Total compensation in 2024 for each of the CEOs of Canada’s largest insurers — Manulife, Sun Life, Great-West Lifeco and Industrial Alliance — averaged $12.7 million, ranging from $6.1 million to $20.5 million. They each earned more in 2024 than they did in 2023.
The leader of iA was the only one to earn under eight figures and had he lowest compensation growth compared to last year (see compensation table below).
Roy Gori, president and CEO of Manulife
Gori’s total compensation in 2024 was $20.5 million, including an annual incentive award of $6 million. The award reflected the top-quartile performance of Manulife’s total shareholder return compared to compensation and performance peer groups in 2024, the management information circular said.
Gori was promoted to his current position in 2017 and will retire this year. Phil Witherington, who is currently head of Asia, will succeed him with a target US$9.7 million compensation package for 2025.
Paul Mahon, president and CEO of Great-West Lifeco and Canada Life
Mahon has been president and CEO of Great-West since 2013. His total compensation last year was $12.7 million, with an annual incentive bonus of $3.4 million. The bonus reflected an overall achievement of 178.9% of his target and was based on financial results and performance achievements, the proxy circular said.
Kevin Strain, president and CEO of Sun Life
Strain has been the president and CEO of Sun Life since 2021. His total compensation last year was $1.5 million, and his annual incentive bonus of $2.5 million was 123.8% of target. Among Strain’s performance highlights was expanding Sun Life’s health business with the Canadian Dental Care Plan, the proxy circular said.
Denis Ricard, president and CEO of iA Financial Group
Ricard has been in his current role since 2018. His total compensation last year was $6.1 million, and his annual short-term bonus of $550,339 was 146.9% of target, according to the proxy circular.
Total compensation for insurance CEOs 2022–24
| Insurer | 2022 | 2023 | 2024 |
| Manulife | $17,078,534 | $19,382,615 | $20,464,452 |
| GWL | $9,943,449 | $10,881,264 | $12,696,853 |
| Sun Life | $8,990,054 | $10,508,001 | $11,475,066 |
| iA | $5,226,446 | $6,099,634 | $6,115,679 |
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