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What are the Biggest Life Insurance Companies in Canada 2024?
The top 5 biggest life insurers in Canada are:
- Canada Life
- Manulife
- Sun Life
- Industrial Alliance (iA)
- Desjardins
Canada Life is Canada’s largest insurance company overall. They collect almost $60 billion in premiums every year.
Manulife is the biggest life insurance company in Canada based on total assets, with almost $850 billion in assets.
Many of the insurance companies that are connected to banks are among the smallest life insurers in the industry. They often do not have large amounts of annual premiums or total assets.
According to the Canadian Life and Health Insurance Association (CLHIA), there are more than 150 life and health insurance providers in Canada, which means you have many options to choose from!
Full List: Biggest Life Insurance Companies Canada by Annual Premiums
Below is a full list of the top 29 largest life insurers operating in Canada, based on premiums and assets.
The Top Life Insurance Companies in Canada in 2024
by Annual Premiums
| Company | Founded/HQ | Rating | Annual Premiums | Total Assets |
|---|---|---|---|---|
| Canada Life | 1846
Toronto, ON |
A+ | $58 B | $394 B |
| Manulife | 1887
Toronto, ON |
A+ | $44 B | $849 B |
| Sun Life | 1865
Toronto, ON |
A+ | $29 B | $331 B |
| Industrial Alliance | 1892
Quebec City, QC |
A+ | $14 B | $87 B |
| Desjardins | 1948
Levis, QC |
— | $12 B | $407 B |
| Beneva | 1941
Quebec, QC |
A | $7 B | $25 B |
| RBC Insurance | 1864
Toronto, ON |
A | $5 B | $23 B |
| Wawanesa | 1896
Wawanesa, MB |
A | $4 B | $12 B |
| BMO Life | 1817
Toronto, ON |
A | $2 B | $13 B |
| Equitable Life | 1920
Waterloo, ON |
A | $2 B | $7 B |
| Empire Life | 1923
Kingston, ON |
A | $1 B | $17 B |
| Foresters | 1874
Toronto, ON |
A | $1 B | $17 B |
| The Co-operators | 1945
Guelph, ON |
A | $1 B | $19 B |
| ivari | 1927
Toronto, ON |
A+ | $989 M | $12 B |
| Blue Cross Canada | 1939
Independent |
A- | $743 M | $2 B |
| Securian Canada | 1955
Toronto, ON |
A | $364 M | $0.3 B |
| Primerica | 1977
Duluth, GA |
A+ | $362 M | $4 B |
| Chubb Life | 1882
Toronto, ON |
A+ | $308 M | $ 0.2 B |
| TruStage Life | 1902
Toronto, ON |
A- | $290 M | $2 B |
| Combined of America | 1922
Chicago, IL |
A+ | $269 M | $1 B |
| UV Insurance | 1889
Drummondville, QC |
— | $217 M | $2 B |
| Assumption | 1903
Moncton, NB |
A- | $206 M | $2 B |
| Knights of Columbus | 1882
New Haven, CT |
A+ | $201 M | $4 B |
| Humania | 1874
Saint-Hyacinthe, QC |
A+ | $197 M | $0.7 B |
| American Income | 1951
Waco, TX |
A+ | $173 M | $0.6 B |
| TD Life** | 1855
Toronto, ON |
— | $155 M | $0.2 B |
| Serenia Life | 1972
Waterloo, ON |
— | $38 M | $0.4 B |
| CIBC Life** | 1961
Toronto, ON |
— | $34 M | $0.1 B |
| Reliable Life | 1887
Hamilton, ON |
— | $5 M | $0.01 B |
Source: Company annual reports, OSFI financial data, A.M. Best Company
** Financial metrics displayed for life insurance businesses of the respective companies. Founding dates of respective parent companies.
Compare the largest insurance companies in Canada: company profiles
Our list shows much more than the most prominent large insurance companies in Canada. Some of these brands are amongst the largest insurers in the entire world.
You may recognize many of the companies that top the list, but others may not be so familiar. For example, an insurance company like Beneva — which was formed when SSQ Insurance and La Capitale merged together. Or a company like Wawanesa.
Not a lot of people in Ontario may know them, but they are some of the top Canadian life insurance companies. Both of these providers and others collect billions of dollars in premiums every year.
Read on for an overview of each company that made the list.
The Canada Life Assurance Company (Canada Life, Great West Life, London Life) overview
Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in number of annual premiums — which was no surprise given that Manulife is one of the largest companies in the world.
But, in 2020, Great West Life merged with its sister companies London Life and Canada Life into the single Canada Life Assurance Company brand. That merger pushed Canada Life to the top of the charts.
Canada Life Insurance product offerings:
Canada Life offers a wide range of insurance products and other financial solutions, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Creditor insurance
- Business insurance & workplace benefits
- Investments and savings: segregated funds, annuities, retirement planning, etc.
- Mortgages
The Manufacturers Life Insurance Company (Manulife) overview
Manulife started in 1887 as the Manufacturers Life Insurance Company. They were the largest insurance company in Canada until just a few years ago. But they still have the most assets out of any other Canadian insurer.
Manulife Canada is a subsidiary of Manulife Financial Corporation, a Canada-based multinational insurance company and financial services provider.
They do a lot of business in South East Asia and also in the United States, where they operate through a brand called John Hancock.
Manulife product offerings:
The Manulife insurance company offers several types of policies and investment plans, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Disability insurance
- Travel insurance
Manulife also operates Manulife Bank, which offers chequing and savings accounts, credit cards, and mortgages.
Sun Life Assurance Company of Canada overview
Sun Life Financial, Inc. is one of the largest life insurers in the world, and also one of the oldest, with a history spanning back to 1865.
Apart from Canada, they have a presence in the US and in seven Asian markets, including China and India.
Sun Life Insurance product offerings:
The Sun Life Assurance Company of Canada offers a wide variety of products, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Travel insurance
- Long-term care insurance
- Investments and savings: retirement income plans, asset management, etc.
- Financial advice
Industrial Alliance Life Insurance Company overview
iA Financial Group is one of the largest insurance and wealth management groups in Canada. They also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products.
iA is more than an insurance company — they also work in property management and real estate. They rent out many office spaces in major cities across Canada.
iA Financial Group product offerings:
Industrial Alliance offers a wide variety of products, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Disability insurance
- Travel insurance
- Car & RV insurance
- Home insurance
- Investments and savings: registered savings plans, annuities, loans, etc.
Desjardins Financial Security Insurance Company overview
Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.
The company mainly focuses on life, health, and home insurance, and wealth management services. But they also offer business services like point-of-sale payments and cash management.
Desjardins product offerings:
Desjardins offers a full suite of insurance and finance products and services, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Travel insurance
- Auto & RV insurance
- Home insurance
- Pet insurance
- Group insurance
- Creditor insurance
- Business insurance
- Investments and savings: guaranteed investment accounts, wealth management, loans, etc.
- Mortgages
Tip: Size isn't everything
Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins are Canada’s biggest life insurers, but you should look at more than just size when deciding which provider would be best for your coverage needs.
Beneva Inc. Insurance Company overview
Beneva became the 6th largest insurance company in Canada in 2023 after a major merger between Quebec-based companies SSQ Insurance and La Capitale.
SSQ Insurance was founded in 1944 while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes it one of the biggest mutual insurance companies in the country.
Beneva Insurance product offerings:
Beneva offers the same high-quality products and services as its parent companies, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Auto & RV insurance
- Home insurance
- Group insurance
- Creditor insurance
- Business insurance
- Investments and savings: segregated funds, annuities, registered savings, etc.
RBC Life Insurance Company overview
The Royal Bank of Canada (RBC) is one of the most well-known financial companies in North America. RBC Insurance is the part of RBC that sells insurance to people and businesses.
They offer an enormous range of products and financial services, and even reinsurance. They also have an added option of RBC Private Insurance, which is a thorough and customizable package designed to give you the most protection against risks.
RBC Insurance product offerings:
RBC Insurance’s extensive list of offerings includes:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health insurance
- Travel insurance
- Auto insurance
- Home insurance
- Group insurance
- Creditor insurance
- Business insurance & reinsurance
- Investments and savings: wealth management services, annuities, loans, etc.
- RBC Private Insurance — a comprehensive risk protection package
Wawanesa Insurance Company overview
Wawanesa Mutual is the parent company of Wawanesa Insurance, which sells life insurance and other products. It was founded in 1896 and is based in Winnipeg, Manitoba.
They also operate as Wawanesa General in the US. They mostly sell P&C insurance in California and Oregon.
Wawanesa product offerings:
Wawanesa Insurance offers a good selection of products, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Auto insurance
- Home & renters insurance
- Pet insurance
- Group insurance
- Commercial/business insurance
- Farm insurance
- Investments and savings: registered savings plans, guaranteed investment accounts, annuities, etc.
BMO Life Assurance Company overview
BMO Financial Group is one of the largest financial institutions in Canada, if not the world. It was founded in 1817 as Bank of Montreal.
BMO Insurance is the part of BMO that sells insurance policies and similar services.
BMO Insurance product offerings:
BMO offers a few different types of insurance policies and financial services, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Travel insurance
- Investments and savings: income annuities, guaranteed investment funds, etc.
Equitable Life Insurance Company of Canada overview
Equitable Life Insurance Canada is the largest life insurance company in Canada that is federally regulated, meaning it follows rules set by the federal government.
Like Beneva and Wawanesa, Equitable is also a mutual company that is partly owned by some of its clients.
Equitable Life product offerings:
Equitable Life Insurance Company offers insurance products such as:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Group insurance
- Investments and savings: retirement income protection, segregated funds, etc.
The Empire Life Insurance Company overview
Empire Life was founded in Kingston, Ontario, in 1936. They have services, sales, and marketing centres throughout Canada.
They sell a wide range of financial products and services. But they are most well known for their permanent participating life insurance policies.
Empire Life Insurance Company product offerings:
Empire Life offers a wide variety of products and services for personal finance needs, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Group insurance
- Investments and savings: RRSPs, annuities, etc.
Foresters Financial Insurance Company overview
Foresters Financial is a company that offers financial services in Canada, the US, and the UK. It was founded over 140 years ago, in 1870.
Many of Foresters’ life insurance products help charities. When you buy these products, the company donates to a charity you choose.
Foresters underwrites the insurance policies offered by Canada Protection Plan.
Foresters Life Insurance product offerings:
Foresters offers a limited range but strong quality of products and services, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Investments and savings: retirement income plans, annuities, etc.
Co-operators Insurance Company overview
The Co-operators Group Limited is a leading Canadian co-operative company that sells multiple lines of insurance. They have more than $41.7 billion in assets and many subsidiary companies.
They mostly offer life insurance, home insurance, asset management, and brokerage services. Most of their products are sold through a network of financial advisors and insurance brokers.
Co-Operators product offerings:
The Co-operators Insurance Group offers a wide range of financial services and insurance products, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Travel insurance
- Auto & RV insurance
- Home insurance
- Property & casualty insurance (P&C)
- Group insurance
- Business insurance
- Farm insurance
- Investments and savings: asset management services, segregated funds, etc.
- Brokerage services
ivari Insurance Company overview
Ivari used to be called Transamerica Life Canada. It is now owned and operated by the Canada Pension Plan Investment Board (CCPIB).
They have been operating for more than 80 years, offering a variety of insurance policies and investment products.
ivari Insurance Company product offerings:
ivari offers insurance and investment solutions such as:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Investments and savings: annuities, segregated funds, guaranteed interest accounts, etc.
Blue Cross Life Insurance Company overview
There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them independently.
Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on insurance for things like vision, medical, and more through their Blue Advantage program.
Blue Cross product offerings:
The Blue Cross insurance company offers insurance products such as:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Disability insurance
- Health & dental insurance
- Travel insurance
- Group insurance
Securian Canada Insurance Company overview
Most people know Securian Canada by its old name, Canadian Premier Life. It is a company that offers financial management services and several insurance products.
Securian Canada product offerings:
Securian offers several insurance products for individuals and businesses, including:
- Term life insurance
- Permanent life insurance
- Mortgage protection insurance
- Critical illness insurance
- Group insurance
- Creditor insurance
- Business insurance
- Asset management services
- Customized products for financial institutions
Primerica Life Insurance Company overview
The Primerica Canada Insurance Company was started in 1986. It’s a subsidiary of Primerica Life Insurance Company, offering insurance and other financial services.
Primerica Canada Insurance Company product offerings:
Primerica offers products and services such as:
- Term life insurance
- Disability insurance
- Auto insurance
- Investment management services
- Pre-paid legal services
- Financial Needs Analysis (FNA) services
Chubb Life Insurance Company overview
Chubb Life Insurance Company was founded in 1882. Now, they’re a trusted and reliable provider of insurance in Canada. They have offices in Ontario, Quebec, Alberta, and British Columbia.
Chubb Insurance Co. of Canada product offerings:
Chubb Life offers many standard insurance products, including:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Travel insurance
- Auto insurance
- Home insurance
- Property & casualty insurance
- Group insurance
- Business insurance
TruStage Life (Assurant Life) Insurance Company overview
The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group.
Assurant first began in 1902 as a family-owned funeral business. As an insurance company, they specialized in selling insurance for end-of-life planning, like funeral insurance and executor protection insurance. They also offer services like assessing and handling final documents — wills, trusts, etc.
Now, TruStage sells its products through a network of more than 300 insurance brokers across Canada.
TruStage product offerings:
TruStage Life sells insurance policies and offers financial services including:
- Term life insurance
- Permanent life insurance
- Cancer, heart attack, and stroke insurance coverage
- Auto insurance
- Home insurance
- Business insurance
- Investments and savings: annuities, wealth management services, etc.
- Funeral pre-planning services
Combined Insurance Company of America Insurance Company overivew
Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses.
Combined of America Company product offerings:
Combined Insurance, a Chubb company, offers mostly supplemental insurance products, including:
- Supplemental life insurance
- Critical illness insurance
- Disability insurance
- Supplemental health insurance
- Combined Insurance Worksite Solutions, comprehensive insurance coverage to complement group insurance
UV Insurance Company overview
UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec. They are the 5th oldest insurance company in Canada.
UV Insurance product offerings:
UV’s product offerings include:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Group insurance
- Investments and savings: retirement products, guaranteed investments, etc.
Assumption Mutual Life Insurance Company overview
Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.
Assumption Mutual Life Insurance product offerings:
Assumption Life offers the following products:
- Term life insurance
- Permanent life insurance
- Critical illness insurance
- Group insurance
- Commercial mortgage insurance
- Investments and savings: retirement products
Knights of Columbus Insurance Company overview
Knights of Columbus is a Catholic fraternal organization. It started in 1882 as a mutual benefit society for Catholic people who moved to the US. The company sells insurance and financial services, but also does a lot of charity work.
Knights of Columbus Insurance product offerings:
Knights of Columbus offers several insurance and personal finance products, including:
- Term life insurance
- Permanent life insurance
- Disability insurance
- Long-term care insurance
- Investments and savings: investment management, annuities, etc.
Humania Assurance Inc. Insurance Company overview
Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no-medical life insurance options and are best known for how quickly they issue policies.
Humania Assurance product offerings:
Humania Life Insurance offers insurance products including:
- Term life insurance
- Mortgage insurance
- Critical illness insurance
- Disability insurance
- Health insurance
- Travel insurance
American Income Life Insurance Company overview
American Income Life was founded in 1951. The company now sells insurance in Canada, the US, and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.
American Income Life Insurance product offerings:
American Income offers the following insurance products:
- Term life insurance
- Permanent life insurance
- Supplemental health insurance
Serenia Life Insurance Company overview
Serenia Life is a US fraternal benefit society that sells insurance in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. Their company is inspired by Christian values.
Serenia Life Insurance Company product offerings:
Serenia Life offers the following insurance products and financial services:
- Term life insurance
- Permanent life insurance
- Investments and savings: investment management, annuities, etc.
CIBC Life Insurance Company overview
CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. The bank itself was formed in 1961 after two older Canadian banks merged into one. They later started selling insurance products too.
CIBC Life Insurance product offerings:
CIBC offers insurance products such as:
- Term life insurance
- Critical illness insurance
- Travel insurance
- Auto insurance
- Home insurance
- Creditor insurance
Reliable Life Insurance Company overview
Reliable Life has been helping Canadians with insurance since 1887. They’re also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life mostly sells travel insurance and accident insurance for students.
Reliable Life Insurance Company product offerings:
Reliable Life offers insurance products such as:
- Travel insurance
- Accident insurance
Methodology: How did we rank the major life insurance companies?
We ranked each of the largest life insurance companies in Canada based on:
- Premiums – how much they collect from their clients annually
- Longevity – how long they’ve been in business
- Financial strength – grades given to them by rating agencies like AM Best, S&P, Moody’s, etc.
- And other factors
Is it better to choose a bigger insurance company?
Buying a policy from one of the biggest insurance companies in Canada may not always be the best choice. Just because a company is the biggest, it doesn’t mean that it’s the right company for your needs. Sometimes, going with a smaller company may be to your advantage.
This is why it’s best to speak with our licensed advisors. They have intimate knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.
What should you consider when choosing an insurance company?
There are 5 main factors you should look at when you’re choosing the right insurance provider:
- Size
- Ratings and reviews
- Product availability
- Coverage options
- Price
Our licensed advisors give you expert tips on how to choose the best insurer in this video.
Choosing a bigger versus a smaller insurance company
Whether you would be best served by choosing a large or a small insurance company as your provider comes down to what matters most to you and your family. There are advantages and disadvantages for each one, so the right choice will depend on you.
Below, we’ve provided some tips to help you choose. But you can also book a call with us if you need one-on-one help with deciding.
Why choose a bigger insurance company?
There are many reasons to choose a large company for your financial security needs, such as knowing you’ll be working with experienced professionals who have been in the field for a long time. Here are some of the major benefits.
Most of Canada’s largest insurance companies have been in business for decades — some from as long ago as the mid-1840′s. When a company has been around for that long, you can trust that they know how to do business in the industry very well.
Big providers like this know the ins and outs of Canadian insurance, and their history of meeting long-term financial obligations means it’s not risky to do business with them. There’s a good chance they know how to manage your policy well, and that they’ll be around for years to come.
The largest life insurance providers can offer you the most choice for the type of product you buy and how much you’ll be covered for.
For example, you can get more than just term insurance and will probably have options to convert your policy into a permanent plan. It can be convenient to get all of your different insurance policies in one place.
And, you can get higher coverage amounts for life insurance. While a smaller insurer may only be able to cover you for up to $500,000, a bigger provider can probably offer you millions — if you need that much.
Bigger insurance providers are usually open later and longer, and are available on the weekends too. Because they’re so large, they usually have offices all over Canada, employ a lot more people, and have brokers selling their products on their behalf. This means you, the customer, can speak to an agent faster whether over the phone, online, or in person.
Another huge advantage of choosing a bigger insurance company is that they have more money to spend on upgrading their technology. They can improve the way their customers do business and make it easier to do things like get quotes, buy a policy, change your plan, submit a claim, get help, or anything else you need.
Why choose a smaller insurance company?
Working with a smaller insurance company can be a good thing, too. A lot of them are just as stable as the bigger providers, and they can give you more specific products and personalized service. Here are some of the major benefits.
Smaller insurance companies may not charge you as much for some insurance products as the bigger ones in Canada do.
This can be for a lot of different reasons. For example, bigger companies may have to meet certain government requirements or they may need more funds to upgrade their technology like we talked about earlier in this article.
But just be aware that although you can save some money if you choose to work with a smaller insurance company, the cost of term life insurance policies is about the same for all the top insurance providers in Canada. So, you may not want to choose on price alone.
Canada’s largest life insurance companies can be slow to decide what products or services to introduce. But a smaller insurance company can be quicker and more easily offer tailored solutions.
Many Canadian insurers of all size offer extra options called life insurance riders that can help you make a custom plan. But smaller companies may have unique features that fit your needs better.
Life insurance is a long-term agreement, so you’ll want to choose a company that knows how to value its customers. A small or medium-sized company can often give you personalized service that a bigger company may not be able to.
They may not have as many clients or hundreds of spread-out employees and representatives, so their service may have more of a personal touch.
And, they can quickly make changes to their products or services based on what customers want. For example, if you want an e-policy or if you don’t want to answer too many health questions, a smaller company may be able to give you those options.
Some Canadians choose to work with smaller companies just as a matter of their own principles. Some want to support a smaller, local company as much as they can. Or they may want to choose a mutual insurance company. As well, some may want to work with a company that has the same ethical beliefs they do, like Christian-based companies.
Still looking for the top insurance companies in Canada?
If you’re still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help you out! Book a call and let our experts answer your questions about what is offered by Canadian insurance companies — big and small.
Online insurance brokers like PolicyAdvisor.com let you compare insurance quotes from 30 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.
