According to industry figures, about 22 million Canadians had some form of life insurance in 2019. There are about 160 life and health insurance companies competing in the Canadian market, including domestic and foreign companies. year ($82 million).
All of these major insurance companies are diversified financial services companies that offer more than just life insurance to their customers. This list features each of these top companies, with notes on market position and product offerings.
What are the top 6 life insurance companies in Canada?
The best life insurance companies operating in Canada include Manulife Financial, Great-West Lifeco, Sun Life Financial, IA Financial, RBC Insurance and Empire Life.
Manulife Financial is one of the largest players in the Canadian insurance market and a major provider of life insurance.
Together, insurance companies in Canada collect $117 billion a year in premiums.
Manulife Financial is Canada’s largest insurer by revenue, generating $61.4 billion in 2019. Manulife Financial reported core revenue of $5.6 billion for the Canadian market in 2018. In addition to Canadian premiums, the subsidiary of Manulife in Johnsil generated $462 million in the US in 2019.
Along with a variety of life and health insurance products, Manulife offers group benefits and retirement plans, investment products and wealth management services. Manulife Bank is a federally regulated bank serving customers in all Canadian provinces and territories. Manulife plays a global real estate and reinsurance business. The company has significant business operations in North America and Asia.
Great West Lifeco, Inc.
Great-West Lifeco, Inc. is an international financial services giant headquartered in Canada. Great-West Lifeco operates as a holding company for six subsidiaries that market insurance and financial services products in North America, Europe and Asia. In the insurance industry, Great-West Lifeco affiliates offer a wide selection of life and health insurance policies, including general health, disability and critical illness insurance products.
Other key business areas include investment services, retirement income and savings products, pension plans, wealth protection and management services. Subsidiaries of Great-West Lifeco also participate in the international reinsurance market.
sunshine financial life
sun financial life, inc. (SLF) is ranked the largest life insurance company in Canada, with net revenues of $30 billion in 2019. Sun Life Financial is a global financial services company with substantial operations in North America, Ireland and the United States. . United States of America and valuable businesses in India, China, the Philippines, and more than a dozen other countries.
The Plays product is available through independent denial-denial agencies worldwide. In addition to life insurance, Sun Life Financial offers medical, dental, and disability insurance, retirement savings and investment products, and financial planning services.
AI Group Finance
In contrast to the international giants that rank first on this list, Industrial Alliance Insurance and Financial Services, Inc., which operates under the IA Financial Group brand, conducts almost all of its business in Canada in 2019. The company reports approximately $651 million in premiums in the US market.
IA Financial Group offers a wide range of insurance products and financial services to clients across Canada. Unlike its larger competitors, IA Financial Group offers property and casualty insurance, in addition to life and health insurance products. It sells savings and investment products, collective retirement plans and financial planning services. The company operates a lending division that offers mortgages and other types of loans.
RBC Insurance is a wholly owned subsidiary of Royal Bank of Canada (RY)
RBC Insurance offers a wide range of home insurance products, including various types of life and health policies, as well as home and auto policies and travel insurance options. Wealth management products, such as annuity products and segregated funds, are available to meet your retirement planning needs.
The company also offers credit protection plans for eligible Royal Bank of Canada mortgages, loans and credit card balances. In addition, RBC Seguros manages
a global reinsurance business that offers annuity, casualty, and health reinsurance products.
Empire Life Insurance is a subsidiary of the publicly listed parent company, EL Financial Corp. Ltd. The company has no substantial international business operations.
Empire Life’s product mix includes three main categories: individual insurance products, group benefit plans, and wealth management products. The company offers a variety of life insurance options, in addition to critical illness insurance. middle class and its employees. Wealth management products include mutual funds, annuities, segregated funds, and savings plans.