Canadian Life Insurance IndustryCanadian Life Insurance IndustryContentsCanadian Industry and AnalysisTable 1: Top Five Competitors and their Market Shares in the Life Insurance IndustryCanadian Company InformationGroup Weekly Meeting InformationAppendix A – Industry Sizes by CompanyTable 2: Industry Sales OverviewEndnotesBibliographyCanadian Industry and AnalysisSun 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

Sun Life Financial is one of the largest family insurance brokers in Canada located within Quebec and is responsible for a record-setting amount of coverage for nearly 50 million Canadians.

Sun Life Financial has established a nationwide network of business and financial advisers to promote health and safety around the world to all patients.

Canadian Life Insurance Industry

Canadian Life Insurance IndustryContents

Canada’s highly qualified medical care professionals deliver our clients with the highest quality, in-house healthcare at no extra cost to their health and their families.

It makes sense to be part of a group that can assist with an individual crisis such as the one we have experienced, as it provides a platform to help individuals, including women, in their struggles to cope with financial risks.

Many of Canada’s primary health professionals are also qualified and well-equipped to assist families with financial challenges.

However, many of our primary care physicians are not licensed as part of Canadian family insurance. They may not want to take the opportunity of working for Sun Life and provide care that falls under the following categories:

Family Life Insurance

Family Life Insurance IndustryTable 1: Top Five Competitors and Their Market Shares in the FamilyLife Insurance IndustryFamily Health Insurance

Family Life Insurance IndustryOverviewTable 1: Top Five Competitors and Their Market Share in the FamilyHealth Insurance IndustryTable 2: Top Five Competitors and Their Market Share of All Canadian Health Products for Sale in 2013-14Table 1: Top Five Competitors and Their Market Share of All Ontario Health Insurance Products: 2011-12Table 3​: Top Five Competitors and Their Market Share of All Canada-wide Products: 2013-14Table 4​: Top Five Competitors and Their Market Share of All Canada-wide Products: 2013-14Table 5​: Top Five Competitors and Their Market Share of All Canadian Health Products: 2012-13Table 6​: Top Five Competitors and Their Market Share of All Canada-wide All Items in Canada-Wide

Family Life Insurance IndustryCanadian Life Insurance

Family Health Insurance

Family Health Insurance IndustryContents

Canadian Life Insurance IndustryContents

Canada’s highly qualified medical care professionals deliver our clients with the highest quality, in-house healthcare at no extra cost to their health and their families.

We also offer full service private medicine and medical insurance within the United States, as well as extensive access to licensed and insured health care providers across our country.

It makes sense for married couples to be able to obtain the lowest premiums on their individual sick leave in Canada, as this increases their income and makes it easier to afford services from Sun Life.

To meet the increased income need to pay our clients’ medical expenses, Sun Life has developed and developed a highly competitive health insurance business experience on a global scale that is comparable across all of our industry clients, including women, immigrants and the elderly. We operate in 100 countries around the world, so we are able to offer the best of both world and domestic health insurance for all Canadians. For more information on Family Life Insurance, please visit www.calgarylife.ca.

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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 IndustryCompaniesSales ( C$ thousands)Market share percentage (company sales/industry sales*100)Manulife32,047,00022.54%Great West Life Co.23,871,00016.79%Sun Life Financial21,918,00015.41%The Manufacturers Life Insurance Company20,574,00014.47%The Canada Life Assurance Company6,045,0004.25%Source: 2008 Canadian Key Business Directory (Mississauga: Dun & Bradstreet Canada, 2008), [multiple pages].The size of the industry demonstrates that the life insurance industry is quite large. With the top five companies having multi-billion dollar revenues it shows how large the companies that deal with life insurance can be. The market share is evenly spread between the top firms. Manulife is clearly ahead of Great West Life Co and Sun Life Financial but it is possible that the smaller of the top insurance companies could catch up. The decline in the industry growth predominantly affected the smaller insurance companies, some with a C$400 million decline in sales.9

Canadian Company InformationThe insurance company goes by the name of Sun Life Financial Inc.10 The company’s head office is located in Toronto, Ontario.11 Sun Life Financial Inc. became incorporated in August of 199912 and is now being traded on the Toronto Stock Exchange.13 In 2004, Sun Life Financial Inc. reported revenues of C$21.75 million.14 Sun Life Financial has a Reuter’s Instrument Code (RIC) of SLF.TO15 Sun Life Financial Inc. provides the public with several financial products and services, focusing on Life insurance.16

Ansi Feng, a public affairs specialist at Sun Life Financial has confirmed to be our company contact for the project and her phone number is (416)204-8126. The Universal life insurance product at Sun Life Financial will be focused on in the second report.

Group Weekly Meeting InformationThe group is scheduled to meet every Monday from 9:30am – 11:30am and Wednesday from 3:30pm – 5:30pm in the basement of Thode Library.Report One Timeline TableBeginning DateEnding DatePrimary Research:Surveys – 2Interviews – 2Feb. 6, 2008Feb. 14, 2008Secondary Research:Company Website – 2Databases –

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Canadian Life Insurance Industry And Sun Life Financial. (October 3, 2021). Retrieved from https://www.freeessays.education/canadian-life-insurance-industry-and-sun-life-financial-essay/