Slide 1: Building a Canadian Champion
Building a Canadian Champion Quarterly Report Q1-2026
Slide 2: Advisory Regarding Forward-Looking Information
Quarterly Report Q1-2026 2 Advisory Regarding Forward-Looking Information • This presentation contains forward-looking information. • Forward-looking information is information regarding possible events, conditions or financial performance that is based on assumptions about future economic condition
Slide 3: Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios
Quarterly Report Q1-2026 3 Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios The Company’s interim financial statements and accompanying notes as at and for the quarter ended March 31, 2026 have been prepared in accordance with International Financial Reporting Standards (“
Slide 4: Rowan Saunders, President & Chief Executive Officer
ROWAN SAUNDERS President & Chief Executive Officer
Slide 5: Travelers Integration Update
Quarterly Report Q1-2026 5 Travelers Integration Update Focused integration efforts across the organization enabled on-time start for policy conversion, with strong broker support, robust communications plan and back-office foundation in place New business intake channels harmonized, and all new bus
Slide 6: Clear Path to Sustainable Mid-Teens OROE
Quarterly Report Q1-2026 6 Clear Path to Sustainable Mid-Teens OROE Original Benefit Action Commentary Guidance Capture Progress Sonnet • Sonnet profitability has been achieved, with ~1-2 pts further potential benefits from scale benefits Profitability 10% to below teens OROE and pricing sophisticat
Slide 7: Q1-2026 Financial Highlights
Quarterly Report Q1-2026 7 Q1-2026 Financial Highlights Operating EPS(1) Gross Written Premiums(1) Combined Ratio(1) $0.97 $1.4B 92.9% 35.4% y/y (1.6) pts y/y Book Value per Share(1) Financial Capacity(1,2) Operating ROE (TTM)(1) $33.85 14.7% y/y $1.1B+ 13.0% 1 This is a supplementary financial meas
Slide 8: 12-Month Industry Outlook
Quarterly Report Q1-2026 8 12-Month Industry Outlook • We expect overall conditions in personal auto to remain firm as insurers aim to keep pace with the combined impact of loss cost Personal trends, ongoing regulatory constraints in Alberta, and uncertainty related to the extent and impact of macro
Slide 9: Philip Mather, Chief Financial Officer
PHILIP MATHER Chief Financial Officer
Slide 10: Consolidated Insurance Results
Quarterly Report Q1-2026 10 Consolidated Insurance Results ($ in millions, except as otherwise noted) Q1-26 Q1-25 Δ Gross Written Premiums(1) (TTM) ($ in millions) $5,173 Gross Written Premiums(1) $1,394.6 $1,030.1 35.4% $4,808 $4,620 $4,706 $4,523 $4,372 $4,448 $4,269 Net Underwriting Revenue(1) $1
Slide 11: Personal Auto Results
Quarterly Report Q1-2026 11 Personal Auto Results ($ in millions, except as otherwise noted) Q1-26 Q1-25 Δ Gross Written Premiums(1) (TTM) ($ in millions) $2,156 Gross Written Premiums(1) $593.8 $438.8 35.3% $2,001 $1,929 $1,959 $1,893 $1,845 $1,867 $1,799 Net Underwriting Revenue(1) $602.8 $428.2 4
Slide 12: Personal Property Results
Quarterly Report Q1-2026 12 Personal Property Results ($ in millions, except as otherwise noted) Q1-26 Q1-25 Δ Gross Written Premiums(1) (TTM) ($ in millions) $1,385 Gross Written Premiums(1) $350.2 $255.0 37.3% $1,290 $1,256 $1,225 $1,202 $397.9 $283.2 40.5% $1,167 $1,184 Net Underwriting Revenue(1
Slide 13: Commercial Insurance Results
Quarterly Report Q1-2026 13 Commercial Insurance Results ($ in millions, except as otherwise noted) Q1-26 Q1-25 Δ Gross Written Premiums(1) (TTM) ($ in millions) $1,631 Gross Written Premiums(1) $450.6 $336.3 34.0% $1,517 $1,466 $1,491 $1,427 $1,397 $1,360 Net Underwriting Revenue(1) $413.7 $290.4 4
Slide 14: Expanding our Reach in Commercial Insurance
Quarterly Report Q1-2026 14 Expanding our Reach in Commercial Insurance Definity is well positioned for continued growth as we progress with the integration of the acquired business DEFINITY'S TARGET ADDRESSABLE MARKET INCREASED ACQUISITION OF NEW COMMERCIAL LINES WITH BY APPROXIMATELY $7 BILLION UN
Slide 15: Consolidated Profitability
Quarterly Report Q1-2026 15 Consolidated Profitability ($ in millions, except as otherwise noted) Q1-26 Q1-25 Δ Operating Income (1) ($ in millions) Underwriting Income(1,2) $100.1 $55.0 $45.1 $167.8 $157.5 $159.5 $11.2 Net Investment Income(3) $79.9 $49.8 $30.1 $18.2 $10.9 $130.9 $54.1 $61.1 $79.9
Slide 16: Travelers Transaction Early Wins
Quarterly Report Q1-2026 16 Travelers Transaction Early Wins Our overall conviction on the deal is higher, and we have greater confidence in the 200bps+ of OROE benefit • Acquisition costs are tracking ~10% below our expectations, inclusive of the Earlier and more higher-than-expected capital market
Slide 17: Q1-2026 Synergy Progress and Costs
Quarterly Report Q1-2026 17 Q1-2026 Synergy Progress and Costs • We expect to realize expense synergies of at least $100M Acquisition Costs $100M (pre-tax) within 36 months of close, with $90M approximately one-third to earn into • We have incurred ~$93M of acquisition $80M underwriting income in th
Slide 18: Balance Sheet & Capital Management
Quarterly Report Q1-2026 18 Balance Sheet & Capital Management BOOK VALUE DEBT CAPITALIZATION Capital Deployment ($ in millions) Our leverage target remains at 25%, in-line with previously Priorities $118.1 provided guidance and other rated Canadian P&C peers ($54.2) ($25.8) ($18.0) 26.8% 25.0% $4,0
Slide 19: Our Strategy
Quarterly Report Q1-2026 19 Our Strategy OUR PURPOSE OUR AMBITION OUR PROMISE Building a better world by helping our To be one of Canada’s leading and most Making insurance better clients and communities adapt and thrive innovative P&C insurers STRATEGIC Become one of the three Grow our digital and
Slide 20: Question & Answer Session
QUESTION & ANSWER SESSION
Slide 21: Further Advisory Regarding Forward-Looking Information
Quarterly Report Q1-2026 21 Further Advisory Regarding Forward-Looking Information Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as at the date such statements are made, and are subject to many factor
Slide 22: Contact Us
Contact Us INVESTOR RELATIONS Dennis Westfall General Investor Inquiries Vice President, Investor Relations TOLL-FREE: 1-866-902-4724 PHONE: 416-435-5568 EMAIL: IR@definity.com EMAIL: dennis.westfall@definity.com CORPORATE Sarah Attwells GENERAL Definity Financial Corporation COMMUNICATIONS AVP, Cor