Top 5 Canadian Insurance Giants in 2023: Assets and Revenue Breakdown

J.B. Maverick brings over 17 years of expertise as a trader, commodity futures broker, and stock market analyst, complemented by more than a decade of experience as a finance writer and editor.

Globally, insurance companies have strategically merged with brokerages, banks, and other financial institutions to expand their service offerings. This trend is evident in Canada’s insurance sector, which has undergone significant mergers and acquisitions recently.

Below, we highlight the five largest Canadian insurance firms based on their total assets at the close of 2022.

Revenue figures are also included, encompassing insurance premiums, investment income, and earnings from integrated financial products like mutual funds.

Note that while some financial institutions may surpass these companies in size, their insurance divisions might not be the primary revenue source.

This overview focuses on diversified insurance providers, presenting data as reported by each company, either in Canadian dollars or converted to U.S. dollars (approximate exchange rate: C$1 = $0.73 USD).

Key Highlights

• Manulife Financial stands as Canada’s largest insurer, offering extensive financial services.
• Great-West Lifeco ranks second, functioning as a holding company for six subsidiaries.
• Desjardins Group, third on the list, combines insurance with wealth management and business services.
• Sun Life Financial, established in 1865, is one of Canada’s oldest insurance providers.
• Fairfax Financial, founded in 1985, is a prominent player in property and casualty insurance.

1. Manulife Financial Corp. (2023)

Manulife Financial (MFC) leads the Canadian insurance market with total assets of C$848.94 billion ($622.92 billion USD) at the end of 2022. Headquartered in Toronto, Manulife reported revenues of C$17.14 billion ($12.58 billion USD) for the year, derived from premiums and investment income.

Operating across Canada, Asia, Europe, and the U.S. (via John Hancock), Manulife serves over 34 million clients supported by 40,000 employees and 116,000 agents.

Founded in 1887 as The Manufacturers Life Insurance Company, Manulife pioneered international expansion with its first overseas policy in Bermuda in 1893. In 2002, it became the first foreign-invested life insurer licensed to open a branch in China, now operating in over 50 Chinese cities.

2. Great-West Lifeco (2023)

Based in Winnipeg, Great-West Lifeco is a financial holding company overseeing six subsidiaries, delivering insurance services across North America, Europe, and Asia. As of 2022, it held total assets of C$701.45 billion ($514.36 billion USD) and generated revenues of C$44.66 billion ($32.79 billion USD).

The company offers diverse insurance products including life, health, and disability coverage. It employs over 31,000 people and maintains 234,500 advisor relationships, serving 38 million customers.

3. Desjardins Group (2023)

Quebec-based Desjardins Group provides insurance alongside wealth management and personal/business financial services. With 58,774 employees and 7.5 million members, it reported total assets of C$407.1 billion ($298.78 billion USD) and revenue of C$18.04 billion ($13.23 billion USD) in 2022.

Did You Know?

Insurance companies generate profits by collecting premiums for coverage and investing those funds to earn additional returns.

4. Sun Life Financial (2023)

Established in 1865 and headquartered in Toronto, Sun Life Financial offers health insurance, investment products, and wealth management services. It operates in Asia, the UK, and North America.

By the end of 2022, Sun Life employed 52,400 people, served 85 million clients, and partnered with 97,400 advisors. Its total assets reached C$330.9 billion ($242.66 billion USD), with revenues of C$23.32 billion ($17.09 billion USD), including premiums and segregated fund deposits.

5. Fairfax Financial Holdings (2023)

Toronto-based Fairfax Financial specializes in property and casualty insurance, reinsurance, and investment management. As of 2022, it held assets worth US$92.12 billion and reported revenues of US$28.05 billion.

Founded in 1985 on principles of fairness and strategic acquisitions, Fairfax operates with decentralized leadership, allowing subsidiaries autonomy while maintaining financial oversight.

Canadian Insurance Industry Overview

In 2022, Canada’s Property, Casualty, and Direct insurance sector generated $77.1 billion in revenue.

Global Insurance Market Rankings

The United States leads globally with $2.8 trillion in life and non-life insurance revenue, followed by China and Japan. Canada ranks ninth worldwide by premium value.

Conclusion

Canada’s insurance landscape has evolved, with companies broadening their offerings to include wealth and asset management along with traditional insurance. The top five firms by assets in 2022—Manulife Financial Corp., Great-West Lifeco, Desjardins Group, Sun Life Financial, and Fairfax Financial Holdings—continue to shape the industry’s future.

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