The largest insurance companies in Canada – jobmode ! learn with jobmode about insurance
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Despite the difficulties the sector faces, the major insurance companies in Canada have combined assets of approximately $2.6 trillion, showing an industry that is on the route to continuing expansion. Additionally, these insurers reported combined gross written premiums (GWP) of $227 billion, an 11% increase over $204 billion from the previous year. Unsurprisingly, the majority of these firms believe their businesses will have a successful year.
Here, Insurance Business summarizes the various coverage options provided by these insurers and highlights some salient data from their most recent annual reports. This article might be a helpful resource for Canadians looking for a dependable and stable partner to meet their coverage needs. To assist their clients, insurance experts can also give them this article.
The largest insurance companies in Canada
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- Manulife, Inc.
Assets totaling $849 billion.
Gross premiums written: $44.1 billion
Office location: Toronto, Ontario
- Manulife, Inc.
In terms of total assets, Manulife is not only the biggest insurance firm in Canada, but also one of the top ten worldwide. The Toronto-based insurance behemoth provides financial consulting, wealth, and asset management services for individuals, groups, and organizations in addition to insurance products. The insurer has locations all throughout Canada and a global footprint that includes the US (mainly under the John Hancock name), Europe, and Asia.
Manulife employs over 40,000 people and serves more than 34 million clients globally through a network of 116,000 agents and thousands of distribution partners. According to its most recent financial report, it also has $1.3 trillion in assets under management and administration, including $400 billion in total invested assets and $300 billion in net assets for segregated funds.
- Great-West Life Company
Assets totaling $701.4 billion
Gross premiums written: $64.7 billion
Headquarters: Manitoba’s Winnipeg
When it comes to GWP, Great-West Lifeco leads the pack of insurance providers, reporting a nearly 13% increase in written premiums from $57.4 billion in the previous year. A division of the massive investment company Power Financial Corporation is the insurance.
The following is the portfolio of Great-West Lifeco:
- items for life and health insurance
- products for reinsurance
- Services for investments and retirement
- Services for wealth management
Approximately 31,000 people work for the organization, which has a network of over 234,500 advisers and serves more than 38 million customers across North America, Europe, and the US. The company’s overall assets increased 11% from $630.5 billion the previous year. According to its most recent financial reports, it had assets under administration worth approximately $2.5 trillion and assets under management totaling little over $1 trillion.
- Desjardins
Assets totaled by Desjardins: $407.1 billion
Gross premiums written: $12.2 billion
Location: Lévis, Quebec
Desjardins is the largest federation of credit unions, or caisses populaires, in North America and one of the largest insurance firms in Canada. It also serves as a financial services cooperative. In addition to having a significant presence in Ontario, the insurer has the most regional footprint of any financial organization in Québec. The company has 195 participating caisses in these two provinces. Additionally, it has 412 certified trainers from 114 partner companies around the nation.
In the caisse network, Desjardins employs over 58,700 people, including almost 2,460 directors. More than 7.5 million customers and members are served. According to the insurer’s annual report, GWP increased from $11.6 billion last year by 5.2%, while total assets increased 2.5% from $397.1 billion.
The firm has so far
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Solar Life
Assets totaling $330.9 billion
Gross premiums written: $29.1 billion
Office location: Toronto, Ontario
Following only Manulife and Canada Life in terms of size, Sun Life is the third-largest life insurance provider in Canada. With operations in 26 nations, it is also among the largest life insurance companies in the globe.
- Australia
- Singapore Hong Kong
- Japan
- Singapore
- British Empire
- the United States
A wide range of insurance and asset management services are provided by Sun Life. These consist of: - life assurance
- health protection
- Disability protection
- Critical disease protection
- dental protection
- insurance for long-term care
- Commercial insurance
- strategies for savings and retirement income
- Segregated and mutual funds
- Advisory services
According to Sun Life’s most recent financial reports, its total assets decreased by around 4% from the prior fiscal year. But GWP increased 14% from $25.5 billion. Additionally, the insurer just disclosed that it will invest a total of $3.7 million.
- Financial Fairfax
Assets totaling $92.1 billion.
Gross premiums written: $27.6 billion
Headquarters: Canada’s Toronto
Some of the top insurance sector brands, both domestically and internationally, are owned by Fairfax Financial, including:
- Allied World
- Brit Group
- Crum & Foster
- Northbridge Financial
- Odyssey Group
- Zenith National
A variety of solutions for property and liability insurance, reinsurance, and investment services are available from Fairfax Financial. It has roughly 47,000 employees. According to the company’s annual report, GWP increased by more than 15% from $23.9 billion while total assets decreased by 17% from $111.5 billion.
- iA Financial
Assets totaled by iA Financial are $87.4 billion.
Gross premiums written: $14.3 billion
Office location: Québec City, QC
iA Financial is one of the major wealth management service providers in Canada as well as one of the biggest insurance firms in the country. More than four million people, small and midsize companies, and major organizations make up its clientele.
The iA Financial Group’s holding business is called iA Financial. Its insurance offerings include:
- Life insurance
- Home insurance
- Auto insurance
- Travel insurance
- Critical illness insurance
- Accidental death insurance
- Disability insurance
- Group insurance
The company also offers a range of financial services, including:
- Annuities
- Retirement plans
- Savings products
- Car and home loans
- Mutual and segregated funds
- Securities
- Investment advice
- Private wealth management
- Intact Assets totaling $65 billion.
Gross premiums written: $22.6 billion
Office location: Toronto, Ontario
Intact Financial is a significant player in the speciality insurance sector in North America and Canada’s property and liability insurance market. The corporation serves roughly six million individuals, businesses, government agencies, and institutions in Canada, Ireland, the United Kingdom, and the United States.
Intact reported an almost 25% increase in GWP from $18 billion the year before in its most recent financials, despite a modest decline in total assets from $66.3 billion. More than 26,000 people work for the firm. The outcomes of Intact’s Generosity in Action initiative, in which the company promised to donate money to charities chosen by its own workers, were also made public at the end of last year. Over the course of two weeks, Intact workers were able to contribute more than $2.3 million, and the insurance matched every dollar they raised, bringing the total to roughly $4.5 million.
- Beneva
Total assets: $26.8 billion for Beneva
Gross premiums written: $6.6 billion
Office location: Québec City, QC
The merger of general insurers La Capitale and SSQ Insurance in the middle of 2020 made it possible for Beneva to be created. Since then, Beneva has grown to become one of Canada’s biggest insurance businesses, with more than 900 locations and 600,000 staff members. Total assets at La Capitale climbed by 7.2% from the prior year, while GWP rose by 10% from $6 billion.
- Empire Life
Empire Life has $17.3 billion in total assets.
Premiums grossly written: $1 billion
Headquarter: Kingston, Ontario
Empire Life is an insurance and investment company, just like its parent company E-L Financial. The portfolio of the insurer comprises of group benefits, critical sickness, and life insurance. Empire Life Investments Inc. (ELII), a subsidiary of the corporation that manages investments, advises Empire Life segregated funds, and offers a variety of mutual funds, also serves these roles.
In contrast to GWP, Empire Life’s total assets declined from $26.8 billion last year. For its more than 600,000 clients, E-L Financial, which trades on the Toronto Stock Exchange, now manages more than $19.6 billion in assets.
- Co-operators
Assets totaling $9 billion.
Gross premiums written: $4.4 billion
Office location: Guelph, Ontario
With more than 240 credit unions and almost six million members overall, Co-operators is one of the biggest multi-line insurers in the nation. The insurance cooperative provides a variety of insurance coverage, such as:
- vehicle insurance
- Commercial insurance
- housing insurance
- life assurance
- coverage for farms
- Travel protection
- group advantages
- Its portfolio’s investment components are as follows:
- Tax-free savings accounts (TFSA) and annuities
- Plans for registered retirement savings (RSSPs)
The Co-operators also offers brokerage and institutional asset management services for Registered Education Savings Plans (RESP), Segregated Funds, and Mutual Funds. According to the company’s most recent financial reports, total assets surpassed $9 billion while GWP increased to $4.4 billion.
rating system for the biggest insurance firms in
