In its July 2024 issue, the Insurance Journal offers a comparative analysis of the profitability of ten property and casualty (P&C) insurers in Canada, ranked by their net income in 2023. It's important to note that the net income reported in the analysis does not refer to net income attributable to common shareholders, as seen in the quarterly financial summaries on the Insurance Portal.
Additionally, Insurance Portal has published a list of the top 25 P&C insurers in 2023 based on their net income. This chart also includes the 2023 net income figures and allows for year-over-year growth comparisons.
As highlighted in this compilation, the industry as a whole achieved net income of $10.2 billion in 2023, compared to $6.2 billion in 2022 – a remarkable 64.2 per cent increase.
Revenue overview
Total revenues from insurance activities reached $88 billion across all P&C insurers that submitted their figures to MSA Research. The data shows the percentage change in revenue for each insurer in 2023 compared to the previous year, although the cumulative industry revenue for 2022 is not provided.
In a recent bulletin, the Property and Casualty Insurance Compensation Corporation (PACICC) reported a similar estimate regarding the financial results of P&C insurers, excluding mortgage insurers.
According to the International Accounting Standards Board’s (IASB) definition under IFRS 17 for insurance contracts, "total insurance revenue for a group of insurance contracts is the consideration for the contracts, ie the amount of premiums paid to the entity.” This figure is adjusted for a financing effect, excluding any investment components.
This article is a Magazine Supplement of the July issue of the Insurance Journal.
