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Reinsurance

Fourth Quarter 2024 Supplementary Information

Q4-2024 Supplementary Information

Unaudited

Definity Financial Corporation (TSX : DFY)

INDEX

Financial highlights

3

Financial results

Operating income

Underwriting ratios

Retuon equity (for the last 12 months)

Financial position

Per share and share data

Consolidated results of operations

4

Comprehensive income (loss)

Net investment income

Non-operating gains (losses)

Underwriting performance

5

Underwriting results

Net claims and adjustment expenses

Net underwriting expenses

Personal insurance

6

Personal insurance

Personal auto

Personal property

Commercial insurance

7

Commercial insurance

Catastrophe losses by line of business

8

Historical prior year claims development

8

Investment portfolio

9

Total portfolio

Region of issuer

Credit quality

Investment portfolio sector mix

Investment portfolio (continued)

10

Sector mix by asset class

Consolidated balance sheet

11

Balance sheet

Capital and liquidity resources

12

Capital management

Liquidity

Shareholder information

13

Number of shares outstanding

Common share performance

Dividends

Rating information

Non-GAAP financial measures and non-GAAP ratios

14

ROE

Operating net income, Operating EPS, and Operating ROE

Underwriting income (loss)

Net underwriting revenue

Net claims and adjustment expenses

Net commissions

Net operating expenses

Non-GAAP financial measures and non-GAAP ratios (continued)

15

Net premium taxes

Prior year claims development

Net underwriting expenses

Distribution income

Other operating (expenses) income

Underwriting expenses (net of other underwriting revenues)

Operating expenses (net of other underwriting revenues)

Additional information

16

Claims development table, net of reinsurance

Unpaid and unreported claims, net of reinsurance

Supplementary financial measures and non-GAAP financial measures and ratios

17

Glossary

17

Terms and definitions

Note:

Headings are included in each tab, as applicable, to distinguish amounts reported under IFRS 17 - Insurance Contracts and IFRS 9 - Financial Instruments and those reported under the previous accounting standards: IFRS 4

  • Insurance Contracts and IAS 39 - Financial Instruments: Recognition and Measurement . Financial measures that have been added or renamed as a result of the adoption of IFRS 17 and IFRS 9 have been denoted in blue font. The glossary within this supplementary information package includes updated definitions, as applicable, to reflect the adoption of the new standards.

Certain prior period comparative figures have been reclassified to conform to the current quarter's presentation.

FINANCIAL HIGHLIGHTS

IFRS 17 / IFRS 9

(in millions of Canadian dollars, except as otherwise noted - unaudited)

2024

2023

2022

2024

2023

2022

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Annual

Annual

Annual

Financial results

Insurance revenue

1

1,124.9

1,095.5

1,046.1

991.9

1,003.8

984.1

954.9

907.5

911.7

4,258.4

3,850.3

3,485.7

Insurance service expenses

2

(922.5)

(1,051.7)

(839.9)

(858.7)

(857.3)

(932.2)

(805.3)

(782.3)

(777.8)

(3,672.8)

(3,377.1)

(3,028.9)

Net (expenses) income from reinsurance contracts held

3

(37.5)

(18.2)

(40.0)

(9.6)

1.4

(1.5)

(17.4)

(31.3)

(0.7)

(105.3)

(48.8)

(14.9)

Insurance service result

4

164.9

25.6

166.2

123.6

147.9

50.4

132.2

93.9

133.2

480.3

424.4

441.9

Net earned premiums

5

Net claims and adjustment expenses

6

Underwriting expenses (net of other underwriting revenues)1

7

Underwriting income

8

Impact of discounting

9

Underwriting income after the impact of discounting

10

Net investment income

11

51.1

49.0

49.9

48.2

49.4

46.3

42.8

41.0

39.5

198.2

179.5

133.1

Recognized gains (losses) on FVTPL investments / Recognized (losses) gains on

investments

12

7.7

172.8

8.9

25.0

222.6

(99.8)

(62.7)

91.7

18.1

214.4

151.8

(446.1)

Finance (expenses) income from insurance contracts issued

13

(20.4)

(74.6)

(54.2)

(16.8)

(79.0)

(27.5)

18.6

(64.5)

16.5

(166.0)

(152.4)

96.3

Finance income (expenses) from reinsurance contracts held

14

1.4

7.0

4.7

1.4

7.5

1.8

(1.6)

5.6

(0.6)

14.5

13.3

(5.2)

Distribution revenues

15

46.6

50.6

48.4

40.4

35.8

34.1

32.0

25.5

19.9

186.0

127.4

19.9

Other expenses

16

(92.7)

(87.2)

(79.5)

(79.7)

(78.7)

(67.9)

(65.5)

(59.4)

(0.8)

(339.1)

(271.5)

(125.5)

Interest expense

17

(2.0)

(2.6)

(3.1)

(1.9)

(1.7)

(1.7)

(1.3)

(0.6)

(0.6)

(9.6)

(5.3)

(0.6)

Income (loss) before income taxes

18

156.6

140.6

141.3

140.2

303.8

(64.3)

94.5

133.2

225.2

578.7

467.2

113.8

Income tax (expense) recovery

19

(39.1)

(34.3)

(35.9)

(34.5)

(77.4)

18.1

(22.3)

(31.1)

(39.6)

(143.8)

(112.7)

(2.3)

Effective tax rate

20

25.0%

24.4%

25.4%

24.6%

25.5%

28.1%

23.6%

23.5%

17.6%

24.8%

24.1%

2.0%

Net income (loss)

21

117.5

106.3

105.4

105.7

226.4

(46.2)

72.2

102.1

185.6

434.9

354.5

111.5

Net income (loss) attributable to common shareholders

22

116.6

104.8

103.8

105.2

225.9

(48.3)

71.6

100.9

185.0

430.4

350.1

110.9

Net income attributable to non-controlling interests

23

0.9

1.5

1.6

0.5

0.5

2.1

0.6

1.2

0.6

4.5

4.4

0.6

Gross written premiums1

24

1,109.5

1,143.3

1,239.7

955.6

1,033.2

1,040.0

1,085.1

846.9

951.9

4,448.1

4,005.2

3,662.3

Change YOY

25

7.4%

9.9%

14.2%

12.8%

8.5%

9.0%

9.0%

11.4%

11.0%

11.1%

9.4%

12.4%

Net underwriting revenue1/ Net earned premiums

26

1,006.0

981.8

949.4

905.3

922.4

903.6

877.5

839.1

850.4

3,842.5

3,542.6

3,251.2

Change YOY

27

9.1%

8.7%

8.2%

7.9%

8.5%

8.6%

9.3%

9.6%

N/A

8.5%

9.0%

N/A

Operating income

Underwriting income (loss)1

28

97.0

(33.1)

93.7

54.8

87.0

(22.8)

41.2

39.5

66.7

212.4

144.9

189.4

Net investment income

29

51.1

49.0

49.9

48.2

49.4

46.3

42.8

41.0

39.5

198.2

179.5

133.1

Distribution income1

30

11.4

15.8

17.2

10.0

8.8

11.2

9.8

9.5

4.8

54.4

39.3

14.1

Interest expense

31

(2.0)

(2.6)

(3.1)

(1.9)

(1.7)

(1.7)

(1.3)

(0.6)

(0.6)

(9.6)

(5.3)

(0.6)

Other operating (expenses) income

32

(10.5)

(13.0)

(11.5)

(10.8)

(8.2)

(11.5)

(7.1)

(7.9)

(9.2)

(45.8)

(34.7)

(26.9)

Operating income1

33

147.0

16.1

146.2

100.3

135.3

21.5

85.4

81.5

101.2

409.6

323.7

309.1

Operating income tax expense

34

(36.6)

(1.5)

(37.1)

(24.2)

(34.3)

(3.5)

(20.3)

(17.4)

(24.7)

(99.4)

(75.5)

(71.3)

Operating effective tax rate

35

24.9%

9.7%

25.4%

24.1%

25.3%

16.2%

23.8%

21.3%

24.4%

24.3%

23.3%

23.1%

Operating net income1

36

110.4

14.6

109.1

76.1

101.0

18.0

65.1

64.1

76.5

310.2

248.2

237.8

IFRS 4 / IAS 39

2021

2020

Annual

Annual

2,833.6

2,508.7

1,721.5

1,562.3

917.6 810.0

194.5 136.4

44.7 (114.0)

239.2 22.4

96.8 100.3

(20.8)

79.8

-

-

(34.0)

(1.9)

-

-

281.2 200.6

(68.0) (46.7)

24.2%

23.3%

213.2 153.9

213.2 153.9

--

3,258.1

2,829.2

15.2%

11.7%

2,833.6

2,508.7

13.0%

7.1%

194.5 136.4

96.8 100.3

8.04.1

-

-

(8.4)

1.3

290.9 242.1

(70.5) (57.7)

24.2% 23.8%

220.4 184.4

Underwriting ratios

Claims ratio1

37

60.7%

74.5%

60.0%

62.6%

61.1%

72.9%

63.7%

62.6%

59.5%

64.5%

65.1%

61.7%

Expense ratio1

38

29.6%

28.9%

30.1%

31.3%

29.5%

29.6%

31.6%

32.7%

32.7%

30.0%

30.8%

32.5%

Combined ratio1

39

90.3%

103.4%

90.1%

93.9%

90.6%

102.5%

95.3%

95.3%

92.2%

94.5%

95.9%

94.2%

Retuon equity (for the last 12 months)

ROE1

40

14.2%

18.9%

13.6%

12.7%

13.0%

12.3%

15.5%

9.5%

4.3%

14.2%

13.0%

4.3%

Operating ROE1

41

10.6%

10.7%

10.8%

9.5%

9.2%

8.8%

9.9%

9.3%

9.5%

10.6%

9.2%

9.5%

Financial position

60.8% 62.3%

32.3% 32.3%

93.1% 94.6%

10.7% 9.0%

11.5% 11.0%

Total investments

Total assets

Total equity

Minimum capital test (MCT) ratio2

Financial capacity1

Per share (in $) and share data (in 000's)

  1. 5,270.5
  2. 7,693.3
  3. 3,506.1
  4. 204%
  5. 1,651.7

5,069.4 4,828.4 4,783.5

7,531.7 7,259.9 7,212.6

3,259.8 3,170.9 3,088.0

208% 212% 206%

1,379.0 1,351.6 1,313.6

4,931.0

7,259.5

3,006.9

205%

1,269.6

4,604.3 4,758.2 4,881.5

6,928.2 6,863.0 6,739.5

2,789.7 2,850.3 2,746.8

201% 213% 219%

585.9 665.4 845.9

4,897.2

5,270.5

6,819.7

7,693.3

2,658.3

3,506.1

204%

1,651.7

4,931.0

7,259.5

3,006.9

205%

1,269.6

4,897.2

6,819.7

2,658.3

5,365.8 4,366.3

7,891.4 6,620.3

2,396.3 1,818.0

275% 268%

1,057.8n/a

Earnings (loss) per common share, basic

47

$

1.02

$

0.91

$

0.90

$

0.92

$

1.96

$

(0.42)

$

0.62

$

0.88

$

1.60

$

3.75

$

3.04

$

0.96

$

2.03

$

1.48

Earnings (loss) per common share, diluted

48

$

1.00

$

0.90

$

0.89

$

0.90

$

1.94

$

(0.42)

$

0.61

$

0.87

$

1.59

$

3.69

$

3.00

$

0.95

$

2.02

$

1.48

Operating earnings per common share1

49

$

0.95

$

0.13

$

0.94

$

0.65

$

0.87

$

0.15

$

0.56

$

0.55

$

0.66

$

2.66

$

2.13

$

2.03

$

2.09

$

1.77

Book value per share1

50

$

29.13

$

26.96

$

26.17

$

25.40

$

24.78

$

22.87

$

23.42

$

22.90

$

22.30

$

29.13

$

24.78

$

22.30

$

20.68

$

17.48

Dividends paid per share

51

$

0.160

$

0.160

$

0.160

$

0.160

$

0.138

$

0.138

$

0.138

$

0.138

$

0.125

$

0.640

$

0.550

$

0.550

n/a

n/a

Weighted average common shares outstanding, diluted

52

116,282

116,630

116,534

116,521

116,638

116,735

116,736

116,443

116,357

116,490

116,638

116,929

105,405

103,976
  1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2024 Management's Discussion and Analysis dated February 13, 2025 for further details, which is available on the Company's website at www.definityfinancial.com and on SEDAR+ at www.sedarplus.ca. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2022 Management's Discussion and Analysis dated February 9, 2023 for further details of non-GAAP financial measures and ratios prior to the adoption of IFRS 17 and
    IFRS 9. For non-GAAP financial measures, refer to tabs 14 and 15 for the composition and reconciliation to the most directly comparable GAAP measure.
  2. Consolidated Definity Insurance Company.

3

CONSOLIDATED RESULTS OF OPERATIONS

(in millions of Canadian dollars, except as otherwise noted - unaudited)

2024

Q4

Q3

Q2

Q1

IFRS 17 / IFRS 9

2023

Q4

Q3

Q2

Q1

2022

Q4

2024

Annual

2023

Annual

2022

Annual

IFRS 4 / IAS 39

2021

2020

Annual

Annual

Comprehensive income (loss)

Net income (loss)

1

117.5

106.3

105.4

105.7

226.4

(46.2)

72.2

102.1

185.6

434.9

354.5

111.5

213.2

153.9

Net unrealized gains on AFS investments

2

96.6

76.8

Reclassification to net income (loss) of net recognized losses (gains) on AFS

investments

3

(49.2)

5.0

Foreign exchange gain (loss) on investments in associates

4

2.3

(0.5)

0.5

0.8

(0.9)

0.8

(0.8)

-

(0.4)

3.1

(0.9)

2.2

(0.3)

(0.5)

Income tax expense

5

(11.2)

(21.6)

Items that may be reclassified subsequently to net income (loss)

6

2.3

(0.5)

0.5

0.8

(0.9)

0.8

(0.8)

-

(0.4)

3.1

(0.9)

2.2

35.9

59.7

Recognized gains (losses) on FVTOCI investments

7

5.7

6.6

3.8

14.8

11.7

(3.3)

(2.0)

2.1

(9.6)

30.9

8.5

(55.8)

Post-employment benefit obligation gain (loss)

8

2.4

1.0

1.2

4.4

(1.1)

(1.6)

(0.2)

1.6

2.3

9.0

(1.3)

26.4

29.3

(8.8)

Income tax (expense) recovery

9

(2.2)

(1.9)

(1.4)

(5.0)

(2.8)

1.3

0.6

(1.0)

1.8

(10.5)

(1.9)

7.7

(7.6)

2.2

Items that will not be reclassified subsequently to net income (loss)

10

5.9

5.7

3.6

14.2

7.8

(3.6)

(1.6)

2.7

(5.5)

29.4

5.3

(21.7)

21.7

(6.6)

Other comprehensive income (loss)

11

8.2

5.2

4.1

15.0

6.9

(2.8)

(2.4)

2.7

(5.9)

32.5

4.4

(19.5)

57.6

53.1

Comprehensive income (loss)

12

125.7

111.5

109.5

120.7

233.3

(49.0)

69.8

104.8

179.7

467.4

358.9

92.0

270.8

207.0

Comprehensive income (loss) attributable to common shareholders

13

124.8

110.0

107.9

120.2

232.8

(51.1)

69.2

103.6

179.1

462.9

354.5

91.4

270.8

207.0

Comprehensive income attributable to non-controlling interests

14

0.9

1.5

1.6

0.5

0.5

2.1

0.6

1.2

0.6

4.5

4.4

0.6

-

-

Net investment income

Total interest income

15

42.3

42.0

41.5

41.0

41.5

38.8

35.0

34.3

32.3

166.8

149.6

105.3

71.5

75.3

Preferred shares

16

5.4

4.2

5.2

4.5

4.9

4.6

4.7

4.5

4.2

19.3

18.7

17.2

18.2

18.6

Common shares

17

4.9

4.4

4.8

4.3

4.6

4.2

4.4

3.9

4.6

18.4

17.1

16.2

12.5

10.5

Total dividend income

18

10.3

8.6

10.0

8.8

9.5

8.8

9.1

8.4

8.8

37.7

35.8

33.4

30.7

29.1

Investment income, before expenses

19

52.6

50.6

51.5

49.8

51.0

47.6

44.1

42.7

41.1

204.5

185.4

138.7

102.2

104.4

Investment expenses

20

(1.5)

(1.6)

(1.6)

(1.6)

(1.6)

(1.3)

(1.3)

(1.7)

(1.6)

(6.3)

(5.9)

(5.6)

(5.4)

(4.1)

Net investment income

21

51.1

49.0

49.9

48.2

49.4

46.3

42.8

41.0

39.5

198.2

179.5

133.1

96.8

100.3

Non-operating gains (losses)

Recognized gains (losses) on FVTPL investments / Total recognized gains (losses)

on investments

22

7.7

172.8

8.9

25.0

222.6

(99.8)

(62.7)

91.7

18.1

214.4

151.8

(446.1)

(20.8)

79.8

Discounting in insurance service result / Impact of discounting

23

32.9

42.2

36.7

28.7

31.7

40.3

52.0

16.4

36.9

140.5

140.4

107.4

44.7

(114.0)

Risk adjustment

24

0.3

(6.4)

(1.3)

5.0

(0.7)

0.5

3.7

2.3

(10.7)

(2.4)

5.8

(6.6)

Finance (expenses) income from insurance contracts issued

25

(20.4)

(74.6)

(54.2)

(16.8)

(79.0)

(27.5)

18.6

(64.5)

16.5

(166.0)

(152.4)

96.3

Finance income (expenses) from reinsurance contracts held

26

1.4

7.0

4.7

1.4

7.5

1.8

(1.6)

5.6

(0.6)

14.5

13.3

(5.2)

Underwriting loss from exited lines

27

(6.0)

(8.9)

-

-

-

-

-

-

-

(14.9)

-

-

-

-

Interest on restricted cash, less demutualization and IPO-related expenses

28

(1.1)

1.1

1.2

1.2

2.4

2.2

2.5

1.6

1.7

2.4

8.7

(0.7)

(30.1)

(3.8)

Amortization of intangible assets recognized in business combinations

29

(6.6)

(6.3)

(6.2)

(6.5)

(5.2)

(4.4)

(3.9)

(3.2)

(3.5)

(25.6)

(16.7)

(5.4)

(3.5)

(4.5)

Restructuring expenses

30

-

-

-

-

(11.1)

-

-

-

-

-

(11.1)

-

-

-

Revaluation gain on acquisition of McDougall Insurance Brokers Limited

31

-

-

-

-

-

-

-

-

67.0

-

-

67.0

-

-

Other

32

0.3

(4.4)

2.7

1.6

0.3

(1.6)

(0.2)

0.1

(2.2)

0.2

(1.4)

(2.8)

-

1.0

Total non-operating gains (losses)1

33

8.5

122.5

(7.5)

39.6

168.5

(88.5)

8.4

50.0

123.2

163.1

138.4

(196.1)

(9.7)

(41.5)

1 This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2024 Management's Discussion and Analysis dated February 13, 2025 for further details, which is available on the Company's website at www.definityfinancial.com and on SEDAR+ at www.sedarplus.ca. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2022 Management's Discussion and Analysis dated February 9, 2023 for further details of non-GAAP financial measures and ratios prior to the adoption of IFRS 17 and IFRS 9. For non-GAAP financial measures, refer to tabs 14 and 15 for the composition and reconciliation to the most directly comparable GAAP measure.

4

UNDERWRITING PERFORMANCE

(in millions of Canadian dollars, except as otherwise noted - unaudited)

2024

Q4

Q3

Q2

Q1

IFRS 17

2023

Q4

Q3

Q2

Q1

2022

Q4

2024

Annual

2023

Annual

2022

Annual

IFRS 4

2021

2020

Annual

Annual

Underwriting results

Net underwriting revenue1/ Net earned premiums

1

1,006.0

981.8

949.4

905.3

922.4

903.6

877.5

839.1

850.4

3,842.5

3,542.6

3,251.2

2,833.6

2,508.7

Net claims and adjustment expenses1

2

610.4

731.7

569.4

566.4

563.1

658.4

559.1

525.1

506.4

2,477.9

2,305.7

2,004.5

1,721.5

1,562.3

Net underwriting expenses1 / Underwriting expenses (net of other underwriting revenues)1

3

298.6

283.2

286.3

284.1

272.3

268.0

277.2

274.5

277.3

1,152.2

1,092.0

1,057.3

917.6

810.0

Underwriting income (loss)1

4

97.0

(33.1)

93.7

54.8

87.0

(22.8)

41.2

39.5

66.7

212.4

144.9

189.4

194.5

136.4

Claims ratio1

5

60.7%

74.5%

60.0%

62.6%

61.1%

72.9%

63.7%

62.6%

59.5%

64.5%

65.1%

61.7%

60.8%

62.3%

Expense ratio1

6

29.6%

28.9%

30.1%

31.3%

29.5%

29.6%

31.6%

32.7%

32.7%

30.0%

30.8%

32.5%

32.3%

32.3%

Combined ratio1

7

90.3%

103.4%

90.1%

93.9%

90.6%

102.5%

95.3%

95.3%

92.2%

94.5%

95.9%

94.2%

93.1%

94.6%

Net claims and adjustment expenses

Core accident year claims and adjustment expenses1

8

601.0

584.1

569.7

544.4

547.6

556.2

533.9

512.8

522.2

2,299.2

2,150.5

1,970.9

1,705.8

1,498.8

Catastrophe losses1

9

28.1

169.9

14.8

33.4

28.3

122.3

47.6

20.0

5.1

246.2

218.2

119.9

91.7

93.1

Prior year favourable claims development1

10

(18.7)

(22.3)

(15.1)

(11.4)

(12.8)

(20.1)

(22.4)

(7.7)

(20.9)

(67.5)

(63.0)

(86.3)

(76.0)

(29.6)

Net claims and adjustment expenses1

11

610.4

731.7

569.4

566.4

563.1

658.4

559.1

525.1

506.4

2,477.9

2,305.7

2,004.5

1,721.5

1,562.3

Core accident year claims ratio1

12

59.8%

59.5%

60.0%

60.2%

59.4%

61.6%

60.9%

61.1%

61.4%

59.9%

60.7%

60.7%

60.2%

59.8%

Catastrophe losses ratio1,2

13

2.8%

17.3%

1.6%

3.7%

3.1%

13.5%

5.4%

2.4%

0.6%

6.4%

6.2%

3.7%

3.3%

3.7%

Prior year favourable claims development ratio1

14

(1.9%)

(2.3%)

(1.6%)

(1.3%)

(1.4%)

(2.2%)

(2.6%)

(0.9%)

(2.5%)

(1.8%)

(1.8%)

(2.7%)

(2.7%)

(1.2%)

Claims ratio1

15

60.7%

74.5%

60.0%

62.6%

61.1%

72.9%

63.7%

62.6%

59.5%

64.5%

65.1%

61.7%

60.8%

62.3%

Net underwriting expenses

Net commissions1

16

142.3

138.8

136.6

133.8

128.1

125.4

127.4

124.8

132.9

551.5

505.7

502.2

426.5

Net operating expenses / Operating expenses (net of other underwriting revenues)1

17

118.6

107.0

113.1

116.4

109.7

108.6

116.0

118.4

112.6

455.1

452.7

433.5

384.2

Net premium taxes

18

37.7

37.4

36.6

33.9

34.5

34.0

33.8

31.3

31.8

145.6

133.6

121.6

106.9

Net underwriting expenses1 / Underwriting expenses (net of other underwriting revenues)1

19

298.6

283.2

286.3

284.1

272.3

268.0

277.2

274.5

277.3

1,152.2

1,092.0

1,057.3

917.6

Net commissions ratio1

20

14.1%

14.1%

14.4%

14.8%

13.9%

13.9%

14.5%

14.9%

15.6%

14.4%

14.3%

15.4%

15.0%

Net operating expenses ratio1 / Operating expenses (net of other underwriting revenues) ratio1

21

11.8%

11.0%

11.8%

12.8%

11.9%

11.9%

13.2%

14.1%

13.4%

11.8%

12.7%

13.4%

13.5%

Net premium taxes ratio1

22

3.7%

3.8%

3.9%

3.7%

3.7%

3.8%

3.9%

3.7%

3.7%

3.8%

3.8%

3.7%

3.8%

Expense ratio1

23

29.6%

28.9%

30.1%

31.3%

29.5%

29.6%

31.6%

32.7%

32.7%

30.0%

30.8%

32.5%

32.3%

379.6

337.3

93.1

810.0

15.1%

13.5%

3.7%

32.3%

  1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2024 Management's Discussion and Analysis dated February 13, 2025 for further details, which is available on the Company's website at www.definityfinancial.com and on SEDAR+ at www.sedarplus.ca. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2022 Management's Discussion and Analysis dated February 9, 2023 for further details of non-GAAP financial measures and ratios prior to the adoption of IFRS 17 and IFRS 9. For non-GAAP financial measures, refer to tabs 14 and 15 for the composition and reconciliation to the most directly comparable GAAP measure.
  2. The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses.

5

PERSONAL INSURANCE

(in millions of Canadian dollars, except as otherwise noted - unaudited)

Personal insurance

IFRS 17

IFRS 4

2024

2023

2022

2024

2023

2022

2021

2020

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Annual

Annual

Annual

Annual

Annual

Policies in force (in '000)

1

Change YOY

2

Gross written premiums1

3

Change YOY

4

Broker channel gross written premiums1

5

Change YOY

6

Direct channel gross written premiums1

7

Change YOY

8

Net underwriting revenue1/ Net earned premiums

9

Change YOY

10

Underwriting income (loss)1

11

Combined ratio1

12

1,595.6

1,594.3

1,607.0

1,593.8

(0.2%)

(1.5%)

(1.4%)

(2.0%)

733.9

815.9

851.5

650.0

5.7%

8.9%

14.5%

11.5%

639.8

718.9

747.7

554.0

9.8%

14.3%

16.4%

13.3%

94.1

97.0

103.8

96.0

(15.5%)

(19.1%)

2.0%

1.8%

712.7

699.0

680.1

646.4

8.1%

7.4%

7.5%

6.5%

64.7

(61.6)

57.5

34.4

90.9%

108.8%

91.6%

94.7%

1,598.7

(1.5%)

694.0

6.0%

582.6

7.0%

111.4

1.5%

659.5

6.8%

69.3

89.5%

1,619.3

1,630.1

1,626.7

1,622.6

0.5%

2.1%

3.2%

4.6%

749.2

743.9

583.1

654.6

7.5%

6.3%

7.9%

8.4%

629.2

642.1

488.8

544.8

8.7%

8.3%

8.1%

8.4%

120.0

101.8

94.3

109.8

1.2%

(4.9%)

6.9%

8.4%

650.7

632.8

606.7

617.4

7.1%

7.8%

8.0%

N/A

(56.7)

2.8

18.3

40.7

108.7%

99.6%

97.0%

93.4%

1,595.6

(0.2%)

3,051.3

10.1%

2,660.4

13.6%

390.9

(8.6%)

2,738.2

7.4%

95.0

96.5%

1,598.7

1,622.6

1,550.7

1,416.1

(1.5%)

4.6%

9.5%

5.5%

2,770.2

2,591.8

2,347.8

2,100.6

6.9%

10.4%

11.8%

9.6%

2,342.7

2,168.1

1,974.2

1,795.3

8.1%

9.8%

10.0%

8.6%

427.5

423.7

373.6

305.3

0.9%

13.4%

22.4%

15.3%

2,549.7

2,373.7

2,093.7

1,892.9

7.4%

N/A

10.6%

8.3%

33.7

102.8

127.6

114.2

98.7%

95.7%

93.9%

94.0%

Personal auto

Policies in force (in '000)

13

772.9

767.9

778.8

764.9

763.5

772.2

782.6

784.2

785.0

772.9

763.5

785.0

761.6

727.0

Change YOY

14

1.2%

(0.6%)

(0.5%)

(2.5%)

(2.7%)

(1.6%)

0.5%

1.8%

3.1%

1.2%

(2.7%)

3.1%

4.8%

1.1%

Gross written premiums1

15

438.7

486.8

528.4

413.5

416.0

441.2

442.1

357.8

386.6

1,867.4

1,657.1

1,579.1

1,453.2

1,349.9

Change YOY

16

5.5%

10.3%

19.5%

15.6%

7.6%

4.6%

2.6%

5.3%

5.4%

12.7%

4.9%

8.7%

7.7%

5.1%

Net underwriting revenue1/ Net earned premiums

17

433.4

423.3

413.4

385.7

392.4

389.1

382.0

365.7

375.8

1,655.8

1,529.2

1,457.8

1,332.5

1,251.2

Change YOY

18

10.4%

8.8%

8.2%

5.5%

4.4%

4.3%

5.3%

5.6%

N/A

8.3%

4.9%

N/A

6.5%

4.7%

Core accident year claims1

19

309.1

299.7

289.0

275.9

280.7

290.6

271.5

266.4

270.6

1,173.7

1,109.2

1,011.9

895.6

847.4

Catastrophe losses1

20

0.2

17.0

0.2

0.4

4.2

7.9

1.9

0.3

(0.1)

17.8

14.3

5.4

6.1

11.0

Prior year favourable claims development1

21

(4.3)

(4.8)

(2.2)

(3.2)

(5.5)

(11.8)

(6.4)

(2.0)

(18.5)

(14.5)

(25.7)

(45.1)

(72.6)

(11.3)

Net claims and adjustment expenses1

22

305.0

311.9

287.0

273.1

279.4

286.7

267.0

264.7

252.0

1,177.0

1,097.8

972.2

829.1

847.1

Net underwriting expenses1 / Underwriting expenses (net of other underwriting revenues)1

23

111.6

104.3

106.3

101.7

96.8

98.1

105.8

104.2

107.1

423.9

404.9

415.9

386.6

358.9

Underwriting income (loss)1

24

16.8

7.1

20.1

10.9

16.2

4.3

9.2

(3.2)

16.7

54.9

26.5

69.7

116.8

45.2

Core accident year claims ratio1

25

71.3%

70.8%

69.9%

71.5%

71.5%

74.7%

71.1%

72.9%

72.0%

70.9%

72.6%

69.4%

67.1%

67.7%

Catastrophe losses ratio1,2

26

0.1%

4.0%

-

0.1%

1.1%

2.0%

0.5%

0.1%

-

1.1%

0.9%

0.4%

0.5%

0.9%

Prior year favourable claims development ratio1

27

(1.0%)

(1.1%)

(0.5%)

(0.8%)

(1.4%)

(3.0%)

(1.7%)

(0.6%)

(4.9%)

(0.9%)

(1.7%)

(3.1%)

(5.4%)

(0.9%)

Claims ratio1

28

70.4%

73.7%

69.4%

70.8%

71.2%

73.7%

69.9%

72.4%

67.1%

71.1%

71.8%

66.7%

62.2%

67.7%

Net commissions ratio1

29

11.3%

11.0%

10.8%

10.9%

9.7%

9.9%

10.5%

11.2%

11.8%

11.0%

10.3%

11.7%

11.8%

11.8%

Net operating expenses ratio1 / Operating expenses (net of other underwriting revenues) ratio1

30

11.1%

10.3%

11.7%

12.1%

11.7%

12.0%

13.7%

14.0%

13.3%

11.3%

12.8%

13.4%

13.8%

13.5%

Net premium taxes ratio1

31

3.3%

3.3%

3.3%

3.3%

3.3%

3.3%

3.5%

3.3%

3.4%

3.3%

3.4%

3.4%

3.4%

3.4%

Expense ratio1

32

25.7%

24.6%

25.8%

26.3%

24.7%

25.2%

27.7%

28.5%

28.5%

25.6%

26.5%

28.5%

29.0%

28.7%

Combined ratio1

33

96.1%

98.3%

95.2%

97.1%

95.9%

98.9%

97.6%

100.9%

95.6%

96.7%

98.3%

95.2%

91.2%

96.4%

Personal property3

Policies in force (in '000)

34

822.7

Change YOY

35

(1.5%)

Gross written premiums1

36

295.2

Change YOY

37

6.2%

Net underwriting revenue1/ Net earned premiums

38

279.3

Change YOY

39

4.6%

Core accident year claims and adjustment expenses1

40

129.1

Catastrophe losses1

41

20.1

Prior year (favourable) adverse claims development1

42

(8.3)

Net claims and adjustment expenses1

43

140.9

Net underwriting expenses1 / Underwriting expenses (net of other underwriting revenues)1

44

90.5

Underwriting income (loss)1

45

47.9

Core accident year claims ratio1

46

46.2%

Catastrophe losses ratio1,2

47

7.2%

Prior year (favourable) adverse claims development ratio1

48

(3.0%)

Claims ratio1

49

50.4%

Net commissions ratio1

50

17.8%

Net operating expenses ratio1 / Operating expenses (net of other underwriting revenues) ratio1

51

10.5%

Net premium taxes ratio1

52

4.1%

Expense ratio1

53

32.4%

Combined ratio1

54

82.8%

826.4

828.2

828.9

(2.4%)

(2.3%)

(1.6%)

329.1

323.1

236.5

6.9%

7.1%

5.0%

275.7

266.7

260.7

5.4%

6.3%

8.2%

137.1

139.3

133.7

128.0

6.8

15.5

(9.9)

(7.7)

(5.3)

255.2

138.4

143.9

89.2

90.9

93.3

(68.7)

37.4

23.5

49.8%

52.2%

51.3%

46.4%

2.6%

5.9%

(3.6%)

(2.9%)

(2.0%)

92.6%

51.9%

55.2%

18.5%

19.1%

19.8%

9.6%

10.8%

12.0%

4.2%

4.2%

4.0%

32.3%

34.1%

35.8%

124.9%

86.0%

91.0%

835.2

(0.3%)

278.0

3.7%

267.1

10.6%

125.5

3.3

(4.3)

124.5

89.5

53.1

47.0%

1.2%

(1.6%)

46.6%

18.1%

11.3%

4.1%

33.5%

80.1%

847.1

847.5

842.5

837.6

822.7

2.6%

3.7%

4.5%

6.1%

(1.5%)

308.0

301.8

225.3

268.0

1,183.9

11.8%

12.3%

12.4%

13.0%

6.4%

261.6

250.8

241.0

241.6

1,082.4

11.7%

11.7%

11.8%

N/A

6.1%

135.5

127.2

122.1

122.1

539.2

103.8

42.7

9.2

8.8

170.4

(4.8)

(1.1)

(0.7)

(2.4)

(31.2)

234.5

168.8

130.6

128.5

678.4

88.1

88.4

88.9

89.1

363.9

(61.0)

(6.4)

21.5

24.0

40.1

51.7%

50.7%

50.7%

50.5%

49.9%

39.7%

17.0%

3.8%

3.7%

15.7%

(1.8%)

(0.4%)

(0.3%)

(1.0%)

(2.9%)

89.6%

67.3%

54.2%

53.2%

62.7%

18.8%

19.3%

19.7%

20.6%

18.8%

10.8%

11.7%

13.4%

12.3%

10.7%

4.1%

4.2%

3.9%

4.0%

4.1%

33.7%

35.2%

36.9%

36.9%

33.6%

123.3%

102.5%

91.1%

90.1%

96.3%

835.2

837.6

789.1

689.1

(0.3%)

6.1%

14.5%

10.6%

1,113.1

1,012.7

894.6

750.7

9.9%

13.2%

19.2%

18.7%

1,020.5

915.9

761.2

641.7

11.4%

N/A

18.6%

16.3%

510.3

491.3

406.4

322.8

159.0

80.8

69.9

28.8

(10.9)

(20.8)

3.5

(6.7)

658.4

551.3

479.8

344.9

354.9

331.5

270.6

227.8

7.2

33.1

10.8

69.0

50.0%

53.7%

53.1%

50.2%

15.6%

8.8%

9.4%

4.5%

(1.1%)

(2.3%)

0.5%

(1.0%)

64.5%

60.2%

63.0%

53.7%

19.0%

20.0%

18.6%

18.3%

11.8%

12.2%

12.8%

13.1%

4.0%

4.0%

4.2%

4.1%

34.8%

36.2%

35.6%

35.5%

99.3%

96.4%

98.6%

89.2%
  1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2024 Management's Discussion and Analysis dated February 13, 2025 for further details, which is available on the Company's website at www.definityfinancial.com and on SEDAR+ at www.sedarplus.ca. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2022 Management's Discussion and Analysis dated February 9, 2023 for further details of non-GAAP financial measures and ratios prior to the adoption of IFRS 17 and IFRS 9.
    For non-GAAP financial measures, refer to tabs 14 and 15 for the composition and reconciliation to the most directly comparable GAAP measure.
  2. The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses.
  3. Includes Petline.

6

COMMERCIAL INSURANCE

(in millions of Canadian dollars, except as otherwise noted - unaudited)

2024

Q4

Q3

Q2

Q1

IFRS 17

2023

Q4

Q3

Q2

Q1

2022

Q4

2024

Annual

2023

Annual

2022

Annual

IFRS 4

2021

2020

Annual

Annual

Commercial insurance

Gross written premiums1

1

375.6

327.4

388.2

305.6

339.2

290.8

341.2

263.8

297.3

1,396.8

1,235.0

1,070.5

910.3

728.6

Change YOY

2

10.7%

12.6%

13.8%

15.8%

14.1%

13.0%

15.3%

20.0%

17.0%

13.1%

15.4%

17.6%

24.9%

18.1%

Net underwriting revenue1/ Net earned premiums

3

293.3

282.8

269.3

258.9

262.9

252.9

244.7

232.4

233.0

1,104.3

992.9

877.5

739.9

615.8

Change YOY

4

11.6%

11.8%

10.1%

11.4%

12.8%

12.4%

13.3%

14.1%

N/A

11.2%

13.2%

N/A

20.2%

3.4%

Core accident year claims and adjustment expenses1

5

162.8

147.3

141.4

134.8

141.4

130.1

135.2

124.3

129.5

586.3

531.0

467.7

403.8

328.6

Catastrophe losses1

6

7.8

24.9

7.8

17.5

20.8

10.6

3.0

10.5

(3.6)

58.0

44.9

33.7

15.7

53.3

Prior year favourable claims development1

7

(6.1)

(7.6)

(5.2)

(2.9)

(3.0)

(3.5)

(14.9)

(5.0)

-

(21.8)

(26.4)

(20.4)

(6.9)

(11.6)

Net claims and adjustment expenses1

8

164.5

164.6

144.0

149.4

159.2

137.2

123.3

129.8

125.9

622.5

549.5

481.0

412.6

370.3

Net underwriting expenses1 / Underwriting expenses (net of other underwriting revenues)1

9

96.5

89.7

89.1

89.1

86.0

81.8

83.0

81.4

81.1

364.4

332.2

309.9

260.4

223.3

Underwriting income1

10

32.3

28.5

36.2

20.4

17.7

33.9

38.4

21.2

26.0

117.4

111.2

86.6

66.9

22.2

Core accident year claims ratio1

11

55.5%

52.0%

52.6%

52.0%

53.7%

51.5%

55.3%

53.5%

55.5%

53.1%

53.5%

53.3%

54.4%

53.3%

Catastrophe losses ratio1,2

12

2.7%

8.8%

2.9%

6.8%

7.9%

4.2%

1.2%

4.5%

(1.5%)

5.3%

4.5%

3.8%

2.3%

8.7%

Prior year favourable claims development ratio1

13

(2.1%)

(2.6%)

(2.0%)

(1.1%)

(1.1%)

(1.4%)

(6.1%)

(2.1%)

-

(2.0%)

(2.7%)

(2.3%)

(0.9%)

(1.9%)

Claims ratio1

14

56.1%

58.2%

53.5%

57.7%

60.5%

54.3%

50.4%

55.9%

54.0%

56.4%

55.3%

54.8%

55.8%

60.1%

Net commissions ratio1

15

14.8%

14.6%

15.2%

15.5%

15.8%

14.8%

16.0%

15.8%

16.7%

15.0%

15.6%

17.0%

17.3%

18.6%

Net operating expenses ratio1 / Operating expenses (net of other underwriting revenues) ratio1

16

14.0%

12.8%

13.6%

14.7%

12.9%

13.4%

13.8%

15.2%

14.1%

13.8%

13.8%

14.3%

13.9%

13.8%

Net premium taxes ratio1

17

4.1%

4.3%

4.3%

4.2%

4.1%

4.1%

4.1%

4.0%

4.0%

4.2%

4.1%

4.0%

4.0%

3.9%

Expense ratio1

18

32.9%

31.7%

33.1%

34.4%

32.8%

32.3%

33.9%

35.0%

34.8%

33.0%

33.5%

35.3%

35.2%

36.3%

Combined ratio1

19

89.0%

89.9%

86.6%

92.1%

93.3%

86.6%

84.3%

90.9%

88.8%

89.4%

88.8%

90.1%

91.0%

96.4%
  1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2024 Management's Discussion and Analysis dated February 13, 2025 for further details, which is available on the Company's website at www.definityfinancial.com and on SEDAR+ at www.sedarplus.ca. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2022 Management's Discussion and Analysis dated February 9, 2023 for further details of non-GAAP financial measures and ratios prior to the adoption of IFRS
  1. and IFRS 9. For non-GAAP financial measures, refer to tabs 14 and 15 for the composition and reconciliation to the most directly comparable GAAP measure.
  1. The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses.

7

CATASTROPHE LOSSES BY LINE OF BUSINESS

(in millions of Canadian dollars, except as otherwise noted - unaudited)

By line of business

Personal auto

1

Personal property

2

Commercial lines

3

Total catastrophe losses

4

By line of business, as % of net underwriting revenue1/net earned premiums2

Personal auto

5

Personal property

6

Commercial lines

7

Total catastrophe losses

8

IFRS 17

2024

2023

2022

2024

2023

2022

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Annual

Annual

Annual

0.2

17.0

0.2

0.4

4.2

7.9

1.9

0.3

(0.1)

17.8

14.3

5.4

20.1

128.0

6.8

15.5

3.3

103.8

42.7

9.2

8.8

170.4

159.0

80.8

7.8

24.9

7.8

17.5

20.8

10.6

3.0

10.5

(3.6)

58.0

44.9

33.7

28.1

169.9

14.8

33.4

28.3

122.3

47.6

20.0

5.1

246.2

218.2

119.9

0.1%

4.0%

-

0.1%

1.1%

2.0%

0.5%

0.1%

-

1.1%

0.9%

0.4%

7.2%

46.4%

2.6%

5.9%

1.2%

39.7%

17.0%

3.8%

3.7%

15.7%

15.6%

8.8%

2.7%

8.8%

2.9%

6.8%

7.9%

4.2%

1.2%

4.5%

(1.5%)

5.3%

4.5%

3.8%

2.8%

17.3%

1.6%

3.7%

3.1%

13.5%

5.4%

2.4%

0.6%

6.4%

6.2%

3.7%

IFRS 4

2021

2020

Annual

Annual

6.1 11.0

69.9 28.8

15.7 53.3

91.7 93.1

0.5%

0.9%

9.4%

4.5%

2.3%

8.7%

3.3%

3.7%

HISTORICAL PRIOR YEAR CLAIMS DEVELOPMENT

By line of business

Personal auto

9

(4.3)

(4.8)

(2.2)

(3.2)

(5.5)

(11.8)

(6.4)

(2.0)

(18.5)

(14.5)

(25.7)

(45.1)

(72.6)

(11.3)

Personal property

10

(8.3)

(9.9)

(7.7)

(5.3)

(4.3)

(4.8)

(1.1)

(0.7)

(2.4)

(31.2)

(10.9)

(20.8)

3.5

(6.7)

Commercial lines

11

(6.1)

(7.6)

(5.2)

(2.9)

(3.0)

(3.5)

(14.9)

(5.0)

-

(21.8)

(26.4)

(20.4)

(6.9)

(11.6)

Total favourable claims development1

12

(18.7)

(22.3)

(15.1)

(11.4)

(12.8)

(20.1)

(22.4)

(7.7)

(20.9)

(67.5)

(63.0)

(86.3)

(76.0)

(29.6)

By line of business, as % of net underwriting revenue1/net earned premiums2

Personal auto

13

(1.0%)

(1.1%)

(0.5%)

(0.8%)

(1.4%)

(3.0%)

(1.7%)

(0.6%)

(4.9%)

(0.9%)

(1.7%)

(3.1%)

(5.4%)

(0.9%)

Personal property

14

(3.0%)

(3.6%)

(2.9%)

(2.0%)

(1.6%)

(1.8%)

(0.4%)

(0.3%)

(1.0%)

(2.9%)

(1.1%)

(2.3%)

0.5%

(1.0%)

Commercial lines

15

(2.1%)

(2.6%)

(2.0%)

(1.1%)

(1.1%)

(1.4%)

(6.1%)

(2.1%)

-

(2.0%)

(2.7%)

(2.3%)

(0.9%)

(1.9%)

Total favourable claims development1

16

(1.9%)

(2.3%)

(1.6%)

(1.3%)

(1.4%)

(2.2%)

(2.6%)

(0.9%)

(2.5%)

(1.8%)

(1.8%)

(2.7%)

(2.7%)

(1.2%)
  1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2024 Management's Discussion and Analysis dated February 13, 2025 for further details, which is available on the Company's website at www.definityfinancial.com and on SEDAR+ at www.sedarplus.ca. Refer to Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4 2022 Management's Discussion and Analysis dated February 9, 2023 for further details of non-GAAP financial measures and ratios prior to the adoption of IFRS 17 and IFRS 9. For non-GAAP financial measures, refer to tabs 14 and 15 for the composition and reconciliation to the most directly comparable GAAP measure.
  2. The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses. Prior to the adoption of IFRS 17, reinstatement premiums were included in net earned premiums.

8

INVESTMENT PORTFOLIO

(in millions of Canadian dollars, except as otherwise noted - unaudited)

2024

Q4

Q3

Q2

Q1

IFRS 9

2023

Q4

Q3

Q2

Q1

2022

Q4

2024

Annual

2023

Annual

2022

Annual

IAS 39

2021

2020

Annual

Annual

Total portfolio

By class

Short-term investments

1

97.4

119.5

91.2

87.2

137.0

96.6

144.7

58.6

89.3

97.4

137.0

89.3

Bonds

2

4,043.1

3,857.0

3,688.2

3,610.3

3,773.0

3,570.1

3,679.1

3,906.3

3,923.7

4,043.1

3,773.0

3,923.7

Preferred stocks

3

326.5

322.9

331.2

355.2

332.8

300.2

299.9

305.2

298.0

326.5

332.8

298.0

Common stocks

4

698.4

677.1

627.9

642.5

595.5

549.5

559.1

544.2

517.7

698.4

595.5

517.7

Pooled funds

5

88.9

76.1

72.7

70.7

74.7

69.4

64.9

56.3

57.2

88.9

74.7

57.2

Commercial loans

6

16.2

16.8

17.2

17.6

18.0

18.5

10.5

10.9

11.3

16.2

18.0

11.3

Total

7

5,270.5

5,069.4

4,828.4

4,783.5

4,931.0

4,604.3

4,758.2

4,881.5

4,897.2

5,270.5

4,931.0

4,897.2

Region of issuer

Canada

8

4,927.8

4,750.7

4,533.8

4,489.8

4,648.9

4,341.0

4,445.3

4,642.5

4,669.9

4,927.8

4,648.9

4,669.9

United States

9

251.6

228.8

209.0

209.3

197.4

181.7

236.5

162.2

152.8

251.6

197.4

152.8

Europe

10

42.0

43.6

40.7

39.8

39.5

37.6

40.0

42.9

36.9

42.0

39.5

36.9

Other

11

32.9

29.5

27.7

27.0

27.2

25.5

25.9

23.0

26.3

32.9

27.2

26.3

Total

12

5,254.3

5,052.6

4,811.2

4,765.9

4,913.0

4,585.8

4,747.7

4,870.6

4,885.9

5,254.3

4,913.0

4,885.9

88.8 218.2

4,233.8 3,400.7

405.7 336.6

570.5 329.8

42.7 43.4

24.3 37.6

5,365.8 4,366.3

5,112.6 4,205.5

164.6 86.2

37.0 25.2

27.3 11.8

5,341.5 4,328.7

Credit quality

Fixed-income securities

AAA

13

1,607.2

1,514.8

1,403.4

1,265.5

1,474.1

1,320.4

1,298.8

1,302.2

1,323.9

1,607.2

1,474.1

1,323.9

1,071.9

1,052.3

AA

14

1,206.3

1,160.0

1,101.8

1,222.1

1,131.5

1,156.7

1,219.3

1,299.5

1,306.9

1,206.3

1,131.5

1,306.9

2,045.5

1,353.6

A

15

654.4

621.1

654.5

578.6

607.5

606.6

659.4

739.5

720.8

654.4

607.5

720.8

822.5

702.3

BBB

16

353.5

339.7

348.6

372.8

421.8

376.1

400.5

477.1

477.1

353.5

421.8

477.1

191.8

176.7

BB or not rated

17

221.7

221.4

179.9

171.3

138.1

110.3

101.1

88.0

95.0

221.7

138.1

95.0

102.1

115.8

Total

18

4,043.1

3,857.0

3,688.2

3,610.3

3,773.0

3,570.1

3,679.1

3,906.3

3,923.7

4,043.1

3,773.0

3,923.7

4,233.8

3,400.7

Preferred shares

P1

19

-

-

-

12.8

-

-

-

3.8

5.4

-

-

5.4

11.9

-

P2

20

296.4

292.7

297.5

279.1

271.0

237.1

253.7

257.6

246.3

296.4

271.0

246.3

316.9

280.6

P3 or not rated

21

30.1

30.2

33.7

63.3

61.8

63.1

46.2

43.8

46.3

30.1

61.8

46.3

76.9

56.0

Total

22

326.5

322.9

331.2

355.2

332.8

300.2

299.9

305.2

298.0

326.5

332.8

298.0

405.7

336.6

Investment portfolio sector mix

Government

23

48%

47%

46%

47%

51%

51%

50%

48%

48%

48%

51%

48%

Financials

24

24%

25%

25%

23%

22%

22%

22%

23%

24%

24%

22%

24%

Energy

25

6%

6%

6%

6%

6%

5%

6%

6%

6%

6%

6%

6%

Communication services

26

4%

4%

5%

5%

5%

5%

5%

5%

6%

4%

5%

6%

Industrials

27

4%

4%

4%

4%

4%

4%

5%

4%

4%

4%

4%

4%

Utilities

28

4%

4%

4%

5%

4%

4%

3%

4%

4%

4%

4%

4%

Consumer discretionary

29

3%

3%

4%

4%

2%

3%

2%

3%

2%

3%

2%

2%

Materials

30

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

Consumer staples

31

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

Information technology

32

3%

3%

2%

2%

2%

2%

2%

2%

1%

3%

2%

1%

Health care

33

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

Real estate

34

1%

1%

1%

1%

1%

1%

2%

2%

2%

1%

1%

2%

Total

35

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

49%

49%

29%

29%

4%

4%

2%

2%

4%

4%

4%

5%

2%

2%

1%

1%

1%

1%

2%

1%

1%

1%

1%

1%

100%

100%

9

INVESTMENT PORTFOLIO (continued)

(in millions of Canadian dollars, except as otherwise noted - unaudited)

2024

2023

2022

2024

2023

2022

2021

Q4

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Annual

Annual

Annual

Annual

Sector mix by asset class

Short-term investments and bonds

Government

1

61%

60%

58%

62%

65%

64%

62%

59%

59%

61%

65%

59%

61%

Financials

2

20%

20%

20%

17%

16%

18%

18%

20%

20%

20%

16%

20%

25%

Energy

3

5%

5%

5%

4%

4%

3%

4%

4%

4%

5%

4%

4%

2%

Communication services

4

4%

4%

5%

5%

5%

5%

4%

5%

5%

4%

5%

5%

2%

Industrials

5

3%

3%

3%

2%

3%

3%

4%

3%

3%

3%

3%

3%

3%

Utilities

6

3%

3%

4%

4%

3%

3%

3%

3%

4%

3%

3%

4%

4%

Consumer discretionary

7

2%

3%

3%

4%

2%

2%

2%

3%

2%

2%

2%

2%

1%

Materials

8

-

-

-

-

-

-

-

-

-

-

-

-

-

Consumer staples

9

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

1%

Information technology

10

-

-

-

-

-

-

-

-

-

-

-

-

-

Health care

11

-

-

-

-

-

-

-

-

-

-

-

-

-

Real estate

12

1%

1%

1%

1%

1%

1%

2%

2%

2%

1%

1%

2%

1%

Total

13

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Preferred stocks

Government

14

-

-

-

-

-

-

-

-

-

-

-

-

-

Financials

15

77%

76%

75%

75%

71%

69%

66%

68%

68%

77%

71%

68%

70%

Energy

16

6%

7%

9%

7%

12%

14%

17%

17%

17%

6%

12%

17%

16%

Communication services

17

4%

5%

4%

5%

5%

5%

5%

4%

4%

4%

5%

4%

4%

Industrials

18

-

-

-

-

-

-

-

-

-

-

-

-

-

Utilities

19

13%

12%

12%

13%

12%

12%

11%

10%

10%

13%

12%

10%

8%

Consumer discretionary

20

-

-

-

-

-

-

-

-

-

-

-

-

-

Materials

21

-

-

-

-

-

-

-

-

-

-

-

-

-

Consumer staples

22

-

-

-

-

-

-

-

-

-

-

-

-

-

Information technology

23

-

-

-

-

-

-

-

-

-

-

-

-

-

Health care

24

-

-

-

-

-

-

-

-

-

-

-

-

-

Real estate

25

-

-

-

-

-

-

1%

1%

1%

-

-

1%

2%

Total

26

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Common stocks

Government

27

-

-

-

-

-

-

-

-

-

-

-

-

-

Financials

28

29%

29%

27%

29%

28%

27%

29%

29%

29%

29%

28%

29%

29%

Energy

29

14%

14%

14%

14%

14%

15%

13%

14%

15%

14%

14%

15%

11%

Communication services

30

5%

5%

5%

5%

5%

6%

7%

7%

6%

5%

5%

6%

6%

Industrials

31

11%

12%

12%

13%

13%

13%

13%

12%

12%

11%

13%

12%

11%

Utilities

32

2%

3%

2%

2%

2%

3%

3%

3%

3%

2%

2%

3%

3%

Consumer discretionary

33

7%

6%

7%

7%

6%

6%

6%

6%

5%

7%

6%

5%

6%

Materials

34

8%

8%

8%

8%

8%

8%

8%

8%

8%

8%

8%

8%

8%

Consumer staples

35

4%

4%

5%

4%

5%

5%

5%

6%

6%

4%

5%

6%

5%

Information technology

36

15%

14%

15%

13%

13%

11%

11%

10%

10%

15%

13%

10%

15%

Health care

37

3%

4%

4%

4%

4%

4%

4%

4%

4%

3%

4%

4%

5%

Real estate

38

2%

1%

1%

1%

2%

2%

1%

1%

2%

2%

2%

2%

1%

Total

39

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Pooled funds

Government

40

-

-

-

-

-

-

-

-

-

-

-

-

-

Financials

41

7%

12%

6%

6%

7%

7%

8%

9%

9%

7%

7%

9%

11%

Energy

42

8%

2%

2%

2%

2%

2%

3%

3%

3%

8%

2%

3%

3%

Communication services

43

6%

5%

5%

5%

6%

6%

6%

7%

7%

6%

6%

7%

10%

Industrials

44

5%

15%

11%

12%

5%

5%

16%

6%

6%

5%

5%

6%

8%

Utilities

45

15%

16%

22%

22%

21%

21%

12%

15%

15%

15%

21%

15%

2%

Consumer discretionary

46

7%

7%

7%

7%

8%

8%

8%

9%

9%

7%

8%

9%

13%

Materials

47

2%

1%

2%

2%

2%

2%

2%

2%

2%

2%

2%

2%

3%

Consumer staples

48

4%

3%

3%

3%

4%

4%

4%

5%

5%

4%

4%

5%

6%

Information technology

49

27%

30%

33%

32%

34%

34%

30%

31%

31%

27%

34%

31%

28%

Health care

50

8%

7%

7%

7%

9%

9%

9%

11%

11%

8%

9%

11%

13%

Real estate

51

11%

2%

2%

2%

2%

2%

2%

2%

2%

11%

2%

2%

3%

Total

52

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

2020

Annual

60%

25%

2%

1%

4%

5%

1%

-

1%

-

-

1%

100%

-

75%

14%

2%

-

7%

-

-

-

-

-

2%

100%

-

27%

10%

6%

11%

3%

6%

11%

4%

16%

5%

1%

100%

-

14%

3%

10%

9%

10%

7%

5%

11%

16%

12%

3%

100%

10

Disclaimer

Definity Financial Corporation published this content on February 13, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on February 13, 2025 at 22:26:26.180.

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