The 5 Big Names in Canadian Insurance

Insurers around the world have partnered with brokerage firms, banks and other financial institutions in recent years to offer a wider range of services to their customers. This is certainly true of the Canadian insurance industry, which has seen many acquisitions and mergers in recent years. The 5 Big Names in Canadian Insurance

 

 

 

Below are the top five Canadian insurers as defined by annual revenue in 2019. Revenue figures primarily include premiums charged to policyholders, income from investments in those premiums and other insurance products invested in investment vehicles such as mutual funds. embedded.

 

 

 

Important Information

It is important to note that many insurance companies offer other financial services such as insurance. B. Asset management. As a result, some financial companies may be larger than those listed here, but their insurance operations are not one of the largest components of revenue.

 

All reported figures are in Canadian dollars and US dollars at a rate of 1.30 Canadian dollars per US dollar.

 

 

 

Important Information

Manulife Financial is Canada’s largest insurance company and offers a wide range of financial services.

 

Great-West Lifeco, Inc., the second largest insurer, acts as a holding company for six subsidiaries.

Toronto-based Sun Life Financial is one of the oldest insurance companies founded in 1865.

Important Information

1. Manulife Financial Corporation provides financial services. Headquartered in Toronto, the company had revenues of CA$61 billion (US$47 billion) in 2019. This includes premiums and income from investments in those premiums.

 

 

Manulife operates through its subsidiary John Hancock in Canada, Asia, Europe and the United States. At the end of 2019, the company employed approximately 38,000 people and had nearly 98,000 agents. Manulife has C$1.2 trillion (US$920 billion) of assets under management.

 

 

 

Important Information

The company was founded in 1887 as the Manufacturer’s Life Insurance Company and in 1893 sold the first overseas insurance in Bermuda. The company received permission to open a branch in Guangzhou.

 

This was the first license to open a branch in China given to a foreign joint venture life insurance company. Manulife currently has licensed offices in over 50 cities in mainland China.

 

 

 

2. Great-West Lifeco

Great-West Lifeco, Inc. is a Canadian-based financial services company with six subsidiaries serving customers in North America, Europe and Asia. operates as a holding company. Offers a wide variety of insurance, including life insurance, health insurance and disability insurance.

 

 

At the end of 2019, the company employed approximately 24,000 people and had advisory relationships with 30 million customers.

Great-West has C$772 billion (US$594 billion) of assets under management.

Great-West’s 2019 revenues were approximately C$50 billion (US$38 billion), including income from investments such as premiums, deposits and dividends.

3. Sun Life Financial

Sun Life Financial (SLF) is one of the oldest insurance providers based in Toronto, founded in 1865.

It offers health insurance, investment products and wealth management services. The company has customers not only in North America, but also in Asia and the UK.

Sun Life Financial has over 40,000 employees and he employs nearly 126,000 consultants at the end of 2019.

 

Sun Life has C$1.1 trillion (approximately US$850 billion) of assets under management. In 2019, insurance-related product revenues were approximately C$38 billion (US$29 billion), including premiums and segregated fund deposits, which are life insurance products embedded in mutual funds.

 

 

Sun Life also earns income from commissions for providing insurance administration for professional benefit plans called Administrative Services Only (IAG.TO), traded as IA Financial Group. The company offers a wide range of insurance and financial services to its customers, including businesses and individuals.

 

 

 

In 2015, the company began to focus on building its base in the United States.
S. was founded in 1892 and is headquartered in Quebec City.

IA Financial Group has over C$189 billion (US$145 billion) in assets under management and in 2019 he earned C$11.4 billion (US$8.8 billion) in bonuses and deposits.

Industrial Alliance has more than 8,000 employees with 25,000 representatives serving his 4 million customers.

 

 

 

5. Desjardins Group

Desjardins provides financial services and insurance products with total assets under management of C$313 billion (US$241 billion) at the end of 2019. Dejardins has over 48,000 of his employees and 7 million of his customers across Canada. The 5 Big Names in Canadian Insurance

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