Major international insurance businesses have their headquarters in Canada, and the country is home to some of the world’s greatest financial institutions. Manulife is the largest insurance provider in Canada, bringing in annual premium revenue of about $40 billion. Some of the most well-known Canadian insurers include Sun Life, Canada Life, Desjardins, & Industrial Alliance (iA). Manulife, Canada Life, Sun Life& Industrial Alliance are the five largest life insurance firms in Canada, in order of total assets.
Despite this information, picking an insurance provider in Canada might be challenging. Although it may not be the first place you think of, the United States is a major hub for that sector. The largest Canadian life insurers compete to give you coverage, manage extensive overseas assets, and serve customers in dozens of countries. As per the Canadian Life & Health Insurance Association (CLHIA), Canadians have their pick of more than 150 different health and life insurance companies. To make matters more complicated, there is no shortage of Canadian life insurance providers competing for your business.
Who are the largest life insurance providers in Canada?
In Canada, the 32 largest life insurance providers are listed below. Just how large is large enough? An insurance firm’s standing may be evaluated in a number of ways, including its age, financial stability, and ratings from objective sources. Based on the total yearly premiums they receive from customers, we’ve ranked the best life insurance companies in Canada. The fact that Manulife is one of the greatest firms in the world should come as no surprise since it is also the largest insurance company in Canada in terms of premiums issued. Through its wholly-owned John Hancock subsidiary, Manulife is also a major player in the U.S. insurance market.
There are several companies on the list that most Canadians aren’t acquainted with, even though they’re among the most well-known, such as Canada Life (Great West Life, London Life, & the namesake finally merged this year), Sun Life, Desjardins, iA Financial Group, & RBC Insurance. Despite the fact that SSQ and Wawanesa are not exactly household names in Ontario, they are two of the largest insurance companies in Canada and collect billions of dollars annually in premiums.
Manulife
Canadian-based insurance and financial services business Manulife Financial Corporation has a wholly owned Canadian subsidiary known as Manulife Canada. Manulife is a major insurance company in South East Asia and in the United States via the John Hancock subsidiary. Incorporated in 1887 as the Manufacturers Life Insurance Company, it is now the country’s largest insurer. They have a wide variety of investment and protection options available for individuals and businesses. The financial services offered by Manulife include checking and savings accounts, credit cards, and mortgages through its subsidiary, Manulife Bank. Super visa insurance and tourist insurance for Canada are also available.
917.6 billion dollars in total assets
A total of $44.3 billion was collected in premiums.
Through its branches in Canada, Asia, and Europe, and notably under the John Hancock brand in the United States, the Manulife Financial Corporation offers a variety of financial services to individuals, families, businesses, and organisations. By the end of 2021, the insurance behemoth had over 33 million clients, served by 38,000 employees, 119,000 agents, and hundreds of distribution partners. It managed and administered $1.4 trillion in assets, $400 billion of which were invested and another $400 billion were in segregated funds. Additionally, the company dispersed $31.8 billion to its clientele. Although the company’s GWP increased by 7% from $41.4 billion in 2020, it was still lower than the number of premiums written by market leader Great-West Lifeco.