The Benefits Canada 2024 top employee benefits providers figures have been released.

Canada Life’s Rise: Fueled by a Major Federal Contract

Canada Life’s significant growth in 2024 can be attributed mainly to winning the Public Service Health Care Plan contract, even though it ended up being the only bidder. This transition positioned Canada Life as the administrator for one of Canada’s most extensive health care plans, covering federal public service employees and their dependents. The move not only expanded Canada Life’s client base but also solidified its standing as a leading provider of workplace solutions, now serving over one-third of Canadians. 

Sun Life’s Steady Performance Amidst Market Shifts

Despite the loss of the Public Service Health Care Plan contract, Sun Life demonstrated resilience by maintaining stable figures in 2024. The company’s underlying net income in Canada grew by 6%, driven by robust sales of individual protection products and a 20% increase in new business. Sun Life are holding steady, even after losing a major federal contract, which really shows how strong their underlying business is. That kind of organic growth doesn’t happen without a smart, diversified strategy.

Impact of 2023 Dental Fee Guide Increases

The 2023 dental fee guide adjustments had a notable impact on the employee benefits landscape. Provinces like Ontario experienced an 8.5% increase in dental fees, the highest in recent years. These hikes led to higher claim costs for insurers and, consequently, increased employer premiums. Such changes emphasize the importance of plan sponsors regularly reviewing and adjusting their benefits offerings to manage costs effectively.

What This Means for Employers

These numbers tell a bigger story. Between major contract shifts, rising healthcare costs, and changes in provider rankings, the benefits landscape isn’t static—and neither should your plan be. It’s not just about who’s on top but who’s the right fit for your team, your growth stage, and your budget.