Property and casualty insurers: what the OSFI filings say
Every federally regulated property and casualty insurer files its financial statements and capital test with OSFI each quarter, and OSFI publishes them. This page reads those filings: how much each insurer earns in premiums, how much of that goes out in claims and expenses, what is left, and how much capital it holds against what the regulator requires. It covers the companies behind Canadian car, home and travel policies.
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: life and health 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 77.7% of 2025 insurance revenue on claims and expenses, and 80.4% so far in 2026 against 80.4% 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: Liberty Mutual at 44.4%; worst: TD General at 107.4%.
Of the largest insurers with a 2026 Q2 filing, 12 are running a higher expense ratio than their 2025 full year and 10 a lower one. Year-to-date figures cover part of a year and carry the seasonal weight of winter and storm claims, so a mid-year ratio above the full-year figure is normal for many property writers; the comparison that matters is against the same quarter a year earlier. Fastest 2025 revenue growth: TD General, +17.5%.
Median MCT ratio across 126 insurers is 380%, against a regulatory minimum of 100% and a supervisory target of 150%. No insurer reports below the target. Lowest among the largest insurers: Intact at 192%. 11 of the largest 25 have a lower ratio than a year earlier.
Analyst note (Sep 15, 2026). These are the numbers behind the rate filings. An insurer whose expense ratio has crossed 100% will be at its regulator asking for an increase within a few quarters; one running in the low 80s with a rising capital ratio has room to compete on price. Read this page alongside the rate approvals trackers and the gap between what an insurer is losing and what it has been approved to recover tells you where prices are going next.
By insurer
Sorted by 2025 insurance revenue. Dollar figures in CAD; ratio = insurance service expenses ÷ insurance revenue; MCT 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 | MCT | Year earlier |
|---|---|---|---|---|---|---|---|
| Intact Canadian · latest 2026 Q2 | $13B | +5.8% | 79.4% | 83.5% | $1.5B | 192%2026 Q2 | 203% |
| Lloyd's Underwriters Foreign · reinsurer · latest 2026 Q2 | $7.5B | +6.9% | 64.3% | 71.9% | $2.9B | 271%2026 Q2 | 257% |
| Aviva Canadian · latest 2026 Q2 | $6.7B | +5.2% | 89.7% | 87.7% | $264M | 238%2026 Q2 | 232% |
| Security National Canadian · latest 2026 Q2 | $6.3B | +13.0% | 90.7% | 87.8% | $182M | 257%2026 Q2 | 240% |
| Co-operators General Canadian · latest 2026 Q2 | $6.0B | +11.5% | 81.4% | 82.0% | $671M | 228%2026 Q2 | 229% |
| Definity (Sonnet, Economical) Canadian · latest 2026 Q2 | $4.7B | +9.8% | 84.8% | 87.9% | $398M | 212%2026 Q2 | 210% |
| Wawanesa Mutual Canadian · latest 2026 Q2 | $3.8B | +4.2% | 88.7% | 83.0% | $550M | 321%2026 Q2 | 276% |
| Certas Home and Auto (Desjardins) Canadian · latest 2026 Q2 | $3.7B | +4.4% | 85.5% | 85.0% | $314M | 234%2026 Q2 | 227% |
| Northbridge General Insurance Corporation Canadian · latest 2026 Q2 | $3.4B | 0.0% | 78.9% | 80.9% | $581M | 245%2026 Q2 | 219% |
| Allstate Canadian · latest 2026 Q2 | $3.2B | +5.8% | 84.6% | 86.3% | $330M | 246%2026 Q2 | 246% |
| Personal Canadian · latest 2026 Q2 | $2.2B | +7.8% | 87.0% | 88.3% | $170M | 241%2026 Q2 | 257% |
| Zurich Foreign · latest 2026 Q2 | $1.8B | +10.8% | 69.6% | 65.9% | $179M | 291%2026 Q2 | 329% |
| Chubb Canadian · latest 2026 Q2 | $1.8B | +2.3% | 64.8% | 66.2% | $239M | 231%2026 Q2 | 230% |
| AIG Canadian · latest 2026 Q2 | $1.6B | -2.2% | 56.6% | 60.0% | $177M | 263%2026 Q2 | 273% |
| Primmum Canadian · latest 2026 Q2 | $1.3B | +11.1% | 97.6% | 90.6% | −$13.6M | 276%2026 Q2 | 263% |
| Dominion of Canada General Canadian · latest 2026 Q2 | $1.3B | -0.1% | 93.1% | 88.8% | $65.5M | 231%2026 Q2 | 331% |
| Aviva General Canadian · latest 2026 Q2 | $1.3B | +14.0% | 93.2% | 92.7% | $9.5M | 368%2026 Q2 | 422% |
| Liberty Mutual Foreign · latest 2026 Q2 | $1.0B | +8.1% | 44.4% | 64.1% | $192M | 377%2026 Q2 | 348% |
| Echelon Insurance Canadian · latest 2026 Q2 | $1.0B | +2.1% | 91.9% | 93.1% | $33.7M | 246%2026 Q2 | 258% |
| Green Shield Canada Canadian | $1.0B | +16.5% | 91.0% | — | $98.2M | — | — |
| Trisura Guarantee Canadian · latest 2026 Q2 | $939M | -0.7% | 70.0% | 68.9% | $84.4M | 270%2026 Q2 | 261% |
| Hannover Rück SE Foreign · reinsurer · latest 2026 Q2 | $925M | -1.7% | 71.1% | 73.1% | $140M | 257%2026 Q2 | 262% |
| Pembridge Canadian · latest 2026 Q2 | $872M | +1.9% | 90.9% | 91.5% | $60.2M | 281%2026 Q2 | 291% |
| TD General Canadian · latest 2026 Q2 | $774M | +17.5% | 107.4% | 96.7% | −$26.9M | 304%2026 Q2 | 243% |
| Traders General Canadian | $768M | +14.1% | 96.1% | — | $3.5M | 518%2025 Q4 | 359% |
Smaller insurers (111)
| Insurer | Revenue 2025 | Expense ratio | Net income | MCT |
|---|---|---|---|---|
| Everest Reinsurance CompanyForeign | $743M | 71.7% | $60.0M | 380% |
| Sovereign GeneralCanadian | $707M | 76.2% | $124M | 239% |
| Gore MutualCanadian | $703M | 91.2% | $8.2M | 226% |
| SonnetCanadian | $679M | 89.9% | $44.9M | 278% |
| Continental Casualty CompanyForeign | $665M | 75.4% | $95.8M | 304% |
| American Bankers Insurance Company of FloridaForeign | $645M | 52.2% | $28.4M | 264% |
| XL SpecialtyForeign | $644M | 56.1% | $87.4M | 327% |
| Certas DirectCanadian | $628M | 74.0% | $72.5M | 224% |
| Swiss Reinsurance CompanyForeign | $578M | 35.1% | $7.1M | 278% |
| Starr Insurance & ReinsuranceForeign | $537M | 70.9% | $49.8M | 359% |
| Factory MutualForeign | $528M | 36.5% | $183M | 874% |
| Allianz Global Risks USForeign | $500M | 48.1% | $56.4M | 448% |
| FederatedCanadian | $447M | 74.4% | $101M | 366% |
| Munich Reinsurance Company of CanadaCanadian | $415M | 30.8% | $122M | 212% |
| CUMIS GeneralCanadian | $413M | 91.6% | $21.1M | 313% |
| DefinityCanadian | $413M | 68.0% | $98.8M | 185% |
| SCOR Canada Reinsurance CompanyCanadian | $412M | 61.5% | $61.1M | 258% |
| Swiss Re Corporate Solutions America Insurance CorporationForeign | $405M | 59.7% | $31.4M | 476% |
| Portage la Prairie MutualCanadian | $399M | 89.3% | $16.7M | 269% |
| National Liability & FireForeign | $380M | 71.5% | $84.4M | 533% |
| EliteCanadian | $373M | 95.8% | $1.7M | 1178% |
| AXIS Reinsurance CompanyForeign | $357M | 65.6% | $32.7M | 293% |
| HDI Global Specialty SEForeign | $354M | 79.7% | $8.2M | 307% |
| TempleCanadian | $351M | 41.4% | −$0.9M | 224% |
| ZenithCanadian | $330M | 97.8% | $2.6M | 239% |
| Arch Insurance CanadaCanadian | $316M | 86.8% | $6.1M | 414% |
| EverestCanadian | $305M | 69.3% | $18.9M | 321% |
| Old RepublicCanadian | $278M | 96.0% | $17.6M | 294% |
| Affiliated FMForeign | $269M | 38.2% | $87.3M | 622% |
| Transatlantic Reinsurance CompanyForeign | $258M | 57.6% | $73.2M | 308% |
| AccelerantCanadian | $254M | 87.3% | $2.3M | 379% |
| Heartland Farm MutualCanadian | $243M | 80.0% | $24.4M | 494% |
| BerkleyForeign | $241M | 41.8% | $24.2M | 381% |
| HDI Global SEForeign | $225M | 78.1% | $26.1M | 381% |
| Wynward Insurance GroupCanadian | $222M | 75.0% | $38.9M | 346% |
| Allied World SpecialtyForeign | $214M | 59.3% | $43.8M | 423% |
| Tokio Marine CanadaCanadian | $210M | 71.5% | $9.1M | 381% |
| S&YCanadian | $181M | 97.5% | $1.0M | 1178% |
| FCTCanadian | $179M | 59.9% | $44.3M | 601% |
| Ecclesiastical Insurance Office Public Limited CompanyForeign | $175M | 70.1% | $21.3M | 253% |
| Boiler Inspection andCanadian | $168M | 55.0% | $50.5M | 273% |
| Sandbox MutualCanadian | $165M | 100.0% | −$3.8M | 214% |
| Partner Reinsurance Company of the U.S.Foreign | $163M | 61.8% | $36.0M | 287% |
| Arch Reinsurance CompanyForeign | $160M | 51.2% | $30.3M | 498% |
| GPICCanadian | $147M | 83.3% | $8.0M | 332% |
| Arundo ReForeign | $136M | 52.6% | $29.4M | 374% |
| General Reinsurance CorporationForeign | $134M | 13.3% | $88.7M | 485% |
| Odyssey Reinsurance CompanyForeign | $133M | 49.8% | $95.0M | 403% |
| RBCCanadian | $129M | 58.0% | $38.5M | 602% |
| Stewart Title Guaranty CompanyForeign | $120M | 58.8% | $32.8M | 590% |
| JevcoCanadian | $117M | 82.5% | $16.8M | 240% |
| Motors Insurance CorporationForeign | $114M | 63.0% | $14.5M | 324% |
| Great AmericanForeign | $104M | 40.5% | $21.7M | 414% |
| Royal & Sun AllianceCanadian | $100M | 91.1% | $112M | 446% |
| PetlineCanadian | $96.4M | 91.3% | $6.8M | 281% |
| XL Reinsurance AmericaForeign | $94.1M | 79.0% | $16.4M | 330% |
| PafcoCanadian | $92.7M | 84.2% | $11.1M | 291% |
| TritonForeign | $88.6M | 85.7% | $15.8M | 365% |
| Associated Electric & Gas Insurance ServicesForeign | $84.8M | 210.1% | $3.9M | 1038% |
| Euler Hermes North AmericaForeign | $83.7M | 46.8% | $15.8M | 716% |
| Sompo Japan InsuranceForeign | $78.4M | 66.3% | $10.8M | 779% |
| SCOR UK CompanyForeign | $77.6M | 73.1% | −$0.2M | 387% |
| NovexCanadian | $77.5M | 71.2% | $16.3M | 210% |
| Chicago TitleForeign | $74.2M | 70.9% | $14.2M | 407% |
| Tokio Marine & Nichido Fire Insurance Co.Foreign | $73.8M | 97.3% | $10.3M | 547% |
| Hartford FireForeign | $67.8M | 34.9% | $27.9M | 611% |
| TD Home and AutoCanadian | $63.4M | 46.2% | $16.9M | 2273% |
| Mapfre Re Compania de Reaseguros, S.A.Foreign | $43.8M | 54.2% | $20.0M | 763% |
| St. Paul Fire and MarineForeign | $43.7M | 26.2% | $30.1M | 352% |
| American AgriculturalForeign | $40.6M | 30.3% | $17.0M | 1265% |
| Western Surety CompanyCanadian | $39.9M | 116.6% | −$2.3M | 354% |
| Europ Assistance S.A.Foreign | $36.2M | 109.8% | −$6.6M | 346% |
| Shelter MutualForeign | $34.7M | 17.4% | $15.2M | 811% |
| Mitsui SumitomoForeign | $34.1M | 74.4% | $3.6M | 754% |
| Toa Reinsurance Company of America (The)Foreign | $34.1M | 66.5% | $7.5M | 403% |
| Compagnie Française d'Assurance pour le Commerce ExtérieurForeign | $33.2M | 55.0% | $2.5M | 570% |
| Aspen Insurance UKForeign | $31.5M | 52.4% | $21.5M | 654% |
| TechnologyForeign | $30.5M | 86.3% | $3.5M | 481% |
| Validus ReinsuranceForeign | $27.0M | 24.5% | $3.0M | — |
| United States LiabilityForeign | $25.2M | 74.1% | $0.6M | 952% |
| First American TitleForeign | $20.6M | 3.5% | $10.4M | 1687% |
| Atradius Crédito y Caución S.A. de Seguros y ReasegurosForeign | $17.6M | 93.2% | $1.7M | 2402% |
| Jewelers Mutual Insurance Company, SIForeign | $16.1M | 106.5% | −$0.2M | 626% |
| Canadian Premier GeneralCanadian | $16.0M | 79.8% | $1.2M | 750% |
| CherokeeForeign | $14.8M | 173.8% | $1.1M | 432% |
| American Road Insurance Company (The)Foreign | $11.6M | 84.2% | $1.2M | 525% |
| First North AmericanCanadian | $10.6M | 89.7% | $1.1M | 615% |
| Antigonish Farmers' MutualCanadian | $10.3M | 58.2% | $1.4M | 858% |
| VerassureCanadian | $8.9M | 465.4% | −$29.0M | 424% |
| SiriusPoint AmericaForeign | $8.7M | 39.1% | $7.1M | 1161% |
| Clare MutualCanadian | $6.1M | 53.7% | $0.7M | 507% |
| Scottish & York Insurance Co.Canadian | $6.1M | 47.9% | $1.1M | 921% |
| Munich Reinsurance AmericaForeign | $4.6M | 362.7% | $12.6M | 12061% |
| ProtectiveForeign | $4.3M | 53.7% | $1.4M | 3501% |
| SentryForeign | $3.6M | 15.8% | $2.9M | 1915% |
| Unifund Assurance CompanyCanadian | $3.2M | -363.6% | $58.0M | 2059% |
| HudsonForeign | $2.7M | 91.7% | −$0.2M | 711% |
| Privilege Underwriters Reciprocal ExchangeForeign | $1.5M | 1539.6% | −$7.8M | 2147% |
| Safety National Casualty CorporationForeign | $0.7M | 21.1% | $0.4M | 3465% |
| Markel InternationalForeign | $0.7M | 117.5% | $0.9M | 20969% |
| Indemnity National Insurance Company (D421)Foreign | $0.5M | 415.9% | −$0.8M | 2356% |
| Western Assurance CompanyCanadian | $0.3M | 329.7% | $4.8M | — |
| NordicCanadian | $0.1M | 96.0% | $47.5M | 424% |
| MissisquoiCanadian | $0.0M | 72428.6% | −$3.6M | — |
| CorePointeForeign | $0.0M | 570.0% | $0.0M | — |
| FederalForeign | $0.0M | -116133.3% | $6.2M | 2452% |
| PerthCanadian | $0.0M | -926100.0% | $7.3M | — |
| WaterlooCanadian | −$0.0M | — | $0.3M | — |
| Canadian Northern ShieldCanadian | −$0.0M | — | $4.8M | 75655% |
| ElectricForeign | −$0.1M | — | $0.3M | 943% |
| TrafalgarCanadian | −$0.1M | — | $0.4M | 3004% |
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 | $88B | $68B | 77.7% | $11B |
| 2024 | $87B | $75B | 86.6% | $9.6B |
| 2023 | $75B | $60B | 79.4% | $9.5B |
| 2026 Q2year to date | $45B | $36B | 80.4% | $5.5B |
How to read this page
The expense ratio
Under the IFRS 17 accounting standard that these returns follow, "insurance revenue" is roughly the premiums earned in the period, and "insurance service expenses" are the claims incurred plus the costs of running the insurance business. The ratio between them is the closest thing in the public filings to the combined ratio insurers quote to investors. Under 100% the insurer made money on underwriting before investment income; over 100% it lost money on the policies themselves and relied on its investments.
The MCT ratio
The Minimum Capital Test compares an insurer's available capital with the capital OSFI requires for the risks it carries. 100% is the regulatory minimum; OSFI's supervisory target is 150%, and companies are expected to hold an internal buffer above that. Foreign branches report the equivalent Branch Adequacy of Assets Test on the same scale. A high ratio is not "better" for a customer beyond a point: it is spare capital. A ratio drifting toward 150% is the number to watch.
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 p&c insurers, fields P202209901, P202211001, P202219901, P202299901, P100014001, P700000104, fetched Sep 15, 2026. Retrieved by script; no manual edits. Rebuilt each quarter when OSFI publishes.
Questions
Does a high MCT ratio mean an insurer is safer?
It means it holds more capital relative to the risks OSFI measures. All of the insurers on this page are above the 150% supervisory target; the differences between 190% and 320% are about how conservatively the company is run and how much capital its owners choose to leave in it, not about whether claims will be paid.
Why is the expense ratio different from the combined ratio the company reports?
Insurers report combined ratios to investors on their own definitions, often excluding items or using consolidated group figures. This page uses one definition for every company, taken from the same regulatory line items, so the numbers are comparable across insurers even if they differ slightly from a company's press release.
Why are some big brands missing?
Provincially incorporated insurers (some mutuals and Quebec-chartered companies) file with their provincial regulator, not OSFI, and public auto insurers are Crown corporations. Brands are also not the same as legal entities: TD Insurance underwrites through Security National, and Desjardins through Certas, so look for the underwriting company.
Where does this data come from?
From OSFI's open-data release of the quarterly regulatory returns every federally regulated p&c insurer files: the core financial statement return and the MCT 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.