Total compensation in 2025 for each of the CEOs of Canada’s largest insurers — Manulife, Sun Life, Great-West Lifeco and Industrial Alliance — ranged from $5.6 million to $15.4 million.
Manulife and Great-West Life had leadership changes in 2025. Their new CEOs only spent part of the year in their current role, and their compensation has been pro-rated.
Phil Witherington, president and CEO of Manulife
Phil Witherington took over from Roy Gori in May 2025. Witherington’s total compensation in 2025 was $15.4 million, including an annual incentive of $4.3 million that was 129% of target. His target compensation for 2025 was US$9.7 million and remains the same for 2026.
Before he took over from Gori, Witherington was Manulife’s head of Asia. His compensation was pro-rated for his time as head of Asia between January and May, and president and CEO since May.
David Harney, president and CEO of Great-West Lifeco
David Harney was appointed as president and CEO of Great-West since July 2025, taking over for Paul Mahon, who led the insurer between 2013 and 2025. Prior to the promotion, Harney was the president and chief operating officer of Great-West in Europe.
Harney’s total compensation last year was $8.2 million, with an annual incentive bonus of $1.8 million. The bonus reflected an overall achievement of 146.1% in his time as CEO, the proxy circular said. His compensation for 2025 was pro-rated for his time as president of Europe for part of the year.
Kevin Strain, president and CEO of Sun Life
Kevin Strain has been the president and CEO of Sun Life since 2021. His total compensation in 2025 was $12.1 million, compared to $11.5 million in 2024. His annual incentive bonus of $2.4 million was 120% of target. Among Strain’s performance highlights was launching Sun Life Asset Management, the proxy circular said.
Denis Ricard, president and CEO of iA
Denis Ricard has been in his current role since 2018. His total compensation last year was $5.9 million, compared to $5.6 million in 2024. His annual short-term bonus of $1.7 million was 148.3% of target, according to the proxy circular.