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Canadian (TSX) Insurance Industry Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies12
  • 7D-2.2%
  • 3M10.2%
  • 1Y23.1%
  • YTD-1.3%

Over the last 7 days, the Insurance industry has dropped 1.8%, driven by Fairfax Financial Holdings declining 8.0%. In the past year, the industry has gained 24%. As for the next few years, earnings are expected to grow by 5.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026CA$377.2bCA$242.2bCA$28.2b15.3x13.4x1.6x
Thu, 18 Dec 2025CA$375.2bCA$241.9bCA$28.1b15.2x13.3x1.6x
Sat, 15 Nov 2025CA$361.8bCA$242.7bCA$28.2b14.7x12.8x1.5x
Mon, 13 Oct 2025CA$351.3bCA$242.5bCA$26.8b14.5x13.1x1.4x
Wed, 10 Sep 2025CA$341.3bCA$242.0bCA$26.7b13.8x12.8x1.4x
Fri, 08 Aug 2025CA$340.9bCA$239.1bCA$25.6b14.2x13.3x1.4x
Sun, 06 Jul 2025CA$342.4bCA$235.2bCA$24.8b15.4x13.8x1.5x
Tue, 03 Jun 2025CA$343.1bCA$235.6bCA$24.8b15.2x13.8x1.5x
Thu, 01 May 2025CA$329.0bCA$233.0bCA$25.7b13.8x12.8x1.4x
Sat, 29 Mar 2025CA$330.9bCA$234.9bCA$25.9b13.5x12.8x1.4x
Mon, 24 Feb 2025CA$316.9bCA$233.6bCA$26.2b13.5x12.1x1.4x
Wed, 22 Jan 2025CA$310.2bCA$233.8bCA$26.5b12.4x11.7x1.3x
Fri, 20 Dec 2024CA$312.4bCA$234.0bCA$26.6b12.7x11.8x1.3x
Sun, 17 Nov 2024CA$320.4bCA$231.9bCA$26.4b12.7x12.1x1.4x
Tue, 15 Oct 2024CA$301.1bCA$224.8bCA$24.6b14.7x12.2x1.3x
Thu, 12 Sep 2024CA$282.9bCA$224.1bCA$24.5b13.2x11.5x1.3x
Sat, 10 Aug 2024CA$257.0bCA$223.3bCA$24.9b12.3x10.3x1.2x
Mon, 08 Jul 2024CA$260.9bCA$217.8bCA$23.3b11.3x11.2x1.2x
Wed, 05 Jun 2024CA$262.3bCA$217.9bCA$23.3b11.8x11.3x1.2x
Fri, 03 May 2024CA$257.8bCA$219.4bCA$23.5b11.9x11x1.2x
Sun, 31 Mar 2024CA$262.2bCA$218.0bCA$23.0b12.7x11.4x1.2x
Tue, 27 Feb 2024CA$262.9bCA$235.7bCA$22.3b13.8x11.8x1.1x
Thu, 25 Jan 2024CA$248.9bCA$230.0bCA$29.3b10.2x8.5x1.1x
Sat, 23 Dec 2023CA$239.7bCA$229.1bCA$29.2b9.9x8.2x1x
Mon, 20 Nov 2023CA$236.6bCA$230.6bCA$29.3b10x8.1x1x
Wed, 18 Oct 2023CA$225.4bCA$231.5bCA$27.2b9.4x8.3x1x
Fri, 15 Sep 2023CA$227.7bCA$248.0bCA$27.2b9.3x8.4x0.9x
Sun, 13 Aug 2023CA$232.8bCA$244.7bCA$27.0b9.4x8.6x1x
Tue, 11 Jul 2023CA$221.3bCA$239.5bCA$23.4b10.4x9.5x0.9x
Thu, 08 Jun 2023CA$225.2bCA$234.0bCA$23.4b10.9x9.6x1x
Sat, 06 May 2023CA$220.7bCA$205.2bCA$20.3b12.5x10.9x1.1x
Mon, 03 Apr 2023CA$211.4bCA$205.6bCA$20.3b11.5x10.4x1x
Wed, 01 Mar 2023CA$222.4bCA$210.4bCA$20.6b11.8x10.8x1.1x
Fri, 27 Jan 2023CA$217.3bCA$219.0bCA$19.4b11.3x11.2x1x
Price to Earnings Ratio

11.2x


Total Market Cap: CA$217.3bTotal Earnings: CA$19.4bTotal Revenue: CA$219.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Insurance Industry Price to Earnings3Y Average 11.2x202420252026
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 13.4x which is higher than its 3-year average PE of 11.2x.
  • 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 3.4% 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 Market0.93%
Financials-0.79%
Insurance-2.21%
General Insurance0%0
Reinsurance0%0
Life and Health Insurance-0.27%
Property and Casualty Insurance-6.52%
Insurance Brokers-7.69%
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 12.7x.
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 6.6% 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$52.151.2%
+CA$1.0b		17.9%PE16.2x
SLF Sun Life FinancialCA$87.560.9%
+CA$454.1m		3.1%PE16.2x
ELF E-L FinancialCA$18.447.5%
+CA$446.5m		32.2%PE4.9x

Latest News

ELF
CA$18.44
E-L Financial
7D
7.5%
1Y
32.2%
SFC
CA$9.15
Sagicor Financial
7D
-0.2%
1Y
41.2%
DFY
CA$72.96
Definity Financial
7D
-4.5%
1Y
33.5%

Broker Revenue Forecasts For Definity Financial Corporation (TSE:DFY) Are Surging Higher

Jan 14
Broker Revenue Forecasts For Definity Financial Corporation (TSE:DFY) Are Surging Higher
GWO
CA$66.18
Great-West Lifeco
7D
-1.5%
1Y
44.5%

GWO: Retirement And Wealth Focus Will Support Balanced Medium Term Earnings Outlook

Narrative Update The analyst price target for Great-West Lifeco has moved higher, with recent Street research lifting targets into the C$59 to C$73 range, as analysts cite capital strength, cash flow, consolidation trends and growth in retirement and wealth assets as key supports for their updated views. Analyst Commentary Recent research on Great-West Lifeco clusters around higher price targets, with analysts weighing the company’s capital position, retirement and wealth exposure, and consolidation activity against sector wide pressure points.
IFC
CA$262.10
Intact Financial
7D
-5.4%
1Y
3.1%

IFC: Q3 Earnings Beat And Buybacks Will Support Premium Multiple

Narrative Update Analysts have made only fine tuned adjustments to their assumptions on Intact Financial, with recent price target changes ranging between C$318 and C$358 as they respond to the Q3 earnings beat and updated outlooks on the shares. Analyst Commentary Recent research on Intact Financial points to only modest shifts in valuation, with price targets now clustered between C$318 and C$358 following the Q3 earnings update.
SLF
CA$87.56
Sun Life Financial
7D
0.9%
1Y
3.1%

SLF: Dividends And Buybacks Will Steady Shares As Capital Pressures Persist

Narrative Update: Sun Life Financial The analyst price target for Sun Life Financial has edged up to about C$91.50 from roughly C$91.07, reflecting a mix of higher and lower Street targets as analysts weigh capital strength, cash flow and consolidation benefits, along with headwinds such as spread compression and rising technology investment. Analyst Commentary Recent Street research on Sun Life Financial shows a fairly balanced view, with some analysts modestly lifting their expectations while others trim targets or ratings as they reassess risk and reward going into 2026.
IAG
CA$174.88
iA Financial
7D
-2.6%
1Y
33.4%
FFH
CA$2,399.98
Fairfax Financial Holdings
7D
-8.0%
1Y
21.0%
MFC
CA$52.15
Manulife Financial
7D
1.2%
1Y
17.9%

MFC: Core Insurance Strength And Asia Expansion Will Support Balanced Outlook

Analysts have nudged their price targets for Manulife Financial higher, with recent raises of approximately $2 to $5. These adjustments reflect improved life insurance earnings, stronger core insurance results, and solid Asia sales, while still accounting for sector headwinds from potential Fed cuts.
POW
CA$71.51
Power Corporation of Canada
7D
-2.7%
1Y
66.3%
TSU
CA$45.17
Trisura Group
7D
-1.1%
1Y
25.4%

Revenue Beat: Trisura Group Ltd. Beat Analyst Estimates By 5.6%

Nov 11
Revenue Beat: Trisura Group Ltd. Beat Analyst Estimates By 5.6%