Slide 1: Building a Canadian Champion
Building a Canadian Champion Quarterly Report Q4-2025
Slide 2: Advisory Regarding Forward-Looking Information
Quarterly Report Q4-2025 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 Q4-2025 3 Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios The Company’s audited consolidated financial statements and accompanying notes as at and for the year ended December 31, 2025 have been prepared in accordance with International Financial Reporting
Slide 4: Rowan Saunders
Rowan Saunders President & Chief Executive Officer
Slide 5: Our Strategy
Quarterly Report Q4-2025 5 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 A
Slide 6: Meaningfully Advancing our Strategy & Market Position
Quarterly Report Q4-2025 6 Meaningfully Advancing our Strategy & Market Position Gross Written Premiums (1) SUMMARY OF THE ACQUIRED BUSINESS FROM THE TRAVELERS TRANSACTION >35% Personal Insurance (~$1B of GWP(1)) $6.5B+ ~$1.5B ~$6.3B • Scales and fast tracks growth while ~$0.5B strengthening existin
Slide 7: Q4-2025 FY-2025 Financial Highlights
Quarterly Report Q4-2025 7 Financial Highlights Operating EPS(1) Gross Written Premiums(1) Combined Ratio(1) Q4-2025 $0.99 $1.2B +9.2% y/y 89.9% FY-2025 $3.53 $4.8B +8.8% y/y 91.6% (adjusted for exit of Sonnet Alberta Auto) Operating ROE (TTM)(1) Book Value per Share(1) Financial Capacity(1,2) 12.2%
Slide 8: Exceptional track record since IPO
Quarterly Report Q4-2025 8 Exceptional track record since IPO Consistently delivering on our financial targets (1) (1) GWP (millions) Combined ratio 95.9% $4,808 94.2% 94.5% $4,448 93.1% $4,005 91.6% $3,662 $3,258 93.9% ~$1.6B average growth 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 (1) Book
Slide 9: Consolidated Insurance Results
Quarterly Report Q4-2025 9 Consolidated Insurance Results ($ in millions, except as otherwise noted) Q4-25 Q4-24 Δ FY25 FY24 Δ Gross Written Premiums(1) (TTM) ($ in millions) 8.1% $4,808 Gross Written Premiums(1) $1,212.1 $1,109.5 9.2% $4,808.1 $4,448.1 $4,706 $4,620 Adjusted for exit of Sonnet Albe
Slide 10: 12-month Industry Outlook
Quarterly Report Q4-2025 10 12-month Industry Outlook • We expect conditions in personal auto to remain firm as insurers Personal aim to keep pace with loss cost trends. • The uncertainty of loss cost trends related to auto repairs and Auto replacements is expected to influence industry pricing with
Slide 11: Our 2026 Financial Targets
Quarterly Report Q4-2025 11 Our 2026 Financial Targets Gross Written Premiums(1) Combined Ratio(1) Operating ROE(1) Grow premiums by at least 35% Achieve a sub-95% full year Generate a full year operating ROE over 2025 to exceed $6.5B combined ratio in the range of 10% to below teens in 2026 • This
Slide 12: Our Leading Broker Platform
Quarterly Report Q4-2025 12 Our Leading Broker Platform Benefitting from a stream of recurring income from our broker distribution platform Acquired Ranks among the Top 10 Brokers with Year Activity Year-End GWP(2) ~$1.5B GWP(1) 2027 Target 2022 1 acquisition ~$500M 2023 6 acquisitions ~$400M ~$260M
Slide 13: Philip Mather
Philip Mather Chief Financial Officer
Slide 14: Personal Auto Results
Quarterly Report Q4-2025 14 Personal Auto Results ($ in millions, except as otherwise noted) Q4-25 Q4-24 Δ FY25 FY24 Δ Gross Written Premiums(1) (TTM) ($ in millions) Gross Written Premiums(1) $481.2 $438.7 9.7% $2,001.4 $1,867.4 7.2% $2,001 $1,929 $1,959 Adjusted for exit of Sonnet Alberta Auto 8.9
Slide 15: Personal Property Results
Quarterly Report Q4-2025 15 Personal Property Results ($ in millions, except as otherwise noted) Q4-25 Q4-24 Δ FY25 FY24 Δ Gross Written Premiums(1) (TTM) ($ in millions) $1,290 $1,256 Gross Written Premiums(1) $329.3 $295.2 11.6% $1,289.9 $1,183.9 9.0% $1,225 $1,202 $1,184 $1,167 $1,146 Net Underwr
Slide 16: Commercial Insurance Results
Quarterly Report Q4-2025 16 Commercial Insurance Results ($ in millions, except as otherwise noted) Q4-25 Q4-24 Δ FY25 FY24 Δ Gross Written Premiums(1) (TTM) ($ in millions) $1,517 Gross Written Premiums(1) $401.6 $375.6 6.9% $1,516.8 $1,396.8 8.6% $1,466 $1,491 $1,397 $1,427 $1,360 $1,324 $1,277 $1
Slide 17: Consolidated Profitability
Quarterly Report Q4-2025 17 Consolidated Profitability ($ in millions, except as otherwise noted) Q4-25 Q4-24 Δ FY25 FY24 Δ Operating Income (1) ($ in millions) Underwriting Income(1,2) $111.5 $97.0 $14.5 $354.7 $212.4 $142.3 $558.7 $62.0 Net Investment Income(3) $61.1 $51.1 $10.0 $215.7 $198.2 $17.
Slide 18: Reinsurance Program
Quarterly Report Q4-2025 18 Reinsurance Program Prudent approach with a focus on frequency and severity protection Catastrophe XOL(2) $2,680M Balance Sheet Volatility Tactical $2,075M Protection Management Use up to $99M We retain ROBUST EXCESS OF LOSS PROGRAMS up to $49M We retain • Successful plac
Slide 19: Balance Sheet & Capital Management
Quarterly Report Q4-2025 19 Balance Sheet & Capital Management BOOK VALUE DEBT CAPITALIZATION Capital Deployment ($ in millions) $375.2 $25.0 Our leverage target remains at 25%, in-line with previously Priorities $420.7 provided guidance and other rated Canadian P&C peers ($2.5) ($88.5) $4,049.7 $3,
Slide 20: Post-Announcement Deal Funding
Quarterly Report Q4-2025 20 Post-Announcement Deal Funding Disciplined financing & swift deleveraging aligned with our capital management framework $1.9B $1.0B $3.3B Excess Capital $0.4B $0.4B $1.5B (1) $1.4B Debt Financing Excess Capital Common Equity Bank Term Loan Bond Offering Total Funding Exce
Slide 21: Integration Timeline
Quarterly Report Q4-2025 21 Integration Timeline Travelers Transaction closed on January 2nd with a seamless experience for customers and employees; integration activities on track and policy conversion to begin shortly June 2025 Definity completes $385 January 2, 2026 million private placements Dea
Slide 22: Clear Path to Realizing Expense Synergies
Quarterly Report Q4-2025 22 Clear Path to Realizing Expense Synergies Our efficient operating base gives us strong confidence in the realization of synergy commitments SYNERGY TIMING $100M+ (pre-tax) run-rate expense synergies expected to be realized within 36 months High confidence in the underlyin
Slide 23: Further Advisory Regarding Forward-Looking Information
Quarterly Report Q4-2025 23 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 24: Contact Us
Quarterly Report Q4-2025 24 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 Corpora
Slide 25: definity.
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