The largest insurance companies in Canada hold combined assets of nearly $2.6 trillion, indicating an industry that is on the path to continued development, despite the challenges the sector faces. These insurers likewise registered a combined $227 billion in gross written premiums (GWP), an 11% rise from last year’s $204 billion. Unsurprisingly, a large portion of these companies anticipate a ruddy standpoint for their businesses this year.
Here, Insurance Business gives you a once-over of the different policies these insurers offer and features some key figures from their latest yearly reports. For Canadians who are searching for a reliable and stable partner for their coverage needs, this article can serve as a useful source. Insurance professionals can likewise share this piece with their clients to help them gain some industry knowledge that can guide them in their decision… furthermore, maybe make some decisions of their own about where they might need to work!
1. Manulife
Manulife isn’t just Canada’s largest insurance company in terms of all-out assets, it additionally positions among the world’s top 10 in the category. Apart from insurance products, the Toronto-based insurance giant offers financial warning and wealth and asset management services for individuals, groups, and associations. The insurer has offices across Canada and has a global reach spanning the US – primarily as John Hancock – Europe, and Asia.
Manulife flaunts a workforce exceeding 40,000, and a business network consisting of 116,000 agents and thousands of dispersion partners, catering to more than 34 million customers worldwide. It likewise holds $1.3 trillion in assets under management and administration, which include absolute invested assets of $400 billion and segregated reserves net assets of $300 billion, according to its latest yearly report.
2. Great-West Lifeco
Great-West Lifeco tops all insurance companies in the rundown when it comes to GWP, posting a practically 13% rise in written premiums from $57.4 billion last year. The insurer is a subsidiary of investment giant Power Financial Corporation.
The company employs around 31,000 staff and flaunts a network of over 234,500 advisors, serving more than 38 million clients in Canada, Europe, and the US. The company’s all-out assets jumped 11% from $630.5 billion last year. According to its latest financials, its all-out assets under management were worth somewhat over $1 trillion while assets under administration reached nearly $2.5 trillion.
3. Desjardins
Besides being among the largest insurance companies in Canada, Desjardins’s capabilities as a financial services cooperative and is the biggest federation of credit associations – likewise called caisses populaires – in North America. The insurer brags the largest regional presence of any financial institution in Québec, as well as serious areas of strength in Ontario. In these two provinces, the firm has 195 participating cases. It likewise has 412 accredited trainers from 114 partner associations in the nation.
Desjardins has around 58,700 employees and nearly 2,460 directors in the Caisse network. It serves more than 7.5 million clients and members. The insurer’s yearly report shows that its absolute assets climbed 2.5% from $397.1 billion while GWP rose 5.2% from $11.6 billion last year.
4. Sun Life
Sun Life positions third among the largest life insurance companies in Canada, trailing just Manulife and Canada Life. It is likewise one of the biggest life insurers on the planet, operating in 26 countries, including:
Based on its latest financials, Sun Life’s all-out assets dipped around 4% from the previous financial year. GWP, however, rose 14% from $25.5 billion. Furthermore, the insurer has announced recently that it is committing a sum of $3.7 million in funding to support mental health programs for in danger and marginalized youth the nation over.
5. Fairfax Financial
Fairfax Financial is a holding company behind some of the insurance industry’s leading brands in Canada as well as globally, including:
Fairfax Financial offers a range of property and setback insurance and reinsurance products and investment services. It employs around 47,000 staff. The company’s yearly report shows that its absolute assets dropped 17% from $111.5 billion while GWP jumped more than 15% from $23.9 billion.
6. iA Financial
iA Financial is one of the largest insurance companies in Canada, as well as one of the country’s biggest wealth management services providers. It serves more than 4,000,000 customers, which include individuals, small and moderate-sized businesses, and large corporations.
iA Financial has a 7,000-in number workforce. Its absolute assets slid around 8% from $94.7 billion while GWP experienced an uptick from $14.2 billion from last year, according to its yearly report.
7. Intact
Intact Financial is Canada’s largest provider in the property and setback insurance market and a major provider of specialty insurance in North America. The company has a customer base of around 6,000,000, consisting of personal, business, public sector, and institutional clients in Canada, Ireland, the UK, and the US.
In its latest financials, Intact registered an over 25% rise in GWP from the previous year’s $18 billion, albeit absolute assets somewhat dipped from $66.3 billion. The company has a workforce of more than 26,000. Toward the end of last year, Intact likewise unveiled the results of its Generosity in Activity campaign, where it pledged to give assets to charitable associations selected by its employees. Intact employees were able to raise over $2.3 million in two weeks and every dollar was matched by the insurer, upping the complete to about $4.5 million.
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