Top 5 Best Life Insurance Company in Canada details:- According to industry statistics, there were some types of life insurance in about 22 million Canadians in 2014. In the same year, 97 independent life insurance companies competed in the Canadian market including domestic and foreign companies. Overall, these insurance companies reported premium income of $ 13.7 billion annually.
Overall, $ 8.3 billion, or more than 60%, was captured by the six largest life insurance companies in the market. These top insurance companies are all diverse financial services companies that offer their customers more than life insurance. This list introduces each of these top companies with notes on market conditions and product offerings.
Top 5 Best Life Insurance Company in Canada
- Great-West Lifeco, Inc.
- Sun Life Financial
- IA Financial Group
- RBC Insurance
- Empire Life
#1. Great-West Lifeco, Inc. (insurance company)
Great-West Lifco, Inc. (TSX: GWOO) is an international financial services headquartered in Canada. The company consolidated $ 29.7 billion of revenue in 2014. It reported a premium income of $ 2.7 billion on life insurance policy in Canada, which is the highest of any company in the country. In the U.S., Great-West Life and the Equity Insurance Company, a wholly-owned subsidiary of Great-West Lifco, in the U.S. Informed of the written life insurance premium in addition to policies below $ 1.5 billion.
Great-West Life serves as a holding company for six subsidiaries, which markets market insurance and financial services products in North America, Europe and Asia. In the insurance sector, subsidiaries of Great-West Lives offer various types of life and health insurance policies, including general health, disability and critical illness insurance products.
Other major business areas include investment services, savings and retirement income products, pension plans, money security and management services. Assistants of Great-West Lifes also participate in international reunion markets.
#2. Sun Life Financial (insurance company)
Sun Life Financial, Inc. (NYSE: SLAF) is the third largest life insurance company in Canada, which reports a consolidated revenue of 19.5 billion dollars and Canadian life insurance premium income of $ 1.7 billion in 2014. The company’s American subsidiary informed additional written life insurance premiums of more than $ 1.1 billion in the US market.
Sun Life Financial is a global financial services company that has valuable businesses in North America, Ireland and the United Kingdom, and India, China, the Philippines and more than a dozen countries.
Its products are also available through independent agents in countries around the world. In addition to life insurance, Sun Life provides financial health, dental and disability insurance, investment and retirement savings products, and financial planning services. The company has 37 million customers and around 28,000 employees are working in dozens of subsidiaries and joint venture companies around the world.
#3. IA Financial Group (insurance company)
Unlike the international giants who made the top three spots in this list, Industrial Coalition Insurance and Financial Services, Inc. (TSX: IAGTO), operated under the IA Financial Group brand, approximately 9 7% of its business in Canada. In 2014, the Canadian market reported a consolidated revenue of $ 7.3 billion and $ 940 million in life insurance premium income. The company’s American subsidiary, IA American Life Insurance Company, Reported 151 million written life insurance premiums in the market.
The IA Financial Group provides a variety of insurance products and financial services to customers across Canada. Unlike its big competitors, IA Financial Group provides property and accident insurance in addition to life and health insurance products.
This is the market of savings and investment products, group pension plans and financial planning services. The company also operates the lending branch offering mortgages and other types of loans.
#4. RBC Insurance (insurance company)
RBC Insurance is a wholly-owned subsidiary of Royal Bank of Canada (NYSE: RY). The company registered a total of $ 457 million in Canadian life insurance premium income and $ 3.76 billion in 2014. Its parent company is Canada’s largest bank and is one of the largest banks in the world, in 2014, consolidated revenues of $ 25.8 billion and market capitalization of approximately 75.5 billion dollars.
RBC Insurance offers a wide range of home insurance products, which include many types of life and health policies, as well as home and auto policies and travel insurance options. Money management products, such as annuities and separate fund products, are available to meet retirement plan requirements.
The company also provides a credit protection plan for eligible mortgages, loans and credit card balances held with the Royal Bank of Canada. In addition, RBC Insurance offers a global refinancing business that offers annuity, accident, and life and health reunion products.
#5. Empire Life (insurance company)
Empire Life Insurance is a subsidiary of E-L Financial Corporation Limited (TSX: ELFTO), a publicly-listed holding company. Empire Life reported consolidated revenue of $ 1.46 billion in 2014. Life insurance premium income is $ 300 million. The company does not have any substantial international business operations.
The Empire Life product mix consists of three main categories: Personal Insurance Products, Group Benefit Plans and Money Management Products. In addition to critical illness insurance, the company offers a complete selection of life insurance options.
The Group Benefit Scheme provides flexible options to meet the health care needs of small and medium sized businesses and their employees. Money management products include mutual funds, annuities, separate funds and savings schemes.