Insurance plays a huge role in protecting individuals and businesses from unexpected events. In order to expand their operations and provide a greater range of services to their clients, insurance companies have merged with brokerage firms, banks, and other financial institutions all over the world.
In Canada, the insurance industry is made up of some of the most trusted names that offer a wide range of services to meet the needs of people across the country. These companies have built their reputation over decades, providing financial services, retirement plan advice, reliability, and security to their customers. Let’s take a closer look at the five big names in Canadian insurance defined by their total assets in 2022.
1. Manulife Financial
The biggest insurance company in Canada is Manulife Financial (MFC). It also provides wealth management, asset management solutions, and financial advising, among other financial services. By the end of 2022, Manulife had assets of C$848.94 billion, or $622.92 billion in U.S. dollars. In 2022, the company’s revenue, which includes insurance premiums and investment income, was C$17.14 billion (USD 12.58 billion).
Through its John Hancock subsidiary, Manulife has operations in the US, Canada, Asia, and Europe. With the assistance of over 40,000 workers and over 116,000 agents, the organization provided services to over 34 million clients by the end of 2022.
Founded in 1887, the company has a strong presence in Canada and internationally. Manulife focuses on delivering personalized solutions that make it easier for people to secure their future. Whether you’re looking for basic health insurance or long-term financial planning, Manulife is a go-to choice for many Canadians.
2. Desjardins Insurance
Desjardins Insurance is part of the larger Desjardins Group, one of Canada’s biggest financial institutions. The headquarters of the insurance company Desjardins are located in Quebec, Canada. It provides insurance products along with a wide range of other financial services, such as asset management and personal and commercial services.
It employed 58,774 people and served 7.5 million members and customers in 2022. Its total assets by the end of 2022 were C$407.1 billion, or $298.78 billion in US dollars. It earned C$18.04 billion (USD 13.23 billion) in all.
In Canada, Desjardins employs over 58,774 people and serves 7.5 million members and customers. Known for its excellent customer service, Desjardins makes it easy for people to find the right coverage for their needs. With its focus on innovation, the company has introduced several digital tools to simplify the insurance process.
3. Sun Life Financial
Another top player in the Canadian insurance market is Sun Life Financial. Founded in 1865 and headquartered in Toronto, Sun Life Financial (SLF) is among the oldest insurance companies. It provides wealth management services, financial goods, and health insurance plans. In addition to North America, the organization has clients in Asia and the UK.
Founded in 1865 and headquartered in Toronto, Sun Life Financial (SLF) is among the oldest insurance companies. It provides wealth management services, financial goods, and health insurance plans. In addition to North America, the organization has clients in Asia and the UK. As of the end of 2022, Sun Life Financial has 97,400 advisers, 52,400 staff, and 85 million clients.
It has C$330.9 billion (USD 242.66 billion) in total assets. Insurance premiums and segregated fund deposits—life insurance products incorporated into mutual funds—accounted for C$23.32 billion (USD 17.09 billion) in total revenue.
With over 150 years of experience, Sun Life has earned the trust of millions of Canadians. The company also provides tools and resources to help customers make better financial decisions, making it more than just an insurance provider.
4. Intact Financial
If you’re looking for property and casualty insurance, you’ll likely come across Intact Financial. Intact is Canada’s largest home, auto, and business insurance provider. The company is known for its quick claims process and customer-friendly services. Intact Financial has a wide range of options tailored to individual and corporate needs, from protecting your car to safeguarding your business.
Intact Financial had revenue of 6.41B CAD in the quarter ending September 30, 2024, with 11.99% growth. This brings the company’s revenue in the last twelve months to 30.32B, up 4.90% year-over-year. In the year 2023, Intact Financial had an annual revenue of 28.65B, down -5.03%.
5. Fairfax Financial Holdings
The main office of Fairfax Financial Holdings is located in Toronto, Canada. Property and casualty insurance, reinsurance, and the associated investment management are its primary focus areas. Fairfax Financial had US$92.12 billion in total assets by the end of 2022. A total of US$28.05 billion was made.
Fairfax Financial was established in 1985 based on amicable business acquisitions and honest, fair transactions. It functions decentralized, with each of its businesses being managed by a different president but being monitored by Fairfax Financial from a performance and financial review perspective.
Why These Companies Stand Out
These five businesses are notable for their capacity to adapt to the shifting requirements of Canadians. They provide dependable customer service, user-friendly tools, and flexible options. These providers provide coverage for both personal and corporate applications. They have established a solid reputation by prioritizing their clients and adjusting to the demands of a rapidly evolving environment.
Conclusion
Choosing the right insurance provider is an important decision, and these five companies have proven their worth over time. From life and health coverage to protecting your home or business, they offer services that make life less stressful. As you explore your options, consider what matters most to you—whether it’s quick claims processing, comprehensive coverage, or personalized service. With names like Manulife, Sun Life, Intact, Canada Life, and Desjardins, you’re in good hands.
