Which insurance company is best for claim settlement?
Insurance firms have been merging with brokerage firms, banks, and other financial institutions all over the world in recent years to expand their service offerings to clients. Certainly, that has been the case in Canada’s insurance sector, which has seen a number of mergers and acquisitions in recent years. Bear in mind that many insurance firms also provide wealth management services and other financial products. While some banks and credit unions may have more assets than those on this list, insurance is not a major source of income for them.
Manulife Financial Corporation
Canada’s largest insurance company, Manulife Financial (MFC) also provides banking and investment services. The Toronto-based corporation generated $61 billion Canadian in revenue ($47 billion U.S.) in 2019, mostly to insurance premiums and investment income.
In addition to the United States, where it conducts business through its John Hancock affiliate, Manulife has a presence in Asia, Europe, and Canada. Roughly 38,000 workers and almost 98,000 agents would be part of the organization by the year’s conclusion. A total of $1.2 trillion Canadian ($920 billion US) in assets were managed by Manulife.
The Manufacturers Life Insurance Company began business in 1887, and in 1893 it sold its first insurance to a customer in Bermuda. The China Insurance Regulatory Commission (CIRC) approved the company’s Guangzhou office in 2002. It was the first time a joint-venture life insurance firm with foreign investment was given permission to set up a shop in China. Currently, Manulife has authorized locations in over 50 cities across mainland China.
Western Great Life Insurance Company
Great-West Lifeco, Inc. is a Canadian financial services holding company that serves consumers in North America, Europe, and Asia through its six insurance subsidiaries. Life, health, and disability insurance are just a few of the plans that Great-West Lifeco provides.
About 24,000 employees were working for the firm by the end of 2019, and those advisor ties were responsible for 30 million consumers.
The total amount of assets managed by Great West is $772 billion Canadian ($594 billion US). In 2019, Great West collected almost $50 billion Canadian ($38 billion US) in revenue through insurance premiums, deposit interest, and dividends.
Sun Life Financial Group
One of the oldest insurance companies is Sun Life Financial (SLF), which has its headquarters in Toronto and dates back to 1865. It provides health insurance, as well as investing and wealth-management services. The firm serves customers not just in North America, but also in Asia and the United Kingdom. At the close of 2019, Sun Life Financial has over 40,000 workers and approximately 126,000 advisers. Approximately $850 billion in the United States was managed by Sun Life. A total of roughly $38 billion Canadian ($29 billion US) was earned in 2019 through insurance premiums and segregated fund deposits (life insurance products contained within mutual funds).
