In its July 2026 issue, the Insurance Journal compared the financial performance of life insurers operating in Canada for the year 2025. The magazine featured the 10 most profitable insurers based on their consolidated net income recorded in 2025, according to data compiled by MSA Research and provided to the Insurance Portal.
For this supplement to the magazine, we have expanded this list to include the 20 insurance companies that posted the best financial results in 2025, comparing their performance to the previous year.
Consolidated net income is not the same as the net income attributable to common shareholders as published by insurance companies when they release their annual financial statements. These 65 or so life insurance companies combined for a consolidated net income of $17.9 billion in 2025. This represents a 4% increase compared to the industry's overall consolidated net income of $17.2 billion in 2024. In 2023, consolidated net income reached $15.8 billion.
Insurance revenue
The Canadian life insurance industry's insurance revenue reached $116.8 billion in 2025. This represents a 4.5% increase compared to the $111.5 billion reported in 2024.
As can be seen in the table below, some of the top 20 most profitable companies outperformed the industry average growth.
This article is a Magazine Supplement to the July issue of the Insurance Journal.
