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

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 14.0x which is higher than its 3-year average PE of 11.5x. The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.6x.

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

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 12.0x.

Canadian (TSX) Insurance Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 25 May 2026	CA$399.7b	CA$245.4b	CA$28.5b	16x	14x	1.6x
Wed, 22 Apr 2026	CA$387.0b	CA$242.3b	CA$28.2b	15.5x	13.7x	1.6x
Fri, 20 Mar 2026	CA$355.4b	CA$242.6b	CA$28.3b	14.3x	12.6x	1.5x
Sun, 15 Feb 2026	CA$364.6b	CA$241.0b	CA$28.6b	14.2x	12.7x	1.5x
Tue, 13 Jan 2026	CA$383.8b	CA$242.2b	CA$28.2b	15.6x	13.6x	1.6x
Thu, 11 Dec 2025	CA$367.4b	CA$241.9b	CA$28.1b	15x	13.1x	1.5x
Sat, 08 Nov 2025	CA$350.6b	CA$245.4b	CA$27.9b	14.8x	12.6x	1.4x
Mon, 06 Oct 2025	CA$352.0b	CA$242.3b	CA$26.8b	14.3x	13.1x	1.5x
Wed, 03 Sep 2025	CA$337.7b	CA$241.7b	CA$26.7b	13.6x	12.7x	1.4x
Fri, 01 Aug 2025	CA$337.5b	CA$236.5b	CA$25.0b	14.6x	13.5x	1.4x
Sun, 29 Jun 2025	CA$348.0b	CA$235.6b	CA$24.8b	15.6x	14x	1.5x
Tue, 27 May 2025	CA$335.6b	CA$235.7b	CA$24.8b	15.1x	13.5x	1.4x
Thu, 24 Apr 2025	CA$318.7b	CA$233.4b	CA$25.7b	13.4x	12.4x	1.4x
Sat, 22 Mar 2025	CA$324.4b	CA$235.0b	CA$25.9b	13.2x	12.5x	1.4x
Mon, 17 Feb 2025	CA$319.1b	CA$235.0b	CA$26.2b	13.8x	12.2x	1.4x
Wed, 15 Jan 2025	CA$304.5b	CA$233.9b	CA$26.5b	12.1x	11.5x	1.3x
Fri, 13 Dec 2024	CA$319.0b	CA$233.4b	CA$26.5b	13.5x	12x	1.4x
Sun, 10 Nov 2024	CA$314.6b	CA$230.8b	CA$26.3b	12.4x	11.9x	1.4x
Tue, 08 Oct 2024	CA$298.1b	CA$224.3b	CA$24.6b	14.4x	12.1x	1.3x
Thu, 05 Sep 2024	CA$281.0b	CA$223.9b	CA$24.5b	13.3x	11.5x	1.3x
Sat, 03 Aug 2024	CA$266.2b	CA$221.1b	CA$24.2b	11.7x	11x	1.2x
Mon, 01 Jul 2024	CA$261.5b	CA$217.9b	CA$23.3b	11.3x	11.2x	1.2x
Wed, 29 May 2024	CA$269.4b	CA$217.8b	CA$23.3b	12x	11.6x	1.2x
Fri, 26 Apr 2024	CA$253.3b	CA$218.4b	CA$23.0b	12x	11x	1.2x
Sun, 24 Mar 2024	CA$260.8b	CA$220.2b	CA$22.8b	12.3x	11.4x	1.2x
Tue, 20 Feb 2024	CA$262.4b	CA$236.2b	CA$22.5b	13.6x	11.7x	1.1x
Thu, 18 Jan 2024	CA$241.5b	CA$230.0b	CA$29.3b	10x	8.3x	1.1x
Sat, 16 Dec 2023	CA$242.5b	CA$229.5b	CA$29.2b	9.8x	8.3x	1.1x
Mon, 13 Nov 2023	CA$230.0b	CA$223.0b	CA$27.4b	10x	8.4x	1x
Wed, 11 Oct 2023	CA$223.7b	CA$231.3b	CA$27.2b	9.4x	8.2x	1x
Fri, 08 Sep 2023	CA$226.7b	CA$248.5b	CA$27.2b	9.3x	8.3x	0.9x
Sun, 06 Aug 2023	CA$231.9b	CA$237.5b	CA$24.8b	10x	9.4x	1x
Tue, 04 Jul 2023	CA$226.0b	CA$239.4b	CA$23.4b	10.6x	9.7x	0.9x
Thu, 01 Jun 2023	CA$223.7b	CA$234.7b	CA$23.5b	10.7x	9.5x	1x


CA Market	1.56%
Financials	3.10%
Insurance	2.50%
Insurance Brokers	25.00%
Property and Casualty Insurance	3.05%
Life and Health Insurance	2.30%
General Insurance	0%	0
Reinsurance	0%	0

Company	Last Price	7D	1Y	Valuation
MFC Manulife Financial	CA$53.26	3.0% +CA$2.6b	23.2%	PE15x
IFC Intact Financial	CA$273.89	4.1% +CA$1.9b	-9.9%	PE14.5x
GWO Great-West Lifeco	CA$79.40	2.1% +CA$1.5b	52.8%	PE16.6x
FFH Fairfax Financial Holdings	CA$2.23k	2.8% +CA$1.4b	-4.0%	PE7.9x
POW Power Corporation of Canada	CA$81.50	2.2% +CA$1.1b	61.1%	PE19x

Announcement • May 23

Power Corporation of Canada, Great-West Lifeco Inc. and IGM Financial Inc. Announce Joint Investment in Sagard AI Fund

Power Corporation of Canada, Great-West Lifeco Inc., and IGM Financial Inc. announced a combined USD 150 million investment in the newly established Sagard AI Fund LP. The Fund is a closed-end investment vehicle focused on backing leading artificial intelligence companies that are accelerating the adoption of AI across financial services and other key sectors globally. This investment forms part of a broader approach across the Power group to engage early and meaningfully with AI as a foundational technology supporting long-term growth, productivity gains, talent development, and enhanced client and advisor experiences. AI is increasingly expected to play a transformational role across insurance, wealth management, asset management, and retirement services. Through this investment, Power Corporation of Canada, Great-West Lifeco Inc., and IGM Financial Inc. are strengthening their ability to remain informed and proactive as AI continues to evolve rapidly, while creating practical pathways to deploy AI-driven solutions across their respective businesses. The Fund has been established to provide the Power group with access to global AI market intelligence, including insight into leading AI-first companies across sectors and geographies, structured strategic engagement enabling commercial partnerships, pilot initiatives, and real-world application opportunities across the group, potential for incremental investment opportunities in companies demonstrating strong strategic alignment, and attractive long-term return potential, supported by a disciplined and diversified AI investment approach. Leveraging Sagard's expertise investing in transformative companies globally, the Fund is designed to combine capital deployment with active engagement, providing the Power group with early exposure to innovative AI companies while supporting thoughtful and responsible integration of AI capabilities within their operating businesses. The Power group expects AI to meaningfully enhance decision-making, operational efficiency, and the delivery of financial advice and solutions over time.

Announcement • May 14

Equinox Gold Corp. (TSX:EQX) entered into a definitive arrangement agreement to acquire Orla Mining Ltd. (TSX:OLA) from Pierre Lassonde, Fairfax Financial Holdings Limited (TSX:FFH), and others for $5.2 billion.

Equinox Gold Corp. (TSX:EQX) entered into a definitive arrangement agreement to acquire Orla Mining Ltd. (TSX:OLA) from Pierre Lassonde, Fairfax Financial Holdings Limited (TSX:FFH), and others for $5.2 billion on May 13, 2026. Under the terms of the agreement, Orla shareholders will receive 1 Equinox common share and a nominal cash payment of $0.0001 for each Orla common share held. Upon completion of the transaction, existing Equinox shareholders and former Orla shareholders will own approximately 67% and 33% of the outstanding common shares of the combined company, respectively, on a fully diluted in-the-money basis. The combined company will continue under the name "Equinox Gold Corp." In case of termination, Equinox Gold Corp. will pay a termination fee of $475 million, while Orla Mining Ltd. will pay $250 million. Upon closing of the Transaction, the combined company will be led by executives and directors from both Equinox and Orla. Equinox's current Chief Executive Officer, Darren Hall, will remain as Chief Executive Officer, while Orla's current President and Chief Executive Officer, Jason Simpson, will join Equinox Gold's leadership team as President. The board of directors of the combined company will consist of eleven directors, with Chuck Jeannes as Chair, along with six directors from Equinox and an additional four directors from Orla. Officers and directors of Orla, Pierre Lassonde, and certain affiliates of Fairfax Financial Holdings Limited, who collectively hold approximately 20% of the outstanding Orla common shares, have entered into voting support agreements pursuant to which they have agreed, among other things, to vote their Orla common shares in favor of the transaction. The transaction will be effected pursuant to a court approved plan of arrangement under the Canada Business Corporations Act. The transaction will require approval by 66 2/3 percent of the votes cast by the shareholders of Orla. Meanwhile, the issuance of Equinox common shares pursuant to the transaction is subject to approval by the shareholders of Equinox by a simple majority of the votes cast at a special meeting of Equinox shareholders expected to be held in July 2026. In addition to shareholder approval, the closing of the transaction is subject to court approval, applicable regulatory approvals, including both Canadian and Mexican competition authorization, approval of the listing of the Equinox common shares to be issued under the Transaction on the Toronto Stock Exchange and the NYSE American Exchange, and the satisfaction of certain other closing conditions customary for a transaction of this nature. The transaction is expected to close in Q3 2026. The board of both parties unanimously approved the deal. A special committee for formed by Orla in connection with the transaction. Bank of Montreal (TSX:BMO) acted as financial advisor to Equinox. Bank of Montreal and CIBC World Markets Inc. acted as fairness opinion provider to the board of directors of Equinox. The Bank of Nova Scotia (TSX:BNS) and Fort Capital Partners Ontario acted as fairness opinion provider to the Orla Special Committee. Blake, Cassels & Graydon LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors to Equinox. Trinity Advisors Corporation acted as financial advisor to Orla. Meanwhile, Cassels Brock & Blackwell LLP and Crowell & Moring LLP acted as legal advisors to Orla. Fasken Martineau DuMoulin LLP acted as legal advisor to Orla Special Committee.

Canadian (TSX) Insurance Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Manulife Unveils CEO Changes and Expands AI Leadership Across Key Global Markets

Power Corporation of Canada, Great-West Lifeco Inc. and IGM Financial Inc. Announce Joint Investment in Sagard AI Fund

Power Corporation of Canada, Great-West Lifeco Inc. and IGM Financial Inc. Announce Joint Investment in Sagard AI Fund

Insider recently bought CA$171k worth of stock

iM Financial Group Co., Ltd. Appoints Sébastien Mc Mahon As Chief Economist

First quarter 2026 earnings released: EPS: CA$0.09 (vs CA$0.24 in 1Q 2025)

President exercised options and sold CA$3.1m worth of stock

Equinox Gold Corp. (TSX:EQX) entered into a definitive arrangement agreement to acquire Orla Mining Ltd. (TSX:OLA) from Pierre Lassonde, Fairfax Financial Holdings Limited (TSX:FFH), and others for $5.2 billion.

Consensus EPS estimates fall by 12%

First quarter dividend of CA$1.47 announced