Intact Financial Corporation

Intact at a glance – March 2024

About us
We’re motivated by our purpose
We are here to help people, businesses and society prosper in good times and be resilient in bad times.

We’re driven by our values

Our Values guide our decision-making, keep us grounded, help us outperform and are key to our success.

Integrity Respect Customer- Excellence Generosity

driven
Be honest, Be kind Act with discipline Help others
open and fair Listen to our and drive to
See diversity outperform Protect the
Set high standards as a strength customers environment
Make it easy, Embrace change,
Stand up for Be inclusive and improve every day Make our
what is right collaborate find solutions communities
Deliver second-to- Celebrate success, more resilient
none experiences yet remain humble

We’re guided by our core belief

We are a purpose-driven company based on values and a belief that insurance is about people, not things.
What we do
Intact is the largest provider of Property ①
& Casualty insurance in Canada, a leading
specialty lines insurer with international
expertise and a leader in commercial lines ③
in the U.K. and Ireland.

②
① Largest provider of P&C
insurance in Canada
② Leading Global Specialty
Lines platform
③ U.K. & Ireland leading
commercial lines insurer

We have a global team of more than Our business has grown organically and through
30,000 employees delivering best-in-class acquisitions to over $22 billion of total annual
service through over 350 offices. operating Direct Premiums Written.1

Our P&C segments2 Our lines of business2

13%
28%

20% 46%
67%

26%

Canada U.K.&I U.S. Personal lines Commercial lines Specialty lines

1 See Section 31 — Non-GAAP and other financial measures of the MD&A for more details.
2 Based on 2023 operating DPW on a continuing pro-forma basis. This reflects the impact of the DLG brokered commercial lines acquisition for a full year and excludes U.K. personal
lines DPW, as this is a better indication of our future annual premiums. See Section 31—Non-GAAP and other financial measures of the MD&A for more details.

[4] 2023 Intact Financial Corporation Annual Report

Over the last decade, our total annual operating DLG

Direct Premiums Written1 tripled in size to over ~$36B

$22 billion in 2023. Our strong growth trajectory Market Cap

has been supported by successful acquisitions RSA

while surpassing our financial objectives. As

a result, our market cap has consistently
increased over time and reached a record
high of $36 billion in 2023.
GCNA
$22.4B
DPW
OneBeacon

Innovassur
Canadian
Metro Direct
General

JEVCO
AXA Canada

$4.5B
Market Cap

$4.3B
DPW

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1 See Section 31 —Non-GAAP and other financial measures of the MD&A for more details.

2023 Intact Financial Corporation Annual Report [5]

What we aim
to achieve

Our objectives

3 out of 4 customers We are a best employer

are our advocates Our customers
Our people are Our employees and leaders
are our
4 out of 5 brokers value
ADVOCATES ENGAGED are representative of the
our specialized expertise communities we serve

3 out of 4 stakeholders Our company

recognize us as leaders in is one of the Exceed industry ROE by 5 pts
building resilient communities
MOST Grow NOIPS 10% yearly over time
Achieve Net Zero by 2050, and halve RESPECTED
our operations emissions by 2030

[6] 2023 Intact Financial Corporation Annual Report

2023 strategic highlights

Our customers are our ADVOCATES 71% 82%

of our personal lines of brokers in Canada,
customers who had the U.S. and the U.K. value
a transaction with us our specialized expertise
are our advocates

Our people are ENGAGED 2023 Kincentric Representing the

Best Employer: communities we serve:
• in Canada for the
8th consecutive year 40%
of Vice President and
• in the U.S. for the
higher positions at IFC
5th consecutive year
are held by women
Progression toward Best
Employer in U.K.&I: 14%
A six-point improvement
of Vice President and higher
this year on the employee
positions in Canada and U.S.
engagement survey
are held by employees who
identify as Black People and
People of Colour1

Our company is one of the 10-year CAGR

57%
MOST RESPECTED 12% of stakeholders in Canada
with a Net Operating Income believe that Intact is a leader
Per Share2 of $11.70 in helping build resilient
communities4
10-year average Return on
Equity2,3 outperformance of

6.8 points

1 Excluding On Side Restoration due to data unavailability.

2 See Section 31 —Non-GAAP and other financial measures of the MD&A for more details.
3 Intact’s ROE corresponds to an adjusted return on equity (AROE), which is more comparable to the industry.
4 Intact’s Resilience Barometer measures our progress on achieving our target of “3 out of 4 stakeholders recognize us as leaders in building resilient communities” through feedback
from key stakeholders. More information on “our company is one of the most respected” objective can be found in the annual Social Impact and ESG Report.

2023 Intact Financial Corporation Annual Report [7]

Our strategic
roadmap

Our strategy

Expand leadership Strengthen leading Build a Specialty

position in Canada position in U.K. & Ireland Lines leader

Leading customer 3 out of 4 customers Leading broker & Expand broker Specialized customer Expand
experience digitally engaged customer experience distribution value proposition distribution

10% Scale in
distribution
Further
consolidation
Optimize
underwriting & claims
Responsive and
agile technology
Profitable &
growing mix
Consolidate
fragmented
NOIPS in Canada for outperformance and operations of verticals market
growth
annually
Outperform industry
over time
combined ratio by 5 pts
Low 90s combined ratio Sub-90s combined ratio
500 bps
Annual ROE
Outperformance*
Transform our competitive advantages & solidify outperformance
Global leader in leveraging data Deep Claims expertise & strong Strong capital & investment
and AI for pricing and risk selection supply chain network management expertise

Invest in our people

Be a best employer Be a destination for top talent & experts Enable our people to thrive

Invest in our community

Leverage our strengths to win on climate Build resilient communities

Based on a weighted-average ROE benchmark of leading P&C insurers in Canada, the U.S. and the U.K.
*

[8] 2023 Intact Financial Corporation Annual Report

Highlights of our
strategic progress

Expand our leadership position in Canada belairdirect, our direct-to-consumer

arm, and BrokerLink, our wholly
owned business, strengthened
our scale in distribution with over

$6.5 billion
of total annual DPW1

Strengthen our leading position in U.K. & Ireland Optimized our footprint to become
one of the largest
commercial lines writers in the U.K. with
the acquisition of Direct Line’s brokered
Commercial Lines operations

Build a Specialty Lines leader Over $6 billion

in DPW1 generated as we expand our
capabilities across our global platform
and progress on pricing sophistication

Transform our competitive advantages 93 new AI models

and solidify outperformance deployed by our Data Lab experts,
guided by an outperformance mindset
and a strong data and AI governance

Invest in our people Almost a quarter

of our employees moved to a new role
and progressed their career, enabling our
people to grow with us, while deepening
the global talent pool

Invest in our community $26.4 million

in funding for climate adaptation since
2010, supporting applied research and
adaptation actions that help build resilient
communities where we operate

1 See Section 31 —Non-GAAP and other financial measures of the MD&A for more details.

2023 Intact Financial Corporation Annual Report [9]

Our strong track
record of financial
performance

[ 10 ] 2023 Intact Financial Corporation Annual Report

Net Operating Income Per Share1 over time
NOIPS
12%
10-year CAGR
15
$11.70
12 This was driven by solid organic growth,
healthy underwriting margins, as well as
9 strong investment and distribution results,
6 altogether bolstered by contributions
from our numerous acquisitions. We
3 remain confident in our ability to grow
NOIPS by 10% annually, over time.
0
2014 2015 2016 2017 2018 2019 2020 2021 20222 20232

ROE1,3 outperformance Average ROE over the past decade

ROE outperformance versus the industry of 14.6% exceeding industry ROE
by a yearly average of 6.8 points.4
15

12 Estimated ROE outperformance in

2023 was impacted by our strategic
9 restructuring and derisking activities
6
during the year. We remain confident
in our ability to deliver 500 bps of ROE
3 outperformance every year, driven by our
underwriting, claims, as well as capital
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 20232 and investment management activities.

Total shareholder return5 10-year Annualized Total

Shareholder Return
IFC TSX 60

300
274% 14% 8%
250 IFC TSX 60
200
150
121% We had 19 consecutive dividend
increases since our IPO, and total
100 shareholder return outpacing the
50 TSX 60 by 600 basis points per
0 year, over the last 10 years.
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

1 See Section 31—Non-GAAP and other financial measures of the MD&A for more details.
2 IFRS 17 basis.
3 Intact’s ROE corresponds to an adjusted return on equity (AROE), which is more comparable to the industry.
4 2023 ROE outperformance is estimated at 260 basis points and includes estimated U.K. industry ROE. Final 2023 outperformance results will be available in Q2-2024.
5 This graph compares the total cumulative return of $100 invested in Common Shares of the Company with the total cumulative return of the S&P/TSX, assuming the reinvestment of dividends.

2023 Intact Financial Corporation Annual Report [ 11 ]

2023 financial highlights
Our performance is driven by our sophisticated pricing, disciplined
underwriting, in-house claims expertise and strong supply chain
network. Despite the unusually challenging operating environment,
we reported solid results, a testament to the resilience of our
operations as well as our ability to deliver strong profitable growth.

We reported solid operating performance in 2023

Underwriting Investment Distribution

$22.4B $1,346M $467M

Operating DPW1 Operating Net
Investment Income1
Distribution Income1
$11.70
BrokerLink closed NOIPS1

94.2% 3.94% 20 acquisitions,

$6.99
representing
Combined Ratio Market-based yield
$375M
1,2

DPW EPS

Our financial position continues to be strong3

22.4% $2.7B
Adjusted Debt-to-Total Total Capital Margin1
Capital Ratio1

Credit Ratings

A+ AA AA- A1
$81.71
BVPS1
A.M. Best DBRS Fitch Moody’s

14.2% 11.7% 8.8%

OROE1 AROE1 ROE1

1 See Section 31 —Non-GAAP and other financial measures of the MD&A for more details.
2 Combined ratio is presented on an undiscounted basis, in line with how we manage our business.
3 As of December 31, 2023.

[ 12 ] 2023 Intact Financial Corporation Annual Report

Shareholder and
corporate information
Toronto Stock Exchange (TSX) listings Transfer agent and registrar
Common Shares Ticker Symbol: IFC Computershare Investor Services Inc.
Series 1 Preferred Shares Ticker Symbol: IFC.PR.A 100 University Avenue, 8th Floor, North Tower
Series 3 Preferred Shares Ticker Symbol: IFC.PR.C Toronto, Ontario M5J 2Y1
Series 5 Preferred Shares Ticker Symbol: IFC.PR.E 1-800-564-6253
Series 6 Preferred Shares Ticker Symbol: IFC.PR.F
Series 7 Preferred Shares Ticker Symbol: IFC.PR.G Dividend reinvestment
Series 9 Preferred Shares Ticker Symbol: IFC.PR.I Shareholders can reinvest their common share dividends of Intact Financial
Series 11 Preferred Shares Ticker Symbol: IFC.PR.K Corporation on a commission-free basis either through their broker under a
Dividend Reinvestment Plan (DRIP) administered on behalf of the Company
Annual meeting of shareholders Earnings conference
by our transfer agent, Computershare Investor Services Inc., or via the
call dates
Date: Wednesday, May 8, 2024 Co-Operative Investing Service operated by Canadian ShareOwner
Q1 —May 8, 2024 Investments Inc. Full details can be obtained by visiting the “Investors”
Time: 1:00 p.m. (Eastern Time) Q2 —July 31, 2024 section of the www.intactfc.com website.
Q3 —November 6, 2024
Place: Virtual-only meeting via
Q4 —February 12, 2025 Eligible dividend designation
live webcast. The webcast will
be available at https://web. For purposes of the enhanced dividend tax credit rules contained in the Income
lumiagm.com/#/452621456. Tax Act (Canada) and any corresponding provincial and territorial tax legislation,
Detailed information on how to all dividends (and deemed dividends) paid by Intact Financial Corporation to
participate in the Meeting is included Canadian residents on our common and preferred shares after December
in our Management Proxy Circular. 31, 2005, are designated as eligible dividends. Unless stated otherwise,
all dividends (and deemed dividends) paid by the Company hereafter are
Common share dividend history designated as eligible dividends for the purposes of such rules.

Record date Payable date Amount Information for shareholders outside of Canada
December 15, 2023 December 29, 2023 $1.10 Dividends paid to residents of countries with which Canada has bilateral tax
treaties are generally subject to the 15% Canadian non-resident withholding tax.
September 15, 2023 September 29, 2023 $1.10
There is no Canadian tax on gains from the sale of shares (assuming ownership
June 15, 2023 June 30, 2023 $1.10 of less than 25%) or debt instruments of the Company owned by non-residents
not carrying on business in Canada. No government in Canada levies estate
March 15, 2023 March 31, 2023 $1.10 taxes or succession duties.
December 15, 2022 December 30, 2022 $1.00
Auditors
September 15, 2022 September 30, 2022 $1.00
Ernst & Young LLP
June 15, 2022 June 30, 2022 $1.00
March 15, 2022 March 31, 2022 $1.00
Investor inquiries Media inquiries

Shubha Khan David Barrett

Common share dividend dates in 2024* Director, Media, Social
Vice President, Investor Relations
1-416-341-1464, ext. 41004 and Owned Channels
Record date Payable date 1-416-227-7905 / 1-514-985-7165
shubha.khan@intact.net
March 15, 2024 March 29, 2024 media@intact.net

June 14, 2024 June 28, 2024

September 13, 2024 September 27, 2024 Data items are not adjusted for stock splits and consolidations. This data
is provided “AS IS”. TSX, its affiliates and their respective service providers,
December 16, 2024 December 31, 2024
suppliers and licensors: (i) make no warranties or representations of any kind,
express, implied or otherwise regarding this data or its accuracy, completeness
or timeliness, (ii) disclaim the implied warranties of merchantability and fitness
Preferred share dividend dates in 2024* for a particular purpose, and (iii) assume no liability in making this data available.

Record date Payable date A glossary of abbreviations can be found in Section 35—Glossary and
definitions of the MD&A. A glossary of definitions of GAAP and non-GAAP
March 15, 2024 March 31, 2024
financial measures, as well as other insurance-related terms used in our
June 14, 2024 June 30, 2024 financial reports, can be obtained by visiting the “Investors” section of the
September 13, 2024 September 30, 2024 www.intactfc.com website.

December 16, 2024 December 31, 2024 Version française

Il existe une version française du présent rapport annuel à la section Investisseurs
* Dividends are not guaranteed and are subject to approval by the Board of Directors. de notre site Web www.intactfc.com/French/accueil/default.aspx.

Les personnes intéressées peuvent obtenir une version imprimée en envoyant

un courriel à ir@intact.net.

2023 Intact Financial Corporation Annual Report [ 277 ]

Why invest
in Intact

Largest provider of P&C Consistently outperforms Track record of strong

insurance in Canada, leader in industry due to disciplined capital generation and annual
commercial lines in the U.K. and underwriting, scale advantage and dividend increases
Ireland, with a leading Global in-house claims expertise
Specialty Lines platform

Proven industry consolidator Financial strength reinforced 2023 Kincentric Best Employer
& integrator by prudent risk management in Canada and the U.S.