10 biggest Life Insurance Companies in Canada

Top life insurance companies in canada

The world of insurance is practically bottomless in every way, and the market of Canada is also home to some incredibly big names. It is important to be aware of who is in the insurance market in Canada. We are sharing a list of top 10 life insurance companies, ranked according to their total assets in Canadian dollars (2018).

Canadian insurance companies ranking (Biggest or Largest)

1. Manulife Financial

Standing at the top of the list is Manulife Financial, with a total asset value of a whopping CAD 750.27 billion! Manulife is among the largest providers of financial services in the world. Their solutions include insurance, wealth management, asset management and financial advice in a range of aspects. Their life insurance company practice has a massive portfolio. They cater to a wide range of clientele, including groups, companies, individuals and also institutions of multiple sectors. The company manages around trillion Canadian dollars' worth of assets. Their overall customer base is more than 20 million customers across the globe. So far, they have provided benefits to countless customers with a total worth of over CAD 25 billion during the year. With an obsession for customer satisfaction and thinking big, the company regularly ventures into new areas to provide solutions to their customers in every possible manner.

2. Power Corporation of Canada

Power Corporation of Canada is one of the oldest organizations providing life insurance among a range of other services as well. Created in 1925, it had a total asset holding of more than CAD 452 billion in 2018. The company is home to a diverse portfolio of services that primarily revolve around the management of client assets, both directly and through subsidiaries. It has interests in several different fields, and the primary focus is on financial services, insurance etc. while having ventures for asset management, even renewable energy projects and a multitude of other sectors of business. The company declares a strong belief in prudent yet innovative approaches in their practices and always making decisions with the primary focus being on the company's long term goals. Their life insurance practice is home to countless customers, and all life insurance company reviews seem to mention their name as well in most lists.

3. Power Financial

Parent to one other company in the list and a commonly heard name in the Canadian life insurance market, Power Financial is another behemoth with a total asset holding of CAD 447.06 billion in 2018. The company’s primary business practice is insurance with the addition of reassurance, asset management and other services as well, depending on the region. The company holds the honor of being declared the best provider for life insurance in multiple regions, including foreign lands like the UK and Ireland. The company works with prudent business practices and believes in strong quality maintenance and executive oversight. The company has a very sound financial standing in the market and is opted for life insurance by millions of customers to suit their specific needs. The life insurance company reviews for Canadian businesses often rank this company as an essential part of the discussion.

4. Desjardins

Desjardins Group counts as one of the biggest financial institutions in all of Canada, with its total asset holding standing at CAD 295.5 billion last year. The major portion of that belongs to their life insurance practice, which falls under a subsidiary company named Desjardins Insurance. The company is home to both health and life insurance products in addition to investment solutions as well. The company held $110.3 billion in total assets under their own administration and management at the end of 2018. The company is home to over five million customers who have bought their policies and entrust them with their wealth and life. Their keen eye for eliminating any possible errors is quite famous, and their practitioners are all highly trained and experienced to deal with customer requirements. The company has offices all across Canada and can be reached at any of their locations.

5. Sun Life Financial

Sun Life Financial is one of the most trusted names in the Canadian life insurance market, and it is also a very successful life insurance company. With a total asset figure of CAD 271.83 billion in 2018, it is currently serving an incredibly large consumer base. Considering life insurance company reviews, Reader’s Digest voted it the “Most Trusted Brand of Life Insurance Company” for the 10th consecutive time this year! The company offers a range of life insurance options, including term life insurance, permanent life insurance, participating life insurance and universal life insurance. The company has a history of 150 years, during which time they have managed to create a reliable station for millions of customers, providing them with all the tools to create the policy of their choice and facilitating families at the time of death of policyholders.

6. Great West Life Insurance Company

Number six on the list is the Great West Life Assurance Company, which holds total assets worth CAD 246.61 billion as of last year. The company is the primary asset manager for more than 13 million customers in Canada along, and up till now, more than nine billion dollars' worth of benefits have been paid to policyholders by the company. The company has been providing its services for the last 125 years and is now a very well established name across Canada. The company offers a wide range of life insurance options, both for individuals and groups/companies. The company has a strong belief in meeting the needs of the customers in the swiftest way possible. The company is a subsidiary of the Great-West Lifeco and adheres to their rules and regulations every step of the way.

7. Fairfax Financial

Number 7 on the list is Fairfax financial, with total assets management and administration of CAD 86.66 billion. It is involved in providing life insurance services to a huge customer base along with several other insurance instruments in its belt. The company has been in existence since 1951 and actively participates in the insurance market in Canada through a team of very competent insurance experts. The most notable of all is the CEO and Chairman of the holdings company Prem Watsa, who is highly regarded for his business acumen and even compared to Warren Buffet for his investment strategies that focus primarily on value generation. This same strategy also translates to creating maximum value for their customers as well to provide maximum satisfaction as per the company's philosophy.

8. Industrial Alliance Insurance

As of last year, Industrial Alliance Insurance has had total assets worth CAD 63.54 billion under its management and administration, and it is also found frequently listed in life insurance company reviews. The company provides three different types of life insurance products to its customers, which include term life insurance, permanent life insurance and universal life insurance. Managed under the name of iA Financial Group, its overall portfolio includes four million customers who are serviced by a team of 25 thousand customer representatives and nearly seven thousand employees. The company has a strong belief in utilizing the Lean management system to provide the best possible service to its clients with constant improvement. The company is also operational in the United States and provides other asset management services as well.

9. E-L Financial Corp

With the 2018 managed asset figure of CAD 21.35 billion, E-L Financial Corp falls at number nine of the list. However, it is by no means a small company. The main business of the company is insurance holding and investment management. The Empire Life Insurance Company commonly referred to as Empire Life is the segment of the corporation that is responsible for managing all the life insurance clients. They offer a range of plans and options for their clients to choose from. Their life insurance products include term life, permanent life, permanent participating life and guaranteed life protect.

10. Empire Life

Empire Life comes in at last with a total managed assets value of CAD 16.4 billion and is considered to be among the successful insurance companies of the country. Empire Life provides life insurance, other multiple types of insurances and some other financial services as well. The company has a strong presence around the country and is one of the few organizations with a highly focused portfolio of services revolving around life insurance. The company has good repute, both as an insurance provider and also as an employer!

With the advent of technology, new businesses are also starting to enter the insurance race, and with key components like the complete online purchase of policies (like we do at Emma Life Insurance), a shift in dynamics is starting to occur. Whether or not all these giants opt for the new fast-paced life insurance offering is yet to be seen. It is quite clear, however, that the world is now moving rapidly towards such easy solutions!

Want more about the largest insurance companies?

• Best Life Insurance Canada

Special mention

RBC Insurance  

RBC company is Canada's biggest bank and one of the top banks in the world, with about $46 CAD billion in revenue (2019). Market capitalization = $151 billion.

RBC Insurance offers a wide variety of insurance products, including several types of life and health products, as well as car and home policies and also travel insurance products.

RBC Insurance offers credit protection plans for eligible mortgages, loans and credit card balances held with the RBC. Further more, RBC Insurance is a global reinsurance business offering health and life reinsurance products.