Top 40 largest Canadian insurance companies

The insurance sector has a significant weight in the Canadian economy, thus directly and indirectly influencing the economy of Canada. Let’s see now the 40 Canadian largest insurance companies by total assets.

Manulife Financial Corporation is the largest insurer in Canada by assets and market capitalization. Great-West Lifeco, a subsidiary of Power Financial Corp, is the second-largest insurer in Canada by assets and the largest by gross premiums written. Desjardins is the third largest insurance company in the country, followed by Sun Life Financial, Fairfax Financial, iA Financial Corp, Intact Financial, E-L Financial Corp, La Capitale (Beneva) and RBC Life Insurance Company. The top 10 Canadian insurance companies hold combined total assets of about C$2.0 trillion.

In the last three places of the ranking there are: Foresters Life Insurance Company, Continental Casualty Company and Travelers Insurance Company of Canada.

RankInsurance CompanyTotal assets
1Manulife Financial Corporation835.227
2Great-West Lifeco584.062
4Sun Life Financial325.200
5Fairfax Financial99.372
6iA Financial Corp88.997
7Intact Financial59.617
8E-L Financial Corp25.755
9La Capitale (Beneva)25.035
10RBC Life Insurance Company19.920
11The Co-operators Group18.881
12Aviva Canada16.996
13TD Insurance14.464
14BMO Life Insurance Company13.404
16RGA Life Reinsurance Company of Canada11.407
17Wawanesa Mutual Insurance Company10.031
18Swiss Reinsurance Company Ltd9.079
19Sagen MI Canada Inc7.603
20Munich Reinsurance Company7.148
21Economical Mutual Insurance Company6.993
22Equitable Life Insurance Company of Canada6.311
23Northbridge General Insurance Corp5.507
24Royal & Sun Alliance Insurance Co. of Canada4.938
25Allstate Insurance Company of Canada4.946
26AIG Insurance Company of Canada4.660
27Dominion of Canada General Insurance Company3.616
28Chubb Insurance Company of Canada4.394
29Primerica Life Insurance Company of Canada4.308
30Zurich Insurance Company Ltd4.210
31Canada Guaranty Mortgage Insurance Company3.243
32Metropolitan Tower2.746
33Assurant Life of Canada2.393
34MD Life Insurance Company2.244
35Hannover Rück SE1.998
36Brookfield Annuity Company1.852
37Blue Cross Life Insurance Company of Canada1.845
38Foresters Life Insurance Company1.750
39Continental Casualty Company1.776
40Travelers Insurance Company of Canada1.360

The data used, in the rankings of Canadian insurance companies by total assets were collected from the main financial sites. The data of total assets are expressed in billions of CAD for all insurance companies and refers to 30/06/2021.

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