35+ The Best Insurance Companies in Canada
Udan Udin - Insurance is an agreement between one or more people in which the debtor pays contributions/contributions/premiums to be reimbursed for the risk of loss, damage, or loss, which may occur as a result of unforeseen events. Insurance ist itself comes from English, y "insurance" and Dutch, assurantie verzekering.
Insurance cannot eliminate the occurrence of unexpected events, but insurance can reduce the impact of losses from these events, whether on a k or large scale. Now insurance has become part of financial planning for people for the long term.
- Manulife Financial Corp
- Great-West Lifeco
- Sun Life Financial
- iA Financial Group
- Desjardins Group
- Power Corp of Canada
- Intact Financial
- E - L Financial Corp
- Empire Life Insurance Co
- Fairfax Financial
- The Co-operators Group
- RBC Insurance
- ivari
- Aviva Canada Inc
- SSQ Financial
- TD Insurance
- BMO Life Insurance Company
- RGA Life Reinsurance Company of Canada
- Wawanesa Mutual Insurance Company
- Genworth MI Canada Inc
- La Capitale
- Economical Mutual Insurance Company
- Royal Sun Alliance Insurance Co. of Canada
- Chubb Insurance Company of Canada
- Zurich Insurance
- AIG Insurance Company of Canada
- Equitable Life Insurance Company of Canada
- Allstate Insurance Company of Canada
- Primerica Life Insurance Company of Canada
- Dominion of Canada General Insurance
- MD Life Insurance Company
- Canada Guaranty Mortgage Insurance Company
- Assurant Life of Canada
- Foresters Life Insurance Company
Manulife Financial (MFC) is the largest insurance provider in Canada and also offers financial services. The company is headquartered in Toronto, and in 2019 earned $61 billion Canadian in revenue ($47 billion U.S.), which included insurance premiums and income earned from investing those premiums.
Manulife operates in Canada, Asia, and Europe as well as in the United States, through its John Hancock subsidiary. By the end of 2019, the company employed about 38,000 people and had nearly 98,000 agents. Manulife had $1.2 trillion Canadian ($920 billion U.S.) in assets under management.
The firm was established as The Manufacturers Life Insurance Company in 1887 and sold its first out-of-country policy in Bermuda in 1893. In 2002, the China Insurance Regulatory Commission (CIRC) granted a branch of the company approval to open a branch in Guangzhou. It was the first license to open a branch in China granted to a foreign-invested joint-venture life insurance company. Manulife now has licensed branches in more than 50 cities on the Chinese mainland.
Great-West Lifeco, Inc. is a financial services provider headquartered in Canada and operates as a holding company for six subsidiaries, which provide insurance to customers in North America, Europe, and Asia. Great-West Lifeco offers a variety of insurance policies, including life, health, and disability insurance.
By the end of 2019, the company employed about 24,000 people and had advisor relationships serving 30 million customers.
Great-West manages $772 billion Canadian ($594 billion U.S.) in assets under management. Great-West generated nearly $50 billion Canadian in revenue ($38 billion U.S.), which included insurance premiums, deposits, and income from investments such as dividends in 2019.
Sun Life Financial (SLF) is based in Toronto and is one of the oldest insurance providers, having been established in 1865. It offers health insurance policies, investment products, and wealth management services. The company has clients in Asia and the United Kingdom as well as in North America.
Sun Life Financial has more than 40,000 employees and nearly 126,000 advisors as of the end of 2019. Sun Life had $1.1 trillion Canadian (nearly $850 billion U.S.) in assets under management. Revenue from insurance-related products was nearly $38 billion Canadian in 2019 ($29 billion U.S.), including insurance premiums and segregated fund deposits, which are life insurance products embedded within mutual funds.
Sun Life also earns revenue from fees for providing insurance management for company benefit plans, which is called an administrative services only (ASO) agreement.
Industrial Alliance Insurance and Financial Services (IAG.TO) does business as IA Financial Group. The company offers a wide range of insurance and financial services to its clients, including businesses and individuals.
In 2015, the company began focusing its efforts on building its base in the U.S. Founded in 1892, the company has its headquarters in Quebec City.
IA Financial Group has more than $189 billion Canadian ($145 billion U.S.) in total assets under management, and in 2019, earned $11.4 billion Canadian ($8.8 billion U.S.) in premiums and deposits.
Industrial Alliance has more than 8,000 employees with 25,000 representatives serving four million customers.
Desjardins provides financial services and insurance products and had $313 billion Canadian in total assets, ($241 billion U.S.), under management as of the end of 2019. Desjardins has more than 48,000 employees and seven million customers throughout Canada.
Revenue from insurance premiums totaled $9.4 billion Canadian ($7.2 billion U.S.) in 2019.