than 26,000 people.


8. Cooperators

Total assets: $20.6 billion. Gross premiums written: $1 billion

The Co-operators Group Limited is one of the largest multi-library insurance companies in Canada, serving more than 240 credit unions with approximately six million members. 

Top 10 Insurance Companies in Canada - New Discovering

The insurance co-op offers home, auto, life, health, farm, travel, group and business policies. It has a portfolio of investment solutions, including annuities, Tax Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RSSP), Registered Education Savings Plans (RESP), and Mutual and Separate Funds. The firm also offers asset management and institutional brokerage services. 

In 2021, the company's total assets grew 9% from $18.9 billion a year earlier. Its GWP also increased 17% from $988 million.


9. Imperial life

Total assets: $26.8 billion. Gross premiums written: $1.2 billion

Empire Life Insurance Company is an insurance and investment company. As far as insurance is concerned, Empire Life offers life insurance, critical illness insurance, and group benefits. The firm is a subsidiary of E-L Financial Corporation Limited, which is listed on the Toronto Stock Exchange and manages over $19.6 billion in assets for more than 600,000 clients. 

Top 10 Insurance Companies in Canada - New Discovering

Empire Life also has its own subsidiary, called Empire Life Investments Inc. (ELII), which offers a family of mutual funds and is a discretionary investment manager and separate fund advisor for Empire Life. The company's total assets increased nearly 8 percent from $24.9 billion in 2020, while premiums written increased from $1.1 billion.


10 The Capital (Beneva)

Total assets: $26.8 billion. Gross premiums written: $6.6 billion

Capital Financial Group Inc. offers insurance products and financial services in Qu├ębec. Its subsidiary, La Capitale General Insurance, was among the largest insurers in the province with over 900 offices and 600,000 employees.

Top 10 Insurance Companies in Canada - New Discovering

In mid-2020, the merger of La Capitale and SSQ Assicurazioni paved the way for the establishment of Beneva. SSQ will become Beneva in 2023. La Capitale's total assets grew by 7.2% in 2021, while GWP also increased by 10% from $6 billion in 2020.

Post a Comment