There are about 150 life and health insurers operating in the Canadian market. The top life insurance companies include Manulife, Great-West Lifeco, Sun Life Financial, IA Financial, and Empire Life.

Manulife Financial

Manulife Financial is the leading insurance company in Canada with total revenue of $39 billion, net income of $4.9 billion and net premiums of $24 billion in 2018. It offers a broad array of products and services to personal, business and institutional customers including group and individual life, health and disability insurance, annuities, pensions, wealth management, travel insurance, investment management and banking services. Manulife Bank offers chequing and savings accounts, guaranteed investment certificates (GICs), and mortgage and investment loans. In 2018, the company reported $27.9 billion in gross claims and benefits. The American subsidiary John Hancock Financial is one of the leading insurers in the United States.

Great-West Lifeco

Great-West Lifeco Inc is one of the top life insurance companies in Canada operating through numerous subsidiaries including Canada Life Assurance Company, Great-West Lifeco U.S., Irish Life, London Reinsurance Group, Empower Retirement, Putnam Investments and others. The company offers life and health insurance products, retirement services, investments, asset management and reinsurance solutions. Headquartered in Winnipeg, Manitoba, it employs over 24,000 people and serves more than 30 million customers in North America and Europe. Great-West Lifeco common shares are traded on the Toronto Stock Exchange (TSX), with a market capitalization of C$31.4 billion as of January 10, 2020.

Sun Life Financial

Sun Life Financial, headquartered in Toronto, is an international financial services provider with one of the highest financial strength ratings in the insurance industry. With over 22,000 employees, the company serves customers in Canada, the United States, Ireland, the United Kingdom and Asia including Hong Kong, India, Malaysia and China. It offers life and health insurance, critical illness and long term care insurance, travel insurance and wealth solutions to over 6 million Canadians in over 1,200 communities throughout the nation. The company paid C$16 billion in claims and benefits in 2018. Sun Life is also a market leader in U.S. group benefits and the largest independent provider of medical stop-loss insurance in the United States. As of December 10, 2019, Sun Life’s market value was C$35 billion.

IA Financial

IA Financial Group is one of the largest insurance companies in Canada with net premiums of $10.3 billion and market share of 8.5% and 3.9% in individual and group insurance, respectively. The company operates through 5 business lines: Individual Insurance, Wealth Management, Group Insurance, Group Savings and Retirement, and U.S. Operations. IA Financial Group is a business name of Industrial Alliance Insurance and Financial Services Inc and iA Financial Corporation. With about 6,900 employees, the company is headquartered in Quebec City and serves more 4 million customers.

Empire Life

The Empire Life Insurance Company, headquartered in Kingston, Ontario, is a major life and health insurance company operating only in Canada. It offers a range of insurance and investment products including term life and permanent life insurance, critical illness insurance, group life and health insurance plans, segregated funds, guaranteed investment funds (GIFs), guaranteed interest contracts (GICs), registered retirement savings plans (RRSPs) and investment loans, registered retirement income funds (RRIFs), tax free saving accounts (TFSAs), annuities, mutual funds and other services. It is one of Canada's best employers according to Forbes. The company operates as a subsidiary of E-L Financial Corporation Limited.