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|
|5||iA Financial Corp||73.148|
|6||Desjardins Insurance * (2)||53.152|
|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|
|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|
|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