Here is a list of the largest insurance companies in Canada ranked by total assets. Manulife Financial Corporation, headquartered in Toronto, Ontario, is the largest insurance company in Canada by assets, market capitalization and number of employees. It offers individual and group life insurance, annuities, asset management and other services. Great-West Lifeco is the second largest insurance company in the country by assets and the largest by gross and net premiums written. It is located in Winnipeg, Manitoba and is controlled by billionaire Paul Desmarais. Intact Financial (formerly ING Canada) is the 7th largest insurer by total assets and the largest property/casualty insurer by direct premiums written with a market share of approximately 15%. It provides personal and commercial auto insurance, property insurance, business insurance and specialty insurance products. The company’s shares are listed on the Toronto exchange with a market capitalization of C$19.2 billion as of October 10, 2019.
|Rank||Insurance Company||Total assets, C$bn (March 31, 2019)|
|1||Manulife Financial Corp||779.914|
|2||Great-West Lifeco Inc (1)||442.492|
|3||Sun Life Financial||282.359|
|5||iA Financial Corp||68.290|
|6||Desjardins Insurance * (2)||53.152|
|8||E-L Financial Corp||22.862|
|9||The Empire Life Insurance Company||16.632|
|10||RBC Insurance (3)||16.102|
|11||The Co-operators Group *||15.002|
|13||SSQ, Life Insurance Company||12.308|
|14||Aviva Canada *||11.786|
|15||BMO Life Insurance Company||11.218|
|16||RGA Life Reinsurance Company of Canada||9.192|
|17||Swiss Reinsurance Company Ltd||9.182|
|19||Aviva Insurance Company of Canada||8.752|
|18||TD Insurance (5)||8.474|
|20||Wawanesa Mutual Insurance Company||8.261|
|21||La Capitale *||7.444|
|22||Genworth MI Canada Inc (6)||6.829|
|23||Munich Reinsurance Company||6.326|
|24||Economical Mutual Insurance Company||5.678|
|25||Royal & Sun Alliance Insurance Co. of Canada||4.680|
|26||AIG Insurance Company of Canada||4.655|
|27||Equitable Life Insurance Company of Canada||4.576|
|28||Allstate Insurance Company of Canada||3.963|
|29||Chubb Insurance Company of Canada||3.934|
|30||Primerica Life Insurance Company of Canada||3.897|
|32||Dominion of Canada General Insurance Company||3.345|
|33||Aviva General Insurance Company||2.718|
|34||MD Life Insurance Company||2.659|
|35||Metropolitan Tower Life Insurance Company||2.461|
|36||Assurant Life of Canada||2.120|
|37||CUMIS Group Limited (7)||1.268|
|38||Foresters Life Insurance Company||1.607|
|39||Wawanesa Life Insurance Company||1.566|
|40||Blue Cross Life Insurance Company of Canada||1.285|
* Data as of December 31, 2018.
1 - Great-West Lifeco operates as a subsidiary of Power Financial Corporation.
2 - Total assets for Desjardins Financial Security Life Assurance Company and Desjardins General Insurance Group.
3 - Total assets for RBC Insurance Company of Canada and RBC Life Insurance Company. RBC General Insurance Company was acquired by Aviva Canada.
4 - Ivari is one of the leading individual life insurance providers in Canada. It was previously known as Transamerica Life Canada, a wholly-owned subsidiary of AEGON N.V.
5 - TD Insurance refers to the following companies: Security National Insurance, TD Home and Auto Insurance Company, TD Life Insurance Company, Primmum Insurance Company, TD General Insurance Company, TD Direct Insurance and Meloche Monnex Inc, a subsidiary of The Toronto-Dominion Bank.
6 - Genworth MI Canada Inc is the largest private residential mortgage insurer in Canada.
7 - CUMIS Group consists of CUMIS Life Insurance Company and CUMIS General Insurance Company. CUMIS Group operates as a subsidiary of Co-operators Group Limited.
Updated as of October 11, 2019