Top 35 Canadian insurance companies by assets

The Canadian insurance market in general has changed significantly over the last two years, with insurers taking a far more disciplined approach to underwriting beyond merely looking at price adequacy. Across the board, insurers are reducing their limits where appropriate, exiting certain industry segments, and reducing coverage.

In this work, we are going to present the rank of the 35 largest insurance companies in Canada by total assets, which still remains today, one of the most widely used indicators for comparing banks with each other. Let’s now see the 35 largest insurance companies in the Canada by assets.

In the top of the ranking of the largest insurance companies in the Canada by assets is Manulife Financial Corporation with 809.1 billion USD in assets. In the second place is Great-West Lifeco with 451.2 billion USD in assets, followed by Desjardins with about 313 billion USD in assets. Sun Life Financial is fourth and Fairfax Financial fifth.

In the last three places of the ranking of the largest Canadian insurance companies by assets there are Canada Guaranty Mortgage Insurance Company with 2.4 billion USD, Assurant Life of Canada with 2.3 billion USD and Foresters Life Insurance Company with 1.7 billion USD.

1Manulife Financial Corporation809,1
2Great-West Lifeco451,2
4Sun Life Financial297,2
5Fairfax Financial92,2
6iA Financial Corp73,1
7Intact Financial32,3
8E-L Financial Corp23,7
9RBC Insurance18,2
10Co-operators Group17,0
11TD Insurance13,4
12BMO Life Insurance Company12,7
14SSQ Insurance12,4
15Aviva Canada12,0
16RGA Life Reinsurance Company of Canada10,4
17Swiss Reinsurance Company Ltd9,2
18Wawanesa Mutual Insurance Company8,9
19Munich Reinsurance7,8
20La Capitale8,8
21Genworth MI Canada Inc6,7
22Economical Mutual Insurance Company6,0
23Equitable Life Insurance Company of Canada5,1
24AIG Insurance Company of Canada4,7
25Royal & Sun Alliance Insurance Co. of Canada4,6
26Allstate Insurance Company of Canada4,4
27Chubb Insurance Company of Canada4,2
28Zurich Insurance4,1
29Primerica Life Insurance Company of Canada4,0
30Dominion of Canada General Insurance Company3,4
31Metropolitan Tower2,6
32MD Life Insurance Company2,5
33Canada Guaranty Mortgage Insurance Company2,4
34Assurant Life of Canada2,3
35Foresters Life Insurance Company1,7

The data used in this work have been collected from the main financial sites. For all of the insurance companies, the total assets refer to the 31/12/2019 balance sheet and are expressed in billions of USD.

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