If you look at their total assets, Manulife, Canada Life, Sun Life, Desjardins, and Industrial Alliance are the five largest life insurance companies in Canada.
Even with this information, it can be hard to choose an insurance company in Canada. It might not be the first thing you think of, but this country is a hub for business.
The biggest life insurance companies in Canada compete to offer you coverage, hold large global assets, and offer insurance and financial services to people all over the world. According to CLHIA, there are more than 150 life and health insurance companies in Canada. This gives people who want choices a lot of options.
But there are so many life insurance companies to choose from in Canada. How do you narrow down your options or rank them to find the best one for your needs?
- One option is to look at the biggest company or companies in Canada that sell life insurance.
- Manulife is the biggest insurance company in Canada. Each year, it takes in almost $40 billion in premiums.
The top 5 largest life insurance companies in Canada are Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA).
By joining together, SSQ and La Capitale will become the sixth-largest life insurance company in the country.
CIBC Insurance and TD Insurance, which are both tied to banks, are two of the smallest life insurance companies in the business.
What are the most important life insurance companies in Canada?
Here is a list of the top 32 companies in Canada that offer life insurance. How do we decide which thing is the biggest? Different things can be used to rank an insurance company, such as how long it has been in business, how strong its finances are, the grades it gets from independent rating agencies, and more. From an insurance point of view, we ranked Canada’s best life insurance companies by how much their policyholders pay in premiums each year.
If you’d rather find the best life insurance company in Canada, please check out our reviews of term life insurance.
Manulife is one of the biggest companies in the world, so it makes sense that it is also the biggest insurance company in Canada based on the number of premiums it has written. Through its John Hancock subsidiary, Manulife is also one of the biggest insurance companies in the United States.
Canada Life, Sun Life, Desjardins, iA Financial Group, and RBC Insurance are all expected to be at the top of the list, but there are also some names that most Canadians don’t know. For example, Great West Life, London Life, and Canada Life officially merged into Canada Life at the start of the new year. Even though SSQ and Wawanesa are not household names in Ontario, they are two of the biggest insurance companies in Canada. Each year, they collect billions of dollars in premiums.
Canada’s largest insurance companies
This list of insurance companies shows a lot more than which are the top 10 in Canada. Some of these are some of the biggest insurance companies in the world. Read on to find out more.
Manufacturers Life Insurance Company
Manulife Canada is a branch of Manulife Financial Corporation, an insurance and financial services company with headquarters in Canada. Manulife has a big presence in Southeast Asia, and they also do business in the US through the John Hancock insurance company.
The Manufacturers’ Life Insurance Company was founded in 1887. It is the biggest insurance company in Canada. They offer a wide range of insurance and investment plans for both individuals and groups. Manulife also runs Manulife Bank, which offers checking and savings accounts, credit cards, and mortgages. They also offer insurance for visitors to Canada and super visa insurance.
Read our full review of Manulife Term Life Insurance to learn more about CoverMe, a life insurance product from Manulife.
The Canada Life Assurance Company (Canada Life, Great West Life, and London Life) In 2019, Great West Life merged its sister companies, London Life and Canada Life, into a single brand called Canada Life. The Canada Life Assurance Company offers many types of personal insurance, such as term life, disability, critical illness, and creditor insurance. Canada Life also has ways to save and invest, like segregated funds and annuities, mortgages, and insurance for businesses. The Canada Life Assurance Company is now the place to go for information about Great West Life and London Life insurance.
Financial Security from Desjardins
Desjardins is a company in Canada that offers a wide range of financial and insurance services. Their main areas of focus are life and health insurance, services for managing wealth, and property and casualty coverage for individuals (home insurance). They also offer services for businesses, such as payment at the point of sale and cash management. Desjardins Insurance is run by a network of financial advisors, most of whom are in Quebec and Ontario. However, the company has a presence all over Canada.
Life insurance from Industrial Alliance
iA Financial Group is one of Canada’s biggest insurance and wealth management companies. They also do business in the U.S. It was started in 1892 and has products for both individuals and groups. They do more than just sell insurance. They also deal with property management and real estate, and they rent out space in many of Canada’s biggest cities. Individuals can get life insurance, auto insurance, and travel insurance from iA Insurance. They also have plans for saving money and investing, such as registered plans and securities.
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