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Canadian (TSX) Insurance Industry Analysis

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies12
  • 7D2.5%
  • 3M22.4%
  • 1Y29.7%
  • YTD15.9%

Over the last 7 days, the Insurance industry has risen 2.5%, driven by gains in Great-West Lifeco and Manulife Financial of 3.2% and 2.4%, respectively. In the last 12 months, the industry was up 30%. As for the next few years, earnings are expected to grow by 4.9% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Jul 2026CA$437.2bCA$246.9bCA$28.7b18x15.3x1.8x
Sun, 31 May 2026CA$396.9bCA$245.3bCA$28.5b16x13.9x1.6x
Tue, 28 Apr 2026CA$387.6bCA$242.1bCA$28.2b15.1x13.8x1.6x
Thu, 26 Mar 2026CA$352.9bCA$242.9bCA$28.3b14.3x12.5x1.5x
Sat, 21 Feb 2026CA$358.2bCA$242.8bCA$28.7b14.3x12.5x1.5x
Mon, 19 Jan 2026CA$377.2bCA$242.4bCA$28.2b15.4x13.4x1.6x
Wed, 17 Dec 2025CA$377.0bCA$241.7bCA$28.1b15.3x13.4x1.6x
Fri, 14 Nov 2025CA$359.8bCA$243.6bCA$28.3b14.6x12.7x1.5x
Sun, 12 Oct 2025CA$351.3bCA$242.5bCA$26.8b14.5x13.1x1.4x
Tue, 09 Sep 2025CA$338.4bCA$241.7bCA$26.7b13.7x12.7x1.4x
Thu, 07 Aug 2025CA$337.3bCA$239.1bCA$25.6b14.3x13.2x1.4x
Sat, 05 Jul 2025CA$341.9bCA$235.2bCA$24.8b15.4x13.8x1.5x
Mon, 02 Jun 2025CA$337.4bCA$235.7bCA$24.8b15.2x13.6x1.4x
Wed, 30 Apr 2025CA$326.6bCA$233.2bCA$25.7b13.8x12.7x1.4x
Fri, 28 Mar 2025CA$328.8bCA$234.9bCA$25.9b13.5x12.7x1.4x
Sun, 23 Feb 2025CA$316.9bCA$233.6bCA$26.2b13.5x12.1x1.4x
Tue, 21 Jan 2025CA$310.5bCA$233.7bCA$26.5b12.4x11.7x1.3x
Thu, 19 Dec 2024CA$316.6bCA$234.2bCA$26.6b12.7x11.9x1.4x
Sat, 16 Nov 2024CA$321.9bCA$231.5bCA$26.3b12.7x12.2x1.4x
Mon, 14 Oct 2024CA$301.1bCA$224.8bCA$24.6b14.7x12.2x1.3x
Wed, 11 Sep 2024CA$280.3bCA$224.2bCA$24.5b13.4x11.4x1.2x
Fri, 09 Aug 2024CA$253.7bCA$221.2bCA$24.7b12.2x10.3x1.1x
Sun, 07 Jul 2024CA$260.9bCA$217.8bCA$23.3b11.3x11.2x1.2x
Tue, 04 Jun 2024CA$262.8bCA$217.8bCA$23.3b11.7x11.3x1.2x
Thu, 02 May 2024CA$255.4bCA$218.7bCA$23.1b12.2x11.1x1.2x
Sat, 30 Mar 2024CA$262.2bCA$219.9bCA$22.8b12.7x11.5x1.2x
Mon, 26 Feb 2024CA$263.5bCA$227.0bCA$22.1b13.9x11.9x1.2x
Wed, 24 Jan 2024CA$247.2bCA$229.8bCA$29.2b10.2x8.5x1.1x
Fri, 22 Dec 2023CA$238.6bCA$229.2bCA$29.2b9.9x8.2x1x
Sun, 19 Nov 2023CA$235.9bCA$222.6bCA$29.4b10x8x1.1x
Tue, 17 Oct 2023CA$225.2bCA$231.4bCA$27.2b9.5x8.3x1x
Thu, 14 Sep 2023CA$227.7bCA$248.1bCA$27.2b9.3x8.4x0.9x
Sat, 12 Aug 2023CA$232.7bCA$244.7bCA$27.0b9.4x8.6x1x
Mon, 10 Jul 2023CA$222.9bCA$239.5bCA$23.4b10.4x9.5x0.9x
Price to Earnings Ratio

9.5x


Total Market Cap: CA$222.9bTotal Earnings: CA$23.4bTotal Revenue: CA$239.5bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Insurance Industry Price to Earnings3Y Average 11.7x202420252026
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 15.3x which is higher than its 3-year average PE of 11.7x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 7.0% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

CA Market0.26%
Financials0.62%
Insurance2.53%
Life and Health Insurance2.68%
Property and Casualty Insurance2.13%
General Insurance0%0
Reinsurance0%0
Insurance Brokers-2.15%
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 11.9x.
Forecasted Growth
  • Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 9.1% over the next 5 years.
  • This is better than its past earnings growth rate of 6.8% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings decline by 6.4% 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$58.832.9%
+CA$2.7b		37.5%PE16.6x
GWO Great-West LifecoCA$91.363.3%
+CA$2.6b		82.0%PE19.1x
POW Power Corporation of CanadaCA$89.743.8%
+CA$2.1b		70.0%PE20.9x
FFH Fairfax Financial HoldingsCA$2.42k3.3%
+CA$1.8b		-0.3%PE8.4x
SLF Sun Life FinancialCA$113.002.2%
+CA$1.4b		28.1%PE20.8x

Latest News

SLF
CA$113.00
Sun Life Financial
7D
2.2%
1Y
28.1%
GWO
CA$91.36
Great-West Lifeco
7D
3.3%
1Y
82.0%
New Narrative • Jul 02

Capital Light Shift And Retirement Demand Will Support Stronger Long Term Earnings Power

Catalysts About Great-West Lifeco Great-West Lifeco is a diversified financial services company focused on retirement, wealth management, insurance and reinsurance across North America and Europe. What are the underlying business or industry changes driving this perspective?
IAG
CA$203.87
iA Financial
7D
4.6%
1Y
39.1%
IFC
CA$298.79
Intact Financial
7D
2.3%
1Y
-4.2%
POW
CA$89.74
Power Corporation of Canada
7D
3.8%
1Y
70.0%
FFH
CA$2,423.61
Fairfax Financial Holdings
7D
3.3%
1Y
-0.3%
Narrative Update • Jun 29

FFH: Debt Funded Kennedy Wilson Deal Will Pressure Future Risk Profile

Fairfax Financial Holdings' analyst price target has been adjusted to CA$2,350. This reflects a modest uplift from prior fair value estimates as analysts point to steady revenue assumptions, a slightly higher forward P/E multiple, and expectations for softer commercial insurance and reinsurance markets that may pressure combined ratios, while leaving the stock viewed as fairly valued at current levels.
MFC
CA$58.83
Manulife Financial
7D
2.9%
1Y
37.5%
TSU
CA$46.49
Trisura Group
7D
9.2%
1Y
5.6%
Narrative Update • Jun 18

TSU: Mixed Rating Shifts Will Support Future Repricing Potential

Analysts now see Trisura Group as fairly valued around CA$57.47 per share, with recent Street research citing mixed views as reasons for the recalibrated consensus, including a CA$4 price target reduction at CIBC, a CA$1 increase at RBC, and a downgrade at Scotiabank. Analyst Commentary Recent Street research on Trisura Group highlights a split in opinion, with some analysts adjusting targets upward and others cutting targets or downgrading the stock.