6 World’s Largest Insurance Companies from Canada– According to Annual Report on 2021 of each Insurance Company from Canada, there are 6 World’s Largest Insurance Companies from Canada. Canada has around 1.9 trillion US Dollar of GDP in 2021 According to World bank Database. With population around 9.9 million km2, this country has become an advanced country with 57 thousand US Dollar of GDP per Capital. Overall, Canada still become 24th highest nominal per capita income globally.
Economically, insurance Industries still become the major part in its economics. The function of Insurance still has positive impact on supporting the economics. Insurance can be the shield or protector from the unexpected risk when the people or institution do the business or activity. Some people or company sacrifice their money to buy the insurance product due to the protection of insurances. Wit insurance, it can help the people or business from the unexpected risk or natural disasters.
The Rank of World’s Largest Insurance Companies from Canada Based on Assets
| Rank | Name of Company | Assets | Assets | Liabilities | Liabilities |
|---|---|---|---|---|---|
| Canadian Dollar (CAD) | US Dollar (USD) | Canadian Dollar (CAD) | US Dollar (USD) | ||
| 1 | Manulife Financial | 917 Billion | 669 Billion | 858 Billion | 626 Billion |
| 2 | Sun Life Financial | 345 Billion | 251 Billion | 317 Billion | 231 Billion |
| 3 | iA Financial | 94.6 Billion | 69 Billion | 87.4 Billion | 63.8 Billion |
| 4 | Intact Financial | 66.3 Billion | 48 Billion | 49.5 Billion | 36.1 Billion |
| 5 | E-L Financial | 26.7 Billion | 19.4 Billion | 18.1 Billion | 13.2 Billion |
| 6 | Trisura Group | 3 Billion | 2.1 Billion | 2.6 Billion | 1.8 Billion |
| Currency Rate : 1 Canadian Dollar (CAD) = 0.73 US Dollar (USD) | |||||
| Source : Annual Report, 2021 | |||||
In Canada, the rank of insurance companies above was arranged by Assets in 2021. All this data was obtained from Balance sheet of the company in 2021. Practically, in accounting, Balance sheet describes the assets, liabilities, and equities. The assets describe the current and non-current or tangible or intangible properties that company has owned. Meanwhile, the liabilities are the debt or obligation that insurance companies mut be paid off in the futures. Lastly, the Equities is the different values between assets and liabilities.
The Rank World’s Largest Insurance Companies from Canada Based on Net Income
| Rank | Name of Company | Revenue | Revenue | Net Income | Net Income |
|---|---|---|---|---|---|
| Canadian Dollar (CAD) | US Dollar (USD) | Canadian Dollar (CAD) | US Dollar (USD) | ||
| 1 | Manulife Financial | 61.8 Billion | 45.1 Billion | 6.9 Billion | 5 Billion |
| 3 | Sun Life Financial | 35.6 Billion | 25.9 Billion | 4.3 Billion | 3.1 Billion |
| 2 | Intact Financial | 17.6 Billion | 12.8 Billion | 2 Billion | 1.46 Billion |
| 5 | E-L Financial | 2.4 Billion | 1.7 Billion | 1.28 Billion | 934 Million |
| 4 | iA Financial | 15.4 Billion | 11.2 Billion | 859 Million | 627 Million |
| 6 | Trisura Group | 349 Million | 254 Million | 62.5 Million | 47.8 Million |
| Currency Rate : 1 Canadian Dollar (CAD) = 0.73 US Dollar (USD) | |||||
| Source : Annual Report, 2021 | |||||
Furthermore, This Second rank was arranged based on the Net Income. All this data was obtained from Income statement of Annual Report in 2021. The income statement describes and explains about the business performance of each company in specific times. The company that can gain the net income is in the good conditions. Overall, the sustainability of company in generating the net income for long-term can guide the investors or shareholder or chairperson that company can do the business well.
Brief Description of World’s Largest Insurance Companies from Canada
1.Manulife Financial
Manulife Financial Corporation is Canadian-based insurance company that has central office Toronto, Ontario. Historically, this company was found on June 23rd, 1887. Nowadays, along with business development of Manulife, this company has become the leader of insurance in Canada and one of the largest in the World with 34,000 employees and 63,000 agents. Financially, in 2021, based on the balance sheet of company in 2021, the company has Assets around 917 billion CAD / 669 billion USD with liabilities around 858 billion CAD / 626 billion USD. Furthermore, based on business performance in 2021, in Income Statement of annual report, Manulife can generate revenue around 61.8 billion CAD / 45.1 billion USD with net income around 6.9 billion CAD / 5 billion USD.
2.Sun Life Financial
Sun Life Financial Inc. is Canadian financial and insurance company that has central office in Toronto, Ontario. Historically, this company was found on 1865 by Matthew Hamilton Gault, an immigrant from Irish. Along with business development of Sun Life Financial, this company has around 50,000 employees, 118,400 advisors, in 27 markets. Financially, based on balance sheet of the company on 2021, the company has assets around 345 billion CAD / 251 billion USD with liabilities around 317 billion CAD / 231 billion USD. Based on business performance on income statement of annual report 2021, Sun Life Financial can generate revenue 35.6 billion CAD / 25.9 billion USD and net income around 4.3 billion CAD / 3.1 billion USD.
3. iA Financial
iA Financial Group is Canadian financial and insurance company that has central office in Quebec City, Quebec, Canada. Historically, Hormidas Laporte and Bernard Leonard found this company on 1892. Financially, in 2021, based on the balance sheet on 2021, the company has assets around 94.6 billion CAD / 69 billion USD with liabilities around 87.4 billion CAD / 63.8 billion USD. Based on business performance in 2021, the company can generate revenue around 15.4 billion CAD / 11.2 billion USD with net income around 859 million CAD / 627 million USD.
4. Intact Financial
Intact Financial Corporation is Canadian insurance company that has central office in Intact Centre, Toronto, Ontario, Canada. Historically, this company was found in 1809. Operationally, Intact Financial Corporation is commonly known as Property and casualty insurance, insurance brokerage. Financially, based on the balance sheet on 2021, the company has assets around 66.3 billion CAD / 48 billion USD with liabilities around 49.5 billion CAD / 36.1 billion USD. Based on business performance in 2021, Intact Financial can generate revenue around 17.6 billion CAD / 12.8 billion USD with Net Income around 2 billion CAD / 1.46 billion USD.
5. E-L Financial
E-L Financial Corporation Limited commonly known as “E-L Financial” is Canadian investment and insurance holding company. Operationally, this company has central office in Toronto, Ontario. Historically, this company was found on 1968. Financially, based on the balance sheet of annual report in 2021, the company has assets around 26.7 billion CAD / 19.4 billion USD and liabilities around 18.1 billion CAD / 13.2 billion USD. Based on business performance in 2021, the company can generate revenue around 2.4 billion CAD / 1.7 billion USD and Net Income around 1.28 billion CAD / 934 million USD.
6. Trisura Group
Trisura Group is canadian insurance company that has central office on Toronto, Kanada. Operationally, Trisura some subsidiaries including Trisura Guarantee Insurance Company, Trisura International Insurance and Trisura Insurance Company. In financial structure, based on the balance sheet of annual report in 2021, Trisura Group has assets around 3 billion CAD / 2.1 billion USD with liabilities around 2.6 billion CAD / 1.8 billion USD. Based on the business performance in 2021, the company can generate revenue around 349 million CAD / 254 million USD with Net Income around 62.5 million CAD / 47.8 million USD.
Bibliography of 6 World’s Largest Insurance Companies from Canada
Manulife Financial. 2022. Annual Report 2021. Accessed via https://www.manulife.com/en/investors/results-and-reports.html on June 9th, 2023.
Sun Life Financial. 2022. Annual Report 2021. Accessed via https://www.sunlife.com/en/investors/financial-results-and-reports/annual-reports/ on June 9th, 2023.
iA Financial. 2022. Annual Report 2021. Accessed via https://ia.ca/investorrelations on June 9th, 2023.
Intact Financial. 2022. Annual Report 2021. Accessed via https://www.intactfc.com/English/investors/financial-reports-and-filings/annual-report/default.aspx on June 9th, 2023.
E-L Financial. 2022. Annual Report 2021. Accessed via https://www.e-lfinancial.ca/financial-statements on June 9th, 2023.
Trisura Group. 2022. Annual Report 2021. Accessed via https://www.trisura.com/group/investor-centre on June 9th, 2023.