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February 13, 2025 Reinsurance

Fourth Quarter 2024 Supplementary Information

Canadian Markets via PUBT

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

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)

5,270.5
7,693.3
3,506.1
204%
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

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.
Consolidated Definity Insurance Company.

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

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.

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

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%

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.
The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses.

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

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%

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.
The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses.
Includes Petline.

COMMERCIAL INSURANCE

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

2024

IFRS 17

2023

2022

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%

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

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.

The impact of reinsurance reinstatement premiums on the claims ratio is fully reflected in catastrophe losses.

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%)

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.
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.

INVESTMENT PORTFOLIO

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

2024

IFRS 9

		2023
Q4	Q3	Q2	Q1

2022

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%

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%

100%

75%

14%

100%

27%

10%

11%

16%

100%

14%

10%

11%

16%

12%

100%

Attachments

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.