According to the Canadian Life and Health Insurance Association, there are approximately 100 active life and health insurance companies in the country. The life and health insurance sector in Canada holds over $720 billion in assets. Below is a list of life insurance companies operating in Canada.

Assumption Life, based in Moncton, New Brunswick, is the life insurance provider and asset manager with over 85,000 life insurance policies and approximately $1.8 billion in assets under management.

BMO Life Assurance Company – A subsidiary of Bank of Montreal. The company offers life, health and accident insurance, annuities and other services.

The Co-operators Group – One of the leading Canadian insurers with more than 5,000 employees. The company protects about 700,000 lives and insures over 840,000 homes and 1.3 million vehicles. It also provides creditor life insurance for approximately 600,000 Canadians.

Co-operators Life – A subsidiary of The Co-operators Group Limited, one the leading Canadian multiline insurers with over 2 million clients.

Canada Life Assurance Company, headquartered in Toronto, Ontario, provides insurance and wealth management products and services in Canada and internationally. The company boasts approximately 14 million Canadian customers, more than $9 billion in net premium income, $12 billion in shareholders' equity and $33 billion in total premiums and deposits. In 2019, it merged with its sister companies, London Life and Great West Life under the single brand of Canada Life.

Canadian Premier Life Insurance Company – A wholly owned subsidiary of Transamerica Life Canada.

Desjardins Insurance – One of the leading life and health insurance providers with C$314 billion of insurance in-force and $94 billion in total assets under management.

Foresters Life – One of Canada’s fastest growing life insurance companies with more than 350,000 active policies and certificates.

The Independent Order of Foresters (Foresters Financial) provides fraternal benefits to its members as well as life insurance, savings and retirement solutions.

Great-West Life – A leading Canadian insurer with more than $65 billion in premiums and deposits. Great-West Life and its subsidiaries Canada Life and London Life, serve over 12 million customers nationwide.

Empire Life Insurance Company – One of the top 10 life insurers in Canada based on assets and revenue. The company is headquartered in Kingston, Ontario.

Equitable Life of Canada – One of largest mutual life insurance companies in Canada with total assets of C$4.3 billion and life insurance in force of over C$125 billion (March 2019).

iA Financial Corporation – The fourth largest life and health insurance company in Canada with more than 4 million customers. It operates through its subsidiary Industrial Alliance Insurance and Financial Services Inc.

Manulife Financial – Canada's leading life insurance provider and one of the largest life insurance companies in the world.

Primerica Life Insurance Company is a subsidiary of Primerica Inc, a U.S.-based insurance provider headquartered in Duluth, Georgia. Canadians have more than $100 billion of life insurance coverage through Primerica.

RBC Insurance – The brand name for the insurance entities of Royal Bank of Canada. It offers a broad array of services including life, health, home, auto and travel insurance as well as reinsurance products.

Reliable Life Insurance Company, established in 1887, is a Canadian federally licensed insurance company located in Hamilton, Ontario. It operates as a subsidiary of Old Republic International Corporation, which is headquartered in Chicago, IL, USA.

Sun Life Financial – A leading international financial services provider known primarily as a life insurance company. Sun Life market capitalization was US$24 billion as of May 21, 2019.

Wawanesa Life offers individual and group life insurance as well as group disability, health and dental products.

Western Life Assurance Company provides individual and group insurance products. As of December 31, 2018, it had total assets of about C$300 million.

See also: Best Life Insurance Companies in Canada, Best Life Insurance Companies in America.

Former Insurance Companies

AEGON Canada – The majority of the Aegon N.V. operations in Canada were acquired by Wilton Re in 2015.

AXA Canada was a subsidiary of French-based AXA Group. The company was sold to Intact Financial Corporation in May 2011.

Transamerica Life Canada was one of the largest individual life insurers in Canada. In 2014, it was acquired by Wilton Re, U.S. life insurer.

Top 10 Life Insurance Companies in Canada

Below is a list of the top 10 life insurance companies in Canada. Manulife is Canada's largest life insurer with total assets of C$750 billion (December 31, 2018) and market capitalization of C$47 billion (April 12, 2019). Great-West Lifeco, a subsidiary of Power Financial Corp, is the second largest life insurer in Canada.

Rank Insurance company Total assets (C$b, 31/12/2014) A.M. Best Rating
1 Manulife Financial 579.406 A+
2 Great-West Lifeco 356.709 A+
3 Sun Life Financial 223.357 A+
4 Standard Life Canada (1) 53.256 n/a
5 Industrial Alliance Insurance 50.339 A+
6 Desjardins Insurance 30.112 n/a
7 Empire Life Insurance Company 13.727 A
8 Transamerica Life Canada (2) 11.121 A-
9 SSQ Financial 10.325 A-
10 RBC Life Insurance Company 10.053 A

(1) - On January 30, 2015, the Canadian operations of Standard Life plc joined Manulife.
(2) - Transamerica Life Canada was recently acquired by Wilton Re, a U.S. life (re)insurance company.