Contents
Canadian Industry and Analysis 2
Table 1: Top Five Competitors and their Market Shares in the Life Insurance Industry 2
Canadian Company Information 2
Group Weekly Meeting Information 3
Appendix A – Industry Sizes by Company 4
Table 2: Industry Sales Overview 4
Endnotes 7
Bibliography 8
Canadian Industry and Analysis
Sun Life Financial has a SIC code of 6311 which falls under “Life Insurance”.1 This company has been assigned a NAICS code of 524111 under the “Life Insurance” classification.2 Sun Life Financial belongs to an industry association known as “Canadian Life and Health Insurance Association Inc”.3 The industry aims to provide a range of products and services to help Canadians protect themselves and their families from financial risk, premature death, illness and retirement.4
The life insurance industry described by the NAICS code of 524111 is primarily engaged in underwriting annuities and life insurance, accidental death and dismemberment insurance.5 It provides disability insurance and insurance for medical, hospital, dental, vision and other health services.6
According to SIC code 6311 the life insurance industry had a total sales of C$121 billion in 2006, C$142 billion in 2007, and C$132 billion in 2008 (see appendix A).7 According to this information the industry saw a 17.35% growth rate between 2005 and 2006, and a decline of 7% from 2006 to 2007.8
Table 1: Top Five Competitors and their Market Shares in the Life Insurance Industry
Companies Sales ( C$ thousands) Market share percentage (company sales/industry sales*100)
Manulife 32,047,000 22.54%
Great West Life Co. 23,871,000 16.79%
Sun Life Financial 21,918,000 15.41%
The Manufacturers L ...