Canadian insurance stocks probably aren’t the first place investors look when they want excitement. Personally, that’s part of the appeal. In 2026, I’m paying more attention to businesses that can grow earnings without needing everything in the economy to go perfectly. Insurance companies fit that description better than many people realize. Beyond traditional insurance, Canada’s largest insurers now have major businesses in wealth management, retirement, employee benefits and international markets.
That gives investors exposure to several long-term trends at once: an aging population, growing retirement savings, rising demand for wealth management and expanding insurance markets outside Canada. The dividends matter too. I’m not looking for the highest yield possible. I’d rather own a company capable of increasing its dividend for years while maintaining a strong balance sheet. With that in mind, these are the five Canadian insurance stocks I find most interesting right now.
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#5 iA Financial Corporation (IAG.TO)
Share Price: Approximately $212
Market Capitalization: Approximately $18.7 billion
Industry: Life Insurance, Wealth Management and Financial Services
Dividend Yield: 2.0%
Why It Made My List
iA Financial is the smallest company on this list, but that’s partly why I find it interesting. Its wealth-management business has been growing quickly. In the second quarter, wealth-management core earnings increased 37% year over year, while assets under management and administration climbed above $374 billion. Core return on equity was a healthy 17.5%. That gives iA something I like in an insurer: growth coming from more than simply selling additional insurance policies.
What I Like
The balance sheet also looks solid. iA reported a 137% solvency ratio and about $1.1 billion of capital available for deployment at the end of Q2. Management increased the quarterly dividend by 11% earlier this year to $1.10 per share. The current yield is only around 2.0%, so this isn’t the stock I’d choose purely for income. I view it more as a dividend-growth company.
One Thing I’d Watch
Valuation. The shares have already had an impressive run. At roughly $212, I don’t think investors should ignore how much optimism may already be reflected in the price.
Would I Buy Today?
I like the company more than I like the current entry point. This would stay on my watchlist while I waited for a better opportunity.
#4 Intact Financial Corporation (IFC.TO)
Share Price: Approximately $254
Market Capitalization: Approximately $45.8 billion
Industry: Property and Casualty Insurance
Dividend Yield: 2.2%
Why It Made My List
Intact gives investors something the other companies on this list don’t: substantial property-and-casualty insurance exposure. That diversification matters to me. Intact produced an operating return on equity of 17% in Q2 while book value per share increased 13% year over year. Its combined ratio came in at 94.9% despite elevated catastrophe and large-loss activity. In simple terms, the core insurance business continues to make money even when claims aren’t especially favourable.
What I Like
I particularly like Intact’s financial discipline. The company finished Q2 with a $3.8 billion capital margin and adjusted debt-to-capital of just 16.2%. Its quarterly dividend is now $1.47, up from $1.33 last year. The yield is only around 2.2%, but the dividend-growth record is much more interesting to me than the starting yield.
One Thing I’d Watch
Catastrophe losses.
Severe weather is becoming increasingly expensive for insurers. Catastrophe and large losses hurt Intact’s Q2 combined ratio by about four percentage points. That’s something I would keep watching closely.
Would I Buy Today?
I’d happily own Intact long term, but at around $260 I’d prefer buying after some weakness rather than chasing it.
#3 Great-West Lifeco (GWO.TO)
Share Price: Approximately $92
Market Capitalization: Approximately $83 billion
Industry: Life Insurance, Retirement and Wealth Management
Dividend Yield: 2.9%
Why It Made My List
Great-West has quietly become much more than a Canadian life insurer. Its Empower retirement business gives the company major exposure to the U.S. retirement market, which I think remains one of its most interesting long-term growth opportunities. Q2 base earnings per share increased 15% year over year to $1.42, helped by growth at Empower and its Capital and Risk Solutions business.
What I Like
This is the kind of business I associate with steady compounding. Great-West increased its quarterly dividend from $0.61 to $0.67 for 2026—an increase of nearly 10%. At today’s price, that’s roughly a 2.9% yield. I also like the company’s growing retirement exposure because those relationships can be extremely sticky. Once retirement assets are on a platform, customers don’t necessarily move them around every year.
One Thing I’d Watch
Price. Great-West has moved dramatically higher and was trading around its 52-week high in September. A great business can still be a mediocre investment if I pay too much for it.
Would I Buy Today?
I’d own it, but I wouldn’t chase it around $93. Personally, I’d wait for a pullback.
#2 Manulife Financial Corporation (MFC.TO)
Share Price: Approximately $60
Market Capitalization: Approximately $100 billion
Industry: Life Insurance, Wealth and Asset Management
Dividend Yield: 3.2%
Why It Made My List
Manulife might have the most interesting international growth story among Canada’s large insurers. Its Asian operations give the company exposure to rising wealth, insurance penetration and an expanding middle class across several major Asian markets. And the numbers are moving in the right direction. Q2 core earnings increased 12% to $1.92 billion, core EPS increased 16%, and new business sales increased 21%. New business contractual service margin also grew 16%. Those are the kinds of numbers that tell me the underlying business is actually expanding.
What I Like
Manulife’s core return on equity improved to 16.3%, while financial leverage declined. The quarterly dividend is currently $0.485 per share, giving investors roughly a 3.2% annualized yield at today’s price. I like the combination of current income and international growth.
One Thing I’d Watch
Manulife’s international exposure works both ways. Asia provides growth, but it also introduces currency, economic and regulatory risks that a Canada-focused insurer wouldn’t face to the same extent.
Would I Buy Today?
Manulife is one I’d be comfortable gradually accumulating rather than trying to perfectly time an entry.
#1 Sun Life Financial (SLF.TO)
Share Price: Approximately $111
Market Capitalization: Approximately $62 billion
Industry: Life Insurance, Benefits and Asset Management
Dividend Yield: 3.3%
Why It Made My List
Sun Life takes my top spot because I think it offers the best overall balance of income, financial strength and diversified growth. Q2 underlying net income increased 11% to $1.12 billion, underlying return on equity reached 19.1%, and assets under management climbed 10% to almost $1.7 trillion. That’s an impressive combination for a company many investors probably still think of primarily as an insurance provider.
What I Like
Sun Life has meaningful businesses across Canada, the United States and Asia, plus a huge asset-management operation. Its LICAT capital ratio stood at 145% in Q2, giving me confidence in the balance sheet. The quarterly dividend has also increased to $0.96 from $0.84 at the beginning of 2025. At today’s share price, that works out to roughly a 3.3% annualized yield—the highest current yield among my five picks.
One Thing I’d Watch
Again, valuation matters. Sun Life shares are up substantially in 2026, so I’m not assuming the next twelve months will look like the last twelve.
Would I Buy Today?
If I wanted one Canadian insurance stock for a long-term portfolio, Sun Life would probably be my first choice today. I wouldn’t go all-in at $112, but I’d be comfortable starting a position and adding over time.
Final Thoughts
What I find interesting about Canadian insurance stocks in 2026 is how little the word insurance actually describes some of these companies anymore. Sun Life, Manulife, Great-West and iA increasingly look like global insurance, retirement and asset-management platforms. Intact offers a completely different kind of exposure through property-and-casualty insurance. Over the next year, I’ll be watching interest rates, equity markets, insurance claims and—most importantly—whether these companies continue generating enough capital to grow their businesses while raising dividends.
For investors who already own several Canadian banks and want to diversify their financial-sector exposure, I think insurers deserve a serious look. I wouldn’t buy any of these companies simply because they pay a dividend. The way I see it, the better question is whether the business producing that dividend will be stronger ten years from now. That’s ultimately the dividend I’m interested in owning.
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