Definity Investment and Insurance Strategy Overview
SUPPLEMENTARY 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 September 30, 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 November 9, 2023 ("Q3-2023 MD&A"), available on www.sedarplus.ca.
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
expenses, net underwriting revenue, non-operating gains (losses), operating income, operating net income, prior year claims development, and underwriting (loss) 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 ("operating
EPS"), and certain other ratios.
definity.
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