The Top-Ranked 10 Largest Insurance Companies In Canada
Total Manulife assets: Gross written premiums of $917.6 billion: Through its offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States, $44.3 billion Manulife Financial Corporation provides financial advice, insurance, and wealth and asset management solutions for individuals, groups, and institutions.
The insurance giant served over 33 million customers and had more than 38,000 employees, 119,000 agents, and thousands of distribution partners by the end of 2021. It also managed and administered $1.4 trillion in assets, which included $400 billion in invested assets and $400 billion in net assets from segregated funds. Additionally, the company paid out $31.8 billion to its clients.
Even though the company’s GWP increased by 7% to $41.4 billion in 2020, it still lags behind Great-West Lifeco, which came in second place on the list and wrote the most premiums during the financial year.
2. The Great-West Lifeco’s :
Gross written premiums of $630.5 billion: $57.4 billion Great-West Lifeco Inc. is a subsidiary of Power Financial Corporation, a major player in the investment industry. It provides a wide range of life and health insurance products, services for retirement and investments, wealth management, and reinsurance solutions. It serves over 33 million customers in Europe, the United States, and Canada with a staff of more than 28,000 people.
With approximately $57.4 billion, Great-West Lifeco had the highest GWP among ranked businesses—an increase of more than 20% from $47.7 billion in 2020. During the same time, the company’s total assets also increased by 5%. Its assets under administration (AUA) and total assets under management (AUM) stood at more than $2.19 trillion as of March 2022.
Gross written premiums of $397.1 billion: Desjardins Group, a financial services cooperative with a market capitalization of $11.6 billion, is the largest federation of credit unions (caisses populaires) in North America. In addition, the business has a significant presence in both Ontario and Québec, where it operates 215 local caisses, 782 points of service, 76 business centers, and 1,679 ATMs. It also has the largest regional presence of any financial institution.
Desjardins currently employs approximately 53,800 people, including 2,517 directors, and has more than 7.5 million members and customers. In 2020, the insurer’s total assets increased by 9.7% to $362 billion, while its GWP increased by almost 14% to $10.4 billion.
4. Sun Life Financial:
Gross written premiums of $345.4 billion: With operations in 26 nations, including the United States, the United Kingdom, Ireland, Australia, Hong Kong, Japan, and Singapore, $25.5 billion Sun Life Financial is the third largest life insurer in Canada and one of the largest providers of life insurance worldwide. It offers a variety of asset management and insurance services. Business owners’ coverage, savings and retirement income plans, mutual and segregated funds, brokerage services, and life, health, disability, critical illness, dental, and long-term care insurance are among these.
During the fiscal year 2021, Sun Life’s total assets increased by nearly 7 percent. However, GWP decreased by 2.7% to $26.2 billion in 2020.
5. Fairfax Financial’s
Gross written premiums of $111.5 billion: Allied World, Brit Group, Odyssey Group, Northbridge Financial, and Zenith National are all subsidiaries of Fairfax Financial Holdings Limited, a $23.9 billion holding company. P&C insurance, reinsurance, and investment services are just a few of its many offerings. The company has approximately 39,000 employees. The company’s total assets increased 17% from $95.3 billion in 2020 last year. GWP also increased by 25%, rising from $19.1 billion.
6. iA Financial
More details: The fiftH largest reinsurance companies in the world iA Financial Assets as a whole: $94.7 billion in total premiums written: iA Financial Corporation Inc., the holding company of iA Financial Group and valued at $14.2 billion, is one of the largest insurance and wealth management providers in the nation. It serves over four million customers, which include individuals, small and medium-sized businesses, and large corporations. Life, auto, home, travel, critical illness, accidental death, disability, and group insurance are offered by the company. Securities, investment advice, private wealth management, annuities, retirement plans, savings products, car and mortgage loans, segregated and mutual funds, and annuities round out the portfolio. iA Financial employs approximately 7,000 people. In 2021, its total assets increased by 9.5% from $86.5 billion the year before. Additionally, GWP grew by 17.3% from $12.1 billion.
7. Flawless Monetary Partnership
Total assets intact: Premiums written in gross of $66.3 billion: $18 billion Flawless Monetary Partnership is the biggest supplier of P&C protection in Canada, and is likewise a significant supplier of specialty protection in North America. Through offices in Canada, the United States, the United Kingdom, and Ireland, the business provides services to more than six million private, business, public, and institutional customers. From $12.1 billion and $35.1 billion the year before, total premiums increased nearly 50 percent and GWP nearly doubled in 2021. There are more than 26,000 people working at Intact.
8. La Capitale (Beneva):
Gross written premiums of $26.8 billion: In Québec, insurance products and financial services are provided by La Capitale Financial Group Inc., which is worth $6.6 billion. With over 900 offices and 600,000 employees, its subsidiary, La Capitale General Insurance, is one of the largest insurers in the province. Beneva was created as a result of the merger of La Capitale and SSQ Insurance in the middle of 2020. In 2023, SSQ will become Beneva. In 2021, La Capitale’s total assets increased by 7.2%, and its GWP also increased by 10% from $6 billion in 2020.
9. Total assets of Empire Life:
Gross written premiums of $26.8 billion: Empire Life Insurance Company is an insurance and investment firm worth $1.2 billion. Empire Life offers life insurance, critical illness insurance, and benefits for groups. The company is a subsidiary of E-L Financial Corporation Limited, which manages assets worth more than $19.6 billion for over 600,000 customers and is listed on the Toronto Stock Exchange.
Empire Life also has its own subsidiary, Empire Life Investments Inc. (ELII), which is a discretionary investment manager and advisor for Empire Life segregated funds and offers a family of mutual funds. Written premiums increased from $1.1 billion in 2020, while total assets increased by almost 8% to $24.9 billion.
10. Co-operators Group Limited
The Co-operators Group Limited is worth $1 billion and serves over 240 credit unions with an estimated six million members. Home, auto, life, health, farm, travel, group, and business policies are offered by the insurance cooperative. Annuities, tax-free savings accounts (TFSAs), registered education savings plans (RESPs), registered retirement savings plans (RSSPs), and segregated and mutual funds are all part of its portfolio of investment options. Institutional asset management and brokerage services are also provided by the company. From $18.9 billion the year before, the company’s total assets increased by 9 percent in 2021. From $988 million, its GWP also increased by 17 percent.
These are Canada’s top ten property and casualty insurance providers. Partners’ total assets: Premiums written in gross of $20.6 billion: One of Canada’s largest multi-line insurance companies,