Top 20 largest Canadian financial companies 2021

Top Canadian financial companies

The financial sector is a key part of Canada, enhancing the dynamism of all its economy. Banks, insurance, and financial services companies ensure smooth capital circulation, payments, investments, credit, risk mitigation, and the accuracy of financial information.

The top Canadian financial companies are operating in a wide range of activities all along with the flows of money and capital in businesses interactions. With high value-added products and services aiming at large returns on investments, Canadian financial companies are also engaged in stiff competition with both national and foreign players of the financial sector.

The rivalry for market share among various types of banks, insurance companies, financial services firms, and broader financial actors creates a very competitive environment. Financial firms specialize, diversify, and acquire others in order to get higher returns, lower costs, better hedge risks, discover safer assets, and maintain their edge.

Besides the traditional competition that comes from firms within the many financial industries, one of the most significant challenges that the sector today confronts is the disruption of established businesses by emerging FinTech startups and InsurTech companies. And a few of them, among the top Canadian startups, have already grown to become “unicorns” (startups valued at more than $1 billion), posing a severe threat to the conventional financial actors.

For the time being, the largest traditional financial institutions remain pivotal in the Candian economy, and despite these new challenges, the majority of them will stay in place for the coming years. With the importance of financial companies in Canada, counting ten companies in the top 30 Canadian companies, Canadian financial firms will keep their power and continue to fight each other domestically and use their capital and experience to grow in the rest of the world.

For more information on the largest Canadian companies, download our TSX Composite companies Excel file containing the complete list of Canadian companies that constitute the S&P/TSX Composite index, together with extensive business, market, financial, and digital information on each company. For even more data on the largest Canadian companies, download our Excel files on the TSX SmallCap companies and combined TSX Composite + TSX SmallCap companies.

Check our data platform for the latest ranking of Canadian financial companies.

List of the top 20 largest Canadian financial companies by market capitalization

To give you a broader view of the actors of the financial sector in Canada, details about the twenty largest companies that constitute Canadian finance have been listed hereafter. Each company is detailed with presentations of its industry, activities, market capitalization, a direct link to its website, logo, and stock symbol.

The financial companies listed hereafter are ranked by market capitalization in Canadian Dollars, as of effective close on Friday, March 19, 2021. They are defined as belonging to specific industries of banking, insurance, or other financial services.

For more information on other world-leading companies, check our series of posts on Top Companies, and for more information on the country, read our articles on Top Business Resources for Canada.

Note that if you are searching for information on these companies to invest in their stocks, make sure you know what you are doing as your investment will be subject to significant risks with the evolution of stock prices. To learn more about investing in the stock market and managing your portfolio, check our post on the best online courses on stock investing and trading.

Shortcuts to each financial company

To facilitate your browsing in this long list, here are quick links to go directly to the details of any of the top 20 Canadian financial companies. Be sure to also check the Top 10 Canadian financial companies’ summary after the list!

20. E-L Financial

E-L Financial logoIndustry: Life Insurance

E-L Financial Corporation Limited is a holding company for investments and insurance. It invests in stocks and fixed income assets both directly and indirectly, and it underwrites life and health insurance policies, wealth management products, employee benefit programs, and other financial services.

Website: – Market Cap.: C$3.482 Billion – Stock ticker: ELF

19. Sagen

Sagen logoIndustry: Specialty Insurance

Sagen MI Canada Inc. is an insurance company. It provides mortgage default insurance to residential mortgage homebuyers, lenders, brokers, and realtors through a variety of companies in the private residential mortgage insurance industry.

Website: – Market Cap.: C$3.748 Billion – Stock ticker: MIC

18. CI Financial

CI Financial logoIndustry: Asset Management

CI Financial Corp. is an asset management holding company, operating primarily through specialized subsidiaries. It offers investment management and wealth management services to high net worth retail investors, and brokerage and trading services dedicated to portfolio managers and institutional investors.

Website: – Market Cap.: C$3.942 Billion – Stock ticker: CIX

17. Onex

ONEX logoIndustry: Asset Management

Onex Corporation is an investment management company. Primarily operating in North America and Europe, It invests and manages capital in small, medium, and large market opportunities private equity funds, non-investment grade debt, and wealth management in public equity and public credit strategies.

Website: – Market Cap.: C$7.23 Billion – Stock ticker: ONEX

16. TMX Group

TMX Group logoIndustry: Financial Data & Stock Exchanges

TMX Group Limited is a financial services company. Best known for operating Canadian stock exchanges, Toronto Stock Exchange, the senior equity markets, and TSX Venture Exchange, the public venture equity market, TMX Group also provides services such as listings, trading, clearing, settling, and depository facilities, information services, and technology services.

Website: – Market Cap.: C$7.318 Billion – Stock ticker: X

15. iA Financial

iA Financial logoIndustry: Diversified Insurance

iA Financial Corporation Inc. provides various life and health insurance products in Canada and the United States. Through its subsidiaries, Industrial Alliance Insurance and Financial Services Inc., it provides a variety of individual insurance products and services, including life, car, house, mortgage, and critical illness insurance.

Website: – Market Cap.: C$7.347 Billion – Stock ticker: IAG

14. IGM Financial

IGM Financial logoIndustry: Asset Management

IGM Financial Inc. is a wealth management and asset management firm. It operates in wealth management, asset management, strategic investments, and other segments. Through its network of financial advisers, IGM Financial also offers a wide variety of financial and investment planning services.

Website: – Market Cap.: C$9.382 Billion – Stock ticker: IGM

13. Fairfax

Fairfax logoIndustry: Property & Casualty Insurance

Fairfax Financial Holdings Limited is a financial holding. Its activities include property and casualty insurance and reinsurance, investment management, and insurance claims management. Primarily engaged through its subsidiaries, the company operates in the United States, Canada, Asia, and internationally.

Website: – Market Cap.: C$13.97 Billion – Stock ticker: FFH

12. Intact Financial

Intact Financial logoIndustry: Property & Casualty Insurance

Intact Financial Corporation is a multinational property and casualty insurance company. The firm, which traced its origins back to 1809, provides a diverse variety of personal and commercial auto insurance, home insurance, insurance for small and medium-sized enterprises, and specialty insurance products through its brands, independent brokers, and agencies.

Website: – Market Cap.: C$21.61 Billion – Stock ticker: IFC

11. Power Corporation

Power Corporation of Canada logoIndustry: Life Insurance

Power Corporation of Canada is a management and holding company primarily involved in financial services in America, Europe, and Asia. Founded in 1925, it has interests in insurance, retirement, wealth management, and investment management, through its Lifeco, IGM Financial, and Pargesa subsidiaries. Power Corporation of Canada is also engaged in renewable energy, electrical components, construction materials, food and beverages, chemicals, and many more industries.

Website: – Market Cap.: C$22.77 Billion – Stock ticker: POW

10. National Bank of Canada

National Bank of Canada logoIndustry: Diversified Banks

The National Bank of Canada is a large commercial bank in Canada, especially concentrated in the Quebec province. Expanding throughout the country, the National Bank of Canada is involved in personal and commercial banking, wealth management, and financial markets; it also has a limited presence in the United States and international exposure.

Website: – Market Cap.: C$29.9 Billion – Stock ticker: NA

9. Great-West Lifeco

Great-West Lifeco logoIndustry: Life Insurance

Great-West Lifeco is a financial holding corporation primarily engaged in insurance in the USA and Canada, Europe, and Asia. It offers a range of insurance products through its subsidiaries, The Great-West Life Assurance Company, Great-West Life & Annuities Financial Inc. Great-West Lifeco is also involved in insurance and other financial operations through other subsidiaries, including and London Life and Putnam Investments.

Website: – Market Cap.: C$30.79 Billion – Stock ticker: GWO

8. Sun Life

Sun Life logoIndustry: Diversified Insurance

Founded in 1865, Sun Life Financial Inc. is an insurance and financial services company. Primarily involved in life insurance, Sun Life is also operating in investment management in Canada, the United States, and in some countries of Asia.

Website: – Market Cap.: C$37.88 Billion – Stock ticker: SLF

7. Manulife

Manulife Financial Corporation logoIndustry: Life Insurance

Manulife Financial Corporation is a multinational insurance and financial services company. Operating in Canada and Asia as Manulife, the company primarily operates in the United States through its subsidiary, John Hancock Financial. Manulife Financial Corporation also fully owns the Manulife Bank of Canada.

Website: – Market Cap.: C$52.71 Billion – Stock ticker: MFC


Canadian Imperial Bank of Commerce logoIndustry: Diversified Banks

The Canadian Imperial Bank of Commerce, commonly known as CIBC, is one of the largest banks in Canada, involved in retail and business banking, wealth management, and capital markets. CIBC has developed operations in the United States, the Caribbean, Asia, and Europe.

Website: – Market Cap.: C$56.79 Billion – Stock ticker: CM

5. BMO

Bank of Montreal logoIndustry: Diversified Banks

The oldest bank in Canada, founded in 1817, the Bank of Montreal is a banking and financial services corporation. Operating in commercial banking as BMO Bank of Montreal in Canada, the company is also engaged in the United States, especially in the Chicago area, where it operates as BMO Harris Bank. BMO also conducts activities of corporate banking and wealth management.

Website: – Market Cap.: C$72.19 Billion – Stock ticker: BMO

4. Brookfield

Brookfield Asset Management logoIndustry: Asset Management

Brookfield Asset Management Inc. is an alternative asset management company engaged in real estate, renewable power, infrastructure, and private equity. Beyond Canada, Brookfield Asset Management has also opened offices in New York City, London, Rio de Janeiro, and Sydney.

Website: – Market Cap.: C$85.51 Billion – Stock ticker: BAM.A

3. Scotiabank

Bank of Nova Scotia logoIndustry: Diversified Banks

Operating as Scotiabank, the Bank of Nova Scotia is a multinational bank. Founded in 1832, the Bank of Nova Scotia has become “the most international bank of Canada” through its acquisitions in more than fifty countries of Latin America and the Caribbean, Europe, and parts of Asia.

Website: – Market Cap.: C$95.46 Billion – Stock ticker: BNS

2. TD

Toronto-Dominion Bank logoIndustry: Diversified Banks

Operating as TD Bank Group, more commonly known as TD, the Toronto–Dominion Bank is a Canadian multinational banking and financial services company. Proceeding from the merger of two banks founded in the 19th century, TD Bank has become one of the largest banks in Canada, also very present in the Eastern United States.

Website: – Market Cap.: C$149.9 Billion – Stock ticker: TD

1. RBC

Royal Bank of Canada logoIndustry: Diversified Banks

The largest bank in Canada by market capitalization, the Royal Bank of Canada – RBC – is a multinational banking and financial services corporation. Founded in 1882, RBC is engaged in commercial banking, investment banking, and insurance throughout Canada; it has also developed branches in the United States as well as in seventeen Caribbean countries.

Website: – Market Cap.: C$166.1 Billion – Stock ticker: RY

Summary: Top 10 Canadian Financial Companies 2021

To give you a quick overview of the largest Canadian financial companies in 2021, here is a synthesizing image regrouping the information of the top 10. Note that you can use this image to embed it on your website and other digital properties using the embed code below.

Top 10 Canadian Financial Companies 2021

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Here are the 20 largest Canadian financial companies. Do you think they are worth their market capitalization? Do they provide a valuable and convenient service? Do they have too much economic power… and maybe political power too?

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