Here is a list of the top insurance companies in Canada ranked by assets. Manulife Financial Corporation is the largest insurance company in Canada with about C$809 billion in total assets, 34,000 employees and 28 million customers worldwide. The company’s shares are traded on the Toronto, Hong Kong and New York stock exchanges, with a market capitalization of about US$25 billion as of April 9, 2020. Great-West Lifeco Inc, a subsidiary of Power Financial Corporation, is the second largest insurance company in Canada by total assets and the largest by gross and net premiums written. Sun Life Financial is the third largest Canadian insurer with assets of over C$297 billion, 27,000 employees and 6 million customers. The 10 largest insurance companies in Canada hold combined total assets of about C$1.9 trillion.

Rank Insurance Company Total assets, C$bn (December 31, 2019)
1 Manulife Financial Corp 809.130
2 Great-West Lifeco Inc (1) 451.167
3 Sun Life Financial 297.202
4 Fairfax Financial 92.203
5 iA Financial Corp 73.148
6 Desjardins Insurance * (2) 53.152
7 Intact Financial 32.292
8 E-L Financial Corp (3) 23.749
9 RBC Insurance (4) 18.191
10 The Co-operators Group * 15.002
11 TD Insurance (5) 13.435
12 BMO Life Insurance Company 12.719
13 Ivari (6) 12.568
14 SSQ Insurance * 12.308
15 Aviva Canada (7) 11.936
16 RGA Life Reinsurance Company of Canada 10.374
17 Swiss Reinsurance Company Ltd 9.176
18 Wawanesa Mutual Insurance Company 8.896
19 Munich Reinsurance (8) 7.780
20 La Capitale * 7.444
21 Genworth MI Canada Inc (9) 6.704
22 Economical Mutual Insurance Company 5.986
23 Equitable Life Insurance Company of Canada 5.079
24 AIG Insurance Company of Canada 4.693
25 Royal & Sun Alliance Insurance Co. of Canada 4.578
26 Allstate Insurance Company of Canada 4.364
27 Chubb Insurance Company of Canada 4.081
28 Zurich Insurance 4.063
29 Primerica Life Insurance Company of Canada 4.009
30 Dominion of Canada General Insurance Company (10) 3.424
31 Metropolitan Tower Life Insurance Company 2.598
32 MD Life Insurance Company 2.425
33 Canada Guaranty Mortgage Insurance Company 2.413
34 Assurant Life of Canada 2.259
35 Foresters Life Insurance Company 1.670
36 Wawanesa Life Insurance Company 1.647
37 Blue Cross Life Insurance Company of Canada 1.404

* Data as of December 31, 2018.
1 - Great-West Lifeco Inc operates as a subsidiary of Power Financial Corporation.
2 - Assets for Desjardins General Insurance Group Inc (DGIG) and Desjardins Financial Security Life Assurance Company.
3 - E-L Financial Corporation Ltd includes Empire Life Insurance Company.
4 - Total assets for RBC Insurance Company of Canada and RBC Life Insurance Company. RBC General Insurance Co. was sold to Aviva Canada.
5 - TD Insurance refers to Meloche Monnex Inc and its subsidiaries (TD Home and Auto Insurance Company, TD General Insurance Company, Primmum Insurance Company, Security National Insurance Company) as well as TD Life Insurance Company and TD Direct Insurance Inc.
6 - Ivari is one of the leading individual life insurers in Canada. It was previously known as Transamerica Life Canada, a subsidiary of AEGON N.V.
7 - Assets for Aviva Insurance Company of Canada and Aviva General Insurance Company.
8 - Assets for Munich Re, Canada (Life) and Munich Reinsurance Company of Canada.
9 - Genworth Financial Mortgage Insurance Company Canada is the largest private residential mortgage insurer in Canada.
10 - The Dominion of Canada General Insurance Company is a subsidiary of US insurer The Travelers Companies Inc.

See also: Top Life Insurers in Canada

Updated as of April 12, 2020