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$780 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$40 billion as of January 2020. Great-West Lifeco Inc, a subsidiary of Power Financial Corporation, is the second largest insurance company in Canada in terms of 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$282 billion, 27,000 employees and over 6 million customers. The 10 largest Canadian insurance companies hold combined total assets of over C$1.8 trillion.
|Rank||Insurance Company||Total assets, C$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|
|8||E-L Financial Corp||22.862|
|9||The Empire Life Insurance Company||16.632|
|10||RBC Insurance (2)||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 (4)||8.474|
|20||Wawanesa Mutual Insurance Company||8.261|
|21||La Capitale *||7.444|
|22||Genworth MI Canada Inc (5)||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 (6)||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 Inc operates as a subsidiary of Power Financial Corporation.
2 - Total assets for RBC Insurance Company of Canada and RBC Life Insurance Company. RBC General Insurance Co. was sold to Aviva Canada.
3 - 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.
4 - 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, the subsidiaries of The Toronto-Dominion Bank.
5 - Genworth MI Canada Inc is the largest private residential mortgage insurer in Canada.
6 - CUMIS Group consists of CUMIS Life Insurance Company and CUMIS General Insurance Company. CUMIS Group operates as a subsidiary of Co-operators Group Limited.
See also: Top Life Insurers in Canada
Updated as of January 10, 2020