Biggest Life Insurance Companies in Canada
Today, there are about 150 life and health insurers operating in the Canadian market. More than 23 million Canadians own over $5 trillion of life insurance coverage. Manulife, Sun Life, Canada Life, Industrial Alliance (iA) and Empire are the five largest life insurance companies in Canada in terms of total assets. Here is a list of the leading life insurers in the country.
| Rank | Company | Headquarters | Total Assets (C$B) | Financial Strength Rating |
| 1 | Manulife | Toronto, ON | $848.9 B | A+ |
| 2 | Canada Life | Winnipeg, MB | $373.7 B | A+ |
| 3 | Sun Life | Toronto, ON | $322.1 B | A+ |
| 4 | Industrial Alliance | Quebec, QC | $85.4 B | A+ |
| 5 | Empire Life | Kingston, ON | $22.6 B | A+ |
Manulife
Manulife Financial is the largest life insurance company in Canada by assets, revenue and net income. It provides a diverse range of insurance and investment products and services to personal, business and institutional customers. It offers life, health, disability and travel insurance, annuities, wealth and asset management, and banking services. In 2021, the company reported revenue of $62 billion, net income of $7.0 billion and gross claims and benefits of $31 billion. Manulife’s American subsidiary is John Hancock.
Canada Life
Canada Life Assurance Company, established in 1847, was the first domestic life insurance company in Canada. Today, it is the leading Canadian life insurer based on assets and gross and net premiums written. The company offers a comprehensive range of life and health insurance products, retirement and investment services, asset management and reinsurance solutions. Headquartered in Winnipeg, Manitoba, Canada Life employs over 16,000 people and serves millions of customers across the North America and Europe. The company operates as a subsidiary of Great-West Lifeco Inc.
Sun Life
Sun Life Financial, headquartered in Toronto, is the third largest life insurer in Canada by gross premiums written and total assets. With over 40,000 employees, the company serves customers in Canada, the United States, UK, Ireland and other countries. It offers life, health, critical illness and long term care insurance, pension products and wealth solutions to over 6 million Canadians in over 1,200 communities throughout the nation. The company paid C$18.3 billion in claims and benefits in 2020. 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. It has one of the highest financial strength ratings in the insurance industry.
IA Financial
IA Financial Group is one of the leading Canadian insurance companies with a market share of 8.5% and 3.9% in individual and group insurance, respectively. It operates through five 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 & Financial Services Inc and iA Financial Corporation. With about 6,800 employees, the company is headquartered in Quebec City and serves more than 4 million customers. IA's net premiums exceed $11 billion. The company’s common shares are traded on the Toronto Stock Exchange (TSX), with a market capitalization of $9.3 billion as of January 10, 2024.
Empire Life
The Empire Life Insurance Company, headquartered in Kingston, Ontario, offers a range of insurance and investment services including individual and group life insurance, health and critical illness insurance, annuity products, mutual funds, tax free saving accounts, registered retirement savings plans, registered retired income funds and other financial services. Empire Life is one of Canada's best employers according to Forbes. The company is a subsidiary of E-L Financial Corporation Limited.
Last updated March 1, 2024