The financial performance of the largest property and casualty insurers was compared in the July 2026 edition of the Insurance Journal. The comparison is based on consolidated net income for 2025.
The net income shown here does not correspond to the net income attributable to common shareholders as published in the annual financial statements of insurance companies.
The figures were provided to the Insurance Portal by MSA Research. The table below compares the 2025 results to that recorded a year earlier, including the results of subsidiaries of major insurance groups.
As can be seen in the table below, which lists the 20 insurance companies or groups with the highest profits, Lloyd’s ranks first. Some 23 insurers or insurance groups achieved net income exceeding $100 million in 2025, compared to 22 in 2024.
PACICC figures
The Property and Casualty Insurance Compensation Corporation (PACICC) compiles its own industry results. The data analyzed also comes from MSA Research, but it does not include the results of three companies that insure mortgages: the Canada Mortgage and Housing Corporation (CMHC), ranked 3rd and was included for the first time in MSA Research's data, Sagen (9th), and Canada Guaranty (10th).
Excluding these three organizations, PACICC reports that the Canadian property and casualty insurance industry saw a 22% increase in net income, reaching $13.1 billion in 2025, compared to $10.8 billion the previous year.
Revenue
Total gross revenue from insurance operations reached $115.4 billion for all property and casualty insurers that provided their figures for 2025 to MSA Research. This represents a 6% increase compared to 2024, when participating insurers reported revenue totaling $108.9 billion.
The table below shows the revenue trends for the top 20 largest property and casualty insurance companies in terms of gross revenue from insurance operations.
It shows the difference for each of these 20 insurers, with the percentage increase or decrease compared to the revenue recorded in 2024.
This article is a Magazine Supplement to the July issue of the Insurance Journal.
