Slide 1: Q3-2025 Quarterly Report
Q3-2025 QUARTERLY REPORT November 7, 2025
Slide 2: Advisory Regarding Forward-Looking Information
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 conditions and courses of action,
Slide 3: Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios
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 September 30, 2025 have been prepared in accordance with International Financial Reporting Standards (“IFRS” or “GAAP”). We
Slide 4: Rowan Saunders, President & Chief Executive Officer
ROWAN SAUNDERS President & Chief Executive Officer
Slide 5: Q3-2025 Financial Highlights
5 Q3-2025 FINANCIAL HIGHLIGHTS Operating EPS(1) Gross Written Premiums(1) Combined Ratio(1) $1.03 $1.23B 89.4% 7.5% y/y Book Value per Share(1) Financial Capacity(1,2) Operating ROE (TTM)(1) $33.43 ~$2.8B 12.5% 24% y/y 1. This is a supplementary financial measure, non-GAAP financial measure, or a no
Slide 6: 12-Month Industry Outlook
6 12-MONTH INDUSTRY OUTLOOK Personal Auto Personal Property Commercial Insurance We expect conditions in auto We expect market conditions in While we expect overall market lines to remain firm as insurers personal property to remain conditions to remain attractive, aim to keep pace with the firm ove
Slide 7: Key Financial Metrics
7 KEY FINANCIAL METRICS GWP(1) Growth Combined Ratio(1) Operating ROE(1) YTD-2025 YTD-2025 Q3-2025 TTM 8.7% (Adjusted for exited lines) 92.2% 12.5% TARGET(2) TARGET(2) TARGET(2) Grow GWP at a rate of Achieve a sub-95% full Generate a full year operating ROE upper single digit to 10% year combined ra
Slide 8: Our Leading Broker Platform
8 OUR LEADING BROKER PLATFORM Our national broker platform provides ongoing opportunities to scale and grow the earnings profile of the business Acquired Top 10 Broker with Year Activity Year-End GWP(2) ~$1.3B GWP(2) 2026 Target 2022 1 acquisition ~$500M 2023 6 acquisitions ~$400M ~$300M GWP 12+ ~$1
Slide 9: Philip Mather
PHILIP MATHER Executive Vice-President & Chief Financial Officer
Slide 10: Q3-2025 Personal Auto
10 Q3-2025 PERSONAL AUTO ($ in millions, except as otherwise noted) Q3-25 Q3-24 Δ YTD-25 YTD-24 Δ Gross Written Premiums(1) (TTM) ($ in millions) $517.0 $486.8 6.2% $1,520.2 $1,428.7 6.4% $1,929 $1,959 Gross Written Premiums(1) $1,893 Adjusted for exit of Sonnet Alberta Auto 8.6% $1,845 $1,867 $1,79
Slide 11: Q3-2025 Personal Property
11 Q3-2025 PERSONAL PROPERTY ($ in millions, except as otherwise noted) Q3-25 Q3-24 Δ YTD-25 YTD-24 Δ Gross Written Premiums(1) (TTM) ($ in millions) $1,256 Gross Written Premiums(1) $359.6 $329.1 9.3% $960.6 $888.7 8.1% $1,225 $1,202 $1,184 $1,167 $1,146 Net Underwriting Revenue(1) $301.9 $275.7 9.
Slide 12: Q3-2025 Commercial Insurance
12 Q3-2025 COMMERCIAL INSURANCE ($ in millions, except as otherwise noted) Q3-25 Q3-24 Δ YTD-25 YTD-24 Δ Gross Written Premiums(1) (TTM) ($ in millions) $1,466 $1,491 Gross Written Premiums(1) $351.9 $327.4 7.5% $1,115.2 $1,021.2 9.2% $1,397 $1,427 $1,360 $1,324 $1,277 $1,235 Net Underwriting Revenu
Slide 13: Q3-2025 Consolidated Performance
13 Q3-2025 CONSOLIDATED PERFORMANCE ($ in millions, except as otherwise noted) Q3-25 Q3-24 Δ YTD-25 YTD-24 Δ Gross Written Premiums(1) (TTM) ($ in millions) Gross Written Premiums(1) $1,228.5 $1,143.3 7.5% $3,596.0 $3,338.6 7.7% $4,706 Adjusted for exit of Sonnet Alberta Auto 8.7% $4,620 $4,523 $4,4
Slide 14: Q3-2025 Consolidated Profitability
14 Q3-2025 CONSOLIDATED PROFITABILITY ($ in millions, except as otherwise noted) Q3-25 Q3-24 Δ YTD-25 YTD-24 Δ Operating Income (1) ($ in millions) $167.8 Underwriting Income(1,2) $113.6 ($33.1) $146.7 $243.2 $115.4 $127.8 $18.2 $147.0 $130.9 Net Investment Income(3) $54.1 $49.0 $5.1 $154.6 $147.1 $
Slide 15: Q3-2025 Balance Sheet Strength
15 Q3-2025 BALANCE SHEET STRENGTH ($ in millions, except as otherwise noted) Sep 30-24 Jun 30-25 Sep 30-25 Consolidated Book Value q/q Δ Total assets $7,532 $8,304 $9,558 ($ in millions) $68 $74 $125 Investments $5,069 $5,579 $6,879 ($23) Total liabilities $4,272 $4,305 $5,313 $4,007 $3,763 Insuranc
Slide 16: Q3-2025 Capital Management
16 Q3-2025 CAPITAL MANAGEMENT Capital Management Actions Financial Capacity q/q Δ ($ in millions) • Senior Unsecured Notes raised in Q3-25 of $1.0B to be used to fund $125 $68 $21 the Travelers Transaction ($18) ($23) • We have secured additional bank credit facilities of $1.475B(5) and continue to
Slide 17: Travelers Transaction Update
17 TRAVELERS TRANSACTION UPDATE STRONG STRATEGIC FIT COMPELLING FINANCIAL RATIONALE ✓ Establishes Definity as the #4 P&C insurer in Canada(1) and strengthens our ✓ Value creation through scale benefits and platform efficiencies with estimated run- leadership position in the broker channel rate syner
Slide 18: Questions?
_ & QUESTIONS? definity.
Slide 19: Further Advisory Regarding Forward-Looking Information
19 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 factors that could cause our ac
Slide 20: Contact Us
20 CONTACT US Investor Relations Corporate Communications Sarah Attwells General Investor Inquiries AVP, Corporate Communication 1-866-902-4724 (TF) 226-753-1130 IR@definity.com sarah.attwells@definity.com General Inquiries Dennis Westfall Definity Financial Corporation VP, Investor Relations 111 We
Slide 21: definity.
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