The six largest life insurance companies in Canada

According to industry data, around 22 million Canadians had some form of life insurance in 2014. In the same year, 97 independent life insurance companies competed in the Canadian market, including domestic and foreign companies. In total, these insurers reported premium income of approximately $ 13.7 billion for the year. Of the total $ 8.3 billion, or more than 60%, the market was occupied by the six largest life insurers. These top insurers are a variety of financial services companies that offer much more to their clients than life insurance. This list presents each of these top companies with notes on market positioning and product offerings.

Manulife financial

Manulife Financial is Canada’s largest life insurance company, measured by revenue, but is the second largest company measured by domestic life insurance premiums. The company reported consolidated revenue of $ 40.4 billion in 2014, which was one of Canada’s 10 largest companies in any industry. It reported $ 2.2 billion in life insurance premium revenue on the Canadian market. In addition to Canadian premiums, Manulife’s US subsidiary, Johnon Hancock, has also announced life insurance premiums in the United States of more than $ 4.7 billion.

In addition to a range of health insurance products and services, Manulife Group offers benefits and retirement plans, investment products and wealth management services.

which will add another $ 50 billion to the pension fund after the transaction is completed.

Great-Western Lifeco, Inc.

United Kingdom, Lifeco, Inc. (TSX: GWO.TO) is an international financial services company based in Canada. The company consolidated revenue of $ 29.7 billion in 2014. It announced a Canadian life insurance policy income premium of $ 2.7 billion, the highest of any company in the country. Great West Lifeco, a wholly owned subsidiary of the American company Great Britain Life Insurance and Annuity Insurance Company, has announced additional written life insurance premiums for US policyholders of just under $ 1.5 billion.

Great West Lifeco operates as a holding company for six affiliated companies that promote insurance products and financial services in North America, Europe and Asia. In the insurance sector, Lifeco’s West-West subsidiaries offer a wide range of life and health insurance policy options, including general health care, disability and critical illness products. Other major business sectors include investment services, savings and retirement income products, pension plans, wealth protection and management services. Great Western Lifeco’s partners also participate in international reinsurance markets.

Sun life financial

Sun Life Financial, Inc. (NYSE: SLF) is ranked as the third largest life insurance company in Canada, reporting consolidated revenue of $ 19.5 billion in 2014 and Canadian life insurance premium income of $ 1.7 billion. The company’s US subsidiary has announced additional written life insurance premiums of over $ 1.1 billion on the US market.

Sun Life Financial is a global financial services company with significant operations in North America, Ireland and the UK, and valuable businesses in India, China, the Philippines, and over a dozen other countries. In addition to life insurance, Sun Life Financial provides health, dental and disability insurance, investment and retirement savings and financial planning services. The company has 37 million customers and approximately 28,000 employees working in dozens of subsidiaries and joint ventures around the world.

IA Financial Group

Unlike international giants that figure in the top three on this list, Industrial Federal Insurance and Financial Services, Inc. (TSX: IAG.TO), which operates under the IA Financial Group brand, operates 97% of its business in Canada. The report consolidated revenues of $ 7.3 billion in 2014 and $ 940 million of Canadian life insurance premium income. The company’s US subsidiary, American Life Insurance Company of America, has reported a $ 151 million written life insurance premium on the US market.

IA Financial Group provides a variety of insurance products and financial services to customers in Canada. Unlike its larger rivals, SE Financial Group offers property and contingency insurance in addition to life and health insurance products. Market savings and investment products, group retirement planning and financial planning services. The company also works with a lending branch that offers mortgages and other types of loans.

RBC Insurance

RBC Insurance is a wholly owned subsidiary of Royal Bank of Canada (NYSE: RY). The company recorded $ 457 million in Canadian life insurance premium revenue and $ 3.76 billion in 2014. His parent company is the largest bank in Canada and one of the largest banks in the world, with consolidated revenue of approximately $ 25.8 billion in 2014 and a market capitalization of approximately $ 75.5 billion.

RBC Insurance offers a wide range of home insurance products, including a variety of life and health policies, as well as home and auto policies and travel insurance options. Wealth management products, such as annuities and fund products, are available to meet the needs of retail planning. The company also offers a credit protection scheme for eligible mortgages, loans and credit card balances held with the Royal Bank of Canada. In addition, RBC Insurance operates a global reinsurance business that provides annuities, accidents and life and health reinsurance products.

Empire Life

Empire Life Insurance is a subsidiary of LL Financial Corp Ltd (TSX: ELF.TO), a publicly listed holding company.Life insurance premium income was $ 300 million. The company does not have significant international business operations.

Empire Life’s product mix includes three major categories: individual insurance products, group benefit plans, and wealth management products. The company offers a full range of life insurance options in addition to critical illness insurance. Group benefit plans provide flexible options to meet the healthcare needs of small and medium-sized businesses and their employees. Wealth management products include mutual funds, annuities, segmented funds and savings plans.

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