Leading insurance companies in Canada 2020-2023, by total assets

Manulife Financial was the largest Canadian insurance company in 2023, with total assets exceeding 850 billion Canadian dollars. The second- and third-largest insurers in that year in Canada were Power Corporation of Canada and Great-West Lifeco, both with total assets amounting to over 700 billion Canadian dollars. 

Who are Manulife Financial?

Manulife Financial was founded in 1887 and is headquartered in Toronto, Ontario. It was one of the largest insurance companies worldwide in 2021. Manulife Financial offers insurance and wealth management services, and operates primarily in North America and Asia. Their assets have been steadily increasing since 2014.

U.S. operations

Manulife Financial merged with John Hancock in 2004 and operates through the John Hancock name in the United States. Its U.S. division was one of the largest U.S. life insurance companies by market share. The dividends per common share of the company was more than one Canadian dollar since 2019.