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Intact

Intact Financial Corporation (TSX: IFC)

Q3-2021 Review of Performance

Wednesday, November 10, 2021

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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, 2021, and are subject to change after that date. This presentation contains forward-looking statements with respect to the acquisition (the "RSA Acquisition") of RSA Insurance Group PLC ("RSA") and the sale (the "Sale") of Codan Forsikring A/S's Danish business ("Codan DK") to Alm. Brand A/S group ("Alm.Brand"), the separation and transfer of the businesses in Sweden and Norway from Codan DK (the "Separation"), the receipt of all requisite approvals or clearances of the Separation and the Sale in a timely manner and on terms acceptable to the Company, the realization of the expected strategic, financial and other benefits of the Sale 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 base d 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 Separation and the Sale, and economic and political environments and industry conditions. However, the completion of the Sale is subject to customary closing conditions, termination rights and other risks and uncertainties, including, without limitation, the Separation, regulatory approvals and clearances, and there can be no assurance that the Sale will be completed in a timely manner, or at all. There can also be no assurance that the strategic and financial benefits expected to result from the RSA Acquisition, the Separation or the Sale, 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;
• government regulations designed to protect policyholders and creditors rather than	•	periodic negative publicity regarding the insurance industry;
	investors;	•	the Company's reliance on brokers and third parties to sell its products to clients and provide
• 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
• catastrophe losses caused by severe weather and other weather-related losses, as well		brokers and third parties;
	as the impact of climate change;	•	the occurrence of and response to public health crises including epidemics, pandemics or
•	intense competition and disruption;		outbreaks of new infectious diseases, including, most recently, the COVID-19 pandemic and
•	unfavourable capital market developments or other factors, including the impact of the		ensuing events;
	COVID-19 pandemic and related economic conditions, which may affect the Company's	•	the volatility of the stock market and other factors affecting the trading prices of the Company's
	investments, floating rate securities and funding obligations under its pension plans;		securities, including in the context of the COVID-19 crisis;
• the Company's ability to implement its strategy or operate its business as management	•	litigation and regulatory actions, including with respect to the COVID-19 pandemic;
	currently expects;	•	changes in laws or regulations, including those adopted in response to COVID-19 that would, for
• its ability to accurately assess the risks associated with the insurance policies that the		example, require insurers to cover business interruption claims irrespective of terms after policies
	Company writes;		have been issued, and could result in an unexpected increase in the number of claims and have a
•	the Company's ability to otherwise complete the integration of the business acquired		material adverse impact on the Company's results;
	within anticipated time periods and at expected cost levels, as well as its ability to	•	COVID-19 related coverage issues and claims, including certain class actions and related defence
	operate in new jurisdictions relating to the RSA Acquisition;		costs, could negatively impact our claims reserves;
•	the Company's ability to achieve synergies arising from successful integration plans	•	terrorist attacks and ensuing events;
	relating to acquisitions;	•	the Company's ability to maintain its financial strength and issuer credit ratings;
•	the Company's reliance on information technology and telecommunications systems	•	the Company's access to debt and equity financing;
	and potential failure of or disruption to those systems, including in the context of the	•	the Company's ability to compete for large commercial business;
	impact on the ability of our workforce to perform necessary business functions remotely,	•	the Company's ability to alleviate risk through reinsurance;
	as well as in the context of evolving cybersecurity risk;	•	the Company's ability to successfully manage credit risk (including credit risk related to the financial
• the impact of developments in technology and use of data on the Company's products		health of reinsurers);
	and distribution;	•	the Company's dependence on and ability to retain key employees;
		•	the cyclical nature of the P&C insurance industry;

• management's ability to accurately predict future claims frequency and severity, including in the high net worth and personal auto lines of business;

• the Company's ability to successfully pursue its acquisition strategy;
• the Company's ability to execute its business strategy;
• management's estimates and expectations in relation to future economic and business conditions and other factors in relation to the Separation, the Sale and resulting impact on growth and accretion in various financial metrics;
• unfavourable capital markets developments or other factors that may adversely affect Alm.Brand's ability to finance the Sale;
• the Company's profitability and it's ability to improve its combined ratio, retain existing and attract new business, retain key employees and achieve synergies and maintain market position arising from successful integration plans relating to the RSA Acquisition, as well as management's estimates and expectations in relation to future economic and business conditions and other factors in relation to the RSA Acquisition and resulting impact on growth and accretion in various financial metrics;
• the Company's profitability and ability to improve its combined ratio in the United
  States;
• the Company's participation in the Facility Association (a mandatory pooling arrangement among all industry participants) and similar mandated risk-sharing pools;
• general economic, financial and political conditions;
• the Company's dependence on the results of operations of its subsidiaries and the ability of the Company's subsidiaries to pay dividends;
• the Company's ability to hedge exposures to fluctuations in foreign exchange rates;
• future sales of a substantial number of its common shares; and
• changes in applicable tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof.

All of the forward-looking statements included in this presentation, the MD&A and the quarterly earnings press release dated November 9, 2021 are qualified by these cautionary statements and those made in the section entitled Risk management (Sections 28-33) of our MD&A for the year ended December 31, 2020 and in the risk section entitled Risk management (Sections 19-20) of our Q2-2021 MD&A. 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.

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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 norshall 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 purchaseror 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 suchinformation 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 th e date of this presentation. The contentsof 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.

We use both IFRS and non-IFRS financial measures to assess our performance. Non-IFRS financial measures do not have standardizedmeanings prescribed by IFRS and may not be comparable to similar measures used by other companies in our industry. The non-IFRS measures included in this MD&A are: direct premiums written (DPW) and DPWgrowth in constant currency; net earned premiums (NEP); underlying current year loss ratio; PYD and PYDratio; total net claims and claims ratio; underwriting expenses and expense ratio; underwriting income and combined ratio; distribution EBITA and Other; finance costs; other income (expense); income before income taxes and total income taxes; pre-tax operating income (PTOI), net operating income (NOI), net operating income per share (NOIPS) and operating return on equity (OROE); adjusted net income, adjusted earnings per share (AEPS) and adjusted return on equity (AROE), as well as Adjusted debt-to-total capital ratio. See Section 23 - Non-IFRS financial measures of the Q3-2021 MD&A for the definition and reconciliation to the most comparable IFRS measures.

Important notes:

• Non-IFRSfinancial measures and other insurance-related terms used in this presentation are defined in the glossary available in the "Investors" section of our web site at www.intactfc.com.
• Abbreviations and definitions of selected key terms used in this presentation are defined in Section 27 - Glossary and definitions of the Q3-2021 MD&A
• On June 1, 2021, we, together with the Scandinavian P&C leader Tryg A/S, completed the acquisition of RSA Insurance Group plc (RSA). RSA's results of operationsand balance sheet are included in our Consolidated financial statements from the closing date. Effective in Q3-2021, the DPW and underwriting income of RSA's Canadian and UK&I operationsare reported under their respective segments. The new UK&I segment includes RSA's operationsin the UK, Ireland, Europe and Middle East. See Section 3.3 - RSA and Section 4 - Segment performance of the Q3-2021 MD&A for more details.
• When relevant, to enhance the analysis of our performance with comparative periods, we present changes in constant currency, which exclude the impact of fluctuations in foreign exchange rates from one period to the other. With the RSA Acquisition, approximately 66%of our DPW will be denominated in CAD, 19% in GBP, 10% in USD, and the remaining, mainly in Euro. See Section 26.3 - Foreign currency rates of the Q3-2021 MD&A.
• 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%.

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Key points & highlights

$2.87	91.3%	+68%
NOIPS	Combined Ratio	(constant currency)
Premium Growth
driven by strong underwriting	With strength in all business	reflecting the first full quarter of RSA
performance and an accretive	segments.	in our results.
contribution from RSA.

+41%YOY	18.3%	$2.7B
BVPS	Operating ROE	Total Capital Margin

to $79.21 driven by strong earnings	Increased 1.4 points year-over-year,	with an adjusted debt-to-capital
and the RSA financing.	above our historical mid-teens average	ratio of 23.9%.