What are the biggest life insurance companies in Canada? – Updated 2023


Canada is home to some of the world’s largest financial institutions, with major global insurance companies calling the country their home. Canada Life is Canada’s largest insurance company, collecting almost $60 billion in premiums yearly. Manulife, Sun Life, Industrial Alliance (iA), and Desjardins are also some of the biggest names in Canadian insurance.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
22 min read

The biggest life insurance companies in Canada are Canada Life, Manulife, Sun Life, Industrial Alliance, and Desjardins, if calculating by total annual premiums.

Even with that knowledge, choosing an insurance company in Canada can be an arduous task. It might not come to mind immediately, but this country is a hotbed for the industry.

The biggest life insurance carriers in Canada compete to offer you coverage, hold large global assets, and provide insurance and financial services to people all over the world. As per the CLHIA, there are more than 150 life and health insurance providers in Canada, which is great for consumers looking for choice.

However, with so many life insurance options in Canada to choose from, how do you narrow down your choices or rank them when attempting to pick the right insurance company for your unique needs.

One option is to look at the biggest life insurance company or companies in Canada.

  • Canada Life is Canada’s largest insurance company, collecting almost $60 billion in annual premiums.
  • Manulife, Sun Life, Industrial Alliance (iA), and Desjardins round out the top 5 biggest life insurers in Canada.
  • SSQ and La Capitale’s merger as Beneva will make them the 6th largest life insurance company in the country.
  • Manulife is the biggest life insurance company in Canada based on total assets, with almost $850 billion in assets.
  • Many bank-affiliated insurers like CIBC Insurance and TD Insurance are among the smallest life insurers in the industry in both annual premiums and total assets.

What are Canada’s biggest life insurance companies?

Below is a list of the top 29 life insurance companies operating in Canada. What do we define as the biggest? There are different metrics on which we can rank an insurance company – based on their length of existence, financial strength, grades granted to them by independent rating agencies, and more. From an insurance perspective, we’ve ranked Canada’s top life insurance providers based on the annual premiums they collect from their policyholders.

If you are instead looking for the best life insurance company in Canada, please head to our term life insurance reviews.

This chart shows the top five biggest life insurance companies in Canada based on annual premiums.

List of the Biggest Life Insurance Companies in Canada in 2023 by Annual Premiums

Company Founded Headquarters Financial
Annual Premiums Total Assets
Canada Life 1846 Toronto, ON A+ $58.1 B $394 B
Manulife 1887 Toronto, ON A+ $44.1 B $848.9 B
Sun Life 1865 Toronto, ON A+ $29.2 B $330.9 B
Industrial Alliance 1892 Quebec City, QC A+ $14.3 B $87.4 B
Desjardins 1948 Levis, QC $12.2 B $407.1 B
Beneva 1941 Quebec, QC A $6.9 B $25.1 B
RBC Insurance 1864 Toronto, ON A $4.9 B $22.5 B
Wawanesa 1896 Wawanesa, MB A $4.2 B $11.7 B
BMO Life 1817 Toronto, ON A $1.6 B $13.1 B
Equitable Life 1920 Waterloo, ON A $1.6 B $6.9 B
Empire Life 1923 Kingston, ON A $1.3 B $17.3 B
Foresters 1874 Toronto, ON A $1.3 B $16.5 B
Co-operators 1945 Guelph, ON A $1.1 B $19.4 B
ivari 1927 Toronto, ON A+ $989.4 M $12.1 B
Blue Cross 1939 Independent A- $743.1 M $2 B
Securian Canada 1955 Toronto, ON A $364.2 M $0.3 B
Primerica 1977 Duluth, GA A+ $361.8 M $4.1 B
Chubb Life 1882 Toronto, ON A+ $308 M $ 0.2 B
TruStage Life 1902 Toronto, ON A- $290 M $2.2 B
Combined of America 1922 Chicago, IL A+ $268.9 M $1 B
UV Insurance 1889 Drummondville, QC $216.8 M $2.1 B
Assumption 1903 Moncton, NB A- $205.9 M $1.9 B
Knights of Columbus 1882 New Haven, CT A+ $200.8 M $3.9 B
Humania 1874 Saint-Hyacinthe, QC A+ $196.7 M $0.7 B
American Income 1951 Waco, TX A+ $172.7 M $0.6 B
TD Life** 1855 Toronto, ON $154.7 M $0.2 B
Serenia Life 1972 Waterloo, ON $38.4 M $0.4 B
CIBC Life** 1961 Toronto, ON $34 M $0.1 B
Reliable Life 1887 Hamilton, ON $4.7 M $0.01 B

Source: Company annual reports, OSFI financial data, A.M. Best Company

** Financial metrics displayed for life insurance businesses of the respective companies. Founding dates of respective parent companies.

Canada Life is one of the oldest and most stable life insurers in the country. Up until recently, it came second to Manulife in number of annual premiums — which was no surprise given that Manulife is one of the largest companies in the world. But with its fairly recent merger with Great West Life and London Life, it’s officially topping the charts.

While the top of the list is filled with expected names like Manulife, Sun Life, Desjardins, iA Financial Group, and RBC Insurance, there are also names less familiar to the entire country. Though an insurance company like Beneva (the merger between SSQ and La Capitale) or Wawanesa are not household names in Ontario, they are some of the largest Canadian insurance providers, taking in billions of dollars in premiums every year.

The biggest insurance companies in Canada

This list of insurance providers shows much more than who is a top 10 insurance company in Canada. Some of these companies are amongst the largest insurers in the world. Read on for the details.

The Canada Life Assurance Company (Canada Life, Great West Life, London Life)

In 2019, Great West Life merged their sister companies, London Life and Canada Life into the single Canada Life brand. The Canada Life Assurance Company offers a variety of personal insurance solutions including term life, disability, critical illness and creditor insurance. Canada Life also offers Investment and savings solutions such as segregated funds and annuities, mortgages, and business insurance. Those looking for information about Great West Life insurance and London Life insurance should now consult the Canada Life Assurance Company.

Read our full Canada Life Term Life Insurance Review.

The Manufacturers Life Insurance Company

Manulife Canada is a subsidiary of Manulife Financial Corporation, a Canada-based multinational insurance company and financial services provider. Manulife has an extensive presence in South East Asia and also in the United States, where they operate through their John Hancock insurance provider. They were incorporated in 1887 as the Manufacturers Life Insurance Company and are the largest insurance company in Canada. They offer an extensive range of personal and group insurance and investment plans. Manulife also operates Manulife Bank, which offers chequing and savings accounts, credit cards, and mortgages. They also offer super visa insurance and insurance for visitors to Canada.

 Read our full Manulife Term Life Insurance Review and read more about Manulife’s CoverMe life insurance product.

Sun Life Assurance Company of Canada

Sun Life Financial, Inc. is one of the largest life insurance providers in the world, and also one of the oldest, with a history spanning back to 1865. Apart from Canada, they have a presence in the US and in seven Asian markets, including China and India. The Sun Life Assurance Company of Canada offers a wide variety of products across life, health, and other individual insurance such as travel, mortgage, and business owner insurance. They also offer savings and retirement income plans and investment products. 

Read our full Sun Life Canada Life Insurance Review.

Industrial Alliance Life Insurance

iA Financial Group is one of the largest insurance and wealth management groups in Canada; they also have operations in the United States. It was founded in 1892 and offers both individual and group benefits products. They are more than an insurance company, as they also deal in property management and real estate, offering spaces for lease in major cities across Canada. iA Insurance offers life coverage, car insurance, and travel insurance for individuals. They also offer savings and investment plans including registered plans and securities.

Read our full iA Term Life Insurance Review.

Desjardins Financial Security

Desjardins offers a large range of financial and insurance services in Canada. Their major focus areas are life and health insurance and wealth management services for individuals, and property and casualty coverage (home insurance). They also offer business services including point-of-sale payments and cash management. Desjardins Insurance operates through a network of financial advisors concentrated in Quebec and Ontario but has a presence across Canada.

Read our Desjardins Insurance Review.

Beneva (SSQ Insurance Company Inc., La Capitale)

Beneva Insurance was formed in 2023 after a merger with Quebec-based life insurance companies SSQ Insurance and La Capitale.

(Read more about what happened to SSQ Insurance and what happened to La Capitale.)

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. 

Beneva currently offer products for life insurance, critical illness insurance, home insurance, auto insurance (car insurance), and travel coverage for individuals. They also offer group insurance plans, investment accounts, and other financial services. Beneva has a focus on sustainable development and societal responsibility.

Read our full Beneva Life Insurance Review.

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RBC Life Insurance

RBC Insurance is the insurance operating entity of Royal Bank of Canada, which is one of North America’s leading diversified financial services companies. RBC Insurance offers life and health insurance, home insurance, car insurance and travel coverage, as well as a wide range of wealth and reinsurance advice and solutions. They also offer creditor and business insurance services to individual, business, and group clients. RBC offers the additional option of RBC Private Insurance, a comprehensive risk protection package designed on an individual basis.

Read our full RBC Term Life Insurance Review.


Wawanesa Mutual was founded in 1896 with executive offices in Winnipeg. It is the parent company of Wawanesa Insurance, which distributes life insurance policies and services throughout Canada. Wawanesa also offers automobile, farm, and home insurance as well as commercial business coverage. Wawanesa operates Wawanesa General, which offers P&C insurance in California and Oregon.

Read our full Wawanesa Term Life Insurance Review.

BMO Life Assurance Company

BMO Insurance is a member of the BMO Financial Group, which was founded in 1817, and is one of the largest financial institutions in Canada, if not the world. BMO Insurance offers term and permanent life insurance, accident, travel, and critical illness insurance. BMO Insurance also offers income annuities and guaranteed investment funds.

Read our full BMO Term Life Insurance Review.

Equitable Life Insurance Company of Canada

Equitable Life Insurance Canada is the largest federally regulated mutual life insurance company in Canada.  They offer individual life and health, savings and retirement, and group benefits solutions. Similar to Empire Life, Equitable is also known for its participating whole life insurance product, Equimax. 

Read our full Equitable Life Insurance Review.

The Empire Life Insurance Company

Empire Life was founded in Kingston, Ontario in 1936, with service, sales, and marketing centers across Canada. They offer a full range of financial products and services, including life and critical illness coverage, investment options, and group health benefits and RRSP plans. The insurance company is known for its permanent participating life insurance policies, particularly Empire Estatemax.

Read our full Empire Life Insurance Review.

Foresters Financial

Foresters Financial is a financial services provider operating in Canada, the US, and the UK. They provide life insurance, savings, retirement, and investment solutions and were founded over 140 years ago, in 1870. Many of Foresters’ products have a charitable benefit feature, where Foresters makes a charitable contribution on the policy owner’s behalf to a charity of their choice. Foresters underwrites the insurance products offered by Canada Protection Plan.

Read our full Foresters Term Life Insurance Review.

Co-operators Insurance Company

The Co-operators Group Limited is a leading Canadian multi-line insurance and financial services co-operative with $41.7 billion in assets under management. Their subsidiary companies provide solutions in four core areas: life insurance, property and casualty insurance (home insurance), institutional asset management, and brokerage operations. Co-Operators operates through a network of financial advisors and insurance brokers and has term life, permanent, critical illness, and mortgage protection policies.


Ivari was previously known as an insurance company named Transamerica Life Canada. Now it is owned and operated by the Canada Pension Plan Investment Board (CCPIB). Ivari has a whole range of term life, universal, and critical illness insurance policies. They also offer investment products including annuities and inforce products.

Read our full ivari Term Life Insurance Review.

Blue Cross Life

The Canadian Association of Blue Cross Plans represents independent Blue Cross member plans operating in regions across the country. Blue Cross specializes in group and individual health and dental benefits, as well as travel health insurance. Blue Cross members also receive discounted access to vision care, medical, and other products across Canada through the Blue Advantage program.

Securian Canada (Canadian Premier Life)

Securian Canada (formerly Canadian Premier Life) is a financial management and insurance company. It offers credit, life, and critical illness insurance for individuals. It also offers business insurance to retailers, helps create customized products for financial institutions, and helps affinity groups create member benefit programs.

Primerica Life

The Primerica Canada Insurance Company was started in 1986 and is a subsidiary of Primerica Life Insurance Company. They offer term life and disability insurance products. Primerica also has Financial Needs Analysis (FNA), debt consolidation, investment management and pre-paid legal services.

Chubb Life

Chubb Life Insurance Company, founded in 1882, is a trusted and reliable provider of insurance in Canada.  Aside from life insurance, they also offer a wide range of personal and business insurance products, including critical illness insurance, home insurance, and car insurance, among others. They have offices in Ontario, Quebec, Alberta, and British Columbia.

TruStage Life (Assurant Life)

Assurant Life specializes in insurance-funded end-of-life planning, such as funeral insurance, final expense insurance and executor protection. They offer associated services such as assessment and handling of all final documents. Assurant began in 1902 as a family-owned funeral business; however, they now operate through a network of over 300 insurance brokers across Canada.

Combined of America

Combined Insurance Company of America is owned by the US-based Chubb Insurance Company. It was founded in 1922. Combined provides personal home and supplemental health coverage plans. It also provides worksite solutions to complement employer-paid benefits programs.

UV Insurance

UV Insurance, formally known as UL Mutual, was founded in 1889 in Quebec. They are the 5th oldest insurance company in Canada. UV Insurance offers life, permanent, critical illness, and children’s insurance. They also offer group insurance and retirement products.

Assumption Mutual Life Insurance Company

Assumption Life has term, permanent, and participating life insurance products for individuals. The insurance company is known for its no-medical term life plans. Assumption also offers group benefit plans, including group term and group savings, and retirement and commercial mortgage insurance.

Read our full Assumption Life Insurance Review.

Knights of Columbus

Knights of Columbus is a Catholic fraternal organization – they were founded in 1882 as a mutual benefit society of Catholic immigrants to the United States. They offer term, permanent, long-term care, and disability policies to their members. Apart from insurance and investment management, the Knights of Columbus organize and fund a variety of charity work.

Humania Assurance Inc.

Humania Assurance was founded in Quebec in 1874 as a mutual society. They offer both term life as well as no-medical life insurance products. Their product portfolio is varied, with mortgage, disability, travel, and accident insurance among others. 

Read our full Humania Term Life Insurance Review.

American Income Life

American Income Life is an international insurance company offering policies in the United States, Canada, and New Zealand. Founded in 1951, it focuses on working families and has specialized life, accident, and supplemental health insurance products for members of credit unions, labour unions, and other associations.

TD Insurance

TD Life Insurance is part of TD Canada Trust, one of Canada’s best-known financial conglomerates. They have many different options for term life insurance and also offer a number of other insurance options, such as credit protection, car insurance, auto insurance for motorcycles and recreational vehicles, and condo and home insurance.

Read our full TD Life Insurance Review.

Serenia Life (Faithlife Financial)

Serenia Life, formerly Faithlife Financial, is a US-based fraternal benefit society that also operates in Canada. Founded in 1972, They are inspired by Christian values and offer a number of types of life and living benefit insurance and investments.


CIBC Insurance is the insurance arm of CIBC (Canadian Imperial Bank of Commerce), one of Canada’s biggest banks. CIBC Term Life and CIBC Critical Illness are individual insurance products. Apart from these, CIBC insurance also offers travel coverage, creditor protection, home insurance, and car insurance.

Read our full CIBC Insurance Life Insurance Review.

Reliable Life

Reliable Life has been providing insurance solutions to Canadians since 1887. Reliable Life focuses on student accident and travel insurance for both short-term and long-term travel and is part of the Old Republic International group, listed on the NYSE.

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Why should you choose a bigger insurance company?

There are many reasons to choose a large  company for your financial security needs. Their size lets them offer more choice to their policyholders, be that in products or higher coverage amounts. More often than not a large insurance company can meet your coverage needs. However, when contemplating coverage for your finances, debts, or loved ones, you don’t want a company’s size to be the only metric that dictates the size of the insurance payout you leave behind. 

Other advantages larger insurance companies can offer:

Expertise, size and longevity: Most of Canada’s largest insurance companies have been in business for decades; some have histories which date back to the mid-1840′s. When a company has been involved in an industry that long, one can be certain it understands the complexities of the insurance landscape, knows how to manage risk and grow assets (important for those seeking whole life insurance), and has a history of meeting long-term financial obligations.

The other advantage here is larger more established companies can offer more than just term insurance products, and their suite may include whole life insurance, disability insurance, critical illness insurance, long term care insurance, and many more products like car insurance or travel coverage.

Flexible hours and customer service: Due to their size and breadth of coverage – both in dollar amount and the amount of service they offer countrywide – bigger insurance providers can offer support availability after-hours and on weekends. Plus, as they employ more insurance brokers, you may connect to one faster, on the phone or over other digital means, speaking of which …

Technology: Larger insurance providers have access to greater technology, research, and development budgets, and in turn offer their customers more advanced means of doing business. Whether looking for support, to make changes to existing plans, or anything else you need to do to your life insurance policy to ensure it’s working for you, the biggest insurance companies make that easy with more advanced websites and mobile applications.

Why should you choose a smaller insurance company?

Just because there are many advantages to working with a big insurance company in Canada doesn’t mean you should stop considering purchasing life insurance with a smaller insurance company. When contemplating insurance coverage for your finances, debts, or loved ones, you don’t want an insurance company’s size to be the only metric that dictates the insurance payout you leave behind. A small to mid-sized life insurance company may offer specific products more suitable for your personal needs. 

There are plenty of small- to medium-sized insurance companies in Canada, and many have been in business just as long (and meeting financial obligations just as long) as their larger counterparts

Reasons to consider working with a smaller insurance company:

Price: A larger insurance company can be more expensive than their smaller counterparts. This can be for many reasons, like the larger capital requirements that may be imposed on them by the government, funding the technological advances outlined above, or a focus on other segments of their business that require more funds.

While you can save some money working with a smaller insurance company, term life insurance prices usually remain pretty even among the top insurance providers in Canada.

Features: A smaller insurance company is usually more nimble and able to introduce product or process changes (in response to consumer requests) faster than a larger insurance company. Some smaller companies offer additional features – optionally paid for (also called riders) or freely embedded – within their insurance policies that may be more relevant for your unique situation.

For example, if your preference is to receive an electronic policy or if you want non-medical coverage, there may be more options available to you from mid-sized insurance companies. 

Personal choice and ethics: Some people just prefer working with smaller companies and this extends to life insurance. A smaller insurance company may be able to provide a policyholder with more personalized service, which is especially attractive if it’s their loved ones who have to deal with said company if and when they pass.

As well, some Canadians elect to obtain insurance through companies that align with their ethics like the Christian-based Faithlife Financial or the Knights of Columbus.

What if my insurance company goes out of business?

While its normal to have questions about the longevity of your insurance provider, it is very unlikely to happen in Canada. The Canadian insurance industry is highly regulated at both a provincial and federal level.

Simply put, government agencies make sure and monitor that an insurance company in Canada stays solvent and operates such that it stays open for business and have enough funds to cover their liabilities should any worst-case-scenarios occur. Many of Canada’s large insurance companies are also graded by global credit and financial rating agencies such as AM Best.

In the unlikely event that your insurance company somehow goes out of business, Assuris (a not-for-profit organization that protects Canadian life insurance policyholders if their insurance company fails) will protect your policy. Designated under the Insurance Companies Act of Canada and funded by the life insurance industry, Assuris helps mitigate the impact on a Canadian policyholder of a failure of an insurance company.

Every life insurer that is licensed to sell policies in Canada is required by the regulators to become a member of Assuris. Assuris first and foremost attempts to transfer your policy to a solvent Canadian insurance company and at all times insures that you will retain at least 85% of the insurance benefits you were promised.

What else to consider when choosing a life insurance provider

Ratings and Reviews

There is no end to online insurance reviews you can check out. Whether it be ratings from AM Best or other providers of financial strength ratings, online reviews (Google, TrustPilot, and others), or word of mouth from friends and family who have already purchased coverage and can recommend insurance brokers.

Do they offer the type of products you want?

Make sure a potential insurance company offers the coverage amount, term, and – most importantly – features you want. Innovative, Canadian, online life insurance brokers like (ahem) PolicyAdvisor, can help you check different combinations of insurance terms, benefit amounts, and coverage features to determine which insurance company and product best suits your situation and needs.

Can you increase the length of your coverage later if your circumstances change?

Consider if you purchase term insurance when you’re single, but, as you get married or have children down the line your needs may evolve. In those cases it may be beneficial to have a policy provider that lets you convert your term life coverage into a whole life coverage. In this case, participating whole life insurance is what you are looking to add, and this may narrow down your choice of insurance company to those that offer this particular feature. 

Does the insurance company offer lower premiums to those with healthier lifestyles?

If you are in good health and maintain a balanced lifestyle, an insurance company may offer lower premiums. This is sometimes referred to as a preferred risk classification, but the category names vary among companies, with titles such as optimum, elite, preferred plus, preferred, etc. 

An insurance company will have varying thresholds for offering such preferred premiums. Some may offer preferred ratings for coverage amounts of $250,000 and above, while others may only offer them if the amount applied for is at least $500,000. Conversely, if you have any pre-existing health issues, you may want to consider an insurance company that offers non-medical insurance, or in some cases guaranteed issue policies.

Still have questions about the different insurance companies in Canada?

Our advisors are happy to answer your questions about what is offered by Canadian insurance companies – big and small. Online insurance brokers like let you compare insurance quotes from 20 of the country’s best insurance companies. Schedule a call or try out our instant insurance quoting tools to see how much you can save by comparing quotes online.

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The information above is intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may not include all terms, conditions, limitations, exclusions, termination, and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. All rights reserved.

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  • Manulife, Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA) are the top 5 biggest life insurers in Canada.
  • SSQ and La Capitale's merger into Beneva made them the 6th largest life insurance company in the country.
  • Many bank-affiliated insurers like CIBC Insurance and TD Insurance are among the smallest life insurers in the industry.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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