6 World’s Largest Insurance Companies from Canada6 World’s Largest Insurance Companies from Canada

6 World’s Largest Insurance Companies from Canada– According to Annual Report on 2021 of each Insurance Company from Canada, there are 6 World’s Largest Insurance Companies from Canada. Canada has around 1.9 trillion US Dollar of GDP in 2021 According to World bank Database.  With population around 9.9 million km2, this country has become an advanced country with 57 thousand US Dollar of GDP per Capital. Overall, Canada still become 24th highest nominal per capita income globally.

6 World’s Largest Insurance Companies from Canada- List of Insurance Companies From Canada

Economically, insurance Industries still become the major part in its economics. The function of Insurance still has positive impact on supporting the economics. Insurance can be the shield or protector from the unexpected risk when the people or institution do the business or activity.  Some people or company sacrifice their money to buy the insurance product due to the protection of insurances.  Wit insurance, it can help the people or business from the unexpected risk or natural disasters.

The Rank of World’s Largest Insurance Companies from Canada Based on Assets

RankName of CompanyAssetsAssetsLiabilities Liabilities
Canadian Dollar (CAD)US Dollar (USD)Canadian Dollar (CAD)US Dollar (USD)
1Manulife Financial917 Billion 669 Billion858 Billion 626 Billion
2Sun Life Financial345 Billion 251 Billion317 Billion231 Billion
3iA Financial94.6 Billion 69 Billion87.4 Billion 63.8 Billion
4Intact Financial 66.3 Billion 48 Billion49.5 Billion36.1 Billion
5E-L Financial26.7 Billion19.4 Billion18.1 Billion13.2 Billion
6Trisura Group 3 Billion 2.1 Billion 2.6 Billion1.8 Billion
Currency Rate : 1 Canadian Dollar (CAD) = 0.73 US Dollar (USD)
Source : Annual Report, 2021

In Canada, the rank of insurance companies above was arranged by Assets in 2021. All this data was obtained from Balance sheet of the company in 2021. Practically, in accounting, Balance sheet describes the assets, liabilities, and equities.  The assets describe the current and non-current or tangible or intangible properties that company has owned. Meanwhile, the liabilities are the debt or obligation that insurance companies mut be paid off in the futures. Lastly, the Equities is the different values between assets and liabilities.

The Rank World’s Largest Insurance Companies from Canada Based on Net Income

RankName of CompanyRevenueRevenueNet IncomeNet Income
Canadian Dollar (CAD)US Dollar (USD)Canadian Dollar (CAD)US Dollar (USD)
1Manulife Financial61.8 Billion 45.1 Billion 6.9 Billion 5 Billion
3Sun Life Financial35.6 Billion 25.9 Billion4.3 Billion 3.1 Billion
2Intact Financial 17.6 Billion 12.8 Billion2 Billion 1.46 Billion
5E-L Financial2.4 Billion1.7 Billion1.28 Billion934 Million
4iA Financial15.4 Billion 11.2 Billion 859 Million 627 Million
6Trisura Group 349 Million254 Million62.5 Million47.8 Million
Currency Rate : 1 Canadian Dollar (CAD) = 0.73 US Dollar (USD)
Source : Annual Report, 2021

Furthermore, This Second rank was arranged based on the Net Income. All this data was obtained from Income statement of Annual Report in 2021. The income statement describes and explains about the business performance of each company in specific times. The company that can gain the net income is in the good conditions. Overall, the sustainability of company in generating the net income for long-term can guide the investors or shareholder or chairperson that company can do the business well.

Brief Description of World’s Largest Insurance Companies from Canada

1.Manulife Financial

6 World’s Largest Insurance Companies from Canada- Manulife

Manulife Financial Corporation is Canadian-based insurance company that has central office Toronto, Ontario. Historically, this company was found on June 23rd, 1887. Nowadays, along with business development of Manulife, this company has become the leader of insurance in Canada and one of the largest in the World with 34,000 employees and 63,000 agents. Financially, in 2021, based on the balance sheet of company in 2021, the company has Assets around 917 billion CAD / 669 billion USD with liabilities around 858 billion CAD / 626 billion USD. Furthermore, based on business performance in 2021, in Income Statement of annual report, Manulife can generate revenue around 61.8 billion CAD / 45.1 billion USD with net income around 6.9 billion CAD / 5 billion USD.

2.Sun Life Financial

6 World’s Largest Insurance Companies from Canada- Sunlife

Sun Life Financial Inc. is Canadian financial and insurance company that has central office in Toronto, Ontario. Historically, this company was found on 1865 by Matthew Hamilton Gault, an immigrant from Irish. Along with business development of Sun Life Financial, this company has around 50,000 employees, 118,400 advisors, in 27 markets. Financially, based on balance sheet of the company on 2021, the company has assets around 345 billion CAD / 251 billion USD with liabilities around 317 billion CAD / 231 billion USD. Based on business performance on income statement of annual report 2021, Sun Life Financial can generate revenue 35.6 billion CAD / 25.9 billion USD and net income around 4.3 billion CAD / 3.1 billion USD.

3. iA Financial

6 World’s Largest Insurance Companies from Canada- iA Financial

iA Financial Group is Canadian financial and insurance company that has central office in Quebec City, Quebec, Canada. Historically, Hormidas Laporte and Bernard Leonard found this company on 1892. Financially, in 2021, based on the balance sheet on 2021, the company has assets around 94.6 billion CAD / 69 billion USD with liabilities around 87.4 billion CAD / 63.8 billion USD. Based on business performance in 2021, the company can generate revenue around 15.4 billion CAD / 11.2 billion USD with net income around 859 million CAD / 627 million USD.

4. Intact Financial

6 World’s Largest Insurance Companies from Canada- Intact Financial

Intact Financial Corporation is Canadian insurance company that has central office in Intact Centre, Toronto, Ontario, Canada. Historically, this company was found in 1809. Operationally, Intact Financial Corporation is commonly known as Property and casualty insurance, insurance brokerage. Financially, based on the balance sheet on 2021, the company has assets around 66.3 billion CAD / 48 billion USD with liabilities around 49.5 billion CAD / 36.1 billion USD. Based on business performance in 2021, Intact Financial can generate revenue around 17.6 billion CAD / 12.8 billion USD with Net Income around 2 billion CAD / 1.46 billion USD.

5. E-L Financial

6 World’s Largest Insurance Companies from Canada- E-L Financial

E-L Financial Corporation Limited commonly known as “E-L Financial” is Canadian investment and insurance holding company. Operationally, this company has central office in Toronto, Ontario. Historically, this company was found on 1968. Financially, based on the balance sheet of annual report in 2021, the company has assets around 26.7 billion CAD / 19.4 billion USD and liabilities around 18.1 billion CAD / 13.2 billion USD. Based on business performance in 2021, the company can generate revenue around 2.4 billion CAD / 1.7 billion USD and Net Income around 1.28 billion CAD / 934 million USD.

6. Trisura Group

6 World’s Largest Insurance Companies from Canada- Trisura

Trisura Group is canadian insurance company that has central office on Toronto, Kanada. Operationally, Trisura some subsidiaries including Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Insurance Company.  In financial structure, based on the balance sheet of annual report in 2021, Trisura Group has assets around 3 billion CAD / 2.1 billion USD with liabilities around 2.6 billion CAD / 1.8 billion USD. Based on the business performance in 2021, the company can generate revenue around 349 million CAD / 254 million USD with Net Income around 62.5 million CAD / 47.8 million USD.

Bibliography of 6 World’s Largest Insurance Companies from Canada

Manulife Financial. 2022. Annual Report 2021. Accessed via https://www.manulife.com/en/investors/results-and-reports.html  on June 9th, 2023.

Sun Life Financial. 2022. Annual Report 2021. Accessed via https://www.sunlife.com/en/investors/financial-results-and-reports/annual-reports/  on June 9th, 2023.

iA Financial. 2022. Annual Report 2021. Accessed via https://ia.ca/investorrelations on June 9th, 2023.

Intact Financial. 2022. Annual Report 2021. Accessed via https://www.intactfc.com/English/investors/financial-reports-and-filings/annual-report/default.aspx on June 9th, 2023.

E-L Financial. 2022. Annual Report 2021. Accessed via https://www.e-lfinancial.ca/financial-statements  on June 9th, 2023.

Trisura Group. 2022. Annual Report 2021. Accessed via https://www.trisura.com/group/investor-centre  on June 9th, 2023.

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