Find out more about the main players in the group benefits industry
Benefits and Pensions Monitor has compiled a list of the largest group insurers based in Canada that provide a comprehensive and diverse mix of traditional and non-traditional group benefits products including Extended Health Care, Life Insurance, Dependent Life Insurance, Accidental Death & Dismemberment, Dental, Out of Province/Country Medical Insurance, Short Term Disability (STD), Long Term Disability (LTD), Critical Illness, and Health Spending Accounts.
Where years ago, employee benefits consisted of basic health care coverage and pension plans, today group insurance companies offer innovative solutions to help employers attract, retain, and support their top talent. They understand that a healthy workforce is a productive one, so today’s group insurance offerings focus on well-being with an emphasis on employee experience and corporate culture.
The top group insurance companies include:
- Sun Life Financial
- Canada Life Assurance Co.
- Manulife Financial Corp.
- Desjardins Insurance
- Beneva
Sun Life Financial
Sun Life is an international financial services organization providing and health insurance solutions to individual and institutional clients. The organization has operations in a number of markets worldwide, including Canada, the US, the UK, China, and Australia.
Sun Life’s roots in Canada began more than 150 years ago. The business started with the sale of insurance and has expanded to offer wealth solutions and customized health programs to its clients.
Canada Life
Founded in 1847, The Canada Life Assurance Company was Canada’s first domestic life insurance company.
Today, Canada Life provides insurance, wealth management, and healthcare benefit products and services in Canada, the UK, Isle of Man, and Germany. The brand consists of three companies: Great-West Life, London Life and Canada Life.
Canada Life provides a wide range of insurance and wealth management products for individuals, families, and business owners from coast to coast.
Manulife
Manulife is an international financial services group. The organization provides financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions.
Manulife was one of the first organizations in North America to insure people living with diabetes and one of the first to launch AI in underwriting in Canada.
Desjardins
The history of Desjardins Group is thoroughly intertwined with that of modern Quebec. For over 100 years now, the development of the Desjardins network and the diversification of its activities paralleled the social and economic boom of the province. Desjardins, one of the biggest financial groups in Canada today, has always been true to the philosophy of its founder: to contribute to the well-being of individuals and communities.
The organization offers a full range of financial and insurance services across Canada and around the world.
Beneva
Beneva was formed when La Capitale and SSQ Insurance joined forces in 2020. It is built on shared values and powered by 75 years of experience.
The organization takes a caring approach to business and says it redefines what it means to put people first. It offers a complete line of flexible products and proven expertise.
