Top 10 insurers in Canada by total assets

Insurtech Digital Magazine ranks to Top 10 Canadian insurers by total assets

While the majority of North American focus on the insurance industry is kilted towards the US, it’s worth noting that Canada has a range of legacy insurance and financial institutions operating on the international stage. FinTech Magazine takes a look at the Top 10 insurers in Canada by total assets as of the last financial year’s closing, December 2022. 

10. Empire Life (US$17.32bn)

With US$17.32bn in total assets, Empire Life has been operating out of Ontario for the past 95 years. The company is known for its comprehensive suite of product offerings, including life insurance, critical illness insurance and group benefits. With a reputation for strong customer service and innovative product offerings, the company has received two bouts of corporate investment since 2019, with Gryphin Advantage and Monarch Wealth among its lead investors. 

9. Beneva ($25.1bn)

Quebec-based Beneva makes the list of Top 10 insurers in Canada, with $25.1bn in total assets. The company is an app-based insurance provider company specialising in claims, individual insurance, investments and damage insurance. Beneva is the result of a merger between La Capitale and SSQ Insurance, combining La Capitale’s comprehensive insurance coverage and investment solutions for families and businesses with SSQ Insurance’s 75 years of offering life, health and property insurance. 

8. Intact Financial ($48.04bn)

Having received $950m in total funding across seven investment rounds, Toronto-based Intact Financial has $48.04bn in total assets. A leading provider of property and casualty insurance in Canada, Intact Financial has a history spanning over 200 years. It also offers a broader range of insurance products, including auto, home and commercial insurance, as well as specialty lines. An adopter of new technological solutions, Intact Financial now offers tailored solutions to meet the evolving needs of its customers. 

7. Co-operators ($56.4bn)

With a 75-year history, Co-operators has developed a focus on social responsibility and community development as a core tenant of its insurance offerings. With $56.4bn in total assets, Co-operators offers a wide range of insurance products, including home, auto, life and commercial insurance, as well as investment and wealth management solutions. As a cooperative, Co-operators operates with a member-owned structure, and aims to provide ethical and reliable insurance offerings to its customers.

6. iA Financial ($64.62bn)

Insurer iA Financial is a leading Canadian insurance and financial services company with a rich history spanning over 125 years. With $64.62bn in total assets, the insurer is known for its financial strength and stability, committing to technological advancement with the implementation of digital solutions enabling faster access to its clients. iA Financial offers a comprehensive range of insurance products, including life, health and disability insurance, as well as investment and retirement solutions. 

5. Fairfax Financial ($92.12bn)

With $92.12bn in total assets, Canada’s Fairfax Financial has a presence in over 40 countries, engaging in insurance, reinsurance and investment management. The company operates through a diverse portfolio of subsidiaries and invests in a variety of industries outside of insurance. Led by renowned investor Prem Watsa, Fairfax Financial focuses on long-term value creation and disciplined underwriting practices. The company is known for identifying and capitalising on unique investment opportunities while maintaining a strong commitment to risk management and delivering sustainable results for its shareholders. 

4. Sun Life Financial ($244.6bn)

Providing insurance, investment solutions and wealth management services, Sun Life Financial has accrued $244.6bn in total assets over its 150-year history. With a worldwide customer base, the company’s offering ranges from life and health insurance, to retirement planning and different investment solutions. With a focus on sustainability and customer-centricity, Sun Life Financial’s mission statement is to grow its global presence, helping individuals and businesses achieve financial security. The company continues to be a prominent player in the financial services industry.

3. Desjardins ($362bn)

The largest cooperative financial group in Canada, Desjardins comes third on the list of Top 10 insurtechs by asset size in the country, with $362bn in total assets. The company serves millions of members and clients across various sectors, offering a comprehensive suite of financial products and services, including banking, insurance, wealth management and business solutions. Known for its community-oriented approach, Desjardins has a strong emphasis on member satisfaction, providing personalised, innovative and secure financial solutions for its members. 

2. Great-West Lifeco ($518.51bn)

With $518.51bn in total assets, Great-West Lifeco is one of Canada’s leading insurers, with a history spanning more than 100 years. A leading international financial services firm, Great-West Lifeco operates through its various subsidiaries, including Great-West Life, Canada Life, and Empower Retirement. The company’s offerings include life and health insurance, annuities, pension plans, mutual funds and asset management services, making it a trusted and respected leader in the financial services industry as well as insurance. The firm has received $601.4m in investment over three funding rounds since 2015, securing the backing of Payfirma, Quova and Northleaf Capital Partners. The latter’s investment was particularly significant, pumping $519m into Great-West Lifeco in a private equity round. 

1. Manulife ($627.53bn)

Manulife is Canada’s leading insurer with $627.53bn in total assets, as well as an international financial services player. With a heritage dating back over 130 years, the company provides a wide range of insurance, investment, and wealth management solutions to a range of clientele, from individuals to large-scale businesses and institutions. With a global presence in Asia, Canada, and the United States, Manulife serves millions of customers worldwide. Through its extensive network of financial advisors and digital platforms, Manulife aims to empower people to make informed financial decisions and achieve their long-term goals. With a focus on financial security and well-being, Manulife continues to be a trusted leader in the financial services industry. Its diverse offerings include life insurance, health insurance, retirement plans, mutual funds and asset management services.  

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