Top insurance companies in canada

Across the world, coverage companies in recent years have mixed with brokerage companies, banks, and different monetary establishments to provide their customers a wider variety of services. That is simply the case for the Canadian insurance industry, which has experienced a number of acquisitions and mergers in current years.

Below are the five largest Canadian coverage companies defined by their annual revenues in 2022. The revenue figures commonly encompass coverage premiums charged to policyholders, earnings from investing in those rates, and other coverage products embedded in funding merchandise consisting of mutual price range.

It’s essential to note that many coverage businesses provide different economic offerings, including wealth control. As a end result, a few financial firms is probably larger than the agencies listed here, however their insurance businesses aren’t one among the most important components of their sales.

All numbers pronounced are in Canadian greenbacks and U.S. Bucks at a charge of $1.30 Canadian in keeping with U.S. Greenback.


  • Manulife Financial is the largest insurance provider in Canada and offers a broad range of financial services.
  • Great-West Lifeco, Inc., the second-largest insurer, operates as a holding company for six subsidiaries.
  • Sun Life Financial, based in Toronto, is one of the oldest insurance providers, having been established in 1865.

Manulife Financial Corp

Manulife Financial (MFC) is the most important coverage issuer in Canada and also offers financial offerings. The company is based in Toronto, and in 2022 earned $61 billion Canadian in revenue ($forty seven billion U.S.), which covered coverage rates and income earned from investing those premiums.

Manulife operates in Canada, Asia, and Europe in addition to in the United States, thru its John Hancock subsidiary. By the quit of 2022, the employer hired about 38,000 people and had almost ninety eight,000 retailers. Manulife had $1.2 trillion Canadian ($920 billion U.S.) in belongings under management.

The firm become established as The Manufacturers Life Insurance Company in 1887 and bought its first out-of-us of a policy in Bermuda in 1893. In 2022, the China Insurance Regulatory Commission (CIRC) granted a department of the corporation approval to open a branch in Guangzhou. It changed into the primary license to open a department in China granted to a foreign-invested joint-undertaking lifestyles insurance business enterprise. Manulife now has licensed branches in extra than 50 towns at the Chinese mainland.

Great-West Lifeco

Great-West Lifeco, Inc. Is a economic services issuer founded in Canada and operates as a protecting organization for 6 subsidiaries, which offer insurance to customers in North America, Europe, and Asia. Great-West Lifeco gives a spread of insurance policies, such as life, fitness, and disability coverage.

By the end of 2022, the company employed about 24,000 people and had advisor relationships serving 30 million customers.

Great-West manages $772 billion Canadian ($594 billion U.S.) in assets under management.

Great-West generated nearly $50 billion Canadian in revenue ($38 billion U.S.), which included insurance premiums, deposits, and income from investments such as dividends in 2022.

Sun Life Financial

Sun Life Financial (SLF) is based in Toronto and is one of the oldest insurance providers, having been established in 1865. It offers health insurance policies, investment products, and wealth management services. The company has clients in Asia and the United Kingdom as well as in North America.

Sun Life Financial has extra than 40,000 employees and almost 126,000 advisors as of the give up of 2022. Sun Life had $1.1 trillion Canadian (nearly $850 billion U.S.) in belongings below control. Revenue from insurance-associated products became almost $38 billion Canadian in 2022 ($29 billion U.S.), together with insurance premiums and segregated fund deposits, that are lifestyles insurance merchandise embedded inside mutual finances.

Sun Life also earns revenue from fees for providing insurance management for company benefit plans, which is called an administrative services only (ASO) agreement.

iA Financial Group

Industrial Alliance Insurance and Financial Services (IAG.TO) does business as IA Financial Group. The company offers a wide range of insurance and financial services to its clients, including businesses and individuals.

In 2022, the company began focusing its efforts on building its base in the U.S. Founded in 1892, the company has its headquarters in Quebec City.

IA Financial Group has more than $189 billion Canadian ($145 billion U.S.) in total assets under management, and in 2022, earned $11.4 billion Canadian ($8.8 billion U.S.) in premiums and deposits.

Industrial Alliance has more than 8,000 employees with 25,000 representatives serving four million customers.

Desjardins Group

Desjardins affords financial offerings and coverage products and had $313 billion Canadian in overall belongings, ($241 billion U.S.), underneath control as of the end of 2022. Desjardins has extra than 48,000 employees and 7 million clients at some point of Canada.

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