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Canadian (TSX) Insurance Industry Analysis

UpdatedFeb 07, 2026
DataAggregated Company Financials
Companies12
  • 7D0.5%
  • 3M3.5%
  • 1Y14.9%
  • YTD-4.3%

Over the last 7 days, the Insurance industry has remained flat, although notably Intact Financial gained 5.2%. As for the the longer term, the industry is up 15% over the past 12 months. Looking forward, earnings are forecast to grow by 5.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Feb 2026CA$365.2bCA$241.3bCA$28.1b15x13x1.5x
Mon, 05 Jan 2026CA$380.6bCA$241.6bCA$28.1b15.3x13.5x1.6x
Wed, 03 Dec 2025CA$364.5bCA$242.6bCA$28.2b14.8x12.9x1.5x
Fri, 31 Oct 2025CA$348.2bCA$242.5bCA$26.8b14.8x13x1.4x
Sun, 28 Sep 2025CA$342.7bCA$242.3bCA$26.8b13.8x12.8x1.4x
Tue, 26 Aug 2025CA$342.1bCA$242.0bCA$26.7b13.7x12.8x1.4x
Thu, 24 Jul 2025CA$340.1bCA$235.2bCA$24.7b15x13.7x1.4x
Sat, 21 Jun 2025CA$338.6bCA$235.7bCA$24.8b15.2x13.6x1.4x
Mon, 19 May 2025CA$337.5bCA$236.6bCA$26.9b15.3x12.5x1.4x
Wed, 16 Apr 2025CA$314.8bCA$233.7bCA$25.7b13x12.2x1.3x
Fri, 14 Mar 2025CA$316.2bCA$234.1bCA$26.0b13.2x12.1x1.4x
Sun, 09 Feb 2025CA$321.7bCA$235.0bCA$26.9b13.3x12x1.4x
Tue, 07 Jan 2025CA$316.1bCA$233.8bCA$26.5b12.6x11.9x1.4x
Thu, 05 Dec 2024CA$323.3bCA$232.8bCA$26.4b13.1x12.2x1.4x
Sat, 02 Nov 2024CA$297.4bCA$228.3bCA$24.6b14.5x12.1x1.3x
Mon, 30 Sep 2024CA$293.4bCA$223.9bCA$24.5b14.1x12x1.3x
Wed, 28 Aug 2024CA$277.1bCA$223.7bCA$24.5b12.9x11.3x1.2x
Fri, 26 Jul 2024CA$265.9bCA$218.4bCA$23.4b11.8x11.4x1.2x
Sun, 23 Jun 2024CA$256.0bCA$218.0bCA$23.3b11.2x11x1.2x
Tue, 21 May 2024CA$268.4bCA$217.7bCA$23.3b12.2x11.5x1.2x
Thu, 18 Apr 2024CA$250.6bCA$218.7bCA$23.1b11.8x10.8x1.1x
Sat, 16 Mar 2024CA$264.1bCA$237.4bCA$22.2b13.8x11.9x1.1x
Mon, 12 Feb 2024CA$250.3bCA$235.8bCA$28.7b9.8x8.7x1.1x
Wed, 10 Jan 2024CA$243.2bCA$229.6bCA$29.2b10x8.3x1.1x
Fri, 08 Dec 2023CA$240.0bCA$230.2bCA$29.3b9.9x8.2x1x
Sun, 05 Nov 2023CA$227.7bCA$227.2bCA$28.8b9.3x7.9x1x
Tue, 03 Oct 2023CA$223.1bCA$231.6bCA$27.2b9.3x8.2x1x
Thu, 31 Aug 2023CA$225.1bCA$248.0bCA$27.2b9.4x8.3x0.9x
Sat, 29 Jul 2023CA$230.8bCA$239.3bCA$23.4b10.9x9.9x1x
Mon, 26 Jun 2023CA$217.8bCA$239.2bCA$23.4b10.5x9.3x0.9x
Wed, 24 May 2023CA$225.6bCA$235.3bCA$23.2b11x9.7x1x
Fri, 21 Apr 2023CA$219.5bCA$205.5bCA$20.3b12.4x10.8x1.1x
Sun, 19 Mar 2023CA$204.8bCA$210.7bCA$20.5b10.7x10x1x
Tue, 14 Feb 2023CA$218.5bCA$215.2bCA$19.3b11.3x11.3x1x
Price to Earnings Ratio

11.3x


Total Market Cap: CA$218.5bTotal Earnings: CA$19.3bTotal Revenue: CA$215.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Insurance Industry Price to Earnings3Y Average 11.3x202420252026
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 13.0x which is higher than its 3-year average PE of 11.3x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.5x.
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 3.9% 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 Market2.07%
Financials1.98%
Insurance0.54%
Insurance Brokers20.31%
Property and Casualty Insurance4.18%
General Insurance0%0
Reinsurance0%0
Life and Health Insurance-0.92%
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 below its 3-year average of 12.5x.
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 7.0% 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
IFC Intact FinancialCA$260.825.2%
+CA$2.3b		-5.7%PE15.5x
FFH Fairfax Financial HoldingsCA$2.34k4.0%
+CA$2.0b		16.3%PE8x
SLF Sun Life FinancialCA$88.993.7%
+CA$1.8b		5.2%PE16.5x
IAG iA FinancialCA$172.873.3%
+CA$475.7m		31.1%PE14.5x
MFC Manulife FinancialCA$51.970.2%
+CA$167.7m		20.7%PE16.2x

Latest News

TSU
CA$43.93
Trisura Group
7D
5.8%
1Y
30.6%
FFH
CA$2,337.10
Fairfax Financial Holdings
7D
4.0%
1Y
16.3%

FFH: Global Index Additions And Updated P/E Framework Will Support Upside

Analysts have nudged their price target framework for Fairfax Financial higher to about C$3,162 per share from roughly C$3,141, reflecting recent target revisions across the Street and updated assumptions around revenue growth, profit margins and future P/E levels. Analyst Commentary Recent Street research on Fairfax Financial shows a mix of higher and lower price targets, along with at least one downgrade, which gives you a range of views on how the company is executing and how the shares are valued.
MFC
CA$51.97
Manulife Financial
7D
0.2%
1Y
20.7%

MFC: Core Insurance Execution And Asia Focus Will Support Measured Multiple Expansion

Our analyst fair value estimate for Manulife Financial has edged up by about $0.20 per share as analysts reflect a series of higher price targets, supported by views on execution against medium term objectives, potential upside to consensus estimates, and room for further multiple expansion within the life insurance group. Analyst Commentary Recent Street research on Manulife Financial has leaned constructive, with several firms lifting price targets and, in at least one case, upgrading the stock rating.
SFC
CA$9.70
Sagicor Financial
7D
-0.7%
1Y
22.2%
DFY
CA$66.16
Definity Financial
7D
-0.7%
1Y
6.8%
IFC
CA$260.82
Intact Financial
7D
5.2%
1Y
-5.7%

IFC: Q3 Earnings Beat And Buybacks Will Support Undervalued Upside

Analysts have nudged their view higher on Intact Financial, with the consensus price target moving up by C$6 to C$318. They cited the recent Q3 earnings beat as support for slightly stronger revenue growth, revised profit margin assumptions, and a marginally lower discount rate and forward P/E in their models.
GWO
CA$61.53
Great-West Lifeco
7D
-3.5%
1Y
19.0%

GWO: Capital Strength And Buybacks Will Support Balanced Medium Term Earnings Outlook

Narrative Update: Great-West Lifeco Our updated analyst price target for Great-West Lifeco moves higher to C$66.17 from C$64.50, reflecting analysts' higher Street targets and their focus on capital strength, cash flow and consolidation potential, alongside modest adjustments to our fair value inputs such as profit margin and future P/E assumptions. Analyst Commentary Recent Street research has trended toward higher price targets for Great-West Lifeco, with several firms revising their views and focusing on capital strength, cash flow generation and the potential role the company could play in sector consolidation.
SLF
CA$88.99
Sun Life Financial
7D
3.7%
1Y
5.2%

SLF: Dividends And Buybacks Will Offset 2026 Margin And Tech Headwinds

Analysts have inched their average price target for Sun Life Financial higher to about C$92.43 from C$91.50, reflecting a mix of cautious optimism on life insurers heading into 2026 and updated assumptions for fair value and future P/E multiples. Analyst Commentary Recent Street research on Sun Life Financial shows a mixed tone, with some firms edging price targets higher and others trimming them, while ratings cluster around Neutral and Sector Perform.
ELF
CA$17.18
E-L Financial
7D
-1.0%
1Y
21.0%
IAG
CA$172.87
iA Financial
7D
3.3%
1Y
31.1%
POW
CA$64.50
Power Corporation of Canada
7D
-6.1%
1Y
34.8%
NXG
CA$0.39
NexgenRx
7D
20.3%
1Y
45.3%