Total compensation in 2023 for each of the CEOs of Canada’s largest insurers — Manulife, Sun Life, Great-West Lifeco and Industrial Alliance — averaged $11.5 million, ranging from $6.1 million to $19.4 million. All four CEOs exceeded their annual incentive targets by 20% to 57.2%, and they each earned more in 2023 than they did in 2022. The leader of iA was the only one to earn under eight figures. (See compensation table below).
Roy Gori, president and CEO of Manulife
Gori joined the company in 2015 as president and CEO of Manulife Asia, and was promoted to his current position in 2017. His total compensation in 2023 was $19.4 million, including an annual incentive award of $5.1 million, which was 146% of target. The award reflected strong financial results, an historic reinsurance transaction in the firm’s legacy long-term care business and the firm’s stock performance, the management information circular said.
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 $10.9 million, and his annual incentive bonus of $2.9 million was 152.4% of target. The bonus 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. Prior to his current role, he served as chief financial officer from 2017 to 2021, and president of Sun Life Asia between 2012 and 2017.
Strain’s total compensation last year was $10.6 million, and his annual incentive bonus of $2.4 million was 157.2% of target. Among Strain’s performance highlights was building digital capabilities throughout the business.
Denis Ricard, president and CEO of iA Financial Group
Ricard has been in his present position since 2018, having served as chief operating officer from 2017 to 2018, and in various vice-president roles from 1999 to 2017, based on his LinkedIn profile.
Ricard’s total compensation last year was $6.1 million, and his annual bonus of $1.2 million was 120% of target. Performance highlights included acquiring U.S. life insurance company Vericity and updating iA’s climate strategy for reducing greenhouse gas emissions.
Total compensation for insurance CEOs 2021–23
| 2021 | 2022 | 2023 | |
| Manulife | $16,860,186 | $17,078,534 | $19,382,615 |
| GWL | $9,092,151 | $9,943,449 | $10,881,264 |
| Sun Life | $11,327,619 | $9,426,014 | $10,649,521 |
| IA | $5,986,270 | $5,226,446 | $6,099,634 |