Canada is a financial hub. The finserv sector contributes heavily to Canada’s economy. Like most other developed countries, Canada has a lot of life insurance and general insurance companies, who offer their customers top-notch service. In this article, I’ll discuss the biggest life insurance companies in Canada, their market performance and other financial information about them.

Top Life Insurance Companies in Canada

Some of the top life insurance companies in Canada are Manulife Financial Corporation, Great-West Lifeco Inc., Desjardins Group, Sun Life Financial Inc., Industrial Alliance, etc. There are other insurance companies but the ones I listed here are among the absolute top ones. Their cumulative market cap is in the hundreds of billions, and a significant percentage of Canada’s GDP. From this info alone, one can guess the pivotal role these life insurance companies in Canada play in keeping the economy well-functioning and vibrant.

A brief overview

Here’s a brief overview of the top life insurance companies in Canada listed before. Let’s start with

Manulife Financial Corporation:

It is a leading international insurance and financial service provider. The company has its branches across several countries, and offers a wide range of products and services that include not just life insurance but also annuities, health insurance, investment products, and wealth management services. Their total asset under management (AUM) is nearly $1 trillion CAD. The company is listed in Toronto Stock Exchange. Its ticker is MFC, current stock price is $25 CAD and market cap is $46 billion CAD.

Great-West Lifeco Inc.

Great-West Lifeco Inc

Great-West Lifeco is a Canadian financial services holding company. It operates globally through five fully-owned auxiliary firms located across Asia, Canada, Europe and North America. It mainly operates in the life insurance segment, but also provides wealth management and retirement savings services. The company’s 2022 annual report shows it had $2.5 trillion CAD of assets under administration. Its employee strength is over twenty thousand. Its headquarter is in Winnipeg, Canada. The company is listed in TSE as GWO and its current stock price is $41 CAD.

Desjardins Group

Desjardin Group is the largest financial cooperative group in North America. They also have the largest financial presence in Quebec, where the group has its headquarter. Life insurance and disability insurance are among Desjardin’s main products. More than 5 million Canadians rely on their insurance services. Such a huge customer-base, and swift operation over the years in the cooperative finance sector make the group one of the most prestigious financial entities in the whole world. The group has over $400 billion CAD of assets and an employee strength of over fifty thousand.

Sun Life Financial Inc.

Sun Life Financial Inc


As the name suggests, Sun Life is primarily a life insurance company, though they have other products, and they have been steadily expanding their presence across different geographical locations. Headquartered in Toronto, Canada, Sun Life is one of the most trusted life insurance companies in Canada. As of November, 2023, their market cap is $28 billion CAD. They have assets worth more than $350 billion CAD. Sun Life is a publicly traded company, and is listed in two major exchanges – the Toronto Stock Exchange and the New York Stock Exchange. The company’s ticker is SLF and is currently traded at $47 in the NYSE, and at $66 CAD at the TSE.

Industrial Alliance

iA Financial Group

iA Financial Group

Industrial Alliance Financial Group, more commonly known as iA Financial Group is a Canadian financial services company that offers a wide range of products and services. Life insurance and wealth management are among the products for which the company is famous. It is the fourth-largest life insurance company in Canada by market cap. The group has an employee strength of nine thousand and is listed on the Toronto Stock Exchange. The company’s ticker is IAG, and is currently traded at $83 CAD.

Canada Life


Canada Life

The Canada Life Assurance Company was formed by the merging of Great-West Life, London Life and Canada Life in the year 2020. It’s evident from the name itself, that the company operates in the life insurance domain. They offer various types of life insurance policies. Their policies offer lifelong protection and investment opportunities. The company’s total asset is between $370-$390 billion CAD. They have a market cap of over $50 billion CAD.

Life insurance in Canada

The Canadian Life Insurance Association (CLIA) has done a survey than shows 70% of Canadians have life insurance coverage. It indicates a slight increase from previous years. The survey also found that 48% of Canadians have individual life insurance policies, while 49% have group life insurance policies. The ownership of life insurance varies by age. More than 60% of Canadians between the age of 19 and 34 have life insurance compared to 81% of Canadians aged 65 and over.


Akin to other developed countries, Canada also has a large swath of its population with life insurance coverage. This is good for individuals as well as for the economy. It’s clear from the market cap and the growth of the life insurance companies in Canada discussed here that more and more Canadians will buy life insurance policies in the future.

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