The Top 5 Insurance Companies in Canada

The image contains more insurance companies in Canada but we will be discussing the best 5 which are : 
  1. Sun Life Financial
  2. The Manulife Financial Corporation
  3. Great-West Lifeco
  4. iA Financial Group
  5. Desjardins Group

In order to provide their clients with a larger range of services, insurance companies have merged with brokerage firms, banks, and other financial institutions all over the world in recent years. That is undoubtedly the case for the Canadian insurance sector, which has seen a number of mergers and acquisitions in recent years.

The top five Canadian insurance providers are listed here, according to their 2019 annual revenues. The income totals mostly reflect insurance premiums collected from policyholders, investment returns on those premiums, and other insurance products included into investment products like mutual funds.

The Top 6 Canadian Insurance Companies Are:

  1. Sun Life Financial
  2. The Manulife Financial Corporation
  3. Great-West Lifeco
  4. iA Financial Group
  5. Desjardins Group

It's crucial to remember that a lot of insurance providers also provide other financial services, such wealth management. As a result, even while some financial institutions may be bigger than the ones that are listed here, their insurance businesses do not make up the majority of their earnings.

The exchange rate used to convert all figures is $1.30 Canadian for every U.S. dollar.


The largest insurer in Canada, Manulife Financial, also provides a wide array of financial services.

The second-largest insurer, Great-West Lifeco, Inc., functions as the holding company for six subsidiaries.

One of the first insurance companies was founded in 1865; its headquarters are in Toronto.

1. The Manulife Financial Corporation

The largest Canadian insurer and provider of financial services is Manulife Financial (MFC). The company, which has its headquarters in Toronto, generated $61 billion Canadian in revenue in 2019 (or $47 billion US), which was made up of insurance premiums and investment income.

Through its subsidiary John Hancock, Manulife conducts business outside of the US in Canada, Asia, and Europe. By the end of 2019, the business had nearly 98,000 agents and employed about 38,000 people. Assets under management at Manulife were $1.2 trillion (920 billion) US.

The Manufacturers Life Insurance Company was founded in 1887, and in 1893 Bermuda saw the sale of the company's first international policy. A branch of the business received approval from the China Insurance Regulatory Commission (CIRC) in 2002 to establish a branch in Guangzhou. It was the first branch opening permit given to a foreign-invested joint-venture life insurance company in China. On the Chinese mainland, Manulife presently has authorized branches in more than 50 cities.

2. Great-West Lifeco, Inc.

Great-West Lifeco, Inc. is a Canadian company that offers financial services. It serves as a holding company for six subsidiaries that offer insurance to clients in North America, Europe, and Asia. Life, health, and disability insurance are just a few of the insurance options provided by Great-West Lifeco.

By the end of 2019, the business had advisor relationships serving 30 million customers, and it employed about 24,000 people.

The $772 billion Canadian ($594 billion US) in assets that Great-West manages.

In 2019, Great-West earned close to $50 billion in Canadian revenue (about $38 billion in American dollars), which came from insurance premiums, deposits, and earnings from investments including dividends.

3. Sun Life Financial

One of the first insurance companies, Sun Life Financial (SLF) was founded in 1865 and has its headquarters in Toronto. It provides services for wealth management, investment products, and health insurance. The business serves customers in North America, Asia, and the United Kingdom.

By the end of 2019, Sun Life Financial had more than 40,000 workers and around 126,000 advisors.

Assets managed by Sun Life were $1.1 trillion Canadian (almost $850 billion US). Including insurance premiums and segregated fund deposits, which are life insurance products housed inside mutual funds, revenue from insurance-related products totaled nearly $38 billion Canadian ($29 billion U.S.) in 2019.

Administrative services only (ASO) 6 agreements, which Sun Life enters into for the purpose of managing insurance for company benefit plans, are another source of income for the company.

The IA Financial

 Group operates as Industrial Alliance Insurance and Financial Services (IAG.TO). The company offers both businesses and private customers a wide range of insurance and financial services.

The business started concentrating on expanding its U.S. clientele in 2015. The business was established in 1892, and its main office is in Quebec City.

4. iA Financial 

Group earned $11.4 billion Canadian ($8.8 billion American) in premiums and deposits in 2019 out of the total $189 billion Canadian ($145 billion American) assets under management.

More than 8,000 people work for Industrial Alliance, which has 25,000 representatives serving four million clients.

5. Desjardins Group 

At the end of 2019, Desjardins managed $313 billion Canadian ($241 billion US) in total assets, including financial services and insurance products. In Canada, Desjardins has more than 48,000 employees and seven million clients.

In 2019, insurance premiums brought in a total of $9.4 billion Canadian ($7.2 billion American).

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