Third Quarter 2024 Supplementary information

Financial highlights

3

Financial results

Operating income (loss)

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

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 (loss) income

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)

Supplementary financial measures and non-GAAP financial measures and ratios

16

Glossary

16

Terms and definitions

IFRS 17 / IFRS 9

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

2024

2023

2022

2024

2023

2023

2022

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

YTD

YTD

Annual

Annual

Financial results

Insurance revenue

1

1,095.5

1,046.1

991.9

1,003.8

984.1

954.9

907.5

911.7

895.9

3,133.5

2,846.5

3,850.3

3,485.7

Insurance service expenses

2

(1,051.7)

(839.9)

(858.7)

(857.3)

(932.2)

(805.3)

(782.3)

(777.8)

(835.7)

(2,750.3)

(2,519.8)

(3,377.1)

(3,028.9)

Net (expenses) income from reinsurance contracts held

3

(18.2)

(40.0)

(9.6)

1.4

(1.5)

(17.4)

(31.3)

(0.7)

30.9

(67.8)

(50.2)

(48.8)

(14.9)

Insurance service result

4

25.6

166.2

123.6

147.9

50.4

132.2

93.9

133.2

91.1

315.4

276.5

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 (loss)

8

Impact of discounting

9

Underwriting income (loss) after the impact of discounting

10

Net investment income

11

49.0

49.9

48.2

49.4

46.3

42.8

41.0

39.5

36.0

147.1

130.1

179.5

133.1

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

investments

12

172.8

8.9

25.0

222.6

(99.8)

(62.7)

91.7

18.1

(39.2)

206.7

(70.8)

151.8

(446.1)

Finance (expenses) income from insurance contracts issued

13

(74.6)

(54.2)

(16.8)

(79.0)

(27.5)

18.6

(64.5)

16.5

(2.7)

(145.6)

(73.4)

(152.4)

96.3

Finance income (expenses) from reinsurance contracts held

14

7.0

4.7

1.4

7.5

1.8

(1.6)

5.6

(0.6)

0.5

13.1

5.8

13.3

(5.2)

Distribution revenues

15

50.6

48.4

40.4

35.8

34.1

32.0

25.5

19.9

-

139.4

91.6

127.4

19.9

Other (expenses) income

16

(87.2)

(79.5)

(79.7)

(78.7)

(67.9)

(65.5)

(59.4)

(0.8)

(41.9)

(246.4)

(192.8)

(271.5)

(125.5)

Interest expense

17

(2.6)

(3.1)

(1.9)

(1.7)

(1.7)

(1.3)

(0.6)

(0.6)

-

(7.6)

(3.6)

(5.3)

(0.6)

Restructuring recovery

18

-

-

-

-

-

-

-

-

-

-

-

-

-

Income (loss) before income taxes

19

140.6

141.3

140.2

303.8

(64.3)

94.5

133.2

225.2

43.8

422.1

163.4

467.2

113.8

Income tax (expense) recovery

20

(34.3)

(35.9)

(34.5)

(77.4)

18.1

(22.3)

(31.1)

(39.6)

(8.1)

(104.7)

(35.3)

(112.7)

(2.3)

Effective tax rate

21

24.4%

25.4%

24.6%

25.5%

28.1%

23.6%

23.5%

17.6%

18.5%

24.8%

21.6%

24.1%

2.0%

Net income (loss)

22

106.3

105.4

105.7

226.4

(46.2)

72.2

102.1

185.6

35.7

317.4

128.1

354.5

111.5

Net income (loss) attributable to common shareholders

23

104.8

103.8

105.2

225.9

(48.3)

71.6

100.9

185.0

35.7

313.8

124.2

350.1

110.9

Net income attributable to non-controlling interests

24

1.5

1.6

0.5

0.5

2.1

0.6

1.2

0.6

-

3.6

3.9

4.4

0.6

Gross written premiums1

25

1,143.3

1,239.7

955.6

1,033.2

1,040.0

1,085.1

846.9

951.9

954.5

3,338.6

2,972.0

4,005.2

3,662.3

Change YOY

26

9.9%

14.2%

12.8%

8.5%

9.0%

9.0%

11.4%

11.0%

11.5%

12.3%

9.7%

9.4%

12.4%

Net underwriting revenue1/ Net earned premiums

27

981.8

949.4

905.3

922.4

903.6

877.5

839.1

850.4

832.4

2,836.5

2,620.2

3,542.6

3,251.2

Change YOY

28

8.7%

8.2%

7.9%

8.5%

8.6%

9.3%

9.6%

N/A

N/A

8.3%

9.1%

9.0%

N/A

Operating income (loss)

Underwriting income (loss)1

29

(33.1)

93.7

54.8

87.0

(22.8)

41.2

39.5

66.7

27.1

115.4

57.9

144.9

189.4

Net investment income

30

49.0

49.9

48.2

49.4

46.3

42.8

41.0

39.5

36.0

147.1

130.1

179.5

133.1

Distribution income1

31

15.8

17.2

10.0

8.8

11.2

9.8

9.5

4.8

1.7

43.0

30.5

39.3

14.1

Interest expense

32

(2.6)

(3.1)

(1.9)

(1.7)

(1.7)

(1.3)

(0.6)

(0.6)

-

(7.6)

(3.6)

(5.3)

(0.6)

Other operating (expenses) income

33

(13.0)

(11.5)

(10.8)

(8.2)

(11.5)

(7.1)

(7.9)

(9.2)

(6.1)

(35.3)

(26.5)

(34.7)

(26.9)

Operating income (loss)1

34

16.1

146.2

100.3

135.3

21.5

85.4

81.5

101.2

58.7

262.6

188.4

323.7

309.1

Operating income tax (expense) recovery

35

(1.5)

(37.1)

(24.2)

(34.3)

(3.5)

(20.3)

(17.4)

(24.7)

(12.0)

(62.8)

(41.2)

(75.5)

(71.3)

Operating effective tax rate

36

9.7%

25.4%

24.1%

25.4%

16.2%

23.8%

21.3%

24.4%

20.4%

23.9%

21.9%

23.3%

23.1%

Operating net income (loss)1

37

14.6

109.1

76.1

101.0

18.0

65.1

64.1

76.5

46.7

199.8

147.2

248.2

237.8

2021

2020

2019

Annual

Annual

Annual

2,833.6

2,508.7

2,343.2

1,721.5

1,562.3

1,713.9

917.6

810.0

747.6

194.5

136.4

(118.3)

44.7

(114.0)

(29.0)

239.2

22.4

(147.3)

96.8

100.3

105.4

(20.8)

79.8

68.3

-

-

-

(34.0)

(1.9)

(6.0)

-

-

-

-

-

0.8

281.2

200.6

21.2

(68.0)

(46.7)

(3.8)

24.2%

23.3%

18.0%

213.2

153.9

17.4

213.2

153.9

17.4

-

-

-

3,258.1

2,829.2

2,533.9

15.2%

11.7%

1.5%

2,833.6

2,508.7

2,343.2

13.0%

7.1%

4.4%

194.5

136.4

(118.3)

96.8

100.3

105.4

8.0

4.1

3.5

-

-

-

(8.4)

1.3

(0.5)

290.9

242.1

(9.9)

(70.5)

(57.7)

4.5

24.2%

23.8%

45.5%

220.4

184.4

(5.4)

38

74.5%

60.0%

62.6%

61.1%

72.9%

63.7%

62.6%

59.5%

64.7%

65.8%

66.5%

65.1%

61.7%

60.8%

62.3%

73.1%

39

28.9%

30.1%

31.3%

29.5%

29.6%

31.6%

32.7%

32.7%

32.0%

30.1%

31.3%

30.8%

32.5%

32.3%

32.3%

31.9%

40

103.4%

90.1%

93.9%

90.6%

102.5%

95.3%

95.3%

92.2%

96.7%

95.9%

97.8%

95.9%

94.2%

93.1%

94.6%

105.0%

41

18.9%

13.6%

12.7%

13.0%

12.3%

15.5%

9.5%

4.3%

18.9%

12.3%

13.0%

4.3%

10.7%

9.0%

1.1%

42

10.7%

10.8%

9.5%

9.2%

8.8%

9.9%

9.3%

9.5%

10.7%

8.8%

9.2%

9.5%

11.5%

11.0%

(0.3%)

43

5,069.4

4,828.4

4,783.5

4,931.0

4,604.3

4,758.2

4,881.5

4,897.2

4,854.3

5,069.4

4,604.3

4,931.0

4,897.2

5,365.8

4,366.3

4,191.0

44

7,531.7

7,259.9

7,212.6

7,259.5

6,928.2

6,863.0

6,739.5

6,819.7

6,478.2

7,531.7

6,928.2

7,259.5

6,819.7

7,891.4

6,620.3

5,956.5

45

3,259.8

3,170.9

3,088.0

3,006.9

2,789.7

2,850.3

2,746.8

2,658.3

2,392.4

3,259.8

2,789.7

3,006.9

2,658.3

2,396.3

1,818.0

1,611.0

46

208%

212%

206%

205%

201%

213%

219%

208%

201%

205%

275%

268%

239%

47

1,379.0

1,351.6

1,313.6

1,269.6

585.9

665.4

845.9

1,379.0

585.9

1,269.6

1,057.8

n/a

n/a

48

$

0.91

$

0.90

$

0.92

$

1.96

$

(0.42)

$

0.62

$

0.88

$

1.60

$

0.31

$

2.73

$

1.08

$

3.04

$

0.96

$

2.03

$

1.48

$

0.17

49

$

0.90

$

0.89

$

0.90

$

1.94

$

(0.42)

$

0.61

$

0.87

$

1.59

$

0.31

$

2.69

$

1.06

$

3.00

$

0.95

$

2.02

$

1.48

$

0.17

50

$

0.13

$

0.94

$

0.65

$

0.87

$

0.15

$

0.56

$

0.55

$

0.66

$

0.40

$

1.71

$

1.26

$

2.13

$

2.03

$

2.09

$

1.77

$

(0.05)

51

$

26.96

$

26.17

$

25.40

$

24.78

$

22.87

$

23.42

$

22.90

$

22.30

$

20.86

$

26.96

$

22.87

$

24.78

$

22.30

$

20.68

$

17.48

$

15.49

52

$

0.160

$

0.160

$

0.160

$

0.138

$

0.138

$

0.138

$

0.138

$

0.125

$

0.125

$

0.480

$

0.413

$

0.550

$

0.550

n/a

n/a

n/a

53

116,630

116,534

116,521

116,638

116,735

116,736

116,443

116,357

116,774

116,559

116,639

116,638

116,929

105,405

103,976

103,976

2023

2022

Q4

Q3

Q2

Q1

Q4

Q3

2021

2020

2019

Annual

Annual

Annual

Q4

Q3

Q2

Q1

Net commissions1

16

138.8

136.6

133.8

128.1

125.4

127.4

124.8

132.9

125.1

409.2

377.6

505.7

502.2

426.5

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

17

107.0

113.1

116.4

109.7

108.6

116.0

118.4

112.6

110.9

336.5

343.0

452.7

433.5

384.2

Net premium taxes

18

37.4

36.6

33.9

34.5

34.0

33.8

31.3

31.8

31.2

107.9

99.1

133.6

121.6

106.9

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

19

283.2

286.3

284.1

272.3

268.0

277.2

274.5

277.3

267.2

853.6

819.7

1,092.0

1,057.3

917.6

Net commissions ratio1

20

14.1%

14.4%

14.8%

13.9%

13.9%

14.5%

14.9%

15.6%

15.0%

14.4%

14.4%

14.3%

15.4%

15.0%

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

21

11.0%

11.8%

12.8%

11.9%

11.9%

13.2%

14.1%

13.4%

13.2%

11.9%

13.1%

12.7%

13.4%

13.5%

Net premium taxes ratio1

22

3.8%

3.9%

3.7%

3.7%

3.8%

3.9%

3.7%

3.7%

3.8%

3.8%

3.8%

3.8%

3.7%

3.8%

Expense ratio1

23

28.9%

30.1%

31.3%

29.5%

29.6%

31.6%

32.7%

32.7%

32.0%

30.1%

31.3%

30.8%

32.5%

32.3%

IFRS 17

IFRS 4

2024

2023

2022

2024

2023

2023

2022

2021

2020

2019

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q4

Q3

YTD

YTD

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 (loss) income1

11

Combined ratio1

12

1,594.3

1,619.3

1,598.7

1,622.6

1,550.7

1,416.1

1,341.8

(1.5%)

0.5%

(1.5%)

4.6%

9.5%

5.5%

0.6%

2,317.4

2,076.2

2,770.2

2,591.8

2,347.8

2,100.6

1,917.1

11.6%

7.2%

6.9%

10.4%

11.8%

9.6%

5.5%

2,020.6

1,760.1

2,342.7

2,168.1

1,974.2

1,795.3

1,652.4

14.8%

8.4%

8.1%

9.8%

10.0%

8.6%

2.1%

296.8

316.1

427.5

423.7

373.6

305.3

264.7

(6.1%)

0.7%

0.9%

13.4%

22.4%

15.3%

32.8%

2,025.5

1,890.2

2,549.7

2,373.7

2,093.7

1,892.9

1,747.4

7.2%

7.6%

7.4%

N/A

10.6%

8.3%

9.6%

30.3

(35.6)

33.7

102.8

127.6

114.2

(108.4)

98.5%

101.9%

98.7%

95.7%

93.9%

94.0%

106.2%