Financial Performance and Risk Management Overview
GROWING 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.
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