The financial performance of life and health insurers in Canada in 2024 was the subject of an article published in the June issue of the Insurance Journal.
We selected the 10 most profitable insurers on the basis of their consolidated net income in 2024, as provided to the Insurance Portal by MSA Research.
As a supplement to the magazine, we are now revealing the financial results of the 20 companies with the highest consolidated net income in 2024. This is also compared with the same results reported for 2023.
This consolidated net income does not correspond to the net income attributable to common shareholders as shown in the annual financial statements published by insurance companies.
The 64 life and health insurance companies achieved consolidated net income of $17.2 billion in 2024, an increase of 8.7% compared with the consolidated net income of $15.8 billion reported for 2023.
Insurance revenue
Insurance revenue amounted to $111.5 billion in 2024. This represents an increase of 7.9% over the $103.4 billion reported for 2023.
As can be seen in the table below, some insurers achieved higher revenue growth than the industry average.
This article is a Magazine Supplement of the July issue of the Insurance Journal.
