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Canadian (TSX) Insurance Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies12
  • 7D-0.4%
  • 3M-7.0%
  • 1Y9.8%
  • YTD-6.7%

Over the last 7 days, the Insurance industry has remained flat. The past year has been better, since the industry has gained 9.8% in that time. Earnings are forecast to grow by 4.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026CA$348.8bCA$242.5bCA$28.2b14.5x12.4x1.4x
Fri, 20 Feb 2026CA$365.2bCA$241.6bCA$28.6b14.3x12.8x1.5x
Sun, 18 Jan 2026CA$377.2bCA$242.4bCA$28.2b15.4x13.4x1.6x
Tue, 16 Dec 2025CA$374.1bCA$241.8bCA$28.1b15.2x13.3x1.5x
Thu, 13 Nov 2025CA$352.3bCA$240.8bCA$27.9b15.1x12.6x1.5x
Sat, 11 Oct 2025CA$350.9bCA$242.5bCA$26.8b14.5x13.1x1.4x
Mon, 08 Sep 2025CA$338.4bCA$241.9bCA$26.7b13.5x12.7x1.4x
Wed, 06 Aug 2025CA$334.4bCA$238.7bCA$25.6b14.6x13x1.4x
Fri, 04 Jul 2025CA$340.6bCA$235.1bCA$24.7b15.4x13.8x1.4x
Sun, 01 Jun 2025CA$343.1bCA$235.7bCA$24.8b15.2x13.8x1.5x
Tue, 29 Apr 2025CA$325.6bCA$233.1bCA$25.7b13.7x12.7x1.4x
Thu, 27 Mar 2025CA$330.5bCA$234.8bCA$25.9b13.3x12.8x1.4x
Sat, 22 Feb 2025CA$316.9bCA$233.6bCA$26.2b13.5x12.1x1.4x
Mon, 20 Jan 2025CA$310.5bCA$234.3bCA$26.6b12.3x11.7x1.3x
Wed, 18 Dec 2024CA$317.8bCA$233.7bCA$26.5b12.9x12x1.4x
Fri, 15 Nov 2024CA$318.5bCA$231.6bCA$25.8b12.8x12.4x1.4x
Sun, 13 Oct 2024CA$301.1bCA$224.8bCA$24.6b14.7x12.2x1.3x
Tue, 10 Sep 2024CA$280.3bCA$224.1bCA$24.5b13.2x11.4x1.3x
Thu, 08 Aug 2024CA$258.7bCA$219.8bCA$24.6b11.8x10.5x1.2x
Sat, 06 Jul 2024CA$263.6bCA$217.8bCA$23.3b11.3x11.3x1.2x
Mon, 03 Jun 2024CA$262.8bCA$217.8bCA$23.3b11.7x11.3x1.2x
Wed, 01 May 2024CA$255.4bCA$218.7bCA$23.1b12x11.1x1.2x
Fri, 29 Mar 2024CA$261.5bCA$220.0bCA$22.8b12.7x11.5x1.2x
Sun, 25 Feb 2024CA$263.5bCA$230.5bCA$22.1b13.9x11.9x1.1x
Tue, 23 Jan 2024CA$247.2bCA$229.8bCA$29.2b10.1x8.5x1.1x
Thu, 21 Dec 2023CA$240.9bCA$229.5bCA$29.2b9.9x8.2x1x
Sat, 18 Nov 2023CA$235.9bCA$222.6bCA$29.4b10x8x1.1x
Mon, 16 Oct 2023CA$224.4bCA$231.5bCA$27.2b9.4x8.2x1x
Wed, 13 Sep 2023CA$226.6bCA$248.1bCA$27.2b9.3x8.3x0.9x
Fri, 11 Aug 2023CA$232.5bCA$260.9bCA$23.4b9.9x10x0.9x
Sun, 09 Jul 2023CA$222.9bCA$239.5bCA$23.4b10.4x9.5x0.9x
Tue, 06 Jun 2023CA$225.9bCA$234.2bCA$23.4b10.8x9.6x1x
Thu, 04 May 2023CA$221.8bCA$205.9bCA$20.3b12.6x10.9x1.1x
Sat, 01 Apr 2023CA$211.4bCA$205.6bCA$20.3b11.5x10.4x1x
Price to Earnings Ratio

10.4x


Total Market Cap: CA$211.4bTotal Earnings: CA$20.3bTotal Revenue: CA$205.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Insurance Industry Price to Earnings3Y Average 11.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the Canadian Insurance industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 11.3x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 5.6% 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 Market-2.96%
Financials-0.80%
Insurance-0.36%
Insurance Brokers0%0
General Insurance0%0
Reinsurance0%0
Property and Casualty Insurance-0.29%
Life and Health Insurance-0.39%
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 12.3x.
Forecasted Growth
  • Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 9.0% over the next 5 years.
  • This is better than its past earnings decline of 1.3% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings decline by 7.2% 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
MFC Manulife FinancialCA$47.420.2%
+CA$184.4m		5.6%PE15.1x

Latest News

DFY
CA$67.75
Definity Financial
7D
-1.5%
1Y
12.7%
POW
CA$65.97
Power Corporation of Canada
7D
-1.2%
1Y
28.9%
FFH
CA$2,344.86
Fairfax Financial Holdings
7D
-1.1%
1Y
15.5%

FFH: Index Inclusions And Buybacks Will Support Future Upside Potential

The updated analyst price target for Fairfax Financial Holdings has moved from approximately CA$3,193 to about CA$3,219, as analysts factor in revised assumptions around revenue growth, profit margins, and a lower future P/E multiple, while weighing mixed recent Street research that includes a C$100 price target increase at one firm and a downgrade at another. Analyst Commentary Recent Street research around Fairfax Financial Holdings has been mixed, with one bullish price target adjustment and at least one downgrade.
MFC
CA$47.42
Manulife Financial
7D
0.2%
1Y
5.6%

MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion

Analysts have nudged the fair value estimate for Manulife Financial slightly higher to about CA$54.71, citing modestly higher revenue growth assumptions, a somewhat lower profit margin outlook, and a higher future P/E that aligns with a series of recent price target increases in the CA$52 to CA$58 range. Analyst Commentary Recent Street research on Manulife Financial has been active, with several firms adjusting price targets in a tight CA$52 to CA$58 range and one rating upgrade.
ELF
CA$15.88
E-L Financial
7D
-2.7%
1Y
15.6%
SFC
CA$9.69
Sagicor Financial
7D
-2.6%
1Y
23.6%
IFC
CA$252.75
Intact Financial
7D
-1.9%
1Y
-11.2%

IFC: Underwriting Differentiation And Margin Durability Will Support Future Returns

Analysts have raised their price targets for Intact Financial by CA$8 and CA$2 in recent research, citing underwriting differentiation and margin durability as key factors supporting their updated views. Analyst Commentary Recent research on Intact Financial has focused on how the company is positioned within the broader property and casualty insurance group, especially around underwriting quality and earnings durability.
GWO
CA$63.78
Great-West Lifeco
7D
-0.6%
1Y
18.2%

GWO: Capital Returns And Cautious Sector Outlook Will Shape Medium Term Re Rating

Great West Lifeco's analyst fair value estimate has inched up by about CA$0.33 to CA$68.33, reflecting a mix of higher and lower price targets across the Street as analysts balance updated views on growth, margins, and sector conditions. Analyst Commentary Street research on Great West Lifeco is clustered around small upward and downward price target moves, with most firms keeping neutral to moderately positive ratings.
SLF
CA$86.81
Sun Life Financial
7D
-1.0%
1Y
5.5%

SLF: Capital Strength And Buybacks Will Support 2026 Execution Risks

Analysts have inched their fair value estimate for Sun Life Financial higher to CA$95.79 from CA$95.57. This reflects a series of mostly higher price targets across the Street as they factor in updated growth, profitability and P/E assumptions.