Intact Financial : Presentation (

Forward-looking statements

Certain of the statements included in this presentation about the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements or any other future events or developments constitute forward-looking statements. The words "may", "will", "would", "should", "could", "expects", "plans", "intends", "trends", "indications", "anticipates", "believes", "estimates", "predicts", "likely", "potential" or the negative or other variations of these words or other similar or comparable words or phrases, are intended to identify forward-looking statements. Unless otherwise indicated, all forward-looking statements in this presentation are made as at September 30, 2022, and are subject to change after this date. This presentation contains forward-looking statements with respect to the acquisition (the "RSA Acquisition") and integration of RSA Insurance Group PLC ("RSA"), the sale of the Company's 50% stake in RSA Middle East B.S.C. (c) to National Life & General Insurance Company (NLGIC) (the "Sale of Middle East"), the realization of the expected strategic, financial and other benefits of the Sale of Middle East, and with respect to the impact of COVID-19 and related economic conditions on the Company's operations and financial performance.

Forward-looking statements are based on estimates and assumptions made by management based on management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances. In addition to other estimates and assumptions which may be identified herein, estimates and assumptions have been made regarding, among other things, the realization of the expected strategic, financial and other benefits of the RSA Acquisition, the Sale of Middle East, and economic and political environments and industry conditions. There can be no assurance that the strategic and financial benefits expected to result from the RSA Acquisition or the Sale of Middle will be realized. Many factors could cause the Company's actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors:

• expected regulatory processes and outcomes in connection with its business;	• the Company's ability to contain fraud and/or abuse;	• the cyclical nature of the P&C insurance industry;
• government regulations designed to protect policyholders and creditors rather than	• periodic negative publicity regarding the insurance industry;	• management's ability to accurately predict future claims frequency and severity,
investors;	• the Company's reliance on brokers and third parties to sell its products to clients and provide	• the Company's ability to successfully pursue its acquisition strategy;
• the occurrence and frequency of catastrophe events, including a major earthquake;	services to the Company, and the impact of COVID-19 and related economic conditions on such	• the Company's ability to execute its business strategy;
• catastrophe losses caused by severe weather and other weather-related losses, as well as the	brokers and third parties;	• management's estimates and expectations in relation to future economic and business
impact of climate change;	• the occurrence of and response to public health crises including epidemics, pandemics or outbreaks	conditions and other factors in relation to the Sale of Middle East and resulting impact on
• intense competition and disruption;	of new infectious diseases, including, most recently, the COVID-19 pandemic and ensuing events;	growth and accretion in various financial metrics;
• unfavourable capital market developments or other factors, including the impact of the	• the volatility of the stock market and other factors affecting the trading prices of the Company's	• the Company's ability to improve its combined ratio, retain existing and attract new
COVID-19 pandemic and related economic conditions, which may affect the Company's	securities, including in the context of the COVID-19 economic crisis;	business, attract and retain key employees with the in-depth knowledge and necessary
investments, floating rate securities and funding obligations under its pension plans;	• litigation and regulatory actions, including with respect to the COVID-19 pandemic;	skills, maintain market position arising from successful integration plans relating to the
• the Company's ability to implement its strategy or operate its business as management	• changes in laws or regulations, including those adopted in response to COVID-19 that would, for	RSA Acquisition, as well as management's estimates and expectations in relation to future
currently expects;	example, require insurers to cover business interruption claims irrespective of terms after policies	economic and business conditions and other factors in relation to the RSA Acquisition and
• its ability to accurately assess the risks associated with the insurance policies that the	have been issued, and could result in an unexpected increase in the number of claims and have a	resulting impact on growth and accretion in various financial metrics;
Company writes;	material adverse impact on the Company's financial results;	• the Company's participation in the Facility Association (a mandatory pooling arrangement
• the Company's ability to otherwise complete the integration of the business acquired within	• COVID-19 related coverage issues and claims, including certain class actions and related defence	among all industry participants) and similar mandated risk-sharing pools;
anticipated time periods and at expected cost levels, as well as its ability to operate in new	costs, could negatively impact our claims reserves;	• general economic, financial and political conditions;
jurisdictions relating to the RSA Acquisition;	• terrorist attacks and ensuing events;	• the Company's dependence on the results of operations of its subsidiaries and the ability
• the Company's ability to achieve synergies arising from successful integration plans relating	• the Company's ability to maintain its financial strength and issuer credit ratings;	of the Company's subsidiaries to pay dividends;
to acquisitions;	• the Company's access to debt and equity financing;	• the Company's ability to hedge exposures to fluctuations in foreign exchange rates;
• the Company's reliance on information technology and telecommunications systems and	• the Company's ability to compete for large commercial business;	• future sales of a substantial number of its common shares;
potential failure of or disruption to those systems, including in the context of the impact on	• the Company's ability to alleviate risk through reinsurance;	• the Company's ability to meet its net zero carbon emission targets; and
the ability of our workforce to perform necessary business functions remotely, as well as in	• the Company's ability to successfully manage credit risk (including credit risk related to the financial	• changes in applicable tax laws, tax treaties or tax regulations or the interpretation or
the context of evolving cybersecurity risk;	health of reinsurers);	enforcement thereof.
• the impact of developments in technology and use of data on the Company's products and	• the Company's dependence on and ability to retain key employees;

distribution;

All of the forward-looking statements included in this presentation, the MD&A and the quarterly earnings press release dated November 8, 2022 are qualified by these cautionary statements and those made in the section entitled Risk management (Sections 30-35) of our MD&A for the year ended December 31, 2021 and the Company's Annual Information Form for the year ended December 31, 2021. These factors are not intended to represent a complete list of the factors that could affect the Company. These factors should, however, be considered carefully. Although the forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. When relying on forward-looking statements to make decisions, investors should ensure the preceding information is carefully considered. Undue reliance should not be placed on forward-looking statements made herein. The Company and management have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

2	Q3-2022 Review of Performance

Disclaimer

This presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever.

The information contained in this presentation concerning the Company does not purport to be all-inclusive or to contain all the information that a prospective purchaser or investor may desire to have in evaluating whether or not to make an investment in the Company. The information is qualified entirely by reference to the Company's publicly disclosed information.

No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its the directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. In furnishing this presentation, the Company does not undertake or agree to any obligation to provide the attendees with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation that may become apparent. The information and opinions contained in this presentation are provided as at the date of this presentation. The contents of this presentation are not to be construed as legal, financial or tax advice. Each prospective purchaser should contact his, her or its own legal adviser, independent financial adviser or tax adviser for legal, financial or tax advice.

Non-GAAP and Other Financial Measures

We use both Generally Accepted Accounting Principles (GAAP) financial measures ("reported measures"), as well as Non-GAAP financial measures and Non-GAAP ratios (each as defined in National Instrument 52-112"Non-GAAP and Other Financial Measures Disclosure") to assess our performance. Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry.

The Non-GAAP financial measures included in this presentation and other financial reports are: operating DPW, operating NPW, operating NEP, operating net claims, operating net underwriting expenses, underwriting income, operating net investment income, distribution income, total finance costs, other operating income (expense), operating and total income tax expense (benefit), PTOI, NOI, NOI attributable to common shareholders, pre-tax income, non-operating results, adjusted net income, adjusted average common shareholder's equity, adjusted average common shareholder's equity (excluding AOCI), debt outstanding (excluding hybrid debt), debt outstanding and preferred shares (including NCI) and adjusted total capital.

The Non-GAAP ratios included in the presentation and other financial reports (other than Consolidated financial statements) are:

• operating growth and operating growth in constant currency (for both operating DPW and NPW);
• operating NEP growth and operating NEP growth in constant currency;
• operating combined ratio, claims ratio (including underlying current year loss ratio, CAT loss ratio and PYD ratio) and expense ratio (including commissions ratio, general expenses ratio and premium taxes ratio);
• operating and total effective income tax rates;
• NOIPS and AEPS, as well as ROE, OROE and AROE;
• book value per share (BVPS) excluding AOCI; and adjusted debt-to-total capital ratio and total leverage ratio.

We believe that similar measures and ratios are widely used in the industry and provide investors, financial analysts, rating agencies and other stakeholders with a better understanding of our business activity and financial results over time, in line with how management analyses performance. Non-GAAP and other financial measures used by management are fully defined and reconciled to the corresponding GAAP measures. We also use other financial measures to assess our performance, including supplementary financial measures and segment measures, which are further presented in the MD&A.

See Section 23 - Non-GAAP and other financial measures of the Q3-2022 MD&A for the definition and reconciliation to the most comparable GAAP measures (or "reported measures").

Important notes:

• Abbreviations and definitions of selected key terms used in this presentation are defined in Section 27 - Glossary and definitions of our Q3-2022 MD&A
• Other insurance-related terms are defined in Section 27 - Glossary and definitions of our Q3-2022 MD&A, as well as in the glossary available in the "Investors" section of our web site at www.intactfc.com.
• Certain totals, subtotals and percentages may not agree due to rounding. Not meaningful (nm) is used to indicate that the current and prior year figures are not comparable, not meaningful, or if the percentage change exceeds 1,000%.

3	Q3-2022 Review of Performance

Charles Brindamour

Chief Executive Officer

Key points & highlights

$2.70	$2.02	92.6%
NOIPS1		EPS	Operating Combined Ratio1
Slight increase in operating combined ratio, offset in	Solid operating and	Very strong results in commercial lines and Canada personal auto
part by higher investment and distribution income	non-operating performance	performing as expected
+2%	constant	+4% currency	$78.90
	constant
	currency
Operating DPW1 Growth	DPW Growth	BVPS
Continued solid growth in specialty lines, partially offset by	DPW as reported under IFRS	Stable year-over-year, as strong earnings were offset by
significant mark-to-market losses on investments
profitability actions, including strategic exits

15%	19.1%	$2.5B
OROE1	ROE1	Total Capital Margin2

Reflecting continued strong performance	Strong financial position and solid regulated capital ratios in all
jurisdictions, despite challenging capital markets

5	1This is a non-GAAP measure. See section 23 - Non-GAAPand other financial measures of the Q3-2022 MD&A, available on www.sedar.com.	Q3-2022 Review of Performance
2 See section 20.2 - Maintaining a strong capital position of the Q3-2022 MD&A, available on www.sedar.com