Financial Performance and Risk Management Overview

ADVISORY 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