Here is a list of the top insurance companies in Canada ranked by total assets. Headquartered in Toronto, Ontario, Manulife Financial Corporation is the largest Canadian insurance company with C$780 billion in assets and 34,000 employees. Great-West Lifeco is the second largest insurance company in Canada by assets and the largest by gross and net premiums written. Great-West Lifeco is located in Winnipeg, Manitoba and is controlled by billionaire Paul Desmarais. Intact Financial (formerly ING Canada) is the largest property/casualty insurer in Canada by direct written premiums with a market share of over 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$17 billion as of August 6, 2019.
|Rank||Insurance Company||Total assets, C$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 August 9, 2019