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Canadian (TSX) Insurance Industry Analysis

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies12
  • 7D2.0%
  • 3M21.5%
  • 1Y25.3%
  • YTD14.3%

Over the last 7 days, the Insurance industry has risen 1.4%, driven by gains from Great-West Lifeco of 3.1%. In the last 12 months, the industry was up 25%. Looking forward, earnings are forecast to grow by 4.9% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Jul 2026CA$432.8bCA$246.8bCA$28.7b18x15.1x1.8x
Fri, 29 May 2026CA$397.1bCA$245.3bCA$28.5b15.9x13.9x1.6x
Sun, 26 Apr 2026CA$387.6bCA$242.2bCA$28.2b15.4x13.7x1.6x
Tue, 24 Mar 2026CA$348.8bCA$242.5bCA$28.2b14.5x12.4x1.4x
Thu, 19 Feb 2026CA$366.4bCA$241.3bCA$28.6b14.4x12.8x1.5x
Sat, 17 Jan 2026CA$381.7bCA$242.4bCA$28.2b15.4x13.5x1.6x
Mon, 15 Dec 2025CA$374.2bCA$241.8bCA$28.1b15.2x13.3x1.5x
Wed, 12 Nov 2025CA$352.2bCA$245.1bCA$27.9b14.8x12.6x1.4x
Fri, 10 Oct 2025CA$353.2bCA$242.6bCA$26.8b14.4x13.2x1.5x
Sun, 07 Sep 2025CA$339.7bCA$241.9bCA$26.7b13.5x12.7x1.4x
Tue, 05 Aug 2025CA$334.4bCA$238.8bCA$25.6b14.4x13x1.4x
Thu, 03 Jul 2025CA$348.8bCA$235.2bCA$24.7b15.3x14.1x1.5x
Sat, 31 May 2025CA$342.4bCA$235.7bCA$24.8b15.2x13.8x1.5x
Mon, 28 Apr 2025CA$325.6bCA$233.3bCA$25.7b13.6x12.7x1.4x
Wed, 26 Mar 2025CA$328.9bCA$234.8bCA$25.9b13.4x12.7x1.4x
Fri, 21 Feb 2025CA$319.5bCA$240.3bCA$26.7b13.7x12x1.3x
Sun, 19 Jan 2025CA$310.5bCA$234.3bCA$26.6b12.3x11.7x1.3x
Tue, 17 Dec 2024CA$317.4bCA$233.5bCA$26.5b13x12x1.4x
Thu, 14 Nov 2024CA$318.5bCA$230.5bCA$25.8b12.5x12.4x1.4x
Sat, 12 Oct 2024CA$297.7bCA$224.8bCA$24.6b14.7x12.1x1.3x
Mon, 09 Sep 2024CA$278.8bCA$224.1bCA$24.5b13.1x11.4x1.2x
Wed, 07 Aug 2024CA$260.7bCA$220.9bCA$24.1b11.5x10.8x1.2x
Fri, 05 Jul 2024CA$263.7bCA$217.7bCA$23.3b11.3x11.3x1.2x
Sun, 02 Jun 2024CA$262.8bCA$217.8bCA$23.3b11.7x11.3x1.2x
Tue, 30 Apr 2024CA$254.6bCA$218.4bCA$23.0b12.1x11x1.2x
Thu, 28 Mar 2024CA$261.5bCA$220.0bCA$22.8b12.6x11.5x1.2x
Sat, 24 Feb 2024CA$263.5bCA$230.5bCA$22.1b13.9x11.9x1.1x
Mon, 22 Jan 2024CA$245.2bCA$229.7bCA$29.2b10.1x8.4x1.1x
Wed, 20 Dec 2023CA$240.9bCA$229.4bCA$29.2b9.9x8.3x1.1x
Fri, 17 Nov 2023CA$235.9bCA$222.8bCA$29.5b10x8x1.1x
Sun, 15 Oct 2023CA$224.4bCA$231.5bCA$27.2b9.4x8.2x1x
Tue, 12 Sep 2023CA$226.5bCA$248.2bCA$27.2b9.2x8.3x0.9x
Thu, 10 Aug 2023CA$231.5bCA$251.9bCA$23.4b9.7x9.9x0.9x
Sat, 08 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 15.0x 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 1.7x.
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 Market-0.59%
Financials0.81%
Insurance2.04%
Insurance Brokers3.37%
Property and Casualty Insurance3.19%
Life and Health Insurance1.63%
General Insurance0%0
Reinsurance0%0
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 6.5% 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
GWO Great-West LifecoCA$90.373.1%
+CA$2.5b		74.5%PE18.9x
FFH Fairfax Financial HoldingsCA$2.33k3.7%
+CA$1.9b		-5.1%PE8.1x
IFC Intact FinancialCA$292.712.7%
+CA$1.4b		-7.6%PE15.5x
MFC Manulife FinancialCA$57.520.8%
+CA$784.4m		32.1%PE16.2x
IAG iA FinancialCA$195.834.6%
+CA$763.3m		31.2%PE17.4x

Latest News

IFC
CA$292.71
Intact Financial
7D
2.7%
1Y
-7.6%
POW
CA$88.42
Power Corporation of Canada
7D
0.9%
1Y
66.2%
FFH
CA$2,332.74
Fairfax Financial Holdings
7D
3.7%
1Y
-5.1%
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
32.1%
ELF
CA$16.95
E-L Financial
7D
-0.2%
1Y
5.0%
GWO
CA$90.37
Great-West Lifeco
7D
3.1%
1Y
74.5%
DFY
CA$75.24
Definity Financial
7D
2.5%
1Y
-5.2%
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
1.0%
1Y
22.9%
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.
IAG
CA$195.83
iA Financial
7D
4.6%
1Y
31.2%