The Insurance Portal presents the market shares of life and health insurers in Canada in 2024 based on figures provided by insurance companies to MSA Research.
Market shares are estimated based on total insurance revenue. In 2024, companies generated total insurance revenue of $104.9 billion.
This represents an increase of 7.8% compared to the total insurance revenue of $97.3 billion reported by the same companies for 2023.
For the purposes of the compilation, the eight reinsurance companies that reported insurance revenues exceeding $6 billion in 2024 were excluded.
The three largest life and health insurers in Canada—Manulife, Sun Life, and Canada Life—combined for a 66.9% market share of total insurance revenue in Canada in 2024.
You can download market share data for Canada's 51 leading life and health insurers for 2023 and 2024.
Based on insurance revenue, including the next two players in the ranking, iA Financial Group and Beneva, the top five accounted for more than three-quarters of the Canadian market, or 77.5% in 2024.
Some 90.1% of the insurance revenue of the entire life and health insurance industry in 2024 was held by the top 10 companies listed in the table above.
The insurance subsidiaries of two federally chartered banks, BMO Life Insurance Company and RBC Life Insurance Company, are back on this list. These two financial institutions began reporting their insurance revenues under IFRS 17, which they did not do in the previous year.
On this list of the 20 largest insurance companies, five increased their market share in 2024 compared to the previous year, thanks to their higher insurance revenue growth compared to the industry as a whole: Manulife, Industrial Alliance Life (iA), Greenshield, RBC Life Insurance Company, and BMO Life Insurance Company.
This article is a Magazine Supplement of the December 2025 issue of the Insurance Journal.
