The Canadian insurance business is a powerhouse, with the top corporations owning assets totaling about $2.6 trillion. This represents an industry that is expanding despite a variety of economic and market obstacles. Furthermore, these major insurers reported a total of $227 billion in gross written premiums (GWP), an 11% rise over previous year’s $204 billion. With such excellent financials, many of these businesses are confident about their prospects.
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Manulife
Total assets: $849 billion
Gross written premiums: $44.1 billion
Headquarters: Toronto, ON
Manulife is the largest insurance company in Canada in terms of total assets. It also ranks among the top 10 insurance companies worldwide. Apart from offering various insurance products, Manulife provides financial advisory, wealth management, and asset management services for individuals, businesses, and organizations.
With a workforce of over 40,000 employees, 116,000 agents, and thousands of distribution partners, Manulife serves more than 34 million customers worldwide. The company manages $1.3 trillion in assets, including $400 billion in invested assets and $300 billion in segregated funds.
Despite experiencing a slight decline in GWP from $44.3 billion last year, Manulife continues to innovate. The company recently introduced Manulife Vitality, a policy that rewards customers for leading active lifestyles. This program provides policy holders access to health and wellness benefits, discounts from major retailers, and premium reductions.
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Great-West Lifeco
Total assets: $701.4 billion
Gross written premiums: $64.7 billion
Headquarters: Winnipeg, MB
Great-West Lifeco tops the list when it comes to gross written premiums, with a 13% increase from $57.4 billion last year. The company operates as a subsidiary of Power Financial Corporation, one of Canada’s largest investment firms.
Its diverse portfolio includes:
- Life and health insurance
- Reinsurance services
- Retirement and investment solutions
- Wealth management services
With around 31,000 employees and a vast network of 234,500 advisors, Great-West Lifeco serves over 38 million clients in Canada, the U.S., and Europe. The company’s total assets under management and administration exceed $2.5 trillion.
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Desjardins
Total assets: $407.1 billion
Gross written premiums: $12.2 billion
Headquarters: Lévis, QC
Desjardins is not just an insurance company. It’s also North America’s largest financial services cooperative. With a strong presence in Québec and Ontario, Desjardins operates 195 local credit unions (caisses popularizes) and partners with 114 organizations nationwide.
Employing 58,700 people, Desjardins serves 7.5 million clients. The company’s latest financials show a 2.5% asset increase from last year.
Beyond insurance, Desjardins is heavily involved in renewable energy investments, committing $1.7 billion to infrastructure projects. Through its Good Spark Fund, it has also pledged $161 million to support over 726 community development initiatives.
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Sun Life
Total assets: $330.9 billion
Gross written premiums: $29.1 billion
Headquarters: Toronto, ON
Sun Life is one of the largest life insurance companies in Canada, operating in 26 countries, including the U.S., UK, Japan, Hong Kong, and Singapore. It offers:
- Life and health insurance
- Disability and critical illness insurance
- Retirement and investment services
Despite a 4% drop in total assets, Sun Life’s GWP surged by 14% from $25.5 billion. Recently, it committed $3.7 million to mental health initiatives for marginalized youth across Canada.
5.Fairfax Financial
Total assets: $92.1 billion
Gross written premiums: $27.6 billion
Headquarters: Toronto, ON
Fairfax Financial is a holding company managing several global insurance brands, including Allied World, Brit Group, Crum & Forster, Northbridge Financial, and Zenith National. Specializing in property and casualty insurance, Fairfax employs 47,000 staff.
Though its total assets dropped by 17%, Fairfax saw a 15% increase in GWP from $23.9 billion.
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iA Financial
Total assets: $87.4 billion
Gross written premiums: $14.3 billion
Headquarters: Québec City, QC
iA Financial is one of Canada’s leading wealth management and insurance providers, serving over 4 million customers. It offers:
- Life, home, auto, and travel insurance
- Retirement savings and investment products
- While total assets declined 8%, GWP saw slight growth from last year’s $14.2 billion.
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Intact Financial
Total assets: $65 billion
Gross written premiums: $22.6 billion
Headquarters: Toronto, ON
Intact Financial is Canada’s largest property and casualty insurer, serving 6 million clients. With a workforce of 26,000, the company also operates in the US, UK, and Ireland.
Intact recently raised $4.5 million for charity through its Generosity in Action campaign.
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Beneva
Total assets: $26.8 billion
Gross written premiums: $6.6 billion
Headquarters: Québec City, QC
Formed from the 2020 merger of La Capitale and SSQ Insurance, Beneva now operates across 900 offices with 600,000 employees. Assets grew 7.2% over the past year.
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Empire Life
Total assets: $17.3 billion
Gross written premiums: $1 billion
Headquarters: Kingston, ON
Empire Life focuses on life and critical illness insurance and investment management. Despite a decline in assets, its parent company, E-L Financial, manages over $19.6 billion in assets for 600,000 clients. Headquartered in Kingston, ON, Empire Life is a well-established insurance provider specializing in life insurance, critical illness insurance, and investment management. While the company has faced a decline in total assets, its parent company, E-L Financial, remains financially strong, overseeing $19.6 billion in assets and serving 600,000 clients.
Empire Life is known for its customer-centric approach, offering flexible insurance solutions tailored to individuals, families, and businesses. The company focuses on providing affordable and straightforward coverage, helping Canadians secure their financial future with minimal complexity.
In recent years, Empire Life has embraced digital transformation, introducing e-claims processing and online policy management tools, making it easier for clients to access and manage their insurance needs. Despite market fluctuations, the company’s strong investment portfolio and conservative financial strategy have allowed it to maintain stability and continue offering competitive products.
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Co-operators
Total assets: $9 billion
Gross written premiums: $4.4 billion
Headquarters: Guelph, ON
Co-operators is a multi-line insurance provider working with 240 credit unions and 6 million members. It offers:
- Auto, home, life, farm, and business insurance
- Retirement and investment solutions.
Co-operators is more than just an insurance provider—it’s a financial services cooperative with deep roots in community-based financial protection. With a network of 240 credit unions and 6 million members, the company prioritizes social responsibility, sustainability, and financial security for Canadians.
Unlike traditional insurers, Co-operators operates as a member-owned cooperative, meaning it reinvests profits back into communities, supports local initiatives, and ensures policyholders have a voice in decision-making. This member-first approach has helped it earn a reputation for trust, transparency, and reliability.
What Co-operators Offers:
Comprehensive Insurance Solutions:
- Auto, home, and life insurance for individuals and families
- Farm and business insurance tailored to agricultural and commercial needs
- Travel and health insurance to protect Canadians at home and abroad
Retirement and Investment Solutions:
- RRSPs, TFSAs, and pension plans for long-term financial security
- Wealth management services for individuals and businesses
- Sustainable investment options, allowing clients to grow their wealth while supporting ethical initiatives
A Commitment to Sustainability and Community Impact:
Climate Action: Co-operators is a leader in sustainable finance, investing in renewable energy and climate-resilient projects to protect Canadians from extreme weather risks.
Mental Health and Well-being: The company actively funds mental health programs to support youth and marginalized communities across Canada.
Disaster Relief Efforts: Co-operators has an established disaster recovery program, providing financial aid and support to communities affected by natural disasters.
A Leader in Socially Responsible Insurance
Co-operators isn’t just about selling insurance. It’s about creating a financial system that serves people over profit. As one of Canada’s most socially responsible insurers, it continues to prioritize ethical investing, community engagement, and customer-focused financial solutions.
With its member-driven structure, strong financial foundation, and commitment to sustainable growth, Co-operators stands out as an insurance provider that truly puts people first.
Conclusion
Canada’s insurance industry continues to thrive, with these top companies leading the way. Whether you’re looking for life insurance, investment services, or property and casualty coverage, these insurers offer a variety of solutions backed by strong financial stability.
Understanding these companies can help you make better financial and insurance decisions, whether as a customer or an industry professional. As the industry grows, so do opportunities for innovation, investment, and consumer protection.