Policy Ninja is the only online insurance website that brokers all products from the largest number of insurance companies in Canada. We don’t make claims we can’t substantiate. Here’s a rundown on who they are and their industry ranking, based on annual premiums collected from policyholders.
1) Manulife: Manulife, founded in 1997, is the largest life insurance company in Canada and one of the largest in the world, with $200 billion in assets and a financial strength rating of A+ from A.M. Best. It collects almost $40 billion in annual premiums and offers an extensive range of personal and group insurance as well as investment plans.
2) Canada Life: Canada Life, founded in 1846 and a subsidiary of Great-West Lifeco Inc, has $219 billion in assets, a strength rating of A+, and collects $36.4 billion in annual premiums. In addition to term, disability and creditor insurance, it offers investment and savings solutions, mortgages, and business insurance.
3) Sun Life: Sun Life Assurance Company of Canada, founded in 1865, has $173 billion in assets, a strength rating of A+, and collects $20.9 billion in annual premiums. It is considered a leader in group benefits, group retirement services, and individual insurance and wealth.
4) Desjardins: The Desjardins Group is the largest federation of credit unions in North America. Formed in 1948, it has $39.8 billion in assets and collects $9.2 billion in annual premiums. Its major focus is life and health insurance and wealth management services for individuals, as well as property and casualty insurance.
5) Industrial Alliance: IA Financial Group evolved from a health and life insurance company into a full-fledged financial services firm. Its strength rating is A+, it has total assets of $58.3 billion, and collects $8.6 billion in annual premiums. It offers life, vehicle, and travel insurance for individuals plus savings and investment plans.
6) RBC Insurance: As a branch of the Royal Bank of Canada, RBC provides everything from life and health to home and travel insurance. Its strength rating is A, its assets total $15.1 billion, and it collects $4.2 billion in annual premiums. Its offerings include life, health, home, auto, travel, wealth, and reinsurance advice and solutions, as well as creditor and business insurance services.
7) SSQ Insurance: SSQ has earned status as one of the 50 best-managed companies in Canada. Founded in 1944, its strength rating is A-, its assets total $12.4 billion, and it collects $2.5 billion in annual premiums. It offers products for life, critical illness, home, auto, and travel for individuals.
8) BMO Life: BMO branched out into life insurance when it acquired AIG Life Insurance, making it the second biggest bank in Canada to offer such coverage. Its strength rating is A, its assets total $11.2 billion, and it collects $2 billion in annual premiums. It offers term and permanent life insurance, accident, travel, and critical illness insurance.
9) Equitable Life: Founded in 1920, Equitable Life Insurance Canada is the largest federally regulated mutual life insurance company in Canada. Its assets total $4.2 billion and it collects $1 billion in annual premiums. It offers individual life and health, savings and retirement, and group benefits solutions.
10) Empire Life: Considered one of Canada’s most convenient insurance and investment companies, Empire Life, which was founded in 1923, has a strength rating of A, $15 billion in total assets, and collects $1 billion in annual premiums. It offers a full range of financial products and services.
11) Ivari: Founded in 1927 and owned by the Canada Pension Plan Investment Board, Ivari’s strength rating is A+. Its assets total $11.5 billion and it collects $839.9 million in premiums annually. It offers term life, universal, and critical illness insurance products, as well as investment products.
12) Canada Protection Plan: CPP is a mid-sized Canadian insurance company; also known as Plan de Protection du Canada in Quebec, CPP insurance is the best-known simplified-Issue, no-medical life insurance carrier in the country.
