Across the world, insurance companies have combined with brokerage companies, banks, and other financial institutions to build their business and offer their customers a wider range of services. That is certainly the case for the Canadian insurance industry, which has experienced a number of acquisitions andmergers in recent years.

Below are the five largest Canadian insurance companies, defined by their total assets in 2022.

Revenue (or income) figures are provided as well. Revenue amounts can reflectinsurance premiums charged to policyholders, earnings from investments, and other financial products embedded in investment products, such asmutual funds.

It's important to note that some financial firms might be larger than the companies listed here, but their insurance businesses, if they have them, are not a major driver of their revenue.

This list focuses on diversified insurance companies and reports figures as of the end of 2022. Figures are stated as provided by each company, whether in Canadian dollars and converted to U.S. dollars, or as U.S. dollars alone. Conversion is approximately C$1 to $0.73 U.S. dollars.

1. Manulife Financial Corp.

Manulife Financial (MFC) is the largest insurance provider in Canada. It alsooffers other financial services such as financial advice, wealth management, and asset management solutions. Manulife's total assets as of the end of 2022 were C$848.94 billion ($622.92 billion U.S.).

Headquartered in Toronto, the company earned C$17.14 billion in revenue ($12.58 billion U.S.) in 2022,which included insurance premiums and income earned from investing those premiums.

Manulife operates in Canada, Asia, and Europe as well as in the United States, through its John Hancock subsidiary. At the end of 2022, the company served over 34 million clients with the help of over 40,000 employees and more than 116,000 agents.

The firm was established as The Manufacturers Life Insurance Company in 1887 and sold its first out-of-country policy in Bermuda in 1893.

In 2002, the China Insurance Regulatory Commission (CIRC) granted the company approval to open a branch in Guangzhou. It was the first license granted to a foreign-investedjoint-venture life insurance company to open a branch in China.

Manulife now has licensed branches in more than 50 cities on the Chinese mainland.

2. Great-West Lifeco

Great-West Lifeco, Inc. is a financial services provider headquartered in Winnipeg, Canada and operates as a holding company for six subsidiaries. It provides insurance to customers in North America, Europe, and Asia.

In 2022, Great-West Lifeco had C$701.45 billion ($514.36 billion U.S.) in total assets. It generated C$44.66 billion in revenue ($32.79 billion U.S.), which included insurance premiums, deposits, and income from investments such as dividends.

Great-West Lifeco offers a variety of insurance policies, including life, health, and disability insurance.

The company employes more than 31,000 people and has 234,500 advisor relationships serving 38 million customers.

3. Desjardins Group

Desjardins is an insurance provider headquartered in Quebec, Canada. It offers insurance products as well as a full range of other financial services, including wealth management and personal and business services.

In 2022, it had 58,774 employees and 7.5 million members and clients. At the end of 2022, its total assets were C$407.1 billion ($298.78 billion U.S.). Its total income was C$18.04 billion ($13.23 billion U.S.).

Desjardins has more than 58,774 employees and 7.5 million members and clients throughout Canada.

4. Sun Life Financial

Sun Life Financial (SLF) is based in Toronto and is one of the oldest insurance providers, having been established in 1865.

It offers health insurance policies, investment products, and wealth management services. The company has clients in Asia and the United Kingdom, as well as in North America.

Sun Life Financial had 52,400 employees, 85 million clients, and 97,400 advisors as of the end of 2022. Its total assets were C$330.9 billion ($242.66 billion U.S.).

Total revenue was C$23.32 billion ($17.09 billion U.S.), including insurance premiums and segregated fund deposits, which are life insurance products embedded within mutual funds.

5. Fairfax Financial Holdings

Fairfax Financial Holdings has its headquarters in Toronto, Canada. Its major focus is property and casualty insurance and reinsurance, plus the related investment management.

As of the end of 2022, Fairfax Financial had total assets of US$92.12 billion. Total revenue was US$28.05 billion.

Fairfax Financial was founded in 1985 on the principles of fair, honest dealings and friendly acquisition of companies.

It operates in a decentralized fashion, with each of its companies run by its own President but overseen from a financial review and performance standpoint by Fairfax Financial.

The Bottom Line

Canada's insurance industry has grown and diversified in recent years. Some companies have added wealth management, asset management, and personal and business financial products and services to their range of insurance offerings.

The top five Canadian insurance companies as of the end of 2022, as measured by total assets, are Manulife Financial Corp., Great-West Lifeco, Desjardins Group, Sun Life Financial, and Fairfax Financial Holdings.