- There is a large number of leading insurance companies operating successfully in Canada.
- These firms are offering a gamut of services to individuals and businesses.
- By choosing one of these companies, traders can ensure profitable prospects for the future.
Insurance is one of the essential services that every human being deserves. However, this service is more prevalent in developed nations than in their developing counterparts. Most countries in the West provide this service to their citizens.
As a result, the insurance sector is heavily penetrated. There are many companies operating in this space trying to outperform each other. This has prompted healthy competition and facilitates exceptional services to customers.
At the same time, they have emerged as a fruitful investment option too. Canada is one of the developed countries known for providing holistic services to its citizens. Therefore, many firms have become leading service providers here. They have gained great presence and valuation in the markets. Investing in them is certainly a great decision. However, one needs to know the right options before investing.
Top Canadian Insurance Stocks To Look Out For
These companies provide overarching services to the customers. They also operate in multiple nations and have impressive revenue-generating abilities.
Manulife
Established in 1887, it is the largest insurance company in Canada. Furthermore, it is the 28th largest fund manager based on assets under management (AUM). By December 2021, the company had CA$1.4 Trillion in assets under management and administration. It has total ownership over the Manulife Bank of Canada.
Great-West Lifeco
This insurance company operates in Canada, the United States, Europe, and Asia. It works with subsidiaries like Putnam Investments, Great West Life & Annuities Financial, and The Canadian Life Assurance Company. Founded in 1891, it also provides retirement benefits and annuities. In 2013, it acquired Irish Life, an assurance and pensions company for 1.3 Billion Euros.
Desjardins
Desjardins Insurance operates with two subsidiaries which are Desjardins General Insurance and Desjardins Financial Security. Jointly, the units deliver insurance products on life, health, retirement, auto, home, and business. It was the first firm that offered a UBI savings program. Currently, it’s a leader in this specific product market.
Sun Life Financial
Sun Life is primarily a life insurance company. The company holds over CAD$1.3 Trillion in assets under management. In 2022, it ranked 235th on the Forbes Global 2000 list. Founded in 1865, it has expanded to various international countries. It has sponsored teams like the Miami Dolphins and Toronto Raptors.
Fairfax Financial
Fairfax provides insurance, investment management, and insurance claims management. Based in Toronto, it operates in the property and casualty niche and manages a large number of subsidiaries. Some of them are Zenith Insurance Company, Verassure Insurance, Onlia Agency, Crum & Forster, etc. Till 2021, it generated annual gross premiums of more than US$727 Million.
Conclusion
Investment in Canada’s insurance market is a prudent thing to do. The companies in this country are reaching millions of customers. They are offering satisfactory services and are also promoting their brands. Moreover, most of them have a thriving user base too.
Hence, the insurance business is always progressive in every country. In Canada, these companies are valuable investments as well. So, traders must do their homework and choose their stocks wisely.
