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Canadian (TSX) Insurance Industry Analysis

UpdatedDec 23, 2025
DataAggregated Company Financials
Companies12
  • 7D1.3%
  • 3M13.0%
  • 1Y22.7%
  • YTD23.6%

Over the last 7 days, the Insurance industry has risen 1.3%, driven by gains from Manulife Financial of 2.1%. This means that the industry has gained 23% over the past year. Looking forward, earnings are forecast to grow by 4.8% annually.

Industry Valuation and Performance

Has the Canadian Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025CA$378.4bCA$241.7bCA$28.1b15.4x13.5x1.6x
Fri, 21 Nov 2025CA$362.0bCA$243.1bCA$28.3b14.6x12.8x1.5x
Sun, 19 Oct 2025CA$343.4bCA$242.6bCA$26.8b14.3x12.8x1.4x
Tue, 16 Sep 2025CA$349.3bCA$241.6bCA$26.7b14.1x13.1x1.4x
Thu, 14 Aug 2025CA$332.3bCA$241.5bCA$26.6b13.3x12.5x1.4x
Sat, 12 Jul 2025CA$338.9bCA$235.4bCA$24.8b15x13.7x1.4x
Mon, 09 Jun 2025CA$342.3bCA$235.6bCA$24.8b15.4x13.8x1.5x
Wed, 07 May 2025CA$332.7bCA$234.8bCA$25.9b13.9x12.8x1.4x
Fri, 04 Apr 2025CA$341.7bCA$234.1bCA$25.8b13.5x13.2x1.5x
Sun, 02 Mar 2025CA$328.9bCA$234.5bCA$26.3b13.7x12.5x1.4x
Tue, 28 Jan 2025CA$312.3bCA$233.9bCA$26.5b12.5x11.8x1.3x
Thu, 26 Dec 2024CA$316.8bCA$233.9bCA$26.5b12.8x11.9x1.4x
Sat, 23 Nov 2024CA$324.7bCA$232.5bCA$26.4b12.8x12.3x1.4x
Mon, 21 Oct 2024CA$303.7bCA$224.9bCA$24.6b14.7x12.3x1.4x
Wed, 18 Sep 2024CA$287.4bCA$224.2bCA$24.5b13.5x11.7x1.3x
Fri, 16 Aug 2024CA$269.0bCA$224.5bCA$24.7b12.6x10.9x1.2x
Sun, 14 Jul 2024CA$266.6bCA$217.8bCA$23.3b11.4x11.4x1.2x
Tue, 11 Jun 2024CA$264.4bCA$218.2bCA$23.3b11.6x11.3x1.2x
Thu, 09 May 2024CA$264.3bCA$214.9bCA$23.2b12.2x11.4x1.2x
Sat, 06 Apr 2024CA$258.2bCA$218.1bCA$23.0b12.4x11.2x1.2x
Mon, 04 Mar 2024CA$260.4bCA$235.9bCA$22.3b13.7x11.7x1.1x
Wed, 31 Jan 2024CA$252.7bCA$229.6bCA$29.2b10.3x8.7x1.1x
Fri, 29 Dec 2023CA$241.5bCA$229.0bCA$29.2b10x8.3x1.1x
Sun, 26 Nov 2023CA$240.1bCA$230.4bCA$29.3b10x8.2x1x
Tue, 24 Oct 2023CA$214.5bCA$231.7bCA$27.2b9.3x7.9x0.9x
Thu, 21 Sep 2023CA$232.6bCA$230.8bCA$27.2b9.3x8.6x1x
Sat, 19 Aug 2023CA$226.5bCA$248.1bCA$27.2b9.4x8.3x0.9x
Mon, 17 Jul 2023CA$223.4bCA$239.3bCA$23.4b10.4x9.5x0.9x
Wed, 14 Jun 2023CA$224.6bCA$239.6bCA$23.4b10.6x9.6x0.9x
Fri, 12 May 2023CA$219.4bCA$228.1bCA$22.2b12.5x9.9x1x
Sun, 09 Apr 2023CA$212.8bCA$205.6bCA$20.3b12x10.5x1x
Tue, 07 Mar 2023CA$222.5bCA$210.4bCA$20.6b11.6x10.8x1.1x
Thu, 02 Feb 2023CA$217.3bCA$218.9bCA$19.4b11.4x11.2x1x
Sat, 31 Dec 2022CA$204.3bCA$219.6bCA$19.4b10.4x10.5x0.9x
Price to Earnings Ratio

10.5x


Total Market Cap: CA$204.3bTotal Earnings: CA$19.4bTotal Revenue: CA$219.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Insurance Industry Price to Earnings3Y Average 11.1x202320242025
Current Industry PE
  • Investors are optimistic on the Canadian Insurance industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 13.5x which is higher than its 3-year average PE of 11.1x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.6x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 13% per year over the last three years.
  • Revenues for these companies have grown 3.2% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Canadian Financials industry?

CA Market1.21%
Financials0.74%
Insurance1.28%
Insurance Brokers5.71%
Property and Casualty Insurance1.87%
Life and Health Insurance1.02%
General Insurance0%0
Reinsurance0%0
Industry PE
  • Investors are most optimistic about the Insurance Brokers industry which is trading above its 3-year average PE ratio.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Property and Casualty Insurance industry, which is trading close to its 3-year average of 12.9x.
Forecasted Growth
  • Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 10% over the next 5 years.
  • This is better than its past earnings growth rate of 5.8% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings decline by 6.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
FFH Fairfax Financial HoldingsCA$2.57k3.2%
+CA$1.8b		27.9%PE8.8x
MFC Manulife FinancialCA$50.361.9%
+CA$1.5b		14.3%PE15.7x
IFC Intact FinancialCA$285.521.8%
+CA$904.3m		8.1%PE17x
SLF Sun Life FinancialCA$85.681.7%
+CA$805.7m		0.6%PE15.9x
DFY Definity FinancialCA$76.473.0%
+CA$269.8m		31.1%PE19.2x

Latest News

ELF
CA$16.83
E-L Financial
7D
1.4%
1Y
25.5%
POW
CA$73.06
Power Corporation of Canada
7D
0.2%
1Y
61.4%
SLF
CA$85.68
Sun Life Financial
7D
1.7%
1Y
0.6%

SLF: Dividend Strength And Buybacks Will Support Shares Amid Mixed Rate Outlook

Sun Life Financial's analyst price target has edged slightly higher to about $91.07 from $90.93, as analysts factor in modestly stronger long term fundamentals supported by resilient equity market tailwinds and sector wide reassessments, despite recent marginal target trims and rating normalization. Analyst Commentary Bullish analysts point to resilient sector fundamentals and supportive equity market conditions as key pillars underpinning Sun Life Financial's valuation, even as individual price targets shift only modestly.
DFY
CA$76.47
Definity Financial
7D
3.0%
1Y
31.1%

DFY: Rising Margins And Cost Discipline Are Expected To Support Balanced Outlook

Analysts have modestly raised their price target on Definity Financial to C$73 from C$69, reflecting confidence in slightly stronger profit margins even as revenue growth expectations ease. Analyst Commentary Analyst reactions to the updated price target highlight a balanced view of Definity Financial, with acknowledgement of operational progress alongside lingering execution and valuation risks.
IFC
CA$285.52
Intact Financial
7D
1.8%
1Y
8.1%

IFC: Q3 Earnings Beat Will Sustain Premium Multiple Amid Sector Headwinds

Intact Financial's analyst price target has edged higher to about C$320, as analysts cite the recent Q3 earnings beat and resilient property and casualty fundamentals in reaffirming their outlook on the shares. Analyst Commentary Street research remains broadly constructive on Intact Financial, with recent target changes reflecting confidence in the company’s earnings power and underwriting execution, even as some analysts trim expectations to reflect a more normalized growth backdrop.
MFC
CA$50.36
Manulife Financial
7D
1.9%
1Y
14.3%

MFC: Core Insurance And Asia Execution Will Support Balanced Medium Term Outlook

Analysts have nudged their price targets on Manulife Financial higher, with recent revisions in both U.S. dollar and Canadian dollar terms reflecting stronger than expected life insurance earnings and solid core insurance and Asia growth. This has resulted in a modest increase in our fair value estimate to about $51.94.
FFH
CA$2,568.71
Fairfax Financial Holdings
7D
3.2%
1Y
27.9%

FFH Will Face Mounting Execution Risks At Current Elevated Share Price

Analysts have moderately trimmed their price target on Fairfax Financial Holdings, lowering it to C$2,900 from C$3,050. This reflects the incorporation of slightly softer long term revenue growth, profit margin expectations, and a lower future P/E multiple into their valuation models, while still maintaining a broadly positive outlook.
GWO
CA$67.47
Great-West Lifeco
7D
-0.04%
1Y
43.3%

GWO: Retirement And Wealth Expansion Will Support Durable Medium-Term Earnings Outlook

Analysts have raised their consolidated price target on Great-West Lifeco to a mid C$60s range, reflecting modest upside from prior levels. They highlight stronger long term earnings potential from retirement and wealth assets under management growth and expected benefits from 401k platform acquisitions.
IAG
CA$178.80
iA Financial
7D
1.2%
1Y
34.8%

Do iA Financial's (TSE:IAG) Earnings Warrant Your Attention?

Dec 10
Do iA Financial's (TSE:IAG) Earnings Warrant Your Attention?
SFC
CA$9.37
Sagicor Financial
7D
-0.6%
1Y
52.9%