#1definity. INVESTOR PRESENTATION May 2023#2ADVISORY REGARDING FORWARD-LOOKING INFORMATION This presentation contains "forward-looking information" within the meaning of applicable securities laws in Canada. Forward-looking information may relate to our future business, financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "budget", "scheduled", "estimates", "forecasts", "projection", "prospects", "strategy", "intends", "anticipates", "does not anticipate", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will", "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding possible future events or circumstances. Forward-looking information in this presentation is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that we considered appropriate and reasonable as at the date such statements are made, and are subject to many factors that could cause our actual results, performance or achievements, or other future events or developments, to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors: Definity's ability to appropriately price its insurance products to produce an acceptable return, particularly in provinces where the regulatory environment requires auto insurance rate increases to be approved or that otherwise impose regulatory constraints on auto insurance rate increases; Definity's ability to accurately assess the risks associated with the insurance policies that it writes; Definity's ability to assess and pay claims in accordance with its insurance policies; litigation and regulatory actions, including potential claims in relation to demutualization and our IPO, and COVID-19- related class-action lawsuits that have arisen and which may arise, together with associated legal costs; Definity's ability to obtain adequate reinsurance coverage to transfer risk; Definity's ability to accurately predict future claims frequency or severity, including the frequency and severity of weather- related events and the impact of climate change; Definity's ability to address inflationary cost pressures through pricing, supply chain, or cost management actions; the occurrence of unpredictable catastrophe events; unfavourable capital market developments, interest rate movements, changes to dividend policies or other factors which may affect our investments or the market price of our common shares; changes associated with the transition to a low-carbon economy, including reputational and business implications from stakeholders' views of our climate change approach or that of our industry; Definity's ability to successfully manage credit risk from its counterparties; foreign currency fluctuations; Definity's ability to meet payment obligations as they become due; Definity's ability to maintain its financial strength rating or credit rating; Definity's dependence on key people; Definity's ability to attract, develop, motivate, and retain an appropriate number of employees with the necessary skills, capabilities, and knowledge; Definity's ability to appropriately manage and protect the collection and storage of information; Definity's reliance on information technology systems and internet, network, data centre, voice or data communications services and the potential disruption or failure of those systems or services, including as a result of cyber security risk; failure of key service providers or vendors to provide services or supplies as expected, or comply with contractual or business terms; Definity's ability to obtain, maintain and protect its intellectual property rights and proprietary information or prevent third parties from making unauthorized use of our technology; compliance with and changes in legislation or its interpretation or application, or supervisory expectations or requirements, including changes in effective income tax rates, risk-based capital guidelines, and accounting standards; failure to design, implement and maintain effective control over financial reporting which could have a material adverse effect on our business; deceptive or illegal acts undertaken by an employee or a third party, including fraud in the course of underwriting insurance or settling insurance claims; Definity's ability to respond to events impacting its ability to conduct business as normal; Definity's ability to implement its strategy or operate its business as management currently expects; general economic, financial, political, and social conditions, particularly those in Canada; the competitive market environment and cyclical nature of the P&C insurance industry; the introduction of disruptive innovation; distribution channel risk, including Definity's reliance on brokers to sell its products; Definity's dividend payments being subject to the discretion of the Board and dependent on a variety of factors and conditions existing from time to time; there can be no assurance that Definity's normal course issuer bid ("NCIB") will be maintained, unchanged and/or completed; Definity's dependence on the results of operations of its subsidiaries and the ability of the subsidiaries to pay dividends; Definity's ability to manage and access capital and liquidity effectively; Definity's ability to successfully identify, complete, integrate and realize the benefits of acquisitions or manage the associated risks; management's estimates and judgements in respect of the adoption of IFRS 17 and the financial impact on various financial metrics; periodic negative publicity regarding the insurance industry or Definity; management's estimates and expectations in relation to interests in the broker distribution channel and the resulting impact on growth, income, and accretion in various financial metrics; and the completion and timing of Definity continuing under the Canada Business Corporations Act. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. The opinions, estimates or assumptions referred to above and described in greater detail in Section 11 - "Risk Management and Corporate Governance" of our MD&A for the year ended December 31, 2022 should be considered carefully by readers. Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, the factors above are not intended to represent a complete list and there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only as at the date made. The forward-looking information contained in this presentation represents our expectations as at the date of this presentation (or as at the date they are otherwise stated to be made) and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this presentation is expressly qualified by the foregoing cautionary statements. definity. 2#3COMPANY OVERVIEW definity#4DEFINITY IS A LEADING CANADIAN P&C INSURER We are a personal and commercial P&C insurer offering auto, property, liability, pet, and specialty insurance solutions through multiple distribution channels Over 150 Years of Operations in Canada $3.7B IN GROSS WRITTEN PREMIUMS FOR FY2022 (2) 6th Largest P&C Insurance Carrier in Canada(1) Deeply Engaged Team ~3,500 employees in 15 regional offices and a national network of over 600 independent brokerage firms Passion for Innovation Demonstrated by Award-winning Digital Platforms Profitable Growth GWP (3) CAGR of 13% and Underwriting Income (4) Improvement of ~$310M in 2019-2022 Personal Property 28% Commercial Lines 29% Personal Auto 43% B.C. Alberta & Prairies 15% 11% Quebec 9% Atlantic 8% Broker 88% Direct 12% Ontario 57% 1. Market share of Canadian P&C insurance industry DWP of $73.2 billion (excluding ICBC, Lloyds, SAF, CGMC, Genworth and Green Shield) for the twelve months ended December 31, 2022, based on MSA Research Inc. data. 2. GWP breakdown is provided for 12 months ended December 31, 2022, by business line, distribution channel, and region. Under IFRS 17. 3. Restated under current GWP definition. 4. Under IFRS 4. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. definity 4#5DIVERSIFIED OPERATING MODEL Personal Lines Companies and Brands to Service Different Segments of the Market Multi-Channel Distribution Platforms Shared Infrastructure to Leverage Best Practices across the Business Platforms Brands economical Sonnet INSURANCE® Vyne sonnet family petline INSURANCE INSURANCE™ family petline INSURANCE INSURANCE™ Intermediated Distribution Digital Direct Distribution Intermediated Distribution Digital Direct Distribution Commercial Lines economical INSURANCE® Broker Platform Vyne + for P&C and Specialty Lines Intermediated Distribution Consolidated Claims, Investments, Capital and Risk Management definity. 5#6COMPANY HIGHLIGHTS definity#7COMPANY HIGHLIGHTS Leading Canadian P&C Insurer in a Large and Growing Market Superior Customer and Broker Experience Highly Scalable Digital Platforms and Growing Broker Distribution Capabilities Market Leading Commercial Insurance Capabilities Sophisticated Pricing Methodologies and Disciplined Underwriting Underpin Profitability Significant Financial Flexibility to Support Value Creation Seasoned Management Team and Dynamic Corporate Culture definity. 7#8POSITIONED TO SUCCESSFULLY NAVIGATE INDUSTRY LANDSCAPE KEY GLOBAL P&C DRIVERS Primacy of Customer Experience • Increasing Digitization • Value Creation via • Data and Analytics Increasing Importance of Sustainability • • KEY CANADA P&C DRIVERS definity. 6th Largest P&C Insurer in Canada (1) 3rd Largest Carrier in Broker Channel in Canada(1) Largest Fully Digital Direct-to- Consumer P&C Insurance Business in Canada(2) Advanced Data Analytics Capabilities Well-diversified Business Mix, with Platforms and Capabilities in a Broad Range of Lines Scale and Diversification Broker Channel Remains Highly Relevant Federal / Provincial Regulatory Complexity Management of Climate and Catastrophe Risks 1. Market share of Canadian P&C insurance industry DWP of $73.2 billion (excluding ICBC, Lloyds, SAF, CGMC, Genworth and Green Shield) for the twelve months ended December 31, 2022, based on MSA Research Inc. data. 2. Based on market share by DWP for the twelve months ended December 31, 2022. Includes only insurance carriers that require all customers to bind online. definity 8#9OUR STRATEGY OUR PURPOSE Building a better world by helping our clients and communities adapt and thrive Become one of the five largest P&C insurers in Canada STRATEGIC OBJECTIVES Maintain our digital leadership Consistently deliver disciplined financial management OUR AMBITION To be one of Canada's leading and most innovative P&C insurers OUR PROMISE Making insurance better • KEY FOCUS AREAS Leverage Vyne to increase our share of the broker channel Grow and diversify our Commercial Insurance business Capitalize on the expanding digital direct insurance market Deliver a superior claims experience that supports and satisfies customers • • . Position Definity as a purpose-driven sustainability leader Grow and diversify through acquisitions and partnerships Attract and retain top talent Maintain our pace of innovation Deliver on our Inclusion, Diversity, Equity and Accessibility (IDEA) targets, climate goals, and other ESG priorities definity. 9#10SUPERIOR CUSTOMER AND BROKER EXPERIENCE Our Digital Platforms, Sonnet and Vyne, enable our customers and brokers to access competitively priced insurance in a fast, easy to use manner IMPACT EVERY ASPECT OF THE VALUE CHAIN sonnet INSURANCE Purchase insurance in as little as 5 minutes Easy-to-understand language and available support ✓ Fully digital ✓ Real-time customization, processing and underwriting ✓ Automated underwriting and advanced data analytics used to deliver personalized pricing vyne GROW CONFIDENCE Quickly obtain and process bindable quotes Integration with all major BMS(1) and quoting vendors ✓ Uses the technology and learnings of Sonnet ✓ Real-time customization, processing and underwriting ✓ Automated underwriting and advanced data analytics used to deliver personalized pricing We believe that our sophisticated Digital Platforms enable rapid scaling of our business Ability to directly drive new business from over 30,000 individual brokers and thousands of customers who engage with us directly while reducing variable costs Ability to respond to market conditions with greater speed and agility drives improvements in our personal lines claims ratio Automated, data-driven model supports customer acquisition and retention - Sonnet customer acquisition costs have decreased by 45% over the last five years We expect that these platforms will also enable us to drive synergies in connection with potential future acquisitions 1. Broker management systems. definity. 10#11SOPHISTICATED PRICING AND DISCIPLINED DATA-DRIVEN UNDERWRITING UNDERPIN SUSTAINABLE PROFITABILITY CLOUD-BASED INFRASTRUCTURE PLATFORMS DATA MANAGEMENT EXPERTISE MACHINE LEARNING & AI CAPABILITIES sonnet INSURANCE Sophisticated marketing and customer origination capabilities Personalization of user experience based on customer insights vyne GROW WITH CONFIDENCE Predictive modelling evaluates customer profitability, loss propensity, conversion & retention Granular analytics utilized to assess broker performance ADVANCED FRAUD DETECTION Real-time fraud detection and deflection Daily application of fraud detection tools on in-force business COMMERCIAL INSURANCE • Access to one of the largest Commercial Insurance datasets in Canada • Continue to invest in model sophistication Analytics supported the repositioning of the Cl portfolio to focus on the most profitable segments . CLAIMS Over 40 models used to triage & evaluate claims in real time upon first notification of loss • Multiple layers of analytics & machine learning are subsequently used to manage the claim throughout its lifecycle & detect fraud ✓ ✓ Our use of advanced analytics is estimated to be at least 2x higher (1) than North American peers 12-point improvement in claims ratio (2) during the three-year period ending December 31, 2022 1. Willis Towers Watson, "Advanced analytics: Are insurers living the dream? 2019/2020 P&C Insurance Advanced Analytics Survey Report (North America)". We used advanced analytics to support 43% of the identified claims use cases as of 2019 and 86% of the identified claims use cases as of 2020, vs. 19% for the broader industry as of 2019 (no data available for 2020). 2. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q4-2022 MD&A and Q1-2023 MD&A for further details. definity. 11#12POSITIONED FOR EXPANSION ACROSS SEVERAL COMMERCIAL INSURANCE SEGMENTS ☑ 000 000 000 SMALL BUSINESS Target market size: ~$9.5B (1) Key growth opportunities: Leverage digital capability of "Vyne Commercial" to drive growth in the broker channel vyne COMMERCIAL • MID-MARKET Target market size: ~$8.5B (1) Key growth opportunities: Deepening broker relationships to drive new business Comprehensive product suite and recently introduced cross- border capabilities • SPECIALTY Target market size: ~$6.0B (1) Key growth opportunities: Continue to add new products to become a core market for strategic broker partners Leverage insights gained from Uber partnership to further enhance digital underwriting capabilities 盾 Uber 1. Based on GWP as of December 31, 2022. definity. 12#13DRIVING PROFITABLE GROWTH IN PERSONAL AUTO BY LEVERAGING DIGITAL ASSETS AND BROKER RELATIONSHIPS TODAY 7% CAGR in annual personal auto GWP(2,3) in 2019-2022 since the launch of Sonnet and Vyne (1) 17-point improvement in combined ratio (3) from 2019-2022(4) $340 PERSONAL AUTO GWP GROWTH (2,3) 5.3% YOY $1,579 $1,453 $358 $1,350 $1,285 $217M increase in underwriting income (3) from 2019-2022(4) Q1-2022 OUTLOOK We continue to expect our personal auto combined ratio (2) to trend into the higher end of our mid to upper 90s target range in the near term, as inflationary pressures persist, and claims frequencies continue to normalize ahead of our rates fully earning into results Note: Figures in millions, unless otherwise noted. 1. 3Y CAGR from 2019-2022 2. Restated under current GWP definition. Q1-2023 2019 2020 2021 2022 PERSONAL AUTO COMBINED RATIO(3) 100.9% 96.2% 111.7% 96.4% 94.7% 91.2% Q1-2022 (Restated) Q1-2023 2019 2020 IFRS 4 IFRS 4 2021 IFRS 4 2022 IFRS 17 3. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12- Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 4. The years 2019-2022 are under IFRS 4. definity. 13#14ROBUST GROWTH IN PERSONAL PROPERTY WITH IMPROVED UNDERWRITING TODAY 17% CAGR in annual personal property GWP(2,3) in 2019-2022 since the launch of Sonnet and Vyne (1) 2-point improvement in combined ratio (3) from 2019-2022(4) Maintained solid underwriting income (3) from 2019-2022(4) OUTLOOK We expect a continuation of the firm pricing conditions prevalent PERSONAL PROPERTY GWP GROWTH (2,3) $200 Q1-2022 12.4% YOY $1,013 $895 $225 $751 $632 Q1-2023 2019 2020 2021 2022 PERSONAL PROPERTY COMBINED RATIO(3) 98.6% in the industry in recent years, the organic growth potential of our digital platforms, and stronger broker relationships to help maintain our growth above that of the industry 96.7% 94.4% 92.6% 91.1% 89.2% We continue to target a mid-90s combined ratio (2) for the personal property line of business on an annual basis Q1-2022 (Restated) Q1-2023 2019 2020 IFRS 4 IFRS 4 2021 IFRS 4 2022 IFRS 17 Note: Figures in millions, unless otherwise noted. 1. 3Y CAGR from 2019-2022 2. Restated under current GWP definition. 3. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12- Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 4. The years 2019-2022 are under IFRS 4. definity. 14#15GROWING AND PROFITABLE COMMERCIAL INSURANCE CAPABILITIES TODAY 20% CAGR in annual commercial lines GWP(2,3) in 2019-2022 reflecting strong growth across each of our segments - Small business, Mid-Market, and Specialty (1) 11-point improvement in combined ratio (3) from 2019-2022(4) $95M increase in underwriting income (3) from 2019-2022(4) OUTLOOK Digitization of broader small business product offering with the recent launch of Vyne Commercial will help deepen our broker relationships Expanded product offering with particular focus in specialty and mid-market $220 COMMERCIAL LINES GWP GROWTH (2,3) 20.0% YOY Q1-2022 $1,071 $264 $910 $729 $617 I Q1-2023 2019 2020 2021 2022 COMMERCIAL LINES COMBINED RATIO(3) 90.9% 85.9% ! 101.7% 96.4% 91.0% 90.3% We continue to expect the commercial insurance business to sustainably deliver annual combined ratios (2) in the low 90s Note: Figures in millions, unless otherwise noted. 1. 3Y CAGR from 2019-2022 Q1-2022 (Restated) Q1-2023 2019 IFRS 4 2020 IFRS 4 2021 IFRS 4 2022 IFRS 17 2. Restated under current GWP definition. 3. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12- Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 4. The years 2019-2022 are under IFRS 4. definity. 15#16LEADING BROKER PLATFORM: PROVEN M&A ABILITY COMPLEMENTS STRONG ORGANIC GROWTH 75+ years of operating history • More than 700 employees across 58 office locations in Ontario Prominent, highly valued brands Premiums Current Ambition • Seasoned management team with track record of value creation ~$750M $1B+ • Cultural alignment and community leadership Strong performance and sustainable growth • • • Robust operating margins and a 3-year compound average premium growth rate in the low-teens Access to 50+ markets with a robust product suite 18 brokerages acquired over the last 6 years with accretive returns • Unique management ownership model Our portfolio of broker investments is expected to generate operating income before finance costs, taxes and minority interests of approximately $60M annually definity. 16#17SEASONED MANAGEMENT TEAM Rowan Saunders President & CEO Philip Mather EVP & CFO Paul MacDonald EVP, Personal Insurance & Digital Channels Innes Dey SVP, Legal and Strategy Tatjana Lalkovic SVP & Chief Technology Officer Tom Reikman SVP & Chief Distribution Officer Fabian Richenberger EVP, Commercial Insurance & Insurance Operations Liam McFarlane SVP & Chief Risk and Actuarial Officer Brigid Pelino SVP & Chief People & Culture Officer Roger Dunbar SVP, Sonnet Donna Ince SVP & Chief Underwriting Officer, Personal Insurance Obaid Rahman SVP & Chief Underwriting Officer, Commercial Insurance A heightened focus on developing executive bench strength and attracting top talent from across the industry 58% of the Senior Leadership Team have been with Definity for more than 5 years Senior leadership Team has an average of more than 15 years of P&C insurance industry experience New hires since 2017 represent -60% of the top-100 senior leaders in the company - Denotes new members of the executive leadership team since 2017 definity. 17#18DEFINITY, IT'S BETTER HERE 2022 Company Recognition Our engagement journey Great Waterstone Place To CANADA'S MOST WorkⓇ ADMIRED Certified JUN 2022 MAY 2023 CANADA CORPORATE CULTURES 2022 TM Definity employee engagement 59% 65% 2015 80% 80% 72% 54% 2017 2019 2020 2021 2022 Top Quartile Top Quartile Best Workplaces for Inclusion Great Place To Work CANADA 2022 Best Workplaces in Financial Services & Insurance Great Place To CANADA Work. 2022 A better employee experience (1) +26% increase in employee engagement since 2019 99% of eligible employees have ownership in the Company through the Definity Share Ownership Plan 87% of SLT level employees are engaged Best Workplaces in Ontario Great Place To Work. CANADA 2022 Key Statistics + 93% retention rate of high-performers 87% of employees feel accepted and included for who they are at work 55% of all hires in the past 12 months are women 45% of managerial positions are held by women 28% of employees who responded to our 2021 Census identified as Black, Indigenous or a Person of Colour definity 86% of employees would recommend Definity as a great place to work ! 85% of employees at Definity feel they have the flexibility they need in their work schedule to meet work and personal needs 1. Employee Engagement Survey was conducted from September 28, 2022, to October 7, 2022. 18#19ESG HIGHLIGHTS Our purpose: Building a better world by helping our clients and communities adapt and thrive. ENVIRONMENT Target: Achieve net zero emissions from operations and investments¹ by 2040 or sooner, including interim targets Climate targets submitted to Science Based Targets initiative in early 2023 for validation $4.6M+ invested in energy efficiency retrofits since 2019 SOCIAL Target: At least 30% women, 15% equity-deserving (BIPOC, LQBTQ+, with [dis]abilities) in VP+ roles by 2026 89% of employees feel Definity is accepting of diverse backgrounds and thinking Provided $2.8 million in support to Definity Insurance Foundation in 2022 • GOVERNANCE 12 of 13 Board directors are independent, including the Chair Executive ESG Steering Committee chaired by SVP, Legal & Strategy to oversee strategy and execution with Board oversight Sustainability-linked loan ties credit facility pricing to annual ESG performance 1. Listed equities and corporate bonds. definity. 19#20FINANCIAL PERFORMANCE AND RISK MANAGEMENT 14 definity.#21OUR FINANCIAL TARGETS Gross Written Premium (1) Combined Ratio (1) 11.4% 95.3% Q1-2023 Grow GWP at an upper single digit to approximately 10% rate (2) supported by, among other things, leveraging our investments in the broker channel, expanding our core commercial insurance and specialty capabilities, and continuing to focus on expansion of our direct-to-consumer offerings Q1-2023 Maintain a full year combined ratio in the mid-90s (2) as our strategic investments drive scale and we continue to generate operational improvements across our business, including our concerted efforts to diversify our business. Operating ROE (1) 9.3% for the last 12 months Generate an annual operating ROE in the upper single digit to below teens range (2) through underwriting profitability, investment performance and distribution income, and reflective of the capital levels generated by our business 1 This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 2 Financial targets are expected to be achieved over the next year. definity. 21#22SIGNIFICANT FINANCIAL FLEXIBILITY UNLEVERED BALANCE SHEET WITH SIGNIFICANT EXCESS CAPITAL We have over $800 million in financial capacity (1) to fund our strategic growth initiatives for the coming years (2) Credit facility set to automatically increase from $150M to $700M upon the continuance of Definity under the Canada Business Corporations Act (the "Continuance"), which is subject to government approval (2) Definity Insurance Company credit rating: "A (low) positive trend" from DBRS, financial strength rating: "A- (Excellent) stable outlook" from AM Best • Future optimization of capital structure expected to support improvements in Operating ROE(1) over time(4) FINANCIAL CAPACITY ICA (2) CBCA (3) Consolidated Excess Capital at 190% MCT: - Definity Insurance Company $196 $196 Definity Financial Corporation $358 $358 Total Excess Capital $554 $554 Leverage Capacity (1,3) Financial Capacity (1) as at Q1-2023 $292 $878 $846 $1,432 STRATEGIC FOCUS ON CONSISTENTLY DEMONSTRATING DISCIPLINED FINANCIAL MANAGEMENT Organic Growth Common Shareholder Dividends (5) Inorganic Growth Share Buybacks 2 22 Note: Figures in millions, unless otherwise noted. 1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 2. Definity is subject to leverage restrictions under the Insurance Companies Act (Canada) (the "ICA"), which provide that its total debt cannot exceed 2.5% of its total assets. Under the ICA, property and casualty insurance companies must maintain adequate capital and appropriate forms of liquidity. The Office of the Superintendent of Financial Institutions ("OSFI"), has published the Minimum Capital Test guideline which provides the framework within which OSFI assesses whether a property and casualty insurance company maintains adequate capital for purposes of the ICA. 3. Assumes Definity proceeds with the Continuance and establishes financial leverage levels at 20% debt and 5% preferred or hybrids. The Continuance is subject to government approval. 4. Expectation subject to certain factors and assumptions. See "Advisory Regarding Forward-Looking Information". 5. Declaration of dividends is subject to Board discretion. definity#23PRUDENT APPROACH TO RESERVING AND REINSURANCE PRUDENT RESERVING PRACTICES ROBUST REINSURANCE FRAMEWORK • Closely monitor adequacy of reserves • Favourable prior year development (PYD) (1) in 9 out of 10 years between 2013-2022 • 2013-2022 average favourable PYD of 1.7% (2) Structured to provide protection against individual large losses and catastrophe events above a certain threshold and to assist with mitigating underwriting risk 97.7% of the Company's reinsurers have a credit rating of "A-” or better, as of December 31, 2022 4.0% 2.0% 0.0% 10-YEAR PYD (1) 10-Year average: favourable 1.7% (2.0%) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Restated In 2023 the upper limit of our Excess of Loss structure increased from $1.8 billion to $1.95 billion to support growth capacity. We retain participations on reinsurance layers between the retention and maximum limit averaging 8.6% for 2023 (2022: 3.4%) including an average of 42.5% between the retention and up to a $100 million loss (2022: 0%). To mitigate against the volatility of catastrophe events we also continued with our 100% placement of the catastrophe aggregate treaty in 2023 on the same terms as 2022. 1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 2. Favourable (adverse) development on prior year claims, undiscounted. The years of 2013-2021 are under IFRS 4 and full year 2022 under IFRS 17. definity. 23#24CONSERVATIVE AND DIVERSIFIED INVESTMENT PORTFOLIO PORTFOLIO HIGHLIGHTS DIVERSE ASSET ALLOCATION FIXED INCOME PORTFOLIO(1) BB 1% 82% of portfolio in high quality fixed income securities 82% of the preferred stocks in the portfolio being rated "P2L" or better Comprised primarily of short- duration investments Our investment portfolio sector mix is concentrated in the secure and liquid government and financials sectors ~$160M of net investment income expected in 2023 1% 0.2% 3% 77% A 1% 11% 6% ■Cash and cash eq. ■Bonds ■Common stocks ■Commercial loans $5.0B ■Short-term investments ■Preferred stocks ■ Pooled funds 22% BBB 15% AA 29% $3.9B 84% of the bonds in our portfolio are rated "A-" or better Note: Data as of March 31, 2023, unless otherwise noted. 1. Using the lowest of S&P and DBRS ratings. AAA 33% definity. 24#25APPENDIX definity.#2626 12-MONTH INDUSTRY OUTLOOK Personal Auto We expect the frequency of claims to normalize toward pre-pandemic levels as people continue to return to on-site work environments. We also expect the inflationary pressures affecting vehicle damage claims to remain elevated. With some early indicators of improving supply chain in production and a slight decline in used car prices, we expect to see severity continue to level off or slightly decline in the coming quarters. Both frequency and severity trends as well as elevated theft levels are expected to continue to drive firming industry pricing and a focus on disciplined underwriting. T Mong Personal Property Due to the volatility of weather events combined with the ongoing inflationary pressure on building materials and labour, claim costs are expected to increase and should be reflected in firm premium pricing over the next 12 months. We expect this volatility to continue, with commensurate rate actions, coverage and appetite changes, and an enhanced focus on loss prevention and mitigation. We expect the reinsurance market to remain firm throughout the remainder of the year, putting greater emphasis on primary insurers to manage catastrophe exposures in the higher catastrophe risk regions of the country. 000 OOO Commercial Insurance The expectations for an economic slowdown have increased, with inflation being more persistent than anticipated and continued volatility in financial markets. This will likely impact industry growth somewhat in the near term. We expect the commercial lines market to remain firm through 2023 as carriers focus on ensuring long-term profitability and sustainable availability of capacity. We expect the hard pricing environment to be influenced by inflation trends, weather events, expected investment returns, and the industry's overall underwriting performance. Elevated reinsurance costs are expected to prolong firm commercial lines market conditions and pricing. definity.#27RECOGNIZED BY CUSTOMERS AND INDUSTRY CUSTOMER AND BROKER RECOGNITION ~51(1) Sonnet average Net Promoter Score sonnet. (>50 is considered excellent) INSURANCE INDUSTRY / EXPERT RECOGNITION Insurance Nexus Canadian Insurance Carrier of the Year Award (2018) vyne G GUIDEWIRE Innovation Award (2018) THE STEVIE AWARDS The World's Premier Business Award Competitions Innovation in Customer Service (2017) sonnet. INSURANCE "To be able to do everything online is a huge benefit and I will recommend Sonnet to everyone." • Sonnet customer 1. Year end 2022. "It's nice to see an insurance company support the broker channel and simplify business for our consumers." - Economical Broker Insurance-Canada ICTA People's Choice Tech Award (2017) sonnet. INSURANCE Vyne G GUIDEWIRE Innovation Award (2016) sonnet. INSURANCE G GUIDEWIRE Cloud Pioneer Award (2022) definity. definity. 27#28FINANCIAL RESULTS IFRS 17 IFRS 9 Q1-2023 Q1-2022 IFRS 4/IAS 39 2022 2021 2020 2019 Insurance revenue 907.5 814.3 Insurance service expenses (782.3) (664.2) Net expenses from reinsurance contracts held (31.3) (34.1) Insurance service result 93.9 116.0 Net investment income 41.0 25.8 133.1 96.8 100.3 105.4 Recognized gains (losses) on FVTPL investments / Recognized (losses) gains on investments 91.7 (197.8) (228.3) (20.8) 79.8 68.3 Finance (expenses) income from insurance contracts issued (64.5) 52.7 Finance income (expenses) from reinsurance contracts held 5.6 (3.2) Distribution revenues 25.5 19.9 Other (expenses) income Restructuring recovery Income (loss) before income taxes Income tax (expense) recovery Net income (loss) Net income (loss) attributable to common shareholders Net income attributable to non-controlling interests (60.0) (41.0) 25.6 (34.0) (1.9) (6.0) 0.8 133.2 (47.5) 305.2 281.2 200.6 21.2 (31.1) 14.9 (52.6) (68.0) (46.7) (3.8) 102.1 (32.6) 252.6 213.2 153.9 17.4 100.9 (32.6) 252.0 213.2 153.9 17.4 1.2 0.0 0.6 0.0 0.0 0.0 Gross written premiums (1) 846.9 760.1 3,662.3 3,258.1 2,829.2 2,533.9 Net underwriting revenue / Net earned premiums (1) 839.1 765.3 3,248.6 2,833.6 2,508.7 2,343.2 Underwriting income (loss) (1) Net investment income Distribution income (1) Finance costs Other operating (expenses) income Operating income (loss) (1) Operating net income (loss) (1) 39.5 57.8 192.3 194.5 136.4 (118.3) 41.0 25.8 133.1 96.8 100.3 105.4 8.9 4.7 13.5 8.0 4.1 3.5 Note: Figures in millions, unless otherwise noted. 1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. (8.8) (5.7) (28.4) (8.4) 1.3 (0.5) 80.6 82.6 310.5 290.9 242.1 (9.9) 63.4 63.3 238.9 220.4 184.4 (5.4) definity. 28#29SELECTED FINANCIAL RATIOS IFRS 17 IFRS 9 IFRS 4/IAS 39 Q1-2023 Q1-2022 2022 2021 2020 2019 Gross written premiums YOY growth (1) 11.4% 14.1% 12.4% 15.2% 11.7% 1.5% Claims ratio (1) 62.6% 59.1% 61.2% 60.8% 62.3% 73.1% Expense ratio (1) 32.7% 33.3% 32.9% 32.3% 32.3% 31.9% Combined ratio (1) 95.3% 92.4% 94.1% 93.1% 94.6% 105.0% ROE (TTM) (1,2) Operating ROE (TTM) (1,2) Minimum capital test (MCT) ratio (3) 9.5% 9.3% 219% 10.6% 10.7% 9.0% 1.1% 10.0% 11.5% 11.0% -0.3% 204% 275% 268% 239% Earnings (loss) per common share, basic $0.88 ($0.28) $2.19 $2.03 $1.48 $0.17 Earnings (loss) per common share, diluted $0.87 ($0.28) $2.15 $2.02 $1.48 $0.17 Operating earnings (loss) per common share (1) $0.54 $0.54 $2.04 $2.09 $1.77 ($0.05) Book value per share (1) $22.90 $21.68 $20.74 $20.68 $17.48 $15.49 Note: Figures in millions, unless otherwise noted. 1. This is a supplementary financial measure, non-GAAP financial measure, or a non-GAAP ratio. Refer to Supplementary Financial Measures and Non-GAAP Financial Measures and Ratios advisory and Section 12 - Supplementary financial measures and non-GAAP financial measures and ratios in the Q1-2023 MD&A for further details. 2. ROE and Operating ROE are calculated for the 12 months ended December 31, 2019, 2020, 2021, and 2022. ROE stands for Return on equity. 3. Consolidated Definity Insurance Company. Under the ICA, property and casualty insurance companies must maintain adequate capital and appropriate forms of liquidity. OSFI has published the Minimum Capital Test guideline which provides the framework within which OSFI assesses whether a property and casualty insurance company maintains adequate capital for purposes of the ICA. definity. 29#30BALANCE SHEET IFRS 17 IFRS 9 IFRS 4/IAS 39 Q1-2023 2022 2022 2021 2020 2019 Total cash and investments Restricted cash 5,045.7 5,097.7 286.7 302.1 5,098.4 302.1 5,753.1 4,876.6 4,285.7 Premiums receivable 1,188.8 110.8 1,075.9 958.7 850.7 Income taxes receivable 45.8 81.7 81.7 0.2 2.1 3.0 Reinsurance receivable and recoverable 255.8 179.2 95.6 95.1 Reinsurance contract assets 315.0 305.1 Deferred policy acquisition expenses 327.0 295.1 260.2 235.6 Property and equipment Deferred income tax assets 82.8 83.8 83.8 57.0 56.9 61.1 22.5 25.2 55.0 62.5 40.2 89.8 Goodwill and intangible assets 771.1 771.6 771.6 219.7 211.6 210.9 Other assets Total assets 169.9 152.5 152.6 137.9 118.4 124.6 6,739.5 6,819.7 8,316.8 7,891.4 6,620.3 5,956.5 Unearned premiums 1,765.4 1,599.2 1,433.1 1,294.5 Claim liabilities 3,254.3 3,336.1 3,026.3 2,808.2 Insurance contract liabilities 3,463.6 3,577.7 Accounts payable and other liabilities 109.1 139.0 405.7 393.4 324.2 240.6 Income taxes payable 0.6 55.6 18.7 2.2 Deferred income tax liabilities 94.6 103.5 69.8 Demand loans 38.1 39.1 39.1 Demutualization amounts outstanding 286.7 302.1 302.1 110.8 Total liabilities 3,992.7 4,161.4 5,836.4 5,495.1 4,802.3 4,345.5 Share capital 2,281.6 2,254.2 2,254.2 2,307.8 Contributed surplus 24.4 40.2 40.2 19.3 Retained earnings (deficit) 362.1 287.8 179.3 (28.8) Accumulated other comprehensive (loss) income (AOCI) (30.9) (32.4) (101.8) 98.0 Equity attributable to common shareholders 2,637.2 2,549.8 2,371.9 2,396.3 1,755.9 62.1 1,818.0 1,608.6 2.4 1,611.0 Non-controlling interests 109.6 108.5 108.5 Total equity 2,746.8 2,658.3 2,480.4 2,396.3 1,818.0 1,611.0 Total liabilities and equity 6,739.5 6,819.7 8,316.8 7,891.4 6,620.3 5,956.5 Note: Figures in millions, unless otherwise noted. definity. 30 30#31SUPPLEMENTARY FINANCIAL MEASURES AND NON-GAAP FINANCIAL MEASURES AND RATIOS The Company's unaudited condensed interim consolidated financial statements and accompanying notes for the quarter ended March 31, 2023 have been prepared in accordance with International Financial Reporting Standards ("IFRS" or "GAAP"). We measure and evaluate performance of our business using a number of financial measures. Among these measures are the "supplementary financial measures", "non-GAAP financial measures", and "non-GAAP ratios" (as such terms are defined under Canadian Securities Administrators' National Instrument 52-112 - Non GAAP and Other Financial Measures Disclosure) included in this presentation, and in each case are not standardized financial measures under GAAP. The supplementary financial measures, non-GAAP financial measures, and non-GAAP ratios in this presentation may not be comparable to similar measures presented by other companies. These measures should not be considered in isolation or as a substitute for analysis of our financial information reported under GAAP. For more information about these supplementary financial measures, non-GAAP financial measures, and non- GAAP ratios, including (where applicable) an explanation of how that measure provides useful information and a quantitative reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure disclosed in our unaudited condensed interim consolidated financial statements, see Section 12 - "Supplementary Financial Measures and Non- GAAP Financial Measures and Ratios" in the Management's Discussion and Analysis dated May 11, 2023 ("Q1-2023 MD&A"), available on www.sedar.com. The information presented in this presentation includes the following supplementary financial measures, non-GAAP financial measures and non-GAAP ratios: Supplementary Financial Measures: Book value per share, catastrophe losses, financial capacity, gross written premiums, and leverage capacity. Non-GAAP Financial Measures: Core accident year claims and adjustment expenses, distribution income, net claims and adjustment expenses, net commissions, net underwriting revenue, non-operating gains (losses), operating income, operating net income, prior year claims development, underwriting expenses, and underwriting income. Non-GAAP Ratios: Claims ratio, combined ratio, expense ratio, return on equity ("ROE"), operating return on equity ("operating ROE"), operating earnings per common share, and certain other ratios. definity. 31#32CONTACT US Investor Relations Definity Financial Corporation Investor Relations Department 121 King St West, Suite 1400, Toronto, ON M5H 3T9 (TF) 1-866-902-4724 [email protected] Dennis Westfall Head, Investor Relations (C) 416-435-5568 [email protected] Corporate Communications Sarah Attwells AVP, Corporate Affairs (C) 226-753-1130 [email protected] General Inquiries Definity Financial Corporation 111 Westmount Rd. S., P.O. Box 2000 Waterloo, ON N2J 4S4 (T) 1-800-265-2180 or 519-570-8200 definity. 32#33definity. © 2023 Definity Financial Corporation. Intellectual property belongs to Definity Financial Corporation and/or its affiliates.