The 5 Big Names in Canadian Insurance

Around the world, insurance companies have combined with brokerage companies, banks, and other financial institutions to build their business and offer their customers a wider range of services. That is certainly the case for the Canadian insurance industry, which has experienced a number of acquisitions and mergers in recent years.

Below are the five largest Canadian insurance companies, defined by trailing 12-month (TTM) revenue as of Sept. 30, 2025. Revenue amounts can reflect insurance premiums charged to policyholders, earnings from investments, and other financial products embedded in investment products, such as mutual funds.

Total assets in each company’s most recent annual report are provided as well.

It’s important to note that some financial firms might be larger than the companies listed here, but their insurance businesses, if they have them, are not a major driver of their revenue.

Asset figures are stated as provided by each company. Conversion is approximately C$1 to $0.72 U.S. dollars.

1. Fairfax Financial Holdings

Fairfax Financial Holdings (Toronto Stock Exchange (TSX): FFH) has its headquarters in Toronto. Its major focus is property and casualty insurance and reinsurance, plus related investment management.

The company earned C$‪‪‪‪62.4 billion ($44.93 billion U.S.) in TTM revenue as of Sept. 30, 2025.

At the end of 2024, Fairfax Financial had total assets of C$96.78 billion ($69.68 billion U.S.).

Fairfax Financial was founded in 1985 on the principles of fair, honest dealings and friendly acquisition of companies. It operates in a decentralized fashion, with each of its companies run by its own president but overseen from a financial review and performance standpoint by Fairfax Financial.

2. Manulife Financial

Manulife Financial Corp. (TSX: MFC; New York Stock Exchange (NYSE): MFC) is the largest insurance provider in Canada. It also offers other financial services such as financial advice, wealth management, and asset management solutions.

Headquartered in Toronto, the company earned C$‪‪58.69 billion ($42.26 billion U.S.) in TTM revenue as of Sept. 30, 2025. This included insurance premiums and income earned from investing those premiums.

Manulife’s total assets as of the end of 2024 were C$978.81 billion ($704.74 billion U.S.).

Manulife operates in Canada, Asia, and Europe, as well as in the United States through its John Hancock subsidiary. At the end of 2024, the company served over 36 million clients with the help of over 37,000 employees and more than 109,000 agents.

The firm was established as The Manufacturers Life Insurance Company in 1887 and sold its first out-of-country policy in Bermuda in 1893.

In 2002, the China Insurance Regulatory Commission (CIRC) granted the company approval to open a branch in Guangzhou. It was the first license granted to a foreign-invested joint venture life insurance company to open a branch in China. Manulife now has licensed branches in more than 50 cities on the Chinese mainland.

3. Great-West Lifeco

Great-West Lifeco Inc. (TSX: GWO) is a financial services provider headquartered in Winnipeg that operates as a holding company for six subsidiaries. It provides insurance to customers in North America, Europe, and Asia.

As of Sept. 30, 2025, Great-West Lifeco generated C$42.22 billion ($30.4 billion U.S.) in TTM revenue, which included insurance premiums, deposits, and income from investments such as dividends.

At the end of 2024, Great-West Lifeco had C$802.16 billion ($577.55 billion U.S.) in total assets.

Great-West Lifeco offers a variety of insurance policies, including life, health, and disability insurance.

The company employs more than 32,250 people and has 106,000 advisor relationships serving 40 million customers.

4. Sun Life Financial

Sun Life Financial (TSX: SLF; NYSE: SLF) is based in Toronto and is one of the oldest insurance providers, having been established in 1865.

TTM revenue was C$41.53 billion ($29.9 billion U.S.) as of Sept. 30, 2025. This includes insurance premiums and segregated fund deposits, which are life insurance products embedded within mutual funds.

Sun Life Financial offers health insurance policies, investment products, and wealth management services. The company has clients in Asia and the United Kingdom, as well as in North America.

As of the end of 2024, Sun Life Financial had 66,900 employees, over 85 million clients, and more than 95,000 advisors, and its total assets were C$370.72 billion ($266.92 billion U.S.).

5. Intact Financial

Intact Financial Corp. (TSX: IFC) is headquartered in Toronto and was founded in 1809, making it Canada’s oldest insurance company still in operation. It offers property and casualty insurance in Canada, personal and commercial insurance in the U.K. and Ireland, and global specialty insurance. The company also offers insurance specialty solutions in the U.S.

Intact Financial earned C$29.7 billion ($21.38 billion U.S.) in TTM revenue as of Sept. 30, 2025.

Intact Financial’s total assets as of the end of 2024 were C$59.53 billion ($42.86 billion U.S.).

At the end of 2024, Intact Financial had 31,000 employees.

The Bottom Line

Canada’s insurance industry has grown and diversified in recent years. Some companies have added wealth management, asset management, and personal and business financial products and services to their range of insurance offerings.

The top five Canadian insurance companies as of Sept. 30, 2025, as measured by revenue, are Fairfax Financial Holdings, Manulife Financial, Great-West Lifeco, Sun Life Financial, and Intact Financial.