Top Canadian Life Insurers 2008

Posted on July 18, 2009 and updated July 27, 2010 in Life Insurance Canada News 2 min read

This June, National Post Business released its list of the top 20 Candian life insurers and mutual fund sellers of 2008. Topping the list is Great-West Lifeco Inc. with $33,932,000 in revenue, $30,007,000 in premium revenue and $1,453,000 in profits. If you want to know the secret to its success in its own words, check out LSM’s other article this week, The Strength and Stability of Great-West Lifeco.

The only place where Great-West Lifeco Inc. falls short is in the assets category. Its $130,074,000 is handily overtaken by the $187,500,992 in assets from Manulife Financial Corp. In third place, Sun Life Financial actually beats Manulife Financial Corp. in profit by $300,000 with $857,000, compared to Manulife’s $517,000. On the losing end, Transamerica Life fell to 13th place, posting only $430,344 in revenue and $428,810 in premium income. This was the industry’s largest loss of the year. Still, Blue Cross Canassurance Group did only just enough to make the list. This despite being named one of Alberta and Winnipeg’s top employers of 2008 by the Calgary Herald, Edmonton Journal and Winnipeg Free Press, respectively. Find out whether your life insurance provider made the list below: National Post Business Top Life Insurers of 2008

                              Revenue       Premiums       Profits          Assets

GreatWestLifeco $33,932,000 $30,007,000 $1,453,000 $130,074,000

Manulife Financial$33,003,000 $23,252,000  $517,000  $187,500,992

Sunlife Financial  $15,563,000 $13,587,000  $857,000   $119,883,000

Industrial Alliance  $4,465,000   $4,282,000    $75,000   $15,415,000

Desjardins            $2,891,100   $2,868,400    $34,500    $13,759,200

Standard Life        $1,780,340   $1,269,323    $2,180      $16,366,753

SSQ                        $1,529,700   $1,411,300    $25,800    $2,307,500

RBC Life Insurance $1,285,577   $895,785      $110,078   $5,205,006

La Capitale C.S.M.   $1,027,563  $1,005,795    $39,420     $3,035,869

The Cooperators    $748,246     $634,335      $46,950      $2,469,031

Empire Life             $688,378     $686,178      $48,370      $3,746,806

BMO Life Assurance  $565,424  $251,399      $45,777      $3,101,347

Transamerica           $430,344   $428,810       $583,368    $6,460,035

Forresters                $377,891   $72,752        $197,126    $6,200,562

Equitable Life          $300,051   $294,132       $30,508      $1,131,834

Green Shield              $296,239    $297,414      $12,390      $313,926

The Cumis Group        $277,631   $186,550      $17,209      $803,091

Primerica                    $268,100   $191,717       $63,071      $531,736

Transfers Guarantee       $210,785  n.a.           $41,348      $795,715

Blue Cross Canassurance   $190,994   $30,295   $11,094    $312,847

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