Canadian Life & Health Insurance Facts // 2026 Edition 18
Retirement Solutions
Canada's life and health insurers play a major
role in helping Canadians save for retirement by
offering both group retirement savings plans
through employers and other group sponsors
and individual retirement solutions directly
to Canadians.
Offered as
RRSPs; TFSAs; Defined Contribution pension plans;
Deferred Profit-Sharing Plans; non-registered
savings plans; Pooled Registered Pension Plans,
and Voluntary Retirement Savings Plans in Quebec.
Life and health insurers also offer risk management,
investment solutions and payment solutions for
Defined Benefit (DB) pension plans.
Retirement Solutions
L I N E S O F B U S I N E S S
70%
30%
Individual policies
Group plans
Over 9M
group retirement
plan members
Management of
retirement solutions
DC
Group RRSPs
Other Group
Retirement Savings
$0B $100B $200B $300B $400B $500B
2020
2025
33%
37% 36% 27%
36% 31%
Helping Canadians build greater retirement security
In 2025, CLHIA members managed private pension assets valued at over $470 billion.
Of small- and medium-sized businesses that offer group retirement savings plans, over
eighty-five per cent provide Registered Retirement Savings Plans (RRSPs) and Tax-Free
Savings Accounts (TFSAs) to their employees through life and health insurers.
Insurers are among Canada's largest providers of workplace retirement programs
and play a significant role in reducing the administrative burden on employers that offer
retirement programs.
Insurers manage over $470B in assets for group retirement plan members
