Narrative Update • Sep 17
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Canadian (TSX) Insurance Industry Analysis
UpdatedSep 22, 2026
DataAggregated Company Financials
Companies12
- 7D1.7%
- 3M4.8%
- 1Y32.4%
- YTD18.0%
Over the last 7 days, the Insurance industry has risen 1.7%, driven by gains from Manulife Financial of 3.4%. This takes the industry's 12 month performance to a gain of 32%. Earnings are forecast to grow by 6.0% annually.
Industry Valuation and Performance
Has the Canadian Insurance Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 22 Sep 2026 | CA$436.2b | CA$251.7b | CA$30.0b | 17.2x | 14.6x | 1.7x |
| Thu, 20 Aug 2026 | CA$433.9b | CA$250.8b | CA$29.9b | 16.3x | 14.5x | 1.7x |
| Sat, 18 Jul 2026 | CA$448.5b | CA$246.2b | CA$28.6b | 18.9x | 15.7x | 1.8x |
| Mon, 15 Jun 2026 | CA$417.1b | CA$246.0b | CA$28.6b | 16.6x | 14.6x | 1.7x |
| Wed, 13 May 2026 | CA$391.2b | CA$243.2b | CA$27.8b | 15.4x | 14.1x | 1.6x |
| Fri, 10 Apr 2026 | CA$370.4b | CA$242.8b | CA$28.3b | 14.9x | 13.1x | 1.5x |
| Sun, 08 Mar 2026 | CA$346.0b | CA$242.4b | CA$28.6b | 13.8x | 12.1x | 1.4x |
| Tue, 03 Feb 2026 | CA$361.8b | CA$241.4b | CA$28.1b | 14.8x | 12.9x | 1.5x |
| Thu, 01 Jan 2026 | CA$383.0b | CA$241.6b | CA$28.1b | 15.4x | 13.6x | 1.6x |
| Sat, 29 Nov 2025 | CA$370.3b | CA$242.6b | CA$28.2b | 15.1x | 13.1x | 1.5x |
| Mon, 27 Oct 2025 | CA$350.6b | CA$242.5b | CA$26.8b | 14.8x | 13.1x | 1.4x |
| Wed, 24 Sep 2025 | CA$346.6b | CA$241.9b | CA$26.7b | 13.9x | 13x | 1.4x |
| Fri, 22 Aug 2025 | CA$335.8b | CA$242.1b | CA$26.7b | 13.8x | 12.6x | 1.4x |
| Sun, 20 Jul 2025 | CA$341.2b | CA$235.7b | CA$24.8b | 15.1x | 13.8x | 1.4x |
| Tue, 17 Jun 2025 | CA$339.1b | CA$235.1b | CA$24.7b | 15.2x | 13.7x | 1.4x |
| Thu, 15 May 2025 | CA$331.3b | CA$236.7b | CA$24.9b | 15.1x | 13.3x | 1.4x |
| Sat, 12 Apr 2025 | CA$304.2b | CA$233.4b | CA$25.7b | 12.7x | 11.8x | 1.3x |
| Mon, 10 Mar 2025 | CA$323.4b | CA$233.6b | CA$26.0b | 13.6x | 12.4x | 1.4x |
| Wed, 05 Feb 2025 | CA$309.2b | CA$233.7b | CA$26.5b | 12.6x | 11.7x | 1.3x |
| Fri, 03 Jan 2025 | CA$316.3b | CA$234.0b | CA$26.6b | 12.6x | 11.9x | 1.4x |
| Sun, 01 Dec 2024 | CA$324.1b | CA$232.6b | CA$26.4b | 13.1x | 12.3x | 1.4x |
| Tue, 29 Oct 2024 | CA$300.3b | CA$225.2b | CA$24.7b | 14.5x | 12.2x | 1.3x |
| Thu, 26 Sep 2024 | CA$290.1b | CA$223.8b | CA$24.5b | 13.9x | 11.8x | 1.3x |
| Sat, 24 Aug 2024 | CA$274.0b | CA$223.9b | CA$24.5b | 12.9x | 11.2x | 1.2x |
| Mon, 22 Jul 2024 | CA$264.4b | CA$218.1b | CA$23.3b | 11.6x | 11.3x | 1.2x |
| Wed, 19 Jun 2024 | CA$255.8b | CA$218.1b | CA$23.3b | 11.2x | 11x | 1.2x |
| Fri, 17 May 2024 | CA$264.7b | CA$217.7b | CA$23.3b | 12.1x | 11.4x | 1.2x |
| Sun, 14 Apr 2024 | CA$254.4b | CA$218.8b | CA$23.1b | 12x | 11x | 1.2x |
| Tue, 12 Mar 2024 | CA$263.3b | CA$237.2b | CA$22.2b | 14x | 11.9x | 1.1x |
| Thu, 08 Feb 2024 | CA$254.5b | CA$229.7b | CA$29.2b | 9.9x | 8.7x | 1.1x |
| Sat, 06 Jan 2024 | CA$242.2b | CA$229.5b | CA$29.2b | 10x | 8.3x | 1.1x |
| Mon, 04 Dec 2023 | CA$240.4b | CA$229.2b | CA$28.9b | 10x | 8.3x | 1x |
| Wed, 01 Nov 2023 | CA$218.4b | CA$232.2b | CA$27.3b | 9.4x | 8x | 0.9x |
| Fri, 29 Sep 2023 | CA$224.3b | CA$231.0b | CA$27.2b | 9.3x | 8.3x | 1x |
Price to Earnings Ratio
8.3x
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 14.6x which is higher than its 3-year average PE of 12.1x.
- The 3-year average PS ratio of 1.4x is lower than the industry's current PS ratio of 1.7x.
Past Earnings Growth
- The earnings for companies in the Insurance industry have grown 3.3% per year over the last three years.
- Revenues for these companies have grown 2.9% 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 Market | 0.51% | |
| Financials | 2.08% | |
| Insurance | 1.67% | |
| Life and Health Insurance | 2.49% | |
| General Insurance | 0% | 0 |
| Reinsurance | 0% | 0 |
| Property and Casualty Insurance | -0.97% | |
| Insurance Brokers | -1.64% | |
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 11.7x.
Forecasted Growth
- Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 9.4% over the next 5 years.
- This is better than its past earnings growth rate of 6.4% per year.
- In contrast, the Property and Casualty Insurance industry is expected to see its earnings decline by 5.2% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| MFC Manulife Financial | CA$62.64 | 3.4% +CA$3.5b | 42.8% | PE16.7x | |
| GWO Great-West Lifeco | CA$94.73 | 2.2% +CA$1.8b | 73.6% | PE19.1x | |
| SLF Sun Life Financial | CA$114.40 | 2.5% +CA$1.5b | 38.2% | PE19.3x | |
| POW Power Corporation of Canada | CA$95.23 | 1.6% +CA$941.6m | 65.4% | PE22.8x | |
| IAG iA Financial | CA$216.60 | 2.4% +CA$442.4m | 38.7% | PE17.8x |
