Earnings release
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Highlights • Operating DPW¹ growth of 5%, driven by strength in Personal lines and improvements in Commercial lines • Combined ratio¹ of 94.0% included 4 points of higher-than-expected catastrophe losses, with otherwise strong underwriting performance • Net operating income per share¹ of $3.63 (EPS of $3.03) was supported by solid contributions from distribution and investment income • Operating ROE¹ of 15.8% (ROE of 15.3%), while maintaining a robust balance sheet with total capital margin¹ of $ 3.6 billion and an adjusted debt-to-capital¹ of 16.3% • BVPS¹ of $111.11 grew by 8% year-over-year, reflecting solid earnings and $581 million of share buybacks over the last 12 months Charles Brindamour, Chief Executive Officer, said: “Our teams have again demonstrated their commitment to helping our customers recover quickly following the multiple weather events that took place this quarter. We continue to deliver strong financial performance and underlying results with an operating ROE of 16%, underscoring the resilience of our platform. I am also pleased to see sequential improvement in our top line growth while we maintain our underwriting discipline across our geographies. Our very robust balance sheet also enables us to pursue both organic and inorganic growth opportunities. We remain well positioned to continue to deliver on our financial objectives of exceeding the industry ROE by 500 basis points every yea r and growing NOIPS 10% annually over time.” Consolidated Highlights (in millions of Canadian dollars except as otherwise noted) Q3-2026 Q3-2025 Change YTD-2026 YTD-2025 Change Operating DPW1 (growth in constant currency) 7,006 6,643 5% 19,953 19,038 5% Operating income Underwriting income (loss)1 368 598 (38%) 1,177 1,867 (37%) Operating net investment income 422 402 5% 1,284 1,217 6% Distribution income1 171 147 16% 458 429 7% Net operating income attributable to common shareholders1 641 797 (20%) 1,972 2,449 (19%) Net income 562 861 (35%) 2,034 2,404 (15%) Combined Ratio1 94.0% 89.8% 4.2 pts 93.4% 89.0% 4.4 pts Per share measures (in dollars) Net operating income per share (NOIPS)1,2 3.63 4.46 (19%) 11.14 13.71 (19%) Earnings per share (EPS) - diluted2 3.03 4.73 (36%) 11.05 13.11 (16%) Book value per share (BVPS)1 111.11 103.16 8% Return on equity for the last 12 months Operating ROE1 15.8% 19.6% (3.8) pts Adjusted ROE1 17.1% 19.9% (2.8) pts ROE1 15.3% 17.3% (2.0) pts Capital Management Total capital margin1 3,583 3,262 321 Adjusted debt-to-total capital ratio1 16.3% 17.9% (1.6) pts Industry Outlook We continue to expect constructive conditions across all our markets: • In Personal lines, we expect industry premium growth to be in the high-single-digit range, which now reflects the expected impact of the Alberta auto reforms. • In Commercial and Specialty lines overall, we expect industry premium growth to be in the low to mid-single-digit range. 1 This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure”). Refer to Section 16 – Non-GAAP and other financial measures in the Q3-2026 Management’s Discussion and Analysis for further details. 2 Per share is calculated based on the weighted-average diluted number of common shares. Press release Intact Financial Corporation reports Q3-2026 results Toronto (TSX: IFC) – November 3, 2026 (in Canadian dollars except as otherwise noted)
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Q3-2026 Consolidated Performance • Operating net investment income increased by 5% to $422 million, attributable to higher assets year-over-year and the rise in yields during the period. • Distribution income of $171 million improved 16% from last year, driven by robust contributions from both BrokerLink and On Side. • Net operating income per share of $3.63 reflects higher-than-expected catastrophe losses, while distribution and investment income continued to contribute meaningfully. • Operating ROE of 15.8% demonstrated the resilience of our earnings despite elevated CAT losses, below-target leverage and excess capital. • Adjusted ROE of 17.1% and ROE of 15.3% remained solid, benefitting from favourable market movements over the last 12 months. Segment Underwriting Performance (in millions of Canadian dollars except as otherwise noted) Q3-2026 Q3-2025 Change YTD-2026 YTD-2025 Change Operating direct premiums written¹ (growth in constant currency) Canada 4,939 4,620 7% 13,789 13,008 6% UK&I 1,078 1,072 —% 3,728 3,655 —% US 989 951 3% 2,436 2,375 4% Total 7,006 6,643 5% 19,953 19,038 5% Combined Ratio¹ Canada 95.1% 89.1% 6.0 pts 92.1% 87.7% 4.4 pts UK&I 94.1% 95.5% (1.4) pts 103.1% 95.3% 7.8 pts US 85.2% 83.6% 1.6 pts 84.5% 86.0% (1.5) pts Combined Ratio 94.0% 89.8% 4.2 pts 93.4% 89.0% 4.4 pts Canada • Personal auto operating DPW grew by 10%, including unit growth of 2% in hard market conditions. The combined ratio of 91.2% remained strong and improved year-over-year due to our continued focus on profitable growth. • Personal property operating DPW growth was 7%, including unit growth of 1% in hard market conditions. The combined ratio of 105.0% reflected 33 points of catastrophe losses, while underlying performance remained strong. • Commercial lines operating DPW growth improved sequentially to 2%, as our growth initiatives continue to gain traction, particularly in Specialty lines. The combined ratio of 91.9% was strong, with solid underlying performance despite higher catastrophe losses in the period. UK&I • Operating DPW growth was flat as solid new business and retention were offset by the impacts of combining the RSA and DLG brokered Commercial lines portfolios under one brand. The combined ratio of 94.1% was broadly in line with expectations. US • Operating DPW growth of 3% was driven by strong new business in our most profitable lines. The combined ratio of 85.2% was again strong, reflecting our focus on underwriting discipline and sustained profitability. 1 This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 “Non-GAAP and Other Financial Measures Disclosure”). Refer to Section 16 – Non-GAAP and other financial measures in the Q3-2026 Management’s Discussion and Analysis for further details.
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Balance Sheet • The Company ended the quarter in a strong financial position with solid regulatory capital ratios in all jurisdictions. Total capital margin remained strong at $3.6 billion, reflecting solid capital generation despite higher catastrophe losses and unfavourable capital market movements. • The adjusted debt-to-total capital ratio was 16.3% as at September 30, 2026, driven by growth in shareholders’ equity from continued strong profitability. • IFC’s book value per share (BVPS) of $111.11 increased 8% year-over-year, driven by solid operating earnings despite the impact of $581 million of share buybacks and unfavourable market movements over the last 12 months. Common Share Dividend • The Board of Directors approved the quarterly dividend of $1.47 per share on the Company’s outstanding common shares. The common share dividends are payable on December 31, 2026, to shareholders of record on December 17, 2026. Preferred Share Dividends • The Board of Directors also approved a quarterly dividend of 30.25625 cents per share on the Company’s Class A Series 1 preferred shares, 32.5 cents per share on the Class A Series 5 preferred shares, 33.125 cents per share on the Class A Series 6 preferred shares, 37.575 cents per share on the Class A Series 7 preferred shares, 33.75 cents per share on the Class A Series 9 preferred shares, 32.8125 cents per share on the Class A Series 11 preferred shares, and 34.375 cents per share on the Class A Series 13 preferred shares. The dividends are payable on December 31, 2026, to shareholders of record on December 17, 2026. Analysts’ Estimates • The average estimate of earnings per share and net operating income per share for the quarter among the analysts who follow the Company was $2.65 and $3.05, respectively.
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Management's Discussion and Analysis (MD&A) and Consolidated Financial Statements This Press Release, which was approved by the Company’s Board of Directors on the Audit Committee’s recommendation, should be read in conjunction with the Q3-2026 MD&A, as well as the Q3-2026 interim condensed consolidated financial statements , which are available on the Company’s website at www.intactfc.com and later today on SEDAR+ at www.sedarplus.ca. For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the “Investors” section of the Company’s website at www.intactfc.com. Conference Call Details Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 11:00 a.m. ET. To listen to the call via live audio webcast and to view the Company’s interim condensed consolidated financial statements, MD&A, presentation slides, Supplementary financial information and other information not included in this Press Release, visit the Company’s website at www.intactfc.com and link to “Investors”. The conference call is also available by dialing 416-945-7677 or 1-888-699-1199 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on November 4, 2026, at 2:00 p.m. ET until 11:59 p.m. ET on November 11, 2026. To listen to the replay, call 289-819-1450 or 1-888-660-6345 (toll-free in North America), passcode 36650. A transcript of the call will also be made available on Intact Financial Corporation’s website. About Intact Financial Corporation Intact Financial Corporation (TSX: IFC) is a global provider of property and casualty insurance founded on core values and a belief that insurance is about people, not things. Intact's success is fueled by its 32,000 employees worldwide who embody the company's purpose: to help people, businesses and society prosper in good times and be resilient in bad times. To achieve its ambitions, Intact seeks to ensure customers are its advocates, its people are engaged, and the company is one of the most respected. Intact is the largest provider of property and casualty insurance in Canada and has successfully exported its strengths across North America, the UK, and Europe. Its growing commercial and specialty solutions network now spans over 170 countries. With a customer-driven mindset, Intact has expanded its operations to include insurance distribution, restoration, and prevention. Intact solidifies its outperformance by leveraging its competitive advantages: global leadership in data and AI for pricing and risk selection; deep claims expertise and integrated supply chain network; and strong capital and investment management. Intact’s total annual operating Direct Premiums Written has tripled over the last decade to $25 billion. Media Inquiries Caroline Audet Manager, Media Relations and Public Affairs 416 227-7905 / 514 985-7165 media@intact.net Investor Inquiries Geoff Kwan D e p u t y S V P , F i n a n c e a n d C h i e f I n v e s t o r R e l a t i o n s O f f i c e r 1-866-440-8300 ext. 20022 ir@intact.net
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Non-GAAP and other financial measures Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business. Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and other Company’s financial reports include measures related to our consolidated performance, underwriting performance and financial strength. For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 16 – Non-GAAP and other financial measures in the Q3-2026 MD&A dated November 3, 2026, which is available on our website at www.intactfc.com and on SEDAR+ at www.sedarplus.ca. Table 1 Reconciliation of NOI, NOIPS and OROE to Net income attributable to shareholders Q3-2026 Q3-2025 YTD-2026 YTD-2025 Net income attributable to shareholders, as reported under IFRS 562 861 2,034 2,404 Remove: pre-tax non-operating results 165 (83) 18 84 Remove: non-operating tax expense (benefit) (59) 36 (3) 23 NOI attributable to shareholders 668 814 2,049 2,511 Remove: preferred share dividends and other equity distribution (27) (17) (77) (62) NOI attributable to common shareholders 641 797 1,972 2,449 Divided by weighted-average diluted number of common shares (in millions) 176.3 178.5 177.0 178.6 NOIPS (in dollars) 3.63 4.46 11.14 13.71 NOI attributable to common shareholders for the last 12 months 2,951 3,330 Adjusted average common shareholders’ equity, excluding AOCI 18,684 16,976 OROE for the last 12 months 15.8 % 19.6 %
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Table 2 Reconciliation of underwriting results on a MD&A basis with the interim condensed consolidated financial statements (quarterly) Financial statements F/S 1 2 3 4 5 6 7 8 9 Total MD&A MD&A Quarter ended September 30, 2026 Insurance revenue 6,966 (562) (43) — — — — (92) (92) 2 (787) 6,179 Operating net underwriting revenue Insurance service expense (6,070) 451 69 (160) 6 (43) (260) 106 92 (2) 259 (5,811) Sum of: Operating net claims ($3,711 million) and Operating net underwriting expenses ($2,100 million) Expense from reinsurance contracts (562) 562 — — — — — — — — 562 — n/a Income from reinsurance contracts 451 (451) — — — — — — — — (451) — n/a Insurance service result 785 — 26 (160) 6 (43) (260) 14 — — (417) 368 Underwriting income (loss) Quarter ended September 30, 2025 Insurance revenue 6,791 (579) (173) — — — — (98) (82) 6 (926) 5,865 Operating net underwriting revenue Insurance service expense (5,504) 301 190 (171) 8 (52) (218) 103 82 (6) 237 (5,267) Sum of: Operating net claims ($3,260 million) and Operating net underwriting expenses ($2,007 million) Expense from reinsurance contracts (579) 579 — — — — — — — — 579 — n/a Income from reinsurance contracts 301 (301) — — — — — — — — (301) — n/a Insurance service result 1,009 — 17 (171) 8 (52) (218) 5 — — (411) 598 Underwriting income (loss) Reconciling items in the table above: 1 Adjustment to present results net of reinsurance 2 Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) 3 Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) 4 Adjustment to exclude the non-operating pension expense 5 Adjustment to reclassify intercompany commissions (to Distribution income & Other operating income (expense)) 6 Adjustment to exclude discount build on claims liabilities (treated as non-operating) 7 Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) 8 Adjustment to reclassify Assumed (ceded) commissions and premium adjustments 9 Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts
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Table 3 Reconciliation of underwriting results on a MD&A basis with the interim condensed consolidated financial statements (for the year) Financial statements F/S 1 2 3 4 5 6 7 8 9 Total MD&A MD&A Nine-month period ended September 30, 2026 Insurance revenue 20,367 (1,693) (221) — — — — (294) (226) 12 (2,422) 17,945 Operating net underwriting revenue Insurance service expense (17,604) 1,288 288 (426) 18 (144) (720) 318 226 (12) 836 (16,768) Sum of: Operating net claims ($10,580 million) and Operating net underwriting expenses ($6,188 million) Expense from reinsurance contracts (1,693) 1,693 — — — — — — — — 1,693 — n/a Income from reinsurance contracts 1,288 (1,288) — — — — — — — — (1,288) — n/a Insurance service result 2,358 — 67 (426) 18 (144) (720) 24 — — (1,181) 1,177 Underwriting income (loss) Nine-month period ended September 30, 2025 Insurance revenue 20,060 (1,775) (675) — — — — (406) (187) 32 (3,011) 17,049 Operating net underwriting revenue Insurance service expense (16,174) 951 704 (440) 23 (172) (651) 422 187 (32) 992 (15,182) Sum of: Operating net claims ($9,385 million) and Operating net underwriting expenses ($5,797 million) Expense from reinsurance contracts (1,775) 1,775 — — — — — — — — 1,775 — n/a Income from reinsurance contracts 951 (951) — — — — — — — — (951) — n/a Insurance service result 3,062 — 29 (440) 23 (172) (651) 16 — — (1,195) 1,867 Underwriting income (loss) Reconciling items in the table above: 1 Adjustment to present results net of reinsurance 2 Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) 3 Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) 4 Adjustment to exclude the non-operating pension expense 5 Adjustment to reclassify intercompany commissions (to Distribution income & Other operating income (expense)) 6 Adjustment to exclude discount build on claims liabilities (treated as non-operating) 7 Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) 8 Adjustment to reclassify Assumed (ceded) commissions and premium adjustments 9 Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts
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Table 4 Reconciliation of ROE to Net income attributable to shareholders Q3-2026 Q3-2025 YTD-2026 YTD-2025 Net income attributable to shareholders, as reported under IFRS 562 861 2,034 2,404 Remove: preferred share dividends and other equity distribution (27) (17) (77) (62) Net income attributable to common shareholders 535 844 1,957 2,342 Divided by weighted-average basic number of common shares (in millions) 176.0 178.2 176.7 178.3 EPS, basic (in dollars) 3.03 4.73 11.07 13.14 Divided by weighted-average diluted number of common shares1 (in millions) 176.3 178.5 177.0 178.6 EPS, diluted (in dollars) 3.03 4.73 11.05 13.11 Net income attributable to common shareholders for the last 12 months 2,890 2,981 Adjusted average common shareholders’ equity 18,929 17,252 ROE for the last 12 months 15.3 % 17.3 % 1 Includes the net effect of stock options. See Note 16 – Earnings per share to the interim condensed consolidated financial statements for more details. Table 5 Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements (quarterly) MD&A captions Pre-tax As presented in the Financial statements Distribution income Total finance costs Other operating income (expense) Operating net investment income Total income taxes Non- operating results Underwriting income (loss) Total F/S caption For the quarter ended September 30, 2026 Insurance service result 30 — 13 — — 214 528 785 Net investment income — — — 422 — — — 422 Net gains (losses) on investment portfolio — — — — — (372) — (372) Net insurance financial result — — — — — 110 — 110 Share of profits from investments in associates and joint ventures 34 (3) (3) — (6) (11) — 11 Other net gains (losses) — — — — — 44 — 44 Other income and expense 107 — (61) — — (67) (160) (181) Other finance costs — (53) — — — — — (53) Acquisition, integration and restructuring costs — — — — — (83) — (83) Income tax benefit (expense) — — — — (121) — — (121) Total, as reported in MD&A 171 (56) (51) 422 (127) (165) 368 For the quarter ended September 30, 2025 Insurance service result 38 — 14 — — 188 769 1,009 Net investment income — — — 402 — — — 402 Net gains (losses) on investment portfolio — — — — — 310 — 310 Net insurance financial result — — — — — (290) — (290) Share of profits from investments in associates and joint ventures 35 (4) (1) — (4) (18) — 8 Other net gains (losses) — — — — — 71 — 71 Other income and expense 74 — (62) — — (77) (171) (236) Other finance costs — (55) — — — — — (55) Acquisition, integration and restructuring costs — — — — — (101) — (101) Income tax benefit (expense) — — — — (257) — — (257) Total, as reported in MD&A 147 (59) (49) 402 (261) 83 598
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Table 6 Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements (for the year) MD&A captions Pre-tax As presented in the Financial statements Distribution income Total finance costs Other operating income (expense) Operating net investment income Total income taxes Non- operating results Underwriting income (loss) Total F/S caption For the nine-month period ended September 30, 2026 Insurance service result 127 — 17 — — 611 1,603 2,358 Net investment income — — — 1,284 — — — 1,284 Net gains (losses) on investment portfolio — — — — — (44) — (44) Net insurance financial result — — — — — (178) — (178) Share of profits from investments in associates and joint ventures 123 (11) (6) — (23) (37) — 46 Other net gains (losses) — — — — — 82 — 82 Other income and expense 208 — (137) — — (206) (426) (561) Other finance costs — (161) — — — — (161) Acquisition, integration and restructuring costs — — — — — (246) — (246) Income tax benefit (expense) — — — — (546) — — (546) Total, as reported in MD&A 458 (172) (126) 1,284 (569) (18) 1,177 For the nine-month period ended September 30, 2025 Insurance service result 146 — 26 — — 583 2,307 3,062 Net investment income — — — 1,217 — — — 1,217 Net gains (losses) on investment portfolio — — — — — 532 — 532 Net insurance financial result — — — — — (727) — (727) Share of profits from investments in associates and joint ventures 119 (11) (2) — (22) (36) — 48 Other net gains (losses) — — — — — 95 — 95 Other income and expense 164 — (152) — — (234) (440) (662) Other finance costs — (167) — — — — (167) Acquisition, integration and restructuring costs — — — — — (297) — (297) Income tax benefit (expense) — — — — (697) — — (697) Total, as reported in MD&A 429 (178) (128) 1,217 (719) (84) 1,867
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Table 7 Reconciliation of AEPS and AROE to Net income attributable to shareholders Q3-2026 Q3-2025 YTD-2026 YTD-2025 Net income attributable to shareholders, as reported under IFRS 562 861 2,034 2,404 Remove acquisition-related items, after tax Amortization of acquired intangible assets 57 60 175 182 Acquisition and integration costs 14 58 62 144 Tax adjustments on acquisition-related items 1 5 3 13 Net result from claims acquired in a business combination 3 — (1) 1 Adjusted net income attributable to shareholders 637 984 2,273 2,744 Remove: preferred share dividends and other equity distribution (27) (17) (77) (62) Adjusted net income attributable to common shareholders 610 967 2,196 2,682 Divided by weighted-average diluted number of common shares (in millions) 176.3 178.5 177.0 178.6 AEPS (in dollars) 3.45 5.42 12.40 15.01 Adjusted net income attributable to common shareholders for the last 12 months 3,242 3,429 Adjusted average common shareholders’ equity 18,929 17,252 AROE for the last 12 months 17.1 % 19.9 % Table 8 Calculation of BVPS and BVPS (excluding AOCI) As at September 30, 2026 2025 Equity attributable to shareholders, as reported under IFRS 21,530 19,962 Remove: Preferred shares and other equity, as reported under IFRS (2,016) (1,619) Common shareholders’ equity 19,514 18,343 Remove: AOCI, as reported under IFRS (86) (404) Common shareholders’ equity (excluding AOCI) 19,428 17,939 Number of common shares outstanding at the same date (in millions) 175.6 177.8 BVPS 111.11 103.16 BVPS (excluding AOCI) 110.62 100.88 Table 9 Adjusted average common shareholders’ equity and Adjusted average common shareholders’ equity, excluding AOCI As at September 30, 2026 2025 Ending common shareholders' equity 19,514 18,343 Beginning common shareholders' equity 18,343 16,161 Adjusted average common shareholders’ equity1 18,929 17,252 Ending common shareholders’ equity, excluding AOCI 19,428 17,939 Beginning common shareholders' equity, excluding AOCI 17,939 16,013 Adjusted average common shareholders’ equity, excluding AOCI1 18,684 16,976 1 No significant capital transactions occurred over the reported period.
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Table 10 Reconciliation of Total debt outstanding before hybrid subordinated notes, Adjusted total capital and Total leverage ratio As at Sept. 30, 2026 June 30, 2026 Dec. 31, 2025 Debt outstanding, as reported under IFRS 4,202 4,199 4,426 Remove: hybrid subordinated notes — — (250) Total debt outstanding before hybrid subordinated notes 4,202 4,199 4,176 Debt outstanding, as reported under IFRS 4,202 4,199 4,426 Equity attributable to shareholders, as reported under IFRS 21,530 21,716 20,836 Adjusted total capital 25,732 25,915 25,262 Total debt outstanding before hybrid subordinated notes 4,202 4,199 4,176 Adjusted total capital 25,732 25,915 25,262 Adjusted debt-to-total capital ratio 16.3 % 16.2 % 16.5 % Debt outstanding, as reported under IFRS 4,202 4,199 4,426 Preferred shares and other equity, as reported under IFRS 2,016 2,013 1,766 Debt outstanding and preferred shares 6,218 6,212 6,192 Adjusted total capital 25,732 25,915 25,262 Total leverage ratio 24.2 % 24.0 % 24.5 % Adjusted debt-to-total capital ratio 16.3 % 16.2 % 16.5 % Preferred shares and hybrids 7.9 % 7.8 % 8.0 % Forward Looking Statements Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to the outlook for the Property and Casualty insurance industry in Canada, the U.S., the U .K. and Europe, the Company’s business outlook, the Company’s growth prospects and the impact of economic and other external conditions on the Company’s operations and financial performance . All such forward-looking statements are made pursuant to the ‘safe harbour’ provisions of applicable Canadian securities laws. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements as a result of various factors, including those discussed in the Q3-2026 MD&A dated November 3, 2026 and those made in the section entitled Risk management (Sections 24 to 27) of our MD&A for the year ended December 31, 2025. The Q3-2026 MD&A, dated November 3, 2026 , and the MD&A for the year ended December 31, 2025 are available on SEDAR+ at www.sedarplus.ca. Please read the cautionary note at the beginning of the Q3-2026 MD&A in connection with the risks described in the MD&A for the year ended December 31, 2025. We cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise.