Slide 1: Building a Canadian Champion
Building a Canadian Champion Investor Presentation Q2-2026
Slide 2: Advisory Regarding Forward-Looking Information
2 Investor Presentation 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
Slide 3: Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios
3 Investor Presentation 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 June 30, 2026 have been prepared in accordance with International Financial Reporting Standards (“IF
Slide 4: Company Overview
Company Overview
Slide 5: Company Highlights
5 Investor Presentation 5 Company Highlights Leading Canadian P&C Insurer in a Large and Growing Market Superior Customer and Broker Experience Highly Scalable Digital Platforms and Growing Broker Distribution Capabilities Market Leading Commercial Insurance Capabilities Sophisticated Pricing Method
Slide 6: Definity Is a Leading Canadian P&C Insurer
6 Investor Presentation 6 Definity Is a Leading Canadian P&C Insurer We are a personal and commercial P&C insurer offering auto, property, liability, pet, and specialty insurance solutions through multiple distribution channels ~$6.4B IN GROSS WRITTEN PREMIUMS(1,2) TTM Q2-2026 Over 150 Years of Oper
Slide 7: Superior customer and broker experience
7 Investor Presentation 7 Superior customer and broker experience Our digital platforms, Sonnet and Vyne, enable our customers and brokers to access competitively priced insurance in a fast, easy to use manner IMPACT EVERY ASPECT OF THE VALUE CHAIN We believe that our sophisticated digital platforms
Slide 8: Using Analytics & AI to create business value
8 Investor Presentation 8 Using Analytics & AI to create business value 200+ data & analytics practitioners Over 25 years of high-quality, ALL LINES PERSONAL LINES COMMERCIAL LINES digitized data and access to extensive third-party datasets Predictive modelling evaluates Predictive models are Numero
Slide 9: Profitable growth with a diversified earnings profile
9 Investor Presentation 9 Profitable growth with a diversified earnings profile GROSS WRITTEN PREMIUMS(1) OPERATING INCOME(1) ($ in millions) $4,808 $3,196 ($ in millions) $4,448 $4,005 $2,368 $609 $558.7 $3,662 $3,258 $314.4 $2,587 $62.0 $35.7 ~$1.6B growth $409.6 $215.7 $231.4 $309.1 $323.7 $54.4
Slide 10: Driving profitable growth in Personal Auto by leveraging digital assets and broker relationships
10 Investor Presentation 10 Driving profitable growth in Personal Auto by leveraging digital assets and broker relationships PERSONAL AUTO GWP(1) GROWTH PERSONAL AUTO COMBINED RATIO(1,4) ($ in millions) 50 bps 35.2% increase $2,001 YoY $1,867 98.3% 96.7% 95.8% 96.3% $1,657 $1,579 $1,356 95.2% 95.1%
Slide 11: Solid growth in Personal Property with a strong track record of underwriting
11 Investor Presentation 11 Solid growth in Personal Property with a strong track record of underwriting PERSONAL PROPERTY GWP(1) GROWTH PERSONAL PROPERTY COMBINED RATIO(1,4) ($ in millions) 37.2% 60 bps improvement YoY excl. CATs(1) $1,290 99.3% 98.6% $1,184 96.4% 96.3% $1,113 $825 9.4% 94.2% $1,01
Slide 12: Growing Commercial Insurance capabilities with a meaningful competitive advantage
12 Investor Presentation 12 Growing Commercial Insurance capabilities with a meaningful competitive advantage in underwriting COMMERCIAL INSURANCE GWP(1) GROWTH COMMERCIAL INSURANCE COMBINED RATIO(1,4) ($ in millions) 33.0% 340 bps YoY increase $1,517 $1,397 91.0% 93.5% $1,235 90.1% $1,015 89.4% 90.
Slide 13: Expanding our Reach in Commercial Insurance
13 Investor Presentation 13 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 14: Our Leading Broker Platform
Investor Presentation 14 Our Leading Broker Platform Benefitting from a growing stream of recurring income from our broker distribution platform Ranks among the Top 10 Brokers in Canada with Broker Operating Income(1) ~$1.6B GWP (1) ($ in millions) $94.4 FY26 Target FY27 Target $32.4 $2B GWP (1) ~20
Slide 15: Clear Path to Sustainable Mid-Teens OROE
15 Investor Presentation 15 Clear Path to Sustainable Mid-Teens OROE Original Guidance Remaining Benefit Sonnet profitability has been achieved, with further potential Sonnet Profitability ~1-2 pts Achieved benefits from scale benefits and pricing sophistication Targeting an additional ~0.5 pts impr
Slide 16: A heightened focus on culture and proven executive bench strength
16 Investor Presentation 16 A heightened focus on culture and proven executive bench strength ✓ Highly experienced and stable leadership core, with deep expertise across P&C insurance and an average executive tenure at Definity of approximately eight years, supporting strong continuity and execution
Slide 17: Engagement
17 Investor Presentation 17 Definity, It’s Better Here Company Recognition 2025-2026 Our engagement journey Q2-2026 Key Statistics 80% 80% 77% 79% 81% 77% 72% 94% retention rate of Definity employee 54% Engagement (1) high-performers 81% of all leadership roles at Definity are filled by internal can
Slide 18: Sustainability Highlights
18 Investor Presentation 18 Sustainability Highlights Our purpose: Building a better world by helping our clients and communities adapt and thrive. ENVIRONMENT SOCIAL GOVERNANCE • Outperformed 2025 operational • Exceeded 2026 representation • 11 of 12 Board directors are emissions target of -30% by
Slide 19: Financial Performance and Analysis
Financial Performance and Analysis
Slide 20: Our Financial Targets for 2026
20 Investor Presentation 20 Our Financial Targets for 2026 35.0% Gross Written Premiums(1) 15.2% 12.4% 11.7% 9.4% 11.1% 8.8% (3) Grow premiums by 35% over 2025 to $6.5B 2020 2021 2022 2023 2024 2025 YTD-26 Combined Ratio(1,2) 94.6% 94.2% 95.9% 94.5% 93.1% 93.4% 91.6% Achieve a sub-95% full year comb
Slide 21: Balance Sheet Strength
21 Investor Presentation 21 Balance Sheet Strength BOOK VALUE DEBT CAPITALIZATION ($ in millions) Our leverage target remains at 25%, in-line with previously provided guidance and other rated Canadian P&C peers $34 $8 ($26) $4,204 26.5% 25.0% $118 $4,070 Q2-26 Target CREDIT RATINGS Financial Credit
Slide 22: Capital Management
22 Investor Presentation 22 Capital Management FINANCIAL CAPACITY(1) DIVIDEND GROWTH(2) $2,847 $2,892 $2,674 72% increase in dividends per share since our IPO 707 717 1,600 $0.2150 $0.2150 $0.2150 $1,267 $0.1875 $0.1875 $0.1875 $0.1875 $1,147 $0.1600 $0.1600 $0.1600 $0.1600 2,140 2,175 417 360 $0.13
Slide 23: Prudent Approach to Reserving and Reinsurance
23 Investor Presentation 23 Prudent Approach to Reserving and Reinsurance PRUDENT RESERVING PRACTICES ROBUST REINSURANCE FRAMEWORK • Closely monitor adequacy of reserves Structured to provide protection against individual large losses and catastrophe events above a certain threshold and • Favourable
Slide 24: High-quality Investment Portfolio
24 Investor Presentation 24 High-quality Investment Portfolio NET INVESTMENT INCOME ($M) PRUDENT ASSET FIXED INCOME ALLOCATION PORTFOLIO(1) We expect net investment income for FY 2026 of approximately $320 million Cash and ST(2) BB 0.1% investments, BBB 3.1% 5.8% $215.7 (3) (4) Others, A Not rated $
Slide 25: Acquisition Update
Acquisition Update
Slide 26: Travelers Integration Update
26 Investor Presentation 26 Travelers Integration Update Key Highlights • Conversion launched in Q2 as planned, with 40,000 policies successfully converted to date; early retention indicators remain in line with expectations • Policy conversion execution remains on-track with all outstanding policy
Slide 27: Q2-2026 Synergy Target Update
27 Investor Presentation 27 Q2-2026 Synergy Target Update $125M We now expect to achieve run-rate expense synergies of $125M (pre-tax) within 36 months of close, an increase of 25% from our previous target of at least $100M $100M • We continue to expect approximately one-third to earn into underwrit
Slide 28: Appendix
Appendix
Slide 29: 12-Month Industry Outlook
29 Investor Presentation 29 12-Month Industry Outlook • We expect conditions in personal auto to remain firm overall, with some variability between provinces, as insurers aim to keep pace with the combined Personal impact of loss cost trends, ongoing regulatory constraints in Alberta, and uncertaint
Slide 30: Financial Results
30 Investor Presentation 30 Financial Results (in millions of Canadian dollars, except as otherwise noted - unaudited) Q2 2026 Q2 2025 FY 2025 FY 2024 FY 2023 FY 2022 Insurance revenue 1,793.7 1,162.1 4,677.1 4,258.4 3,850.3 3,485.7 Insurance service expenses (1,566.9) (976.3) (3,930.3) (3,672.8) (3
Slide 31: Selected Financial Ratios
31 Investor Presentation 31 Selected Financial Ratios Q2 2026 Q2 2025 FY 2025 FY 2024 FY 2023 FY 2022 Gross written premium1 YOY Growth 34.7% 7.9% 8.1% 11.1% 9.4% 12.4% Claims ratio1 64.2% 63.2% 62.0% 64.5% 65.1% 61.7% Expense ratio1 29.7% 29.7% 29.6% 30.0% 30.8% 32.5% Combined ratio1 93.9% 92.9% 91
Slide 32: Balance Sheet
32 Investor Presentation 32 Balance Sheet (in millions of Canadian dollars, except as otherwise noted) Q2 2026 Q2 2025 FY 2025 FY 2024 FY 2023 FY 2022 Total cash and investments 9,489.3 6,036.3 7,252.8 5,592.6 5,128.5 5,097.7 Restricted cash - - - 14.8 244.0 302.1 Income taxes receivable 59.9 20.6 0
Slide 33: Financial Strength and Issuer Ratings
33 Investor Presentation 33 Financial Strength and Issuer Ratings Issuer, debt, and financial strength ratings have been assigned to Definity, and its subsidiary Definity Insurance, where applicable, by major credit rating agencies. The ratings are reflective of Definity’s strong capitalization and
Slide 34: Our Strategy
Investor Presentation 34 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 AI
Slide 35: Further Advisory Regarding Forward-Looking Information
35 Investor Presentation 35 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 36: Contact Us
Investor Presentation 36 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 Corporatio
Slide 37: CAy
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