Canada’s insurance industry is forging ahead on a development trajectory, despite the challenges it faces. The combined assets of the country’s largest insurance companies add up to nearly $2.6 trillion, and their gross written premiums (GWP) registered a substantial 11% increase from $204 billion to $227 billion this year. It is no surprise that the majority of these companies expect their businesses to perform well this year.
Canadian Infopedia presents an overview of the insurance policies offered by these top insurers and features some basic information from their latest yearly reports. For Canadians looking for a dependable and secure insurance partner, this article can be an invaluable resource. Insurance professionals can likewise share this piece with their clients to help them gain industry insights that can guide them in making informed decisions and perhaps even inform them about where they might need to work.
1. Manulife Financial Corporation
Manulife, based in Toronto, isn’t simply the largest insurance company in Canada in terms of absolute assets, yet it is additionally ranked among the top 10 insurance companies worldwide. Notwithstanding insurance products, Manulife provides financial warning services, and wealth and asset management services to individuals, groups, and associations. The company has a global reach, spanning across Canada, the US (primarily under the name John Hancock), Europe, and Asia.
With a workforce exceeding 40,000, Manulife has an extensive business network of 116,000 agents and thousands of dissemination partners, providing services to over 34 million customers globally. According to its latest yearly report, the company holds $1.3 trillion in assets under management and administration, including $400 billion in complete invested assets and $300 billion in segregated reserves net assets.
2. Great-West Lifeco
Great-West Lifeco has emerged as the leader among all insurance companies with its impressive GWP (gross written premiums). The company witnessed an incredible increase of nearly 13% in written premiums, amounting to $57.4 billion this year. Great-West Lifeco is a subsidiary of Power Financial Corporation, a renowned investment giant.
Great-West Lifeco’s portfolio is diverse, comprising a range of products and services like life and health insurance, reinsurance, retirement and investment arrangements, and wealth management. The company’s commitment to excellence and innovation is reflected in its offerings.
3. Desjardins
Desjardins, a financial services cooperative, isn’t just among Canada’s largest insurance companies, but additionally the biggest federation of credit associations, otherwise called caisses populaires, in North America. With a solid presence in Ontario and the largest regional presence of any financial institution in Québec, the company has a sum of 195 participating classes in these two provinces. Likewise, it has 412 accredited trainers from 114 partner associations nationwide.
The insurer has a workforce of approximately 58,700 employees and nearly 2,460 directors in the Caisse network, serving more than 7.5 million clients and members. Its yearly report reveals that its absolute assets increased by 2.5% from $397.1 billion, while GWP climbed 5.2% from $11.6 billion last year.
4. Sun Life
Sun Life positions as the third largest life insurance provider in Canada, falling behind just Manulife and Canada Life. However, it isn’t just a prominent insurer in Canada in addition has a global presence operating in 26 countries, which include Australia, Hong Kong, Ireland, Japan, Singapore, the United Kingdom, and the United States.
The company offers a wide range of insurance and asset management services, which include life insurance, health insurance, handicap insurance, basic illness insurance, dental insurance, long haul care insurance, business insurance, savings and retirement income plans, mutual assets, segregated assets, and brokerage services.
5. Fairfax Financial
Fairfax Financial is a prominent holding company that operates some of the most renowned brands in the insurance industry, in Canada as well as globally. The company’s portfolio includes Allied World, Brit Group, Crum and Foster, Northbridge Financial, Odyssey Group, and Zenith Public, which are leaders in the sector.
Aside from offering property and setback insurance and reinsurance products, Fairfax Financial additionally provides investment services. With a workforce of approximately 47,000 employees, the company has established itself as a major player in the industry. According to its yearly report, even though its absolute assets decreased by 17% from $111.5 billion, its gross written premiums (GWP) increased by over 15% from $23.9 billion.
6. iA Financial
iA Financial is a prominent insurance company and one of the leading wealth management services providers in Canada. It flaunts an immense customer base, serving over 4,000,000 individuals, small and medium-sized enterprises, and large corporations.
The company operates as the parent association of iA Financial Group, and its insurance offerings encompass life, home insurance, auto, travel, basic illness, accidental death, inability, and group insurance. Moreover, it provides a diverse range of financial services, for example, annuities, retirement plans, savings products, car and home credits, mutual and segregated reserves, securities, investment advice, and private wealth management.
7. Intact Financial
Intact Financial is the leading property and setback insurance provider in Canada and a huge supplier of specialty insurance all through North America. The company has an extensive customer base of approximately 6,000,000 clients, which include individuals, businesses, public sector entities, and institutional associations in the United States, Canada, Ireland, and the United Kingdom.
According to its latest financial report, Intact Financial witnessed a rise of more than 25% in GWP (Gross Written Premium) from the previous year’s $18 billion. However, the company’s complete assets marginally decreased to $66.3 billion. Intact Financial has a workforce of over 26,000 employees. Additionally, the company recently disclosed the outcomes of its “Generosity in Activity” initiative, through which it has promised to provide financial support to charitable associations selected by its employees. In just two weeks, Intact Financial employees raised over $2.3 million, which the insurer matched, bringing the aggregate sum donated to approximately $4.5 million.
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