Life and health insurers: what the OSFI filings say
Every federally regulated life insurer files quarterly financial statements and the LICAT capital test with OSFI, and OSFI publishes them. This page reads those filings for the companies behind Canadian life, health and travel policies: insurance revenue, what goes out in claims and expenses, net income, and the capital ratio that says how well each company is positioned to pay long-dated promises.
Source: OSFI financial data on open.canada.ca, fetched Sep 15, 2026; latest filed quarter 2026 Q2. Statement lines are year-to-date, so 2025 is the last full fiscal year. Also tracked: property and casualty insurers.
What the filings say
Computed from the 25 largest consumer-facing insurers by 2025 insurance revenue; reinsurers are in the table but not the findings. Rewritten from the data on every rebuild.
The industry spent 81.1% of 2025 insurance revenue on claims and expenses, and 80.8% so far in 2026 against 82.2% at the same point last year. 1 of the 25 largest lost money on underwriting in 2025 (ratio over 100%). Best 2025 ratio among them: Chubb Life at 41.0%; worst: Canada Life at 106.1%.
Of the largest insurers with a 2026 Q2 filing, 11 are running a higher expense ratio than their 2025 full year and 12 a lower one. Year-to-date figures cover part of a year, so the comparison that matters is against the same quarter a year earlier, shown in the industry row below. Fastest 2025 revenue growth: Blumont Annuity Company, +28.6%.
Median LICAT ratio across 49 insurers is 162%, against a regulatory minimum of 90% and a supervisory target of 100%. No insurer reports below the target. Lowest among the largest insurers: Sun Life Insurance (Canada) at 117%. 12 of the largest 25 have a lower ratio than a year earlier.
Analyst note (Sep 15, 2026). For a life or health policy the number that matters is the capital ratio and its direction, because the promise runs for decades. The expense ratio tells you which companies are pricing their term and health books tightly and which are subsidising them with investment income; a rising ratio at a company whose capital is also drifting down is the early signal of repricing on renewable term, disability and travel products. The financial-strength ratings on the insurer reviews are an agency's read of these same filings.
By insurer
Sorted by 2025 insurance revenue. Dollar figures in CAD; ratio = insurance service expenses ÷ insurance revenue; LICAT is the latest filed quarter with the same quarter a year earlier for comparison.
| Insurer | Revenue 2025 | Growth | Expense ratio 2025 | Ratio YTD | Net income 2025 | LICAT | Year earlier |
|---|---|---|---|---|---|---|---|
| Manufacturers Life (Manulife) Canadian · latest 2026 Q2 | $29B | +8.6% | 79.9% | 79.6% | $6.4B | 136%2026 Q2 | 136% |
| Canada Life Assurance Company Canadian · latest 2026 Q2 | $22B | +5.3% | 76.8% | 76.1% | $2.8B | 128%2026 Q2 | 132% |
| Sun Life Canadian · latest 2026 Q2 | $21B | +6.3% | 83.3% | 83.3% | $2.5B | 133%2026 Q2 | 141% |
| RBC Life Canadian · latest 2026 Q2 | $2.5B | +8.6% | 93.2% | 91.4% | $305M | 134%2026 Q2 | 135% |
| Munich Reinsurance Company Foreign · reinsurer · latest 2026 Q2 | $2.3B | +22.5% | 101.4% | 90.9% | $125M | 112%2026 Q2 | 127% |
| RGA Life Reinsurance Company of Canada Canadian · reinsurer · latest 2026 Q2 | $2.2B | -2.8% | 85.3% | 84.7% | $30.0M | 128%2026 Q2 | 123% |
| Sun Life Insurance (Canada) Canadian · latest 2026 Q2 | $1.9B | +0.6% | 90.1% | 92.0% | $157M | 117%2026 Q2 | 125% |
| Empire Life Canadian · latest 2026 Q2 | $1.5B | +8.9% | 84.1% | 84.9% | $215M | 159%2026 Q2 | 142% |
| BMO Life Assurance Company Canadian · latest 2026 Q2 | $1.4B | +8.8% | 74.8% | 80.1% | $340M | 132%2026 Q2 | 135% |
| BMO Life Canadian | $1.4B | +8.8% | 74.8% | — | $339M | 133%2025 Q4 | 130% |
| Swiss Reinsurance Company Foreign · reinsurer · latest 2026 Q2 | $1.3B | +6.3% | 79.3% | 71.7% | $49.2M | 120%2026 Q2 | 122% |
| Green Shield Canada Insurance Canadian · latest 2026 Q2 | $1.1B | — | 93.5% | 96.1% | $56.0M | 149%2026 Q2 | 141% |
| Equitable Life Canadian · latest 2026 Q2 | $1.1B | +15.5% | 90.2% | 84.8% | $180M | 160%2026 Q2 | 160% |
| Co-operators Life Canadian · latest 2026 Q2 | $1.1B | +3.3% | 91.2% | 89.1% | $70.3M | 166%2026 Q2 | 162% |
| Canadian Premier Life Canadian · latest 2026 Q2 | $916M | -7.5% | 86.4% | 85.7% | −$106M | 157%2026 Q2 | 145% |
| ivari Canadian · latest 2026 Q2 | $849M | +3.4% | 80.5% | 81.9% | $121M | 131%2026 Q2 | 130% |
| Blue Cross Life Canadian · latest 2026 Q2 | $701M | +2.3% | 91.3% | 98.8% | $19.0M | 137%2026 Q2 | 133% |
| PartnerRe Life Reinsurance Company of Canada Canadian · reinsurer · latest 2026 Q2 | $530M | +4.9% | 120.5% | 93.1% | $2.0M | 125%2026 Q2 | 125% |
| Blumont Annuity Company Canadian · latest 2026 Q2 | $493M | +28.6% | 99.3% | 104.0% | $70.7M | 142%2026 Q2 | 149% |
| Employers Reassurance Corporation Foreign · reinsurer · latest 2026 Q2 | $402M | +78.3% | 5.0% | 46.3% | $317M | 345%2026 Q2 | 896% |
| American Bankers Life Assurance Company of Florida Foreign · latest 2026 Q2 | $388M | +0.4% | 42.9% | 43.8% | $12.7M | 156%2026 Q2 | 174% |
| Primerica Life Canadian · latest 2026 Q2 | $379M | +5.5% | 70.1% | 67.7% | $93.7M | 192%2026 Q2 | 201% |
| SCOR SE Foreign · reinsurer · latest 2026 Q2 | $375M | -6.1% | 79.4% | 83.8% | $60.4M | 137%2026 Q2 | 117% |
| Chubb Life Canadian · latest 2026 Q2 | $347M | +1.2% | 41.0% | 41.8% | $17.3M | 144%2026 Q2 | 171% |
| Metropolitan Tower Life Foreign · latest 2026 Q2 | $343M | +3.5% | 82.9% | 81.7% | $79.8M | 162%2026 Q2 | 174% |
Smaller insurers (25)
| Insurer | Revenue 2025 | Expense ratio | Net income | LICAT |
|---|---|---|---|---|
| Wawanesa LifeCanadian | $295M | 92.6% | $16.1M | 168% |
| Canada LifeCanadian | $295M | 106.1% | $47.0M | 201% |
| Pacific Life Re InternationalForeign | $287M | 88.4% | $13.3M | 140% |
| Foresters Life (Canada Protection Plan)Canadian | $246M | 89.1% | $15.1M | 215% |
| Combined Insurance Company of AmericaForeign | $230M | 60.7% | $107M | 181% |
| TD LifeCanadian | $161M | 52.7% | $9.2M | 265% |
| TruStage Life of CanadaCanadian | $130M | 84.5% | $27.0M | 172% |
| CIGNA LifeCanadian | $122M | 75.5% | $13.6M | 226% |
| Hannover Re (Ireland) Designated Activity CompanyForeign | $101M | 90.7% | −$22.8M | 236% |
| American Income LifeForeign | $85.3M | 43.9% | $91.5M | 165% |
| British Insurance Company of CaymanForeign | $73.7M | 89.8% | $16.0M | 191% |
| ManulifeCanadian | $47.7M | 57.0% | $1.3M | 149% |
| General Re Life CorporationForeign | $42.6M | -71.2% | $19.5M | 142% |
| New York LifeForeign | $40.6M | 119.4% | −$4.8M | 338% |
| Aetna LifeForeign | $30.8M | 83.5% | $2.8M | 724% |
| CIBC LifeCanadian | $27.2M | 44.5% | $10.6M | 656% |
| American Health and LifeForeign | $17.8M | 81.0% | $3.5M | 589% |
| AWP Health & Life SAForeign | $7.5M | 74.8% | $1.2M | 312% |
| Connecticut General LifeForeign | $3.3M | 1.4% | $7.8M | 210% |
| Reliable LifeCanadian | $2.8M | 78.4% | $0.1M | 320% |
| Allianz Life Insurance Company of North AmericaForeign | $1.5M | — | $1.1M | — |
| Jackson National LifeForeign | $0.7M | -43.8% | $0.9M | 721% |
| Alan CACanadian | $0.1M | 305.5% | −$2.0M | 1652% |
| Life Insurance Company of North AmericaForeign | $0.1M | -3474.6% | $6.8M | 1199% |
| Pavonia Life Insurance Company of MichiganForeign | $0.0M | 180.0% | −$0.2M | 828% |
The industry, year by year
OSFI's Canadian and foreign totals combined. Full fiscal years only; the current year appears once Q4 is filed.
Source: OSFI financial data; InsuranceXpert calculation from industry totals.
Source: OSFI financial data, industry totals, CAD billions.
| Year | Insurance revenue | Insurance service expenses | Expense ratio | Net income |
|---|---|---|---|---|
| 2025 | $94B | $76B | 81.1% | $14B |
| 2024 | $86B | $71B | 82.6% | $14B |
| 2023 | $77B | $63B | 81.9% | $12B |
| 2026 Q2year to date | $49B | $39B | 80.8% | $7.9B |
How to read this page
The expense ratio
Under IFRS 17, a life insurer's "insurance revenue" is the portion of premiums and expected benefits recognised in the period, and "insurance service expenses" are the claims and benefits incurred plus the costs of running the business. For life insurers investment income is a large part of the economics, so this ratio understates profitability; net income, which includes the investment result, is shown beside it.
The LICAT ratio
The Life Insurance Capital Adequacy Test compares a life insurer's available capital with the base solvency buffer OSFI calculates for its risks. The regulatory minimum total ratio is 90% and OSFI's supervisory target is 100%; the large Canadian life companies typically run between 120% and 150%. The core ratio uses only the highest-quality capital. For a policyholder the question is distance from 100%, not the ranking between healthy companies.
Legal entities, not brands
OSFI regulates underwriting companies. A brand can sit on top of several (Desjardins sells through Certas Home and Auto and The Personal; TD Insurance through Security National and Primmum), and a group's holding company files consolidated figures that would double-count its subsidiaries, so holding companies are excluded. Where an entity is the underwriter behind one of the brands we review, it links to that review.
What is not here
Provincially incorporated insurers, Crown corporations (ICBC, SGI, MPI) and fraternal societies do not file these returns, so they do not appear. Reinsurers and specialty lines writers do appear, because OSFI publishes them, but they do not sell to consumers. Values are year-to-date within each company's fiscal year; a few insurers have an October year-end, so their "Q4" falls in a different calendar month.
Source and refresh
Data: OSFI financial data via Canada's open-data portal, all federally regulated life & health insurers, fields P2002209901, P2002211001, P2002219901, P2002299901, D1010010020, D1010010010, D12000010020, fetched Sep 15, 2026. Retrieved by script; no manual edits. Rebuilt each quarter when OSFI publishes.
Questions
Why does a life insurer's LICAT ratio matter to me?
A life or critical illness policy is a promise that may not be called on for decades. LICAT measures whether the company holds enough capital to keep that promise through bad markets. Every company on this page is above the supervisory target; the ratio is a check that it stays there, quarter by quarter.
Why are Manulife and Sun Life listed twice?
OSFI publishes both the operating insurer (The Manufacturers Life Insurance Company, Sun Life Assurance Company of Canada) and the listed holding company. The holding companies are excluded from the table because they consolidate the same business; the operating company is the one your policy is with.
Where are Blue Cross plans and provincial insurers?
Most Blue Cross plans and several health and travel carriers are provincially regulated or not-for-profit and do not file with OSFI, so they do not appear here. Where a brand is underwritten by a federally regulated company, that company is listed.
Where does this data come from?
From OSFI's open-data release of the quarterly regulatory returns every federally regulated life & health insurer files: the core financial statement return and the LICAT capital return. We read a handful of summary lines per company and compute the ratios ourselves; nothing is estimated. Data fetched Sep 15, 2026; latest quarter 2026 Q2.
How often is it updated?
OSFI publishes each quarter's filings about two months after quarter end. We re-pull the dataset and rebuild this page on that cycle.