October 2026
Largest Insurance Carriers Public Companies in Canada
Benchmark revenue and EBITDA valuation multiples for public comps like
Manulife, Great-West Lifeco, Sun Life, Power Corporation of Canada and Fairfax Financial.
 | Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, asset management, and wealth management products to individuals and group customers in Canada, the United States, and Asia. The Canadian business segment contributes approximately 21% of 2025 adjusted earnings. The Asia segment operates across 12 countries and contributes around 38% of earnings, with a significant presence in Hong Kong and Singapore. The US business, which primarily operates under the John Hancock brand, contributes about 16% of earnings. Manulife’s global asset and wealth management business contributes approximately 25% of its earnings. The firm had around CAD 1.2 trillion in assets under management and administration as of the end of June 2026. | $44 | +36% | $73B | $87B | 2.3x | 14.3x | ||
| Great-West Lifeco is one of the Big Three Canadian life insurers. The firm's Canadian business contributed around 30% of adjusted earnings. The firm generates a further 32% of adjusted earnings from the United States, attributable to its recordkeeping business, Empower, and its US life insurance business. Great-West Lifeco also offers various products across European markets with a strong presence in the UK and Ireland, which collectively accounted for 20% of adjusted earnings, while the firm's reinsurance business accounts for the remainder. Great-West Lifeco had around CAD 3.5 trillion of assets under administration across its business segments at the end of September 2025. | $64 | +51% | $58B | $61B | 2.2x | 15.4x | ||
| Sun Life Financial is one of the Big Three Canadian life insurers. The Canadian business contributed around 38% of adjusted earnings. In that segment, the firm provides health, life insurance, and annuity products to individual and group customers. Its US business is mostly group health and contributed about 20% of the firm's adjusted earnings in 2024. Sun Life also offers life insurance and wealth products in several Asian markets with a strong presence in Hong Kong and the Philippines. The Asia segment contributed around 18% of adjusted 2024 earnings. Its asset management business had around CAD 1.1 trillion total assets under management or administration at the end of 2024 and represents around 34% of the firm's earnings. | $79 | +29% | $44B | $46B | 1.7x | 12.2x | ||
| Power Corporation of Canada is a holding company with controlling interests in Great-West Lifeco (one of the Big Three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative-asset management platforms (Sagard and Power Sustainable). Great-West and IGM Financial contribute to over 85% of Power's value. The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms. | $65 | +39% | $41B | $90B | 3.4x | 21.0x | ||
| Fairfax Financial is a Canadian diversified financial holding company headquartered in Toronto, built around property and casualty insurance and reinsurance. Through 26 decentralised insurance companies, including Odyssey Group, Brit Insurance and Crum & Forster, it writes about $33 billion of gross premiums a year and ranks among the top 20 property and casualty insurers worldwide. It earns from underwriting and from investing its insurance float: its consolidated investment portfolio, managed by Hamblin Watsa Investment Counsel with a long-term value approach, exceeds $70 billion. Fairfax also owns non-insurance businesses in consumer services, retail, logistics, agriculture, hospitality and banking, including Recipe Unlimited, Sleep Country Canada and Bauer Hockey. The company traces back to Markel Service of Canada, incorporated in 1951; V. Prem Watsa took control of Markel Financial, a trucking-insurance specialist, in 1985 and renamed it Fairfax Financial Holdings in 1987, and he remains chairman and chief executive with the controlling voting interest. Since 1985 book value per share has compounded at 18.7% a year. In 2025 Fairfax reported revenue of $33.6 billion, net income of $4.77 billion and total assets of $107.8 billion, with more than 60,000 employees. It is listed on the Toronto Stock Exchange and is a member of the S&P/TSX 60 index. | $1,695 | +4% | $38B | $49B | 1.6x | 6.1x | ||
| Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. The company distributes insurance under the Intact Insurance brand through a network of brokers and a wholly-owned subsidiary, BrokerLink, and directly to consumers through Belairdirect. The majority of the company's direct premiums are written in the personal automotive space. Intact directly manages its investments through its subsidiary Intact Investment Management. The vast majority of these invested assets are fixed-income securities. Its asset mix is designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S. | $179 | -5% | $32B | $35B | 1.9x | 9.4x | ||
| iA Financial Corp Inc is an insurance and wealth management group based in Canada. It offers various life and health insurance products, savings and retirement plans, mutual funds, securities, loans, auto and home insurance, creditor insurance, replacement insurance, replacement warranties, extended warranties, and other ancillary products for dealer services and other financial products and services. The company's products and services are offered on both an individual and group basis and extend throughout Canada and the United States. Its operating segments are: Insurance, Canada; Wealth Management; U.S. Operations; Investment; and Corporate. Maximum revenue is generated from the Insurance, Canada segment. | $150 | +26% | $13B | $19B | 3.1x | 15.4x | ||
| Brookfield Wealth Solutions Ltd, formerly Brookfield Reinsurance Ltd operates a capital solutions business providing insurance and reinsurance services to individuals and institutions. Through its subsidiary, the company offers a broad range of insurance products and services, including life insurance and annuities, and personal and commercial property and casualty insurance. The Company's reporting segments are Annuities, P&C, Life Insurance and Corporate and Other. Majority revenue is generated from Annuities segment followed by P&C. | $40 | -16% | $11B | $16B | 1.4x | 10.3x | ||
| Iamgold Corp is a mid-tier gold mining company. The company operating gold mines are divided into geographic segments such as Cote Gold mine - Canada, Burkina Faso - Essakane mine, Westwood mine - Canada. The company's s non-gold mine segments are Exploration and evaluation and development, and Corporate - which includes royalty interests. The company generates the majority of its revenue from the Cote Gold mine segment. | $18 | +56% | $10B | $10B | 3.6x | 7.0x | ||
| Definity Financial Corp is a property and casualty insurance services provider. It serves the insurance needs of individual, commercial, and farm customers. Its product portfolio includes Personal auto insurance, Personal home insurance, Group auto insurance, Group home insurance, Business property insurance, Business liability insurance, Commercial vehicle insurance, Surety bonds, Oilfield services insurance, General farm insurance, Premier cash crop insurance, and Winery insurance. | $50 | +7% | $6B | $7.2B | 2.1x | 13.8x | ||
| E-L Financial Corp Ltd operates as an investment and insurance holding company that provides a broad range of wealth management products, individual insurance products, group plans, and financial services to meet the needs of individuals, professionals, and businesses. The firm has two segments; The Empire Life operating segment underwrites life and health insurance policies and provides segregated funds, mutual funds, and annuity products, and the E-L Corporate segment operations include the oversight of investments in equities held through holdings of common shares, investment funds, closed-end investment companies, and other private companies. | $14 | +20% | $4.8B | $6.3B | 3.1x | 5.3x | ||
| Trisura Group Ltd is a Canadian-based company that engages in the provision of specialty insurance. The operating business segments are Trisura Specialty and Trisura United States Programs. The operations of Trisura Specialty comprise Surety business underwritten in both Canada and the United States, and Risk Solutions, Fronting and Corporate Insurance products underwritten in Canada. Trisura United States Programs provides specialty fronting insurance solutions underwritten in the United States. | $29 | +5% | $1.4B | $1.4B | 2.3x | 10.0x | ||
| Median | $57 | +23% | $22B | $27B | 2.3x | 11.3x |
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