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Life Insurance & Annuities in Canada Industry Data and Analysis
While revenue growth has been positive overall, economic volatility has led to significant fluctuations in revenue for Canadian life insurers and annuity providers in recent years. A sharp drop in GDP during the pandemic initially constrained demand, but generous government aid allowed consumers to keep buying financial products, lifting revenue slightly in 2020. A strong rebound followed in 2021 before high inflation and shrinking disposable incomes triggered a major pullback in 2022. Between 2022 and 2024, aggressive interest rate hikes curbed consumer spending but raised investment income as bond and fixed-income yields surged, driving revenue gains. Recent rate cuts have moderated that growth, creating a slower but steadier recovery path.
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What's included in this industry analysis
IBISWorld's research coverage on the Life Insurance & Annuities industry in Canada includes market sizing, forecasting, data and analysis from 2015-2030. The most recent publication was released October 2025.
About this industry
What's this industry report about?
The Life Insurance & Annuities industry in Canada operates under the NAICS industry code 52411aCA. Life insurance and annuity companies in Canada accept liability under annuities, life, disability income and accidental death and dismemberment insurance policies. Enterprises include fraternal organizations, privately held insurers, publicly traded insurers and mutual insurance companies. Related terms covered in the Life Insurance & Annuities industry in Canada include fixed annuity, permanent life insurance, term life insurance, variable annuity, variable life insurance and whole life insurance.
What's included in this industry?
Products and services covered in Life Insurance & Annuities industry in Canada include Group annuities, Individual annuities and Group life insurance .
What companies are included in this industry?
Companies covered in the Life Insurance & Annuities industry in Canada include Sun Life Financial Inc. and Canada Life Assurance Company.
Performance
What's included in the Performance chapter?
The Performance chapter covers detailed analysis, datasets, detailed current performance, sources of volatility and an outlook with forecasts for the Life Insurance & Annuities industry in Canada.
Questions answered in this chapter include what's driving current industry performance, what influences industry volatility, how do successful businesses overcome volatility, what's driving the industry outlook. This analysis is supported with data and statistics on industry revenues, costs, profits, businesses and employees.
Products & Markets
What's included in the Products and Markets chapter?
The Products and Markets chapter covers detailed products and service segmentation and analysis of major markets for the for the Life Insurance & Annuities industry in Canada.
Questions answered in this chapter include how are the industry's products and services performing, what are innovations in industry products and services, what products or services do successful businesses offer and what's influencing demand from the industry's markets. This includes data and statistics on industry revenues by product and service segmentation and major markets.
Geographic Breakdown
What's included in the Geographic Breakdown chapter?
The Geographic Breakdown chapter covers detailed analysis and datasets on regional performance of the Life Insurance & Annuities industry in Canada.
Questions answered in this chapter include where are industry businesses located and how do businesses use location to their advantage. This includes data and statistics on industry revenues by location.
Competitive Forces
What's included in the Competitive Forces chapter?
The Competitive Forces chapter covers the concentration, barriers to entry and supplier and buyer profiles in the Life Insurance & Annuities industry in Canada. This includes data and statistics on industry market share concentration, barriers to entry, substitute products and buyer & supplier power.
Questions answered in this chapter include what impacts the industry's market share concentration, how do successful businesses handle concentration, what challenges do potential industry entrants face, how can potential entrants overcome barriers to entry, what are substitutes for industry services, how do successful businesses compete with substitutes and what power do buyers and suppliers have over the industry and how do successful businesses manage buyer & supplier power.
Companies
What's included in the Companies chapter?
The Companies chapter covers Key Takeaways, Market Share and Companies in the Life Insurance & Annuities industry in Canada. This includes data and analysis on companies operating in the industry that hold a market share greater than 5%.
Questions answered in this chapter include what companies have a meaningful market share and how each company is performing.
External Environment
What's included in the External Environment chapter?
The External Environment chapter covers Key Takeaways, External Drivers, Regulation & Policy and Assistance in the Life Insurance & Annuities industry in Canada. This includes data and statistics on factors impacting industry revenue such as economic indicators, regulation, policy and assistance programs.
Questions answered in this chapter include what demographic and macroeconomic factors impact the industry, what regulations impact the industry, what assistance is available to this industry.
Financial Benchmarks
What's included in the Financial Benchmarks chapter?
The Financial Benchmarks chapter covers Key Takeaways, Cost Structure, Financial Ratios, Valuation Multiples and Key Ratios in the Life Insurance & Annuities industry in Canada. This includes financial data and statistics on industry performance including key cost inputs, profitability, key financial ratios and enterprise value multiples.
Questions answered in this chapter include what trends impact industry costs and how financial ratios have changed overtime.
Industry Data
What's included in the Industry Data chapter?
The Industry Data chapter includes 10 years of historical data with 5 years of forecast data covering statistics like revenue, industry value add, establishments, enterprises, employment and wages in the Life Insurance & Annuities industry in Canada.
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Frequently Asked Questions
What is the market size of the Life Insurance & Annuities industry in Canada in 2026?
The market size of the Life Insurance & Annuities industry in Canada is $116.7bn in 2026.
How many businesses are there in the Life Insurance & Annuities industry in Canada in 2025?
There are 100 businesses in the Life Insurance & Annuities industry in Canada, which has declined at a CAGR of 1.9 % between 2020 and 2025.
How may import tariffs affect the Life Insurance & Annuities industry in Canada?
The Life Insurance & Annuities industry in Canada is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Life Insurance & Annuities industry in Canada?
The Life Insurance & Annuities industry in Canada is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Life Insurance & Annuities industry in Canada grown or declined over the past 5 years?
The market size of the Life Insurance & Annuities industry in Canada has been growing at a CAGR of 1.3 % between 2020 and 2025.
What is the forecast growth of the Life Insurance & Annuities industry in Canada over the next 5 years?
Over the next five years, the Life Insurance & Annuities industry in Canada is expected to grow.
What are the biggest companies in the Life Insurance & Annuities industry in Canada?
The biggest companies operating in the Life Insurance & Annuities industry in Canada are Sun Life Financial Inc. and Canada Life Assurance Company
What does the Life Insurance & Annuities industry in Canada include?
Underwriting group life policies and Underwriting individual life policies are part of the Life Insurance & Annuities industry in Canada.
Which companies have the highest market share in the Life Insurance & Annuities industry in Canada?
The company holding the most market share in the Life Insurance & Annuities industry in Canada is Sun Life Financial Inc..
How competitive is the Life Insurance & Annuities industry in Canada?
The level of competition is high and steady in the Life Insurance & Annuities industry in Canada.
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