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- Manulife, Sun Life, Canada Life, iA, and Beneva rank among the five biggest life insurance companies in Canada in 2026.
- LICAT ratios across top insurers reveal a high level of financial resilience, which is critical in ensuring policyholders' long-term security
- Choosing the right insurer involves more than just size; smaller or niche companies may offer better value through competitive rates and personalized service
- Most major insurers offer term, whole life, and universal life insurance, alongside products such as critical illness and disability insurance
- When choosing an insurer, Canadians should compare financial strength, coverage suitability, pricing, service, claims experience, and digital tools, rather than considering company size alone
Choosing the right life insurance provider is one of the most important financial decisions you will make, and understanding Canada’s insurance landscape is crucial for making an informed choice. Whether you are buying term life, whole life, or universal life insurance, comparing the largest insurers can help you find the right balance of financial strength, coverage options, and value.
In this guide, we review 40 of the largest life insurance companies in Canada and compare their key offerings. Understanding which insurers lead the market can help you choose the right coverage for your family’s financial security. You will also learn how these insurers compare in terms of financial strength and product quality.
Based on our analysis of total assets, market share, financial strength, and national presence, the top five biggest life insurance companies in Canada are:
- Manulife
- Sun Life
- Canada Life
- Industrial Alliance (iA)
- Beneva
We cover the remaining insurers later in our complete comparison, along with their insurance products, financial strengths, and key differentiators.
Largest Life Insurance Companies in Canada (2026)
Here is a list of all 40 insurers, and further examine 28 leading companies to highlight their products, strengths, and key differentiators.
| Serial No. | Company | Founded / HQ | Insurance Revenue | Total Assets | LICAT Ratio | AM Best Rating |
| 1 | Manulife | 1887, Toronto, ON | $26.6B | $1.3T
|
137%
|
A+ |
| 2 | Sun Life | 1865, Toronto, ON | $22.6B | $1.5T | 152% | A+ |
| 3 | Canada Life | 1846, Toronto, ON | $21.0B | $461.2B | 130% | A+ |
| 4 | Industrial Alliance (iA) | 1892, Quebec City, QC | $6.8B | $109.9B | 139% | A+ |
| 5 | Beneva | 1941, Quebec, QC | $4.8B | $27.5B | 150% | A |
| 6 | Desjardins | 1948, Levis, QC | $4.3B | $470.9B | 146% | — |
| 7 | RBC Insurance | 1864, Toronto, ON | $2.3B | $28.6B | 135% | A |
| 8 | Empire Life | 1923, Kingston, ON | $1.4B | $19.7B | 151% | A |
| 9 | BMO Life | 1817, Toronto, ON | $1.3B | $20.1B | 130% | A |
| 10 | The Co-operators | 1945, Guelph, ON | $1.0B | $10.5B | 168% | A |
| 11 | Securian Canada | 1955, Toronto, ON | $990M | $1.2B | 153% | A |
| 12 | Equitable Life | 1920, Waterloo, ON | $920M | $10.2B | 169% | A |
| 13 | ivari | 1927, Toronto, ON | $822M | $14.6B | 131% | A+ |
| 14 | Blue Cross Canada | 1939, Various | $686M | $2.3B | 135% | A- |
| 15 | Brookfield/Blumont Annuity Co. | Toronto, ON | $383M | $7.5B | 147% | — |
| 16 | Primerica | 1977, Duluth, GA | $359M | $4.1B | 191% | A+ |
| 17 | Chubb Life | 1882, Toronto, ON | $342M | $345M | 163% | A+ |
| 18 | Metropolitan Tower | New York, NY, USA | $331M | $2.3B | 171% | A+ |
| 19 | Wawanesa | 1896, Wawanesa, MB | $300M | $11.5B | 165% | A |
| 20 | Foresters | 1874, Toronto, ON | $0.2B | $1.8B | 200% | A |
| 21 | Combined of America | 1922, Chicago, IL | $230M | $1.1B | 176% | A+ |
| 22 | UV Insurance | 1889, Drummondville, QC | $225M | $2.4B | 172% | — |
| 23 | Humania | 1874, QC | $200M | $678M | 185% | A+ |
| 24 | TD Life | 1855, Toronto, ON | $155M | $344M | 200% | — |
| 25 | Assumption Life | 1903, Moncton, NB | $147M | $2.3B | 165% | A- |
| 26 | TruStage Life | 1902, Toronto, ON | $120M | $2.4B | 165% | A- |
| 27 | CIGNA Life | 1982, Bloomfield, CT | $111M | $136M | 245% | A |
| 28 | British Insurance Co. (Cayman) | Cayman Islands | $77M | $471M | 176% | — |
| 29 | Knights of Columbus | 1882, New Haven, CT | $76M | $30.3B | 274% | A+ |
| 30 | American Income Life | 1951, Waco, TX | $71M | $64M | 169% | A+ |
| 31 | New York Life | 1845, New York, NY | $42M | $696M | 353% | A++ |
| 32 | CIBC Life | 1961, Toronto, ON | $29M | $164M | 494% | — |
| 33 | Aetna Life | 1939, Toronto, ON | $28M | $98M | 496% | A |
| 34 | Teachers Life | 1972, Waterloo, ON | $25M | — | 234% | — |
| 35 | Serenia Life | 1972, Waterloo, ON | $20M | $371M | 177% | — |
| 36 | American Health & Life | 1954, Fort Worth, TX | $17M | $64M | 576% | A- |
| 37 | AWP Health & Life SA | Paris, France | $15M | $38M | 271% | — |
| 38 | Connecticut General | 1957, Bloomfield, CT | $4M | $195M | 223% | A |
| 39 | Reliable Life | 1887, Hamilton, ON | $3M | $14M | 310% | — |
| 40 | Jackson National Life | 1961, Lansing, MI | $254K | $11M | 458% | A |
* Methodology and sources for the above table
We standardize “revenue” as Insurance Service Revenue under IFRS 17 and reconcile across sources. Where company-year figures differ, we use the latest audited report and note variances in footnotes.
- Office of the Superintendent of Financial Institutions (OSFI) financial data (2024)
- A.M. Best Financial ratings (2025)
- Company annual reports
Your benefits are protected: If a member life insurer fails, Assuris protects your policy up to $1,000,000 or 90% of the death benefit, whichever is higher. This safety net applies to most Canadians.
1. Manulife
Manulife Financial Corporation is one of the largest life insurers in Canada, and also one of the most globally recognized, with operations in Canada, the U.S. (through John Hancock), and multiple Asian markets. Founded in 1887, the company manages approximately $1.3 trillion in assets under management and administration worldwide.
2. Sun Life
Sun Life Financial, Inc. is one of the largest and oldest life insurers in the world, with a history dating back to 1865. Sun Life is particularly recognized for its participating whole life insurance, extensive advisor network, and comprehensive financial planning services for Canadians at every stage of life.
Apart from Canada, Sun Life has a presence in the U.S. and seven Asian markets, including China and India
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3. Canada Life
Canada Life is one of the oldest and most stable life insurers in the country and was established in 1847. As a subsidiary of Great-West Lifeco, Canada Life serves millions of customers across Canada, Germany, Ireland, the United Kingdom, and the United States.
After merging with its sister companies in 2020, Canada Life ranked among the leaders in insurance revenue and total assets under management.
4. iA (Industrial Alliance)
iA (Industrial Alliance) Financial Group is one of the largest insurance and wealth management groups in Canada, founded in 1892 and headquartered in Quebec City. The insurer offers both individual and group benefits products to a wide range of customers globally.
Apart from insurance, iA also operates in property management and the rental of office space in major cities across Canada.
5. Beneva
Beneva, formed through the merger of Quebec-based SSQ Insurance and La Capitale, ranks among Canada’s top mid-tier life insurers by assets (approximately $27.5 billion) and regional presence.
SSQ Insurance was founded in 1944, while La Capitale was founded just a few years earlier, in 1940. Both companies were founded and operated on mutualist values, which have carried on with their merger into Beneva. This makes Beneva one of the largest mutual insurance companies in the country.
6. Desjardins
Desjardins is well known across Canada, offering a wide variety of financial services and insurance products.
The company mainly focuses on life, health, and home insurance, as well as wealth management services. Desjardins also offers business services such as point-of-sale payments and cash management.
7. RBC Insurance
The Royal Bank of Canada (RBC) is one of North America’s best-known financial institutions. RBC Insurance is the division that provides insurance products and services to individuals and businesses across Canada.
RBC Insurance stands out for combining insurance products with banking services, making it a convenient choice for existing RBC clients seeking integrated financial solutions.
8. Wawanesa
Wawanesa Mutual is the parent company of Wawanesa Insurance, which offers life and other insurance products. Founded in 1896 and based in Winnipeg, Manitoba, the company also operates as Wawanesa General in the United States, primarily selling property and casualty insurance in California and Oregon.
9. BMO
BMO Financial Group is one of the largest financial institutions in Canada and one of the largest in the world. It was founded in 1817 as the Bank of Montreal, one of the Big Five Canadian banks.
BMO Insurance is the division of BMO that offers insurance policies and related services. The insurer is recognized for flexible permanent life insurance options and solutions designed for both personal and business insurance needs.
10. Equitable Life
Equitable Life Insurance Canada is a federally regulated mutual life insurer founded in 1920. As one of the largest federally regulated mutual life insurance companies in Canada, Equitable Life focuses on long-term policyholder value and financial stability.
11. Empire Life
Empire Life was founded in Kingston, Ontario, in 1923. The company operates services, sales, and marketing centres throughout Canada. They are most well known for their permanent participating life insurance policies.
12. Foresters
Foresters Financial is an international fraternal benefit society that provides life insurance and investment products in Canada, the US, and the UK. It was founded over 140 years ago, in 1874. Many of Foresters’ life insurance products support charities, scholarships, grants, and community programs.
Many of its life insurance products support charities through claims, grants, or special programs. Foresters underwrites the insurance policies offered by Canada Protection Plan.
13. Co-operators
The Co-operators Group Limited is a leading Canadian co-operative company that was founded in 1945. The institution offers life, health, travel, home, farm, and auto insurance, alongside investment products, through a network of financial advisors and brokers.
14. ivari
ivari (formerly Transamerica Life Canada) was acquired by Wilton Re in 2015. ivari has operated for more than 80 years and offers a variety of insurance policies and investment products. The insurer is known for its tax-advantaged investment components and free, built-in value-added benefits.
15. Blue Cross
There are many different Blue Cross member plans in Canada. The Canadian Association of Blue Cross Plans is the group that represents all of them nationally.
Blue Cross is best known for group insurance and travel insurance. Canadians who are Blue Cross members can save money on various services, including vision and medical services, through the Blue Advantage program.
16. Securian Canada
Many people know Securian Canada by its former name, Canadian Premier Life. It is a company that offers financial management services and several insurance products. The company provides insurance solutions while supporting banks, credit unions, and other organizations across Canada.
17. Primerica
Primerica Canada Insurance Company was founded in 1986 and operates in Canada and the United States. It is a subsidiary of Primerica Life Insurance Company, a North American financial services company that focuses on helping middle-income families protect their finances and plan for the future.
18. Chubb Life
Chubb Life Insurance Company was founded in 1882 and is a part of the global Chubb group. Now, they are a trusted and reliable provider of insurance in Canada and are backed by strong financial resources, serving customers across Ontario, Quebec, Alberta, and British Columbia.
19. TruStage Life (Assurant Life)
The insurance company known as Assurant Life rebranded into TruStage in 2022 after it was bought by CUNA Mutual Group. It was originally designed for members of credit unions and has expanded its insurance offerings over the years.
As an insurance company, TruStage specializes in insurance for end-of-life planning, such as final expense insurance and executor protection insurance. TruStage also offers services such as assessing and handling final documents, including wills and trusts.
20. Combined Insurance Company of America
Combined Insurance Company of America is owned by Chubb Insurance Company in the US. It was founded in 1922 and sells insurance to people and businesses. The company serves individuals and employers with policies that help cover expenses not typically covered by provincial health plans or employer benefits.
21. UV Insurance
UV Insurance, formerly known as UL Mutual, was founded in 1889 in Quebec. The insurer offers life insurance, critical illness, disability insurance, investments, and retirement solutions for individuals and businesses.
22. Assumption Life
Assumption Life is best known for its no-medical term life plans. They were founded in 1903 in New Brunswick, Canada. But they were originally a fraternal society in Massachusetts, USA, before they decided to start selling insurance.
Assumption Life is known for their community focus, alongside innovative and flexible policies. They were also the first Canadian life insurer to earn B Corp status in 2017.
23. Knights of Columbus
Knights of Columbus is a Catholic fraternal organization founded in 1882 as a mutual benefit society for Catholic people who moved to the US. It provides coverage for members and their families, offers insurance and financial services, and actively engages in charitable work.
24. Humania
Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer a lot of no-medical life insurance options and are best known for fast approvals and accessible coverage for applicants who may have difficulty qualifying through traditional underwriting.
25. American Income Life
American Income Life was founded in 1951. The company now offers insurance in Canada, the U.S., and New Zealand. They focus on helping working families and members of credit unions, labour unions, and other associations get insured.
26. Serenia Life
Serenia Life is a fraternal benefit society offering life insurance and financial solutions in Canada. It was founded in 1972 and used to be called Faithlife Financial up until 2008. The insurer emphasizes personalized advice, community values, and long-term financial planning while offering both term and permanent life insurance products.
27. CIBC
CIBC Insurance is a part of CIBC (the Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. After a merger in 1961, the institution started offering insurance products as well.
Apart from insurance products, they have extensive lending and wealth management services. Additionally, existing CIBC clients can integrate insurance with their broader financial planning seamlessly.
28. Reliable Life
Reliable Life has been helping Canadians with insurance since 1887. They are also part of a company called the Old Republic International Corporation, which is listed on the New York Stock Exchange. Reliable Life specializes in travel, student accident, and other specialty insurance products.
How to choose the right insurer in Canada
Your ideal life insurance company in Canada depends on your health, age, budget, desired coverage amount, and long-term financial goals. Whether you are a young family, business owner, retiree, or high-net-worth individual, matching your needs with the right insurer can lead to better protection and long-term value.
| Category | What to look for |
| Financial strength |
|
| Coverage needs |
|
| Premium affordability |
|
| Digital and human support |
|
How do we rank the biggest life insurance companies in Canada?
Our updated approach looks beyond size and reputation. We focus on financial strength, product quality, insurance revenue, and customer satisfaction. Additionally, we factor in the age and history of the insurer, which signify long-term operation and positive solvency. This approach helps consumers compare insurers based on the factors that have the greatest impact on long-term reliability, policy value, and customer experience.
As a result, our rankings reflect insurer size and overall value, assisting Canadians in choosing companies that balance financial stability with quality insurance products.
Comparing large vs. small insurance companies in Canada
Choosing the right insurer depends on what matters most to you. Larger companies offer scale, extensive coverage options, and advanced technology, while smaller companies provide personalized service, flexible products, and local expertise. The table below highlights key differences to help you decide.
Key differences between large and small insurance companies
| Feature | Big insurance | Small insurance |
| Experience | Decades of industry expertise | Stable, often niche-focused |
| Coverage Options | Term & permanent, high limits | Tailored products, flexible riders |
| Price | Slightly higher, depends on scale | Competitive, sometimes lower |
| Customer Service | Fast, multiple offices & agents | More personalized, service with a stronger focus on individual relationships |
| Accessibility | Extended hours, nationwide | Limited locations/hours or advisor channels |
| Technology | Advanced tools for quotes, claims, policy management | Simpler tech, more customization |
| Values & Ethics | Standard corporate practices | Local, mutual, or ethically aligned |
Is it better to choose a bigger insurance company?
Not necessarily. Large insurers often offer broader product portfolios and greater financial resources, while smaller companies may provide more competitive pricing, specialized products, or more flexible underwriting criteria.
This is why it is best to speak with our licensed advisors at PolicyAdvisor. They have in-depth knowledge of the Canadian insurance market and can recommend the best provider for your specific needs.
Still looking for the top insurance companies in Canada?
If you are still not sure whether one of the largest Canadian insurance companies is right for you, our advisors are happy to help. Schedule a call and let our experts answer your questions about what Canadian insurance companies, large and small, offer.
Our licensed advisors compare quotes from over 30 of Canada’s leading life insurance companies to help you find coverage that matches your needs. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.
Frequently Asked Questions
How often do rankings of life insurance companies change?
Life insurance company rankings can change annually or even more frequently, depending on factors like financial performance, customer service ratings, innovation, and regulatory changes. A company’s solvency, claims handling, and market share can all influence its position in industry reports or consumer rankings.
What factors affect the financial stability of life insurance companies?
A life insurance company’s financial stability is typically measured by solvency ratios, capital reserves, investment performance, and underwriting profits. Companies with diverse investment portfolios, strong risk management practices, and consistent profitability are generally more stable and reliable over the long term.
Can I buy life insurance from a company not based in Canada?
Yes, but you can only purchase life insurance from international companies that are licensed to operate in Canada. These insurers must comply with Canadian regulations and are monitored by federal or provincial insurance regulators. Buying from an unlicensed foreign insurer could leave you unprotected or unable to enforce your policy.
What are the benefits of choosing a large life insurance company over a smaller one?
Large insurers often offer a wider range of products, stronger digital platforms, and greater financial stability. They may also provide broader advisor networks, more streamlined claims processes, and better access to additional services, such as financial planning tools or wellness programs. However, smaller insurers may provide more personalized service, specialized products, or competitive pricing.
How do consumer ratings affect life insurance companies?
Consumer ratings influence a company’s reputation and can guide potential customers during their decision-making process. Positive reviews can enhance trust, while repeated complaints may raise concerns. While not the sole factor, consumer feedback is a helpful indicator of service quality and client satisfaction.
What should I do if I am not satisfied with my life insurance provider?
You should begin by reviewing your policy, identifying specific concerns and contacting your insurer’s customer service to discuss your issue. If the problem persists, you can file a complaint with your provincial insurance regulator. If you are considering switching providers, ensure your new policy is active before cancelling the old one to avoid any coverage gaps.
Which are the best insurance companies in Canada for 2026?
The best insurance companies in Canada for 2026 are determined by their financial strength, customer satisfaction, product innovation, and digital capabilities. Leading providers include:
- Sun Life, for strong client satisfaction and wellness-focused products
- Manulife, for innovation and global reach
- Canada Life, for scale and comprehensive coverage options
- Industrial Alliance, for regional expertise and competitive pricing
- Beneva, for a mutual insurance company
How do I choose between the largest insurance companies in Canada?
Choosing the right insurer involves assessing several factors such as financial strength (A.M. Best ratings and LICAT ratios), product suitability based on your needs, pricing competitiveness, quality of service and claims experience, and access to digital tools for convenience and support.
Are bigger insurance companies always better?
Not necessarily. Larger insurance companies offer advantages such as financial stability, broad product availability, and extensive support networks. However, they may not always be the best fit. Smaller or regional insurers can provide more competitive pricing, personalized service, and flexible options tailored to specific needs.
What is the difference between the top 10 and top 20 insurance companies in Canada?
The top 10 insurers are typically national leaders with large-scale operations and diversified offerings. The top 20 includes regional and specialized insurers that may excel in niche markets or offer unique advantages in pricing, service, or policy design.
How often do rankings of the biggest insurance companies change?
Rankings among Canada’s top five life insurers tend to remain consistent year over year. However, changes can occur due to mergers, premium growth, or shifts in market strategy. Notably, Canada Life’s position strengthened following its merger with Great-West Life and London Life.
Can I trust the financial ratings of Canada’s largest insurance companies?
Yes. Canada’s major insurers are rated by independent global agencies such as A.M. Best, Moody’s, S&P Global, and DBRS Morningstar. These ratings reflect a company’s financial strength, claims-paying ability, and long-term stability, and are reviewed regularly.
Do the top Canadian life insurance companies operate nationwide?
Yes, all top life insurance companies in Canada are licensed to operate nationwide. While some have stronger regional footprints, such as Desjardins and iA in Quebec or Wawanesa in the West, they serve clients across the country either directly or through licensed advisors.
What makes the best insurance companies in Canada in 2026 different from previous years?
Top insurers in 2026 are distinguished by their investment in digital transformation, faster underwriting through AI, integrated wellness and health features, ESG investment practices, and personalized insurance solutions using data and analytics. These enhancements improve both accessibility and client experience.
Can I switch life insurance companies after buying a policy?
Yes, you can apply for a new life insurance policy with another insurer if it better suits your needs. However, you should keep your existing policy active until your new coverage begins to avoid any gap in protection.
What types of life insurance do Canada’s largest insurers offer?
Most major Canadian insurers offer term life insurance, whole life insurance, and universal life insurance. Many companies also provide critical illness insurance, disability insurance, travel insurance, investments, and retirement products.
Does a larger insurance company mean lower risk?
Not necessarily. While larger insurers often have substantial financial resources, factors like financial strength ratings and claims-paying ability are more meaningful indicators of long-term stability.
Can I buy multiple life insurance policies from different companies?
Yes, many Canadians own more than one life insurance policy, either from the same insurer or different companies. This can help them cover various needs, be it immediate financial protection or long-term estate planning.
The biggest life insurers in Canada stand out for their size, stability, and strong coverage options. Sun Life, Manulife, Canada Life, Beneva, and Industrial Alliance (iA) consistently rank among the top providers for financial strength and reliability. These life insurance companies combine strong financial resources with broad insurance and investment offerings.
Canadian Life and Health Insurance Association (CLHIA). Canadian Life & Health Insurance Facts, 2024 Edition. Toronto: CLHIA, 2024.
International Financial Reporting Standards Foundation. IFRS 17 Insurance Contracts: Fact Sheet. London: IFRS Foundation, 2023.
