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Canadian (TSX) Insurance Industry Analysis

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies12
  • 7D1.3%
  • 3M20.7%
  • 1Y28.0%
  • YTD14.4%

Over the last 7 days, the Insurance industry has risen 1.3%, driven by gains in Power Corporation of Canada and Great-West Lifeco of 2.9% and 1.9%, respectively. This means that the industry has gained 28% over the past year. 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
Thu, 02 Jul 2026CA$435.3bCA$247.0bCA$28.7b18x15.2x1.8x
Sat, 30 May 2026CA$395.4bCA$245.3bCA$28.5b16x13.9x1.6x
Mon, 27 Apr 2026CA$387.6bCA$242.2bCA$28.2b15.4x13.7x1.6x
Wed, 25 Mar 2026CA$352.9bCA$242.6bCA$28.2b14.4x12.5x1.5x
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
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 15.2x 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 Market0.037%
Financials1.00%
Insurance1.32%
Life and Health Insurance1.57%
Property and Casualty Insurance0.63%
General Insurance0%0
Reinsurance0%0
Insurance Brokers-2.13%
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
POW Power Corporation of CanadaCA$88.422.9%
+CA$1.6b		68.6%PE20.6x
GWO Great-West LifecoCA$90.371.9%
+CA$1.5b		80.3%PE18.9x
MFC Manulife FinancialCA$57.520.8%
+CA$801.1m		34.2%PE16.2x
IFC Intact FinancialCA$292.711.4%
+CA$698.3m		-5.8%PE15.5x
SLF Sun Life FinancialCA$111.351.1%
+CA$692.6m		26.4%PE20.5x

Latest News

IAG
CA$195.83
iA Financial
7D
1.7%
1Y
33.8%
GWO
CA$90.37
Great-West Lifeco
7D
1.9%
1Y
80.3%
Narrative Update • Jul 01

GWO: Rising Margin Hopes Will Test Future Repricing Discipline

Great-West Lifeco's analyst price target is updated to CA$77.75 from CA$76.08, with analysts pointing to adjusted fair value estimates and assumptions around profit margin and P/E metrics as key drivers behind the change. Analyst Commentary Recent Street research on Great-West Lifeco points to a cluster of upward revisions to price targets, signaling that analysts are actively updating their valuation work as new information comes through on margins and P/E assumptions.
IFC
CA$292.71
Intact Financial
7D
1.4%
1Y
-5.8%
POW
CA$88.42
Power Corporation of Canada
7D
2.9%
1Y
68.6%
FFH
CA$2,332.74
Fairfax Financial Holdings
7D
-0.3%
1Y
-4.0%
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$57.52
Manulife Financial
7D
0.8%
1Y
34.2%
DFY
CA$75.24
Definity Financial
7D
1.4%
1Y
-3.1%
Narrative Update • Jun 22

DFY: Steady Earnings Profile Will Support Shares Converging Toward Fair Value

Definity Financial's consensus analyst price target has seen a modest CA$1 adjustment as analysts balance earlier trims with more recent upward revisions, which are tied to updated views on its earnings profile and valuation multiples. Analyst Commentary Recent Street research on Definity Financial shows a mix of cautious adjustments and modest optimism, with the latest price target moves providing a window into how analysts weigh earnings quality, execution risks and valuation.
SLF
CA$111.35
Sun Life Financial
7D
1.1%
1Y
26.4%
Narrative Update • Jun 22

SLF: U.S. Turnaround And Acquisitions Will Test Rich 2026 Expectations

Analysts have lifted their CA$ price targets on Sun Life Financial, with recent increases such as Argus moving to CA$81 from CA$70. These changes are supported by views that the stock is attractively valued, benefits from diversified operations across Canada, the U.S., and Asia, and has seen earnings contributions from recent acquisitions, even as one firm trimmed its target by CA$2.
TSU
CA$44.37
Trisura Group
7D
4.4%
1Y
1.5%
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.
NXG
CA$0.46
NexgenRx
7D
-2.1%
1Y
27.8%
Analysis Article • May 23

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