The Top 20 Life Insurance Companies 2012

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There are many life insurers in Canada, but only those with the highest revenue, premium income, profits and asset value make the Top 20 in the country.

According to the June 2012 issue of Financial Post Business Magazine, number 20 is Penncorp Life Insurance Company. Penncorp specializes in disability insurance for Canada’s blue and grey collar self-employed individuals. The company just squeaked into the list with $132.6 million in revenue, $78 million in premium revenue, $11 million in profit and $474 million in assets.

Blue Cross, Assumption Life and Primerica Life  sit at 17, 18 and 19 respectively, while Equitable Life is just outside of the top 15. At the midpoint of number 15 sits BMO Life Assurance with $1,041,664,000 in revenue, $760,332,000 in premium income, $14,209,000 in profit  and $5,390,191,000 in assets. Transamerica Life, The Co-operators, Rga Life Reinsurance Company of Canada and Foresters Life Insurance sit just outside the top 10 at 14, 13, 12 and 11.

Once the top 10 is cracked, you start to see the country’s real major players in the insurance game. At ten sits Empire Life, which offers a range of individual life insurance products, as well as critical illness, group benefits and various wealth management options. They earned their spot by posting $1,557 billion in revenue, $758 million in premium income, $25.7 million in profit and over $10 billion in assets.

Number nine gives us La Capitale Civil Service Mutual, which reported $1,666,822,000 in revenue, $1,353,612,000 in premium income, $50,496,000 in profits and $4,327,508,000 in assets. La Capitale is a Quebec-based life insurer with a 70-year history there and has now gone national.

The eighth spot held by the life insurance division of the RBC Financial Group, RBC Insurance. It earned that with $1,727,154,000 in revenue. $1,108,977,000 in premium income, $39,317,000 in profit and $7,527,043 in assets. Just ahead, at seven, is a Quebec-based provider called Societe D’assurance-Vie Inc. with $2,089,300,000 in revenue, $1,906,700,000 in premium income,  $40,500,000 in profit and $2,910,100,000 in assets. RBCmade major changes to its product line-up in 2013 no longer offering Term 100 and Universal Life coverage through its brokerage network and shrinking the number of MGAs they deal with.

Standard Life is just outside the top five. The company has a 95% customer retention rate, proving that its customer service is among the best in the industry. They have many solutions when it comes to insurance, whether the focus is on protection or investment. One of their products, Perspecta Universal Life Insurance, offers the insured both asset protection and investment growth, while serving as a tax sheltering tool for families and businesses as well. For the sixth spot, Standard Life posted $3,333,538,000 of revenue, $932,377,000 of premium income, $243,678,000 of profit and $21,881,402,000 in assets.

The top five starts with Desjardins Insurance, which used to be ranked fourth, but has dropped to fifth since then. However, they are ranked first among Canadian health and life insurance providers in Quebec. Their fifth place finish was earned with $5,264,900,000 in revenue, $3,271,500,000 in premium income, $225,500,000 in profit and $18,272,800,000 in assets. Desjardins continues to offer a very diverse product line with a wide range of Permanent plans, as well Critical Illness,  Health Insurance and Disability Insurance.

Replacing Desjardins in fourth spot is Industrial Alliance. One of the 100 largest companies in Canada, this provider is known for a specialized product called  the Peek-a-Boo, which is specially designed for newborn babies residing in Canada and protects against any unexpected accidents. It comes free of charge for the first year, so parents are not burdened with any initial cost. They posted $8,037,000,000 in revenue, $4,992,000,000 in premium income, $141,000,000 in profit and $37,441,000,000 in assets.

In the top three there are no surprises, you start seeing the largest insurance companies in the country. In third place sits Sun Life Financial, a company that is so big, they claim that one in five Canadians have had business relations with them. Their huge organization put up $22,581,000,000 in revenue, $9,314,000,000 in premium income, $193,000,000 in profit and $218,027,008 in assets. Sun Life raised the amounts applicants can apply without having to complete medical tests.

Just missing the title, in second place, is Great-West Lifeco. One of the most interesting products within their retirement and investment planning division is the Residential Mortgage where customers are offered tailored products by the team’s mortgage planning specialists. Mortgage life insurance enables you to add life insurance to your mortgage. Their second place finish is because of their $29,898,000,000 in revenue, 17,293,000,000 in premium income, $2,118,000,000 in profits and $238,768,000,000 in assets. Great West has a strong portfolio of disability insurance products and are particular competitive in the Professional Market

Finally, in top spot as the Top Life Insurer in Canada is Manulife Financial. This is no shock, as the company’s presence is global and they are renowned for their financial strength as a company and their extensive product portfolio that covers every corner of the insurance industry. The title was awarded to them, thanks to their $50,983,000,000 in revenue, $17,504,000,000 in premium income, $218,000,000 in profit and $462,102,016,000 in assets.

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Sam
Sam

Hi, I’m considering getting life insurance, and am worried about my family possibly having to go through any difficulties in claiming my insurance after my demise.

In fact, this is a question that should be asked by all prospective insureds, which company(s) pay without too much hassle?

Are there any facts & figures regarding the payout times, and amount of “red tape” involved with payouts by the different companies?

Please do let me know!

Thanks for a great article.

LSM Insurance
LSM Insurance

Thanks Sam. That’s a good question. To the best of my knowledge the amount of time each carrier takes to pay out a claim and the number of claims denied is not publically documented by insurers in Canada. LIMRA may have stats on the industry as a whole. There are things a good broker can do to ensure claims are paid quicker.

If you have any specific questions feel free to email us at [email protected] or 1-866-899-4849.

angelina
angelina

Hi..what are your thoughts about Equitable Life?

LSM Insurance
LSM Insurance

Thanks Angelina. Like every insurance company there are some positive and negative aspects. On the plus side they have competitive Term rates, offering standard and preferred rates, they are one of the few mutual companies left, which means they are owned by the policy owners, they have a popular Participating Whole Life plan. On the downside they do not have a Term 100 or disability policy.

JJ
JJ

Why is Canada Life not on this list?

LSM Insurance
LSM Insurance

Hi JJ,

Canada Life is part of Great West Life.

Kohl H
Kohl H

How do if my policy pays out a double benefit if I die by accident. I rememeber adding this feature

LSM Insurance
LSM Insurance

Thanks for the note Kohl. It would say with your policy document if your plan has a accidental death benefit rider. You can ask the insurance company or your broker for confirmation preferably in writing if you have this rider on your policy.

Franklin H
Franklin H

Was CNA Insurance purchased by Canada Life and is my policy convertible to a Term 100 plan I’m 59 and want $300,000

LSM Insurance
LSM Insurance

Hi Franklin, Yes CNA Insurance was purchased by Canada Life. Regarding the conversion of your policy Canada Life no longer offers a Term 100 plan but they do offer other Permanent Life Insurance plans you would have to check your current policy to see what conversion options are available.

Lyle
Lyle

Did Foresters take over AIG Life

LSM Insurance
LSM Insurance

Now Foresters took over Unity Life. AIG was taken over by BMO Insurance

Holsohn
Holsohn

Is there one company that is best for mortgage insurance. I’m with Canada Trsut right. Have 425,000 mortgage and I’m 51

LSM Insurance
LSM Insurance

Thanks for the note. Mortgage Insurance is essentially life insurance equal to the amount of your mortgage. So the underwriting is based on your age, coverage amount and medical and lifestyle details.

LSM Insurance
LSM Insurance

RBC Insurance just lowered rates on their Term 10 and Term 20 life insurance plans for coverage amounts of $500,000 and above.
They also stated in their recent communication that they also have new competitive rates for your insured’s looking for lower face amounts of $250K – $499K.

LSM Insurance
LSM Insurance

It would depend on the policy but it is usually a maximum of 8 children.

LSM Insurance
LSM Insurance

What are the maximum number of kids that can be covered under my RBC Children Life Plan

Joyce
Joyce

Can I get Life Insurance without a waiting period if I was just declined 6 months ago for Diabetes

LSM Insurance
LSM Insurance

Thanks Joyce. Most Simplified issue plans that have an immediate death benefits have a knock out question have you been declined in the last 2 years.

You could try another traditional carrier if your diabetes has stabilized. You could submit a preliminary inquiry first which result in a non binding offer to give you an idea where you stand.

Keevan
Keevan

How can I got a copy of the life insurance questions for Equitable Life simplified issue plan before applying

LSM Insurance
LSM Insurance

You can some details on the plan here link to lsminsurance.ca.

You could try get some more details from Equitable Life directly link to advisor.equitable.ca or from an Equitable broker – they should be able to email you a copy of the application questions

Johnny U
Johnny U

Can you let me know how much and if a plan is available for mother she is 92 but very healthy.

LSM Insurance
LSM Insurance

Wow Johnny. Congratulations on your Mother – what is her secret. Unfortunately 92 is too old to qualify for life insurance.

Lisa
Lisa

I have a Transerica policy and its renewing soon. I can’t find the policy or the renewal premium.

LSM Insurance
LSM Insurance

Thanks Lisa. You would have to contact your broker or Transamerica directly to get the renewal premium.

LK
LK

Which if any company will insure someone with HIV.

I think insurance companies are really unfairly discriminating against people with HIV ad are not up to date with the stats.

Many people are living 20 years or longer with HIV. In most cases they live longer than people with heart disease and even diabetes. They need to get with the times.

LSM Insurance
LSM Insurance

You make some very valid points. Unfortunately people with HIV still can not qualify for traditional life insurance.

The Edge offers a Guaranteed Issue policy up to $25,000 and Humania Assurance offers up to $300,000 of Simplified Issue insurance – there are qualification questions with the Humania plan.

Mark
Mark

Manulife may be number but what does that mean to me I don’t care if they are ranking in profits.

LSM Insurance
LSM Insurance

Hi Mark, Manulife is a good company but which company is best depends on your need and the type of plan you are looking for.

Thomas
Thomas

Can an insurance company deny my claim if I start smoking again. I din’t smoke when I orginally took out my life insurance company with …. in .. Thanks for your help. I would hate to put all that money in and my family gets zip. Buy I don’t want to pay a higher rate than I have to.

LSM Insurance
LSM Insurance

Thanks Thomas. Any future claims are based on your information at the time of application.

Gurpreet
Gurpreet

How many of these top companies will ensure someone with cancer. It seems to me that life insurance company should be more liberal when underwriting people with cancer as of the many advancements in recent years. People who are less than six months to live are now living over 10, 15 sometimes 20 years they should be taken into consideration

LSM Insurance
LSM Insurance

Thanks for the note Gurpreet. Many insurance companies have changed the underwriting protocol for different types of cancer and many simplified issue plans- no medical tests and a short series of health questions have very liberal Cancer questions.

Malik
Malik

Quite Informative, We are a telemarketing company presently working for Brokers, could you please help us with this to grow our Business? Who should we work with to cover maximum products I.e auto insurance, home insurance as out current broker doesn’t entertain these products. Thanks in advance 🙂

LSM Insurance
LSM Insurance

Thanks for the note Malik. We are not licensed for home and auto insurance and have limited insights to offer you.

Ursula
Ursula

what trends are you seeing among major insurance companies. I’m new to insurance.

LSM Insurance
LSM Insurance

There has been a big increase in the cost of Permanent Life Insurance rates, some companies have exited the market all together. The ones that have stayed have raised their rates as much as 30%.

Some very good values still exist. BMO Insurance for example is yet to raise the rates on its non participating 20 Pay Whole Life plan.

Desmond
Desmond

How does Term 20 rates in Canada stack up against rates in the United States?

LSM Insurance
LSM Insurance

Thanks for the note – We take a look at this in the attached article link to lsminsurance.ca.

The initial premiums tend to be less on Term policies in the US but the renewal premiums tend to be higher.

Eastman
Eastman

Did AIG change to BMO and do you have their pohone number

LSM Insurance
LSM Insurance

Yes AIG Life Company is now BMO Insurance and their phone number is 1-800-387-9855

Jason
Jason

Stick with Primerica there plans are by far the best deal. Term insurance is simply the only type of coverage that makes sense and thing else is lining your agents pockets

LSM Insurance
LSM Insurance

Jason, thanks but this is a pretty one sided stance. Term Insurance fits a specific need and so does Permanent insurance. They both can play role in properly insuring someone.

Pete
Pete

Primerica is 18th on this list. I heard there Term plans are expensive …

LSM Insurance
LSM Insurance

Thanks for the note Pete. Primerica’s Term plan are expensive at many price points and have limited conversion options as they do not offer Permanent policies. Their premiums have come down at certain age brackets and are even #1 at certain age brackets.

Shawn williams
Shawn williams

The only one that you should have is Primerica insurance. The reason is because they do what is right for the client. That is the only thing that matters. Invest the rest for retirement

LSM Insurance
LSM Insurance

Thanks for the note Shawn. But what evidence do you have to support that Primerica offers the best value for clients are that their advisors are somehow doing a better job for their clients

Robert
Robert

Which of these companies has the best rates on a TErm 30 policy. I’m looking for a Joint Life plan me and my wife she is 43 and 45 both good healkth but my sugar is a little high

LSM Insurance
LSM Insurance

Thanks for the note. The premiums will depend on the amount of coverage. Each companies have different underwriting guidelines.We will send you a separate email now.

LSM Insurance
LSM Insurance

Thanks for the note. You would have to apply with the different carries. You may want to join our Life Insurance Canada linked in group page. A lot of industry people our members. Good luck!

shashikant
shashikant

i need a job in Canadian life insurance company will i get it? i am working in lic of India for 20 years now i want to settle in canada.

LSM Insurance
LSM Insurance

Thanks for the note this has been corrected.

Cynthia
Cynthia

The link of Sun Life Financial is not correct. ( It s for Industrial Alliance)

Have a nice day !

LSM Insurance
LSM Insurance

Good point. Customer service, claims paying reputation and product availability and pricing should all play a roll.

Rajanathan
Rajanathan

Its not about being the # 1 company, rather treat each customer as their 1st customer

Syed Masood Raza
Syed Masood Raza

Hi Shan, thanks for the good question. We are a life insurance brokerage, which means we represent most of the life insurance carriers currently active in Canada. The carriers above are fine companies and we strive to find you the one that is the best fit for you.

Shan Ali
Shan Ali

What makes your company better than any of these companies?