Financial Information Package

Financial Information Package For the First Quarter of 2013 As at March 31, 2013 SRM158A-2(13-03) A partner you can trust.

GENERAL INFORMATION Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company with operations in all regions of Canada and in the United States. Industrial Alliance offers a range of products that include life and health insurance, savings and retirement plans, mutual and segregated funds, publicly-traded securities, auto and home insurance and mortgage loans, for retail customers and businesses and groups. As one of the top four insurance companies in Canada, Industrial Alliance owes its growth and financial strength to a multichannel distribution network of more than 17,500 agents, a conservative investment portfolio, sound capital management and a strong risk management culture. Industrial Alliance is listed on the Toronto Stock Exchange under the ticker symbol IAG. Head Office Transfer Agent Industrial Alliance Insurance and Financial Services Inc. Computershare Investor Services Inc. 1080 Grande Allée West Telephone: 514 982-7555 PO Box 1907, Station Terminus Toll-free: 1 877 684-5000 Quebec City, QC G1K 7M3 inalco@computershare.com Telephone: 418 684-5000 Toll-free: 1 800 463-6236 Dividend Reinvestment and Share Purchase Plan (DRIP) www.inalco.com Computershare Trust Company of Canada Telephone: 514 982-7555 Toll-free: 1 877 684-5000 inalco@computershare.com Share Information Investor Relations Industrial Alliance's common shares are listed on the Grace Pollock Toronto Stock Exchange under the stock symbol IAG. 418 780-5945 grace.pollock@inalco.com Credit Ratings Fiscal 2013 Reporting Dates The following credit ratings are assigned to Industrial First quarter - May 9, 2013 Alliance Insurance and Financial Services Inc. (parent Second quarter - August 1, 2013 and operating company) Third quarter - November 6, 2013 Fourth quarter - February 13, 2014 Standard & Poor's: A+ (Strong) A.M. Best: A (Excellent) For detailed information on upcoming earnings DBRS: IC-2 releases, investor conference calls and related disclosure documents, consult the Investor Relations section of our website at www.inalco.com

TABLE OF CONTENTS PAGE HIGHLIGHTS 1 PROFITABILITY 3 SPECIFIED ITEMS 4 SOURCES OF EARNINGS BY LINE OF BUSINESS 5 BUSINESS GROWTH 7 INVESTED ASSETS 9 SOLVENCY AND CAPITALIZATION 12 EMBEDDED VALUE 14 SHARE INFORMATION 16 CONSOLIDATED FINANCIAL STATEMENTS 18 GLOSSARY 22 Basis of Presentation All amounts in this document are presented on an IFRS basis unless otherwise indicated and except for some specific measures (see the Cautionary Note below). Amounts are expressed in millions of Canadian dollars unless otherwise indicated. Except for the embedded value, the coverage ratio and the solvency ratio, the 2012 amounts and measures have been adjusted for the adoption of the amendment to IAS-19 and the adoption of IFRS-10 in Q1-2013. The increase in retained earnings at January 1, 2011 with respect to the deferred income tax liability was reflected retroactively in the 2011-2012 financial statements and book value per outstanding common share. All other measures and amounts were not modified. The modification was carried out at December 31, 2012. Certain prior period amounts have been reclassified to conform to the current period's presentation. March 31, 2013 (First Quarter) Cautionary Note regarding Non-IFRS Financial Measures This document contains some non-ifrs financial measures. Terms by which non-ifrs financial measures are identified include, but are not limited to, "operating profit", "solvency ratio", "embedded value", "sales", and other similar expressions. Non-IFRS financial measures are used to provide management and investors with additional measures of performance. However, non-ifrs financial measures do not have standard meanings prescribed by IFRS and are not directly comparable to similar measures used by other companies.

HIGHLIGHTS Three months ended March 31 Twelve months ended Decembre 31 (in millions of dollars, unless otherwise indicated) 2013 2012 Variation 2012 PROFITABILITY Net income attributed to shareholders 88.4 68.2 30% 333.7 Less: preferred share dividends 8.7 6.0 45% 30.1 Net income attributed to common shareholders 79.7 62.2 28% 303.6 Less: gain on unusual items 1 --- --- --- 37.4 Net income attributed to common shareholders on continuing activities 79.7 62.2 28% 266.2 Earnings per common share Basic $0.85 $0.69 $0.16 $3.35 Diluted $0.83 $0.66 $0.17 $3.22 Diluted - adjusted for IATS 2 $0.85 $0.69 $0.16 $3.34 Diluted - adjusted for IATS 2 and unusual items 1 $0.85 $0.69 $0.16 $2.93 Return on common shareholders' equity Quarter annualized 12.0% 11.0% --- --- Trailing 12 months 12.6% 4.5% --- 12.8% Return on common shareholders' equity excluding unusual items 1 Quarter annualized 12.2% 11.0% --- --- Trailing 12 months 11.2% 4.5% --- 11.3% BUSINESS GROWTH Sales by line of business 3 Individual Insurance 65.8 53.4 23% 243.3 Individual Wealth Management General fund 43.5 106.3 (59%) 325.1 Segregated funds 312.2 404.8 (23%) 1,126.0 Mutual funds 737.0 489.0 51% 1,649.5 Total 1,092.7 1,000.1 9% 3,100.6 Group Insurance Employee Plans 29.3 19.6 49% 46.1 Dealer Services - Creditor Insurance 68.4 64.1 7% 351.7 Dealer Services - P&C 26.4 26.3 0% 127.7 Special Markets Solutions 48.3 39.4 23% 154.0 Group Savings and Retirement 251.6 163.9 54% 868.4 General Insurance IAAH (Auto & Home) 41.5 36.9 12% 195.1 Net premiums, premium equivalent and deposits by line of business Individual Insurance 357.1 324.4 10% 1,339.3 Individual Wealth Management 1,092.7 1,000.1 9% 3,100.6 Group Insurance 331.8 329.8 1% 1,395.3 Group Savings and Retirement 246.2 159.0 55% 848.9 General Insurance 4 59.9 51.6 16% 220.0 Total 2,087.7 1,864.9 12% 6,904.1 Assets under management and administration 87,509.0 76,229.3 15% 83,315.7 1 Unusual items refer to after tax gain from the sale of the US annuity business in Q3-2012. 2 Excludes the potential conversion of the IATS (innovative Tier 1 debt instruments) into common shares. 3 See the glossary at the end of this document for a definition of sales. 4 Includes IA Auto and Home premiums and Dealer Services P&C premiums as well as some minor consolidation adjustments. March 31, 2013 (First Quarter) Page 1

HIGHLIGHTS (continued) (in millions of dollars, unless otherwise indicated) March 31, 2013 December 31, 2012 March 31, 2012 QUALITY OF INVESTMENTS Impaired investments and provisions (excluding insured loans) Net impaired investments 8.7 9.0 9.3 Net impaired investments as a % of total investments 0.04% 0.04% 0.04% Provisions for losses 2.2 2.2 4.5 Provisions as a % of gross impaired investments 20.2% 19.6% 32.6% Bonds Rated BB and lower 0.11% 0.10% 0.10% Delinquency rate 0.00% 0.01% 0.01% Mortgages Delinquency rate 0.20% 0.22% 0.24% Occupancy rate on investment properties 95.4% 95.2% 94.8% SOLVENCY RATIO 237% 217% 186% BOOK VALUE PER OUTSTANDING COMMON SHARE $28.67 $27.45 $25.96 March 31, 2013 (First Quarter) Page 2

PROFITABILITY 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Net income Net income (loss) 89.2 81.4 112.6 73.5 69.4 (62.6) 52.2 79.2 72.8 336.9 141.6 Less: net income attributed to participating policyholders 0.8 0.7 0.3 1.0 1.2 12.6 0.5 0.6 0.7 3.2 14.4 Net income (loss) attributed to shareholders 88.4 80.7 112.3 72.5 68.2 (75.2) 51.7 78.6 72.1 333.7 127.2 Less: preferred share dividends 8.7 8.6 9.0 6.5 6.0 6.0 6.0 5.9 6.0 30.1 23.9 Net income (loss) attributed to common shareholders 79.7 72.1 103.3 66.0 62.2 (81.2) 45.7 72.7 66.1 303.6 103.3 Less: gain on unusual items 1 --- --- 37.4 --- --- --- --- --- --- 37.4 --- Net income (loss) attributed to common shareholders on continuing activities 79.7 72.1 65.9 66.0 62.2 (81.2) 45.7 72.7 66.1 266.2 103.3 Earnings (losses) per common share Basic $0.85 $0.79 $1.14 $0.73 $0.69 ($0.90) $0.54 $0.86 $0.79 $3.35 $1.20 Diluted $0.83 $0.76 $1.09 $0.70 $0.66 ($0.90) $0.52 $0.83 $0.76 $3.22 $1.18 Diluted - adjusted for IATS 2 $0.85 $0.78 $1.14 $0.73 $0.69 ($0.90) $0.53 $0.85 $0.78 $3.34 $1.19 Diluted - adjusted for IATS 2 and unusual items 1 $0.85 $0.78 $0.73 $0.73 $0.69 ($0.90) $0.53 $0.85 $0.78 $2.93 $1.19 Return on common shareholders' equity Quarter annualized 12.0% 11.7% 17.5% 11.5% 11.0% (13.8%) 8.0% 13.5% 12.6% --- --- Trailing 12 months 12.6% 12.8% 6.3% 4.1% 4.5% 4.7% 11.3% 13.0% 12.6% 12.8% 4.7% Return on common shareholders' equity excluding unusual items 1 Quarter annualized 12.2% 11.8% 11.2% 11.5% 11.0% (13.8%) 8.0% 13.5% 12.6% --- --- Trailing 12 months 11.2% 11.3% 4.8% 4.1% 4.5% 4.7% 11.3% 13.0% 12.6% 11.3% 4.7% Net income (loss) attributed to common shareholders by line of business Individual Insurance 44.0 43.1 37.7 34.8 36.0 (95.0) 22.4 36.9 30.6 151.6 (5.1) Individual Wealth Management 24.8 22.8 50.6 19.4 24.0 10.1 14.7 20.0 24.7 116.8 69.5 Group Insurance 8.0 2.7 12.3 8.4 (3.0) (0.5) 4.7 13.1 5.1 20.4 22.4 Group Savings and Retirement 2.9 3.5 2.7 3.4 5.2 4.2 3.9 2.7 5.7 14.8 16.5 Total 79.7 72.1 103.3 66.0 62.2 (81.2) 45.7 72.7 66.1 303.6 103.3 1 Unusual items refer to after tax gain from the sale of the US annuity business in Q3-2012. 2 Excludes the potential conversion of the IATS (innovative Tier 1 debt instruments) into common shares. March 31, 2013 (First Quarter) Page 3

SPECIFIED ITEMS 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Impact on net income to common shareholders Impact of market on expected earnings 1 Increase (decrease) in income on UL policies 4.3 1.1 2.5 (3.8) 2.9 0.4 (6.6) (3.2) 0.6 2.7 (8.8) Higher (lower) than expected management fees 1.5 (0.8) (1.5) (1.5) 1.6 (5.5) (4.1) (0.8) 0.6 (2.2) (9.8) Higher (lower) than expected income on capital --- --- --- --- --- --- (0.1) --- 0.1 --- --- Impact of dynamic hedging 10.3 3.3 3.4 0.2 4.6 (3.7) (4.7) (0.4) (0.1) 11.5 (8.9) Other Changes in assumptions and management actions --- (19.9) (1.3) --- --- (152.3) --- --- --- (21.2) (152.3) Impact on earnings per common share 2 Impact of market on expected earnings 1 Increase (decrease) in income on UL policies $0.04 $0.01 $0.03 ($0.04) $0.03 --- ($0.08) ($0.04) $0.01 $0.03 ($0.10) Higher (lower) than expected management fees $0.02 ($0.01) ($0.02) ($0.02) $0.02 ($0.06) ($0.05) ($0.01) $0.01 ($0.02) ($0.11) Higher (lower) than expected income on capital --- --- --- --- --- --- --- --- --- --- --- Impact of dynamic hedging $0.11 $0.04 $0.04 --- $0.05 ($0.04) ($0.05) --- --- $0.13 ($0.10) Other Changes in assumptions and management actions --- ($0.22) ($0.01) --- --- ($1.68) --- --- --- ($0.23) ($1.76) Weighted average number of common shares (in millions) 3 Basic 93.4 90.7 90.6 90.6 90.4 90.2 85.2 84.1 84.0 90.6 85.9 Diluted 98.3 96.3 96.5 97.6 96.2 90.5 90.7 89.1 88.8 96.2 92.5 Diluted - adjusted for IATS 4 94.0 90.9 90.7 90.8 90.7 90.5 85.8 85.2 85.0 90.8 86.5 1 Approximate impact of market variations as compared to the expected net earnings that the Company would have earned under normal market conditions. 2 Based on diluted d and adjusted d (see note 3 for the definition iti of "adjusted") d") weighted average number of common shares. 3 Includes 6,330,000 common shares issued on February 27, 2013. 4 Excludes the potential conversion of the IATS (innovative Tier 1 debt instruments) into common shares. March 31, 2013 (First Quarter) Page 4

SOURCES OF EARNINGS BY LINE OF BUSINESS 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Individual Insurance Operating profit (loss) Expected profit on in-force 58.5 56.4 57.1 51.5 54.0 59.0 58.7 57.5 58.3 219.0 233.5 Experience gain (loss) 2.6 8.2 (7.1) (2.9) 2.2 3.5 (19.2) (10.2) (1.5) 0.4 (27.4) Strain on sales (20.0) (15.7) (21.9) (27.6) (30.4) (31.2) (28.0) (22.6) (29.6) (95.6) (111.4) Changes in assumptions and management actions 0.0 (38.0) (1.8) 0.0 0.0 (194.1) 0.0 0.0 0.0 (39.8) (194.1) Total 41.1 10.9 26.3 21.0 25.8 (162.8) 11.5 24.7 27.2 84.0 (99.4) Income on capital 16.9 28.8 15.5 22.1 17.6 23.0 21.7 28.0 16.6 84.0 89.3 Income taxes (7.6) 10.6 (5.6) (2.8) (2.4) 49.5 (6.2) (11.1) (8.7) (0.2) 23.5 Net income (loss) attributed to shareholders, adjusted 50.4 50.3 36.2 40.3 41.0 (90.3) 27.0 41.6 35.1 167.8 13.4 Less: preferred share dividends 6.4 7.2 7.4 5.5 5.0 4.7 4.6 4.7 4.5 25.1 18.5 Net income (loss) attributed to common shareholders, adjusted 44.0 43.1 28.8 34.8 36.0 (95.0) 22.4 36.9 30.6 142.7 (5.1) Other Items 1 0.0 0.0 8.9 0.0 0.0 0.0 0.0 0.0 0.0 8.9 0.0 Net income (loss) attributed to common shareholders 44.0 43.1 37.7 34.8 36.0 (95.0) 22.4 36.9 30.6 151.6 (5.1) Individual Wealth Management Operating profit Expected profit on in-force 23.6 26.5 25.9 22.5 22.1 35.3 34.5 29.8 28.9 97.0 128.5 Experience gain (loss) 13.4 0.2 5.5 2.2 12.4 (9.4) (12.0) (0.6) 6.1 20.3 (15.9) Strain on sales (0.4) (1.7) (2.1) (2.9) (3.0) (2.8) (2.4) (1.7) (1.4) (9.7) (8.3) Changes in assumptions and management actions 0.0 10.3 0.0 0.0 0.0 (16.5) 0.0 0.0 0.0 10.3 (16.5) Total 36.6 35.3 29.3 21.8 31.5 6.6 20.1 27.5 33.6 117.9 87.8 Income on capital (1.0) (1.5) (0.2) 0.3 0.4 0.1 0.1 (0.5) 0.5 (1.0) 0.2 Income taxes (9.5) (10.7) (6.7) (2.6) (7.7) 3.9 (5.0) (6.6) (8.8) (27.7) (16.5) Net income attributed to shareholders, adjusted 26.1 23.1 22.4 19.5 24.2 10.6 15.2 20.4 25.3 89.2 71.5 Less: preferred share dividends 1.3 0.3 0.3 0.1 0.2 0.5 0.5 0.4 0.6 0.9 2.0 Net income attributed to common shareholders, adjusted 24.8 22.8 22.1 19.4 24.0 10.1 14.7 20.0 24.7 88.3 69.5 Other Items 1 0.0 0.0 28.5 0.0 0.0 0.0 0.0 0.0 0.0 28.5 0.0 Net income attributed to common shareholders 24.8 22.8 50.6 19.4 24.0 10.1 14.7 20.0 24.7 116.8 69.5 Group Insurance Operating profit (loss) Expected profit on in-force 7.5 12.1 13.8 11.3 9.9 10.5 14.9 12.2 8.1 47.1 45.7 Experience gain (loss) 1.9 (5.9) 0.9 (3.3) (15.8) (5.7) (9.5) 2.9 (2.7) (24.1) (15.0) Gain (strain) on sales 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Changes in assumptions and management actions 0.0 (0.3) 0.0 0.0 0.0 (8.2) 0.0 0.0 0.0 (0.3) (8.2) Total 9.6 5.9 14.7 8.0 (5.9) (3.4) 5.4 15.1 5.4 22.7 22.5 Income on capital 1.4 2.6 1.7 2.4 2.2 2.6 2.6 3.3 2.3 8.9 10.8 Income taxes (2.4) (5.1) (3.2) (1.4) 1.2 0.8 (2.7) (4.8) (2.1) (8.5) (8.8) Net income (loss) attributed to shareholders, adjusted 8.6 3.4 13.2 9.0 (2.5) 0.0 5.3 13.6 5.6 23.1 24.5 Less: preferred share dividends 0.6 0.7 0.9 0.6 0.5 0.5 0.6 0.5 0.5 2.7 2.1 Net income (loss) attributed to common shareholders, adjusted 8.0 2.7 12.3 8.4 (3.0) (0.5) 4.7 13.1 5.1 20.4 22.4 Other Items 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net income (loss) attributed to common shareholders 8.0 2.7 12.3 8.4 (3.0) (0.5) 4.7 13.1 5.1 20.4 22.4 1 Other items refer to after tax gain from the sale of the US annuity business in Q3-2012. March 31, 2013 (First Quarter) Page 5

SOURCES OF EARNINGS BY LINE OF BUSINESS (continued) 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Group Savings and Retirement Operating profit Expected profit on in-force 3.5 4.1 3.7 2.8 3.1 4.8 4.9 3.9 3.4 13.7 17.0 Experience gain (loss) 1.1 0.6 (1.0) 0.4 1.0 0.8 (0.8) (1.3) 2.7 1.0 1.4 Gain (strain) on sales (1.6) (0.2) (0.2) (0.2) 0.0 (1.3) 0.0 0.0 0.1 (0.6) (1.2) Changes in assumptions and management actions 0.0 0.2 0.0 0.0 0.0 (0.9) 0.0 0.0 0.0 0.2 (0.9) Total 3.0 4.7 2.5 3.0 4.1 3.4 4.1 2.6 6.2 14.3 16.3 Income on capital 1.3 1.6 1.1 1.3 3.0 1.5 1.4 1.1 1.9 7.0 5.9 Income taxes (1.0) (2.4) (0.5) (0.6) (1.6) (0.4) (1.3) (0.7) (2.0) (5.1) (4.4) Net income attributed to shareholders, adjusted 3.3 3.9 3.1 3.7 5.5 4.5 4.2 3.0 6.1 16.2 17.8 Less: preferred share dividends 0.4 0.4 0.4 0.3 0.3 0.3 0.3 0.3 0.4 1.4 1.3 Net income attributed to common shareholders, adjusted 2.9 3.5 2.7 3.4 5.2 4.2 3.9 2.7 5.7 14.8 16.5 Other Items 1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net income attributed to common shareholders 2.9 3.5 2.7 3.4 5.2 4.2 3.9 2.7 5.7 14.8 16.5 Total company Operating profit (loss) Expected profit on in-force 93.1 99.1 100.5 88.1 89.1 109.6 113.0 103.4 98.7 376.8 424.7 Experience gain (loss) 19.0 3.1 (1.7) (3.6) (0.2) (10.8) (41.5) (9.2) 4.6 (2.4) (56.9) Strain on sales (21.8) (17.6) (24.2) (30.7) (33.4) (35.3) (30.4) (24.3) (30.9) (105.9) (120.9) Changes in assumptions and management actions 0.0 (27.8) (1.8) 0.0 0.0 (219.7) 0.0 0.0 0.0 (29.6) (219.7) Total 90.3 56.8 72.8 53.8 55.5 (156.2) 41.1 69.9 72.4 238.9 27.2 Income on capital Investment income 10.2 25.8 11.6 16.0 13.5 18.7 16.1 18.6 14.4 66.9 67.8 Realized gains on assets available for sale 8.4 5.7 6.5 10.1 9.7 8.5 9.7 13.3 6.9 32.0 38.4 Total 18.6 31.5 18.1 26.1 23.2 27.2 25.8 31.9 21.3 98.9 106.2 Income taxes (20.5) (7.6) (16.0) (7.4) (10.5) 53.8 (15.2) (23.2) (21.6) (41.5) (6.2) Net income (loss) attributed to shareholders, adjusted 88.4 80.7 74.9 72.5 68.2 (75.2) 51.7 78.6 72.1 296.3 127.2 Less: preferred share dividends 8.7 8.6 9.0 6.5 6.0 6.0 6.0 5.9 6.0 30.1 23.9 Net income (loss) attributed to common shareholders, adjusted 79.7 72.1 65.9 66.0 62.2 (81.2) 45.7 72.7 66.1 266.2 103.3 Other Items 1 0.0 0.0 37.4 0.0 0.0 0.0 0.0 0.0 0.0 37.4 0.0 Net income (loss) attributed to common shareholders 79.7 72.1 103.3 66.0 62.2 (81.2) 45.7 72.7 66.1 303.6 103.3 1 Other items refer to after tax gain from the sale of the US annuity business in Q3-2012. March 31, 2013 (First Quarter) Page 6

BUSINESS GROWTH 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Net premiums, premium equivalents and deposits by line of business Individual Insurance 357.1 352.9 329.7 332.3 324.4 324.7 312.1 307.0 304.4 1,339.3 1,248.2 Individual Wealth Management 1,092.7 762.1 669.8 668.6 1,000.1 790.8 705.1 849.9 1,197.8 3,100.6 3,543.6 Group Insurance 331.8 345.4 360.7 359.4 329.8 340.0 361.2 318.7 288.6 1,395.3 1,308.5 Group Savings and Retirement 246.2 234.4 272.1 183.4 159.0 240.3 149.8 171.2 147.3 848.9 708.6 General Insurance 1 59.9 56.6 56.6 55.2 51.6 51.9 51.7 51.6 44.4 220.0 199.6 Total 2,087.7 1,751.4 1,688.9 1,598.9 1,864.9 1,747.7 1,579.9 1,698.4 1,982.5 6,904.1 7,008.5 Individual Insurance Sales 2 Canada 55.0 58.3 47.4 50.6 43.3 54.9 46.8 37.4 39.1 199.6 178.2 United States 10.8 10.9 11.1 11.6 10.1 9.3 8.7 6.8 6.4 43.7 31.2 Total 65.8 69.2 58.5 62.2 53.4 64.2 55.5 44.2 45.5 243.3 209.4 Net premiums Canada 324.2 321.7 297.7 296.8 290.0 290.9 279.8 274.9 272.0 1,206.2 1,117.6 United States 32.9 31.2 32.0 35.5 34.4 33.8 32.3 32.1 32.4 133.1 130.6 Total 357.1 352.9 329.7 332.3 324.4 324.7 312.1 307.0 304.4 1,339.3 1,248.2 Individual Wealth Management Sales 2 General fund 43.5 46.6 76.8 95.4 106.3 87.1 97.4 103.1 116.0 325.1 403.6 Segregated funds 312.2 250.0 240.5 230.7 404.8 349.1 270.0 284.3 458.9 1,126.0 1,362.3 Mutual funds 737.0 465.5 352.5 342.5 489.0 354.6 337.7 462.5 622.9 1,649.5 1,777.7 Total 1,092.7 762.1 669.8 668.6 1,000.1 790.8 705.1 849.9 1,197.8 3,100.6 3,543.6 Net investment fund sales 2 Segregated funds 36.9 21.5 45.0 34.9 207.3 209.2 140.0 138.3 281.1 308.7 768.6 Mutual funds 318.6 173.4 93.5 32.4 156.4 83.5 89.1 219.9 337.0 455.7 729.5 Total 355.5 194.9 138.5 67.3 363.7 292.7 229.1 358.2 618.1 764.4 1,498.1 Assets under management General fund 1,267.2 1,274.5 1,284.2 1,858.2 1,824.7 1,848.9 1,841.9 1,774.5 1,753.9 1,274.5 1,848.9 Segregated funds 10,220.9 9,858.1 9,720.2 9,385.3 9,596.2 9,098.7 8,666.1 9,192.8 9,301.9 9,858.1 9,098.7 Mutual funds 10,127.0 9,462.5 9,101.1 8,781.6 8,923.1 8,463.9 8,083.4 8,701.5 8,698.4 9,462.5 8,463.9 Total 21,615.1 20,595.1 20,105.5 20,025.1 20,344.0 19,411.5 18,591.4 19,668.8 19,754.2 20,595.1 19,411.5 Group Insurance Sales 2 Employee Plans 29.3 7.9 10.6 8.0 19.6 20.9 4.8 90.5 15.7 46.1 131.9 Dealer Services - Creditor Insurance 3 68.4 84.9 104.5 98.2 64.1 69.8 100.7 71.6 42.7 351.7 284.8 Dealer Services - P&C 26.4 30.8 36.6 34.0 26.3 25.6 22.3 20.0 14.3 127.7 82.2 Special Markets Solutions 48.3 44.3 35.1 35.2 39.4 39.6 31.1 29.5 32.8 154.0 133.0 Net premiums and premium equivalents Employee Plans 204.1 192.1 196.8 202.2 197.6 205.0 203.9 193.3 186.1 788.7 788.3 Dealer Services - Creditor Insurance 51.1 67.7 88.0 81.4 49.4 57.2 84.5 58.2 30.6 286.5 230.5 Special Markets Solutions 45.8 41.6 32.7 32.4 37.1 36.8 28.9 27.0 30.4 143.8 123.1 Total net premiums 301.0 301.4 317.5 316.0 284.1 299.0 317.3 278.5 247.1 1,219.0 1,141.9 Premium equivalents and deposits Administrative services only contracts (ASO) 12.7 11.9 11.1 11.5 13.7 11.5 11.2 10.2 11.0 48.2 43.9 Investment contracts 18.1 32.1 32.1 31.9 32.0 29.5 32.7 30.0 30.5 128.1 122.7 Total 331.8 345.4 360.7 359.4 329.8 340.0 361.2 318.7 288.6 1,395.3 1,308.5 1 Includes IA Auto and Home premiums and Dealer Services P&C premiums as well as some minor consolidation adjustments. 2 See the glossary at the end of this document for a definition of sales. 3 Starting in Q1-2013 and applied retroactively, Dealer Services - Creditor Insurance sales are defined as premiums before cancellations. March 31, 2013 (First Quarter) Page 7

BUSINESS GROWTH (continued) 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Group Savings and Retirement Sales 1 Accumulation contracts General fund 11.6 11.0 8.7 8.1 6.6 7.2 6.8 7.0 5.6 34.4 26.6 Segregated funds 170.0 190.9 247.1 156.4 130.3 151.6 125.0 114.3 124.8 724.7 515.7 Total 181.6 201.9 255.8 164.5 136.9 158.8 131.8 121.3 130.4 759.1 542.3 Insured annuities (general fund) 55.8 4.2 7.2 6.4 9.2 83.1 13.5 1.7 16.3 27.0 114.6 Deposits 14.2 33.0 14.1 17.4 17.8 3.3 9.5 53.3 5.7 82.3 71.8 Total sales 251.6 239.1 277.1 188.3 163.9 245.2 154.8 176.3 152.4 868.4 728.7 Net premiums and deposits Net premiums 232.0 201.4 258.0 166.0 141.2 237.0 140.3 117.9 141.6 766.6 636.8 Deposits 14.2 33.0 14.1 17.4 17.8 3.3 9.5 53.3 5.7 82.3 71.8 Total 246.2 234.4 272.1 183.4 159.0 240.3 149.8 171.2 147.3 848.9 708.6 Assets under management Accumulation contracts General fund 238.6 232.5 234.3 232.3 230.0 235.6 237.9 230.6 232.1 232.5 235.6 Segregated funds 5,392.5 5,161.1 5,004.2 4,717.7 4,760.7 4,620.5 4,527.3 4,731.6 4,764.0 5,161.1 4,620.5 Other 530.0 526.7 504.1 498.2 490.9 493.9 488.2 480.0 438.8 526.7 493.9 Total 6,161.1 5,920.3 5,742.6 5,448.2 5,481.6 5,350.0 5,253.4 5,442.2 5,434.9 5,920.3 5,350.0 Insured annuities (general fund) 3,150.4 3,128.7 3,147.6 3,150.2 3,118.1 3,147.8 3,034.2 2,970.0 2,958.3 3,128.7 3,147.8 Total 9,311.5 9,049.0 8,890.2 8,598.4 8,599.7 8,497.8 8,287.6 8,412.2 8,393.2 9,049.0 8,497.8 General Insurance Sales 1 IAAH (Auto & Home) 41.5 41.0 52.9 64.3 36.9 36.9 47.8 58.4 32.1 195.1 175.2 Distribution of net premiums, premium equivalents and deposits by region Atlantic provinces 4.0% 4.3% 4.2% 4.6% 4.3% 4.2% 3.5% 4.2% 4.2% 4.3% 4.0% Quebec 39.6% 42.4% 43.2% 39.1% 42.7% 40.8% 40.8% 41.2% 39.7% 41.9% 40.6% Ontario 30.3% 28.1% 25.6% 28.2% 27.2% 28.0% 32.8% 28.6% 30.4% 27.2% 30.0% Western provinces 24.4% 23.1% 24.6% 24.5% 22.9% 23.7% 19.3% 22.6% 22.9% 23.9% 22.2% Outside Canada 1.7% 2.1% 2.4% 3.6% 2.9% 3.3% 3.6% 3.4% 2.8% 2.7% 3.2% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Assets under management and administration Assets under management General fund 27,815.5 26,697.1 25,736.3 24,647.9 23,843.4 23,718.1 22,739.7 21,395.6 20,841.5 26,697.1 23,718.1 Segregated funds 15,617.0 15,021.2 14,727.5 14,105.6 14,360.6 13,722.9 13,196.3 13,926.3 14,066.7 15,021.2 13,722.9 Mutual funds 10,127.0 9,462.5 9,101.1 8,781.6 8,931.7 8,476.3 8,096.6 8,713.1 8,709.6 9,462.5 8,476.3 Other 2 9,649.4 8,934.5 8,397.2 7,535.7 6,550.0 6,199.8 5,822.7 5,341.9 5,151.7 8,934.5 6,199.8 Total 63,208.9 60,115.3 57,962.1 55,070.8 53,685.7 52,117.1 49,855.3 49,376.9 48,769.5 60,115.3 52,117.1 Assets under administration 24,300.1 23,200.4 22,979.0 22,116.5 22,543.6 21,233.6 20,538.1 22,160.2 22,483.2 23,200.4 21,233.6 Total 87,509.0 83,315.7 80,941.1 77,187.3 76,229.3 73,350.7 70,393.4 71,537.1 71,252.7 83,315.7 73,350.7 Human resources Number of employees 4,370 4,314 4,279 4,262 4,200 4,109 4,063 3,999 3,843 4,314 4,109 Number of Career representatives 1,722 1,838 1,802 1,739 1,793 1,860 1,733 1,719 1,694 1,838 1,860 1 See the glossary at the end of this document for a definition of sales. 2 Mainly assets managed for third parties March 31, 2013 (First Quarter) Page 8

INVESTED ASSETS 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Value and distribution of investments Book value of investment portfolio 23,131.7 22,983.5 22,306.7 22,389.1 21,592.4 21,714.6 20,713.3 19,469.9 18,935.5 Distribution of investments by financial instrument category Available for sale 12.8% 10.9% 11.7% 10.7% 11.7% 12.6% 11.5% 11.8% 12.2% Fair value through profit or loss (FVTPL) 62.3% 64.5% 63.0% 63.1% 60.8% 59.8% 60.6% 58.3% 57.0% Loans and receivables 20.6% 20.5% 21.5% 22.6% 23.7% 23.9% 24.0% 25.8% 26.6% Investment properties 4.3% 4.1% 3.7% 3.5% 3.7% 3.6% 3.8% 4.0% 4.1% Other 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution of investments by asset category Bonds 65.1% 63.7% 63.5% 63.3% 62.9% 63.0% 61.6% 60.1% 58.8% Mortgages 11.1% 11.3% 12.0% 13.8% 14.7% 15.0% 15.5% 16.9% 17.3% Stocks 12.6% 12.2% 11.3% 11.2% 12.6% 11.1% 10.8% 12.2% 13.0% Investment properties 4.3% 4.1% 3.7% 3.5% 3.7% 3.6% 3.8% 4.0% 4.1% Other 6.9% 8.7% 9.5% 8.2% 6.1% 7.3% 8.3% 6.8% 6.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution of investments by region Atlantic provinces 5.4% 5.6% 5.8% 5.6% 5.6% 3.9% 3.8% 3.9% 4.0% Quebec 38.0% 39.4% 39.9% 39.0% 40.3% 42.5% 43.8% 44.9% 44.2% Ontario 27.8% 26.6% 26.6% 24.8% 23.3% 23.4% 23.0% 22.2% 21.9% Western provinces 15.8% 16.4% 16.3% 16.1% 16.2% 16.4% 16.3% 16.8% 17.3% Outside Canada 13.0% 12.0% 11.4% 14.5% 14.6% 13.8% 13.1% 12.2% 12.6% Total 100.0% 0% 100.0% 0% 100.0% 0% 100.0% 0% 100.0% 0% 100.0% 0% 100.0% 0% 100.0% 0% 100.0% 0% Impaired investments and provisions Gross impaired investments (excluding insured loans) 10.9 11.2 11.9 12.4 13.8 17.8 18.0 20.8 25.4 Net impaired investments (excluding insured loans) Bonds 8.0 8.0 8.1 8.1 8.2 8.4 8.4 8.4 8.4 Mortgages 0.7 1.0 0.8 0.7 1.1 4.7 4.8 6.6 11.4 Real estate acquired to settle loans --- --- --- --- --- --- --- --- --- Total 8.7 9.0 8.9 8.8 9.3 13.1 13.2 15.0 19.8 Provisions for losses At beginning of period 2.2 3.0 3.6 4.5 4.7 4.8 5.8 5.6 4.1 Increase for the period 0.0 0.0 0.0 0.6 1.4 0.0 0.8 0.5 1.5 Decrease for the period 1 0.0 (0.8) (0.6) (1.5) (1.6) (0.1) (1.8) (0.3) 0.0 At end of period 2.2 2.2 3.0 3.6 4.5 4.7 4.8 5.8 5.6 Provisions for losses by type of investment Bonds 2.0 2.0 2.9 2.9 2.9 2.9 2.9 2.9 2.9 Mortgages 0.2 0.2 0.1 0.7 1.6 1.8 1.9 2.9 2.7 Total 2.2 2.2 3.0 3.6 4.5 4.7 4.8 5.8 5.6 Net impaired investments as a % of total investments 0.04% 0.04% 0.04% 0.04% 0.04% 0.06% 0.06% 0.08% 0.10% Provisions as a % of gross impaired investments 20.2% 19.6% 25.2% 29.0% 32.6% 26.4% 26.7% 27.9% 22.0% 1 Includes a transfer of mortgage loan provisions to foreclosed properties for an amount of 1.5 in Q2-2012 and 1.4 in Q1-2012. March 31, 2013 (First Quarter) Page 9

INVESTED ASSETS (continued) (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Real estate acquired to settle loans 2013 Real estate held for resale 10.1 9.7 9.5 9.9 8.2 5.7 6.7 5.8 5.6 Bonds Book value of the bond portfolio 15,050.0 14,643.1 14,162.7 14,158.6 13,569.7 13,676.8 12,775.8 11,708.1 11,145.4 Distribution by financial instrument category Available for sale 18.2% 15.6% 16.8% 15.4% 15.6% 17.9% 16.4% 17.0% 17.8% Fair value through profit or loss (FVTPL) 73.8% 76.5% 75.2% 76.9% 77.0% 74.7% 75.7% 74.5% 73.1% Loans and receivables 8.0% 7.9% 8.0% 7.7% 7.4% 7.4% 7.9% 8.5% 9.1% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution by credit rating Rating - AAA 4.83% 8.67% 10.07% 8.26% 7.58% 8.84% 9.98% 10.39% 11.14% Rating - AA 26.37% 23.12% 22.13% 21.57% 21.09% 20.12% 19.95% 18.07% 17.45% Rating - A 58.59% 58.55% 58.30% 60.38% 61.63% 61.10% 60.73% 63.54% 63.77% Rating - BBB 10.10% 9.56% 9.39% 9.70% 9.60% 9.82% 9.20% 7.91% 7.53% Rating - BB and lower 0.11% 0.10% 0.11% 0.09% 0.10% 0.12% 0.14% 0.09% 0.11% Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% Distribution by category of issuer Governments 57.6% 60.5% 60.7% 59.1% 57.5% 59.0% 62.4% 62.4% 62.8% Municipalities 3.8% 3.9% 3.6% 3.2% 3.2% 3.0% 2.7% 2.6% 1.9% Corporates - Public issues 22.6% 20.3% 20.2% 22.4% 24.9% 23.6% 20.1% 19.6% 20.7% Corporates - Private issues 16.0% 15.3% 15.5% 15.3% 14.4% 14.4% 14.8% 15.4% 14.6% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Other quality measures Delinquency rate 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% Mortgages Book value of the mortgage portfolio 2,572.9 2,603.6 2,676.9 3,094.0 3,181.7 3,251.4 3,215.2 3,288.8 3,271.1 Distribution by financial instrument category Loans and receivables 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution by type of property Residential 21.9% 21.8% 20.5% 18.9% 17.0% 16.7% 17.0% 19.7% 19.3% Multi-residential 60.3% 60.1% 60.6% 61.2% 63.8% 63.6% 64.6% 62.9% 63.8% Non-residential 17.8% 18.1% 18.9% 19.9% 19.2% 19.7% 18.4% 17.4% 16.9% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution by type of loan Insured 74.2% 73.4% 72.5% 63.9% 65.6% 64.8% 66.1% 68.0% 69.0% Conventional 25.8% 26.6% 27.5% 36.1% 34.4% 35.2% 33.9% 32.0% 31.0% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Other quality measures Delinquency rate 1 Insured loans 0.22% 0.24% 0.22% 0.23% 0.24% 0.08% 0.10% 0.04% 0.05% Conventional loans 0.14% 0.16% 0.12% 0.13% 0.25% 0.57% 0.61% 0.90% 1.39% Total 0.20% 0.22% 0.19% 0.19% 0.24% 0.25% 0.27% 0.32% 0.46% Delinquency rate, including real estate acquired to settle loans 0.59% 0.59% 0.55% 0.51% 0.50% 0.43% 0.48% 0.49% 0.63% 1 The delinquency rate is calculated by dividing mortgage loans in default by the value of the portfolio. March 31, 2013 (First Quarter) Page 10

INVESTED ASSETS (continued) 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Stocks Book value of the stock portfolio 2,912.3 2,794.6 2,513.2 2,513.2 2,722.2 2,408.5 2,232.7 2,371.0 2,468.1 Distribution by financial instrument category Available for sale 7.4% 8.5% 8.9% 8.6% 14.8% 12.4% 13.2% 12.6% 13.5% Fair value through profit or loss (FVTPL) 92.6% 91.5% 91.1% 91.4% 85.2% 87.6% 86.8% 87.4% 86.5% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution by category Common 46.1% 44.9% 45.2% 43.9% 39.2% 39.0% 35.8% 33.2% 29.3% Preferred 14.5% 15.5% 10.5% 9.5% 8.1% 8.3% 8.9% 8.1% 7.8% Market indices 20.7% 21.2% 23.5% 25.6% 31.6% 30.2% 31.1% 33.4% 22.4% Investment fund units and other 18.7% 18.4% 20.8% 21.0% 21.1% 22.5% 24.2% 25.3% 40.5% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Distribution by use of stocks Backing long-term liabilities 62.3% 62.1% 64.5% 62.4% 57.0% 56.9% 54.0% 52.7% 51.8% Backing UL accounts 25.8% 25.9% 27.4% 29.3% 28.5% 30.9% 33.1% 35.0% 35.0% Backing capital 11.9% 12.0% 8.1% 8.3% 14.5% 12.2% 12.9% 12.3% 13.2% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Real estate Investment properties 996.8 953.1 833.0 792.7 791.9 788.5 778.5 775.6 768.2 Linearization of rents 10.7 11.0 11.3 11.1 11.0 10.9 10.1 10.1 9.8 Fair value of investment properties 1,007.5 964.1 844.3 803.8 802.9 799.4 788.6 785.7 778.0 Occupancy rate on investment properties 95.4% 95.2% 95.2% 95.2% 94.8% 94.6% 93.2% 92.7% 92.9% Other Provision for potential loss on fixed-income securities contained in the policy liabilities 231.5 234.7 220.6 229.1 221.7 204.6 150.6 140.0 137.0 2012 2011 March 31, 2013 (First Quarter) Page 11

SOLVENCY AND CAPITALIZATION (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Capital structure Debentures 757.9 757.9 757.8 757.8 757.7 747.7 499.1 499.1 499.1 Participating policyholders' account 44.8 44.2 43.5 43.5 42.4 41.3 28.7 28.2 27.5 Equity Common shares 1,123.2 878.6 867.1 866.1 866.0 860.7 856.9 661.5 659.0 Preferred shares 675.0 675.0 675.0 675.0 425.0 425.0 425.0 425.0 425.0 Contributed surplus 22.6 23.5 24.0 23.6 22.9 23.6 23.8 23.2 23.0 Retained earnings 1,612.5 1,556.7 1,531.7 1,450.0 1,411.9 1,418.6 1,522.9 1,498.6 1,446.8 Accumulated other comprehensive income 45.4 39.5 47.9 49.7 51.2 64.4 67.3 51.2 52.6 Total shareholders' equity 3,478.7 3,173.3 3,145.7 3,064.4 2,777.0 2,792.3 2,895.9 2,659.5 2,606.4 Total capital structure 4,281.4 3,975.4 3,947.0 3,865.7 3,577.1 3,581.3 3,423.7 3,186.8 3,133.0 Debt measures Debentures/capital structure 17.7% 18.9% 19.3% 19.7% 21.3% 21.2% 14.8% 16.0% 16.2% Debentures and preferred shares/capital structure 33.5% 35.9% 36.7% 37.5% 33.4% 33.3% 27.5% 29.5% 30.1% Coverage ratio (times) 1 6.0 6.1 3.7 2.6 2.7 2 2.8 6.2 6.7 6.4 Credit ratings Standard & Poor's DBRS A.M. Best Financial Strength/Outlook A+ (Strong)/Stable IC-2/Stable A (Excellent)/Stable Debentures A A A - Innovative Tier 1 Capital A- A (low) BBB+ Preferred Shares A- Pfd-2 (high) BBB+ 1 The coverage ratio is obtained by dividing pre-tax income, for the last twelve months, before financing expenses, by financing expenses. 2 The coverage ratio excluding the impact of changes in assumptions was 6.0 as at December 31, 2011. 2013 March 31, 2013 (First Quarter) Page 12

SOLVENCY AND CAPITALIZATION (continued) 2013 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Solvency ratio Tier 1 Common shares 1,123.2 878.6 867.1 866.1 866.0 860.7 856.9 661.5 659.0 Preferred shares 675.0 675.0 675.0 675.0 425.0 425.0 425.0 425.0 425.0 Innovative instruments in Tier 1 capital 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 150.0 Retained earnings 1 1,693.5 1,650.0 1,549.5 1,474.6 1,443.7 1,410.8 1,526.2 1,510.1 1,466.1 Other 62.1 61.0 59.8 64.2 61.0 61.4 52.9 46.7 46.2 Gross Tier 1 capital 3,703.8 3,414.6 3,301.4 3,229.9 2,945.7 2,907.9 3,011.0 2,793.3 2,746.3 Less: Goodwill and other intangible assets 606.4 603.4 594.4 613.6 570.7 572.2 566.1 562.2 564.7 Adjustment for intangible assets (185.2) (170.7) (165.1) (161.5) (147.3) (145.3) (150.5) (139.7) (137.3) Adjustment for negative reserves 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Net Tier 1 capital 3,282.6 2,981.9 2,872.1 2,777.8 2,522.3 2,481.0 2,595.4 2,370.8 2,318.9 Less: deductions and adjustments 33.0 25.8 23.1 21.9 18.7 19.3 26.4 24.2 23.2 Adjusted Net Tier 1 capital 3,249.6 2,956.1 2,849.0 2,755.9 2,503.6 2,461.7 2,569.0 2,346.6 2,295.7 Tier 2 Limited life instruments allowed (subordinated debt) (Tier 2B) 2 597.8 597.8 597.7 597.7 597.6 597.7 349.1 349.1 349.1 Other (Tier 2C) 72.7 68.0 6.6 5.4 12.1 9.1 3.8 15.8 27.6 Less: deductions 33.0 25.8 23.1 21.9 18.6 19.4 27.2 24.4 26.0 Total Tier 2 capital allowed 637.5 640.0 581.2 581.2 591.1 587.4 325.7 340.5 350.7 Total Tier 1 and Tier 2 capital 3,887.1 3,596.1 3,430.2 3,337.1 3,094.7 3,049.1 2,894.7 2,687.1 2,646.4 Less: deductions and adjustments (total of Tier 1 and Tier 2) --- --- --- --- --- --- --- --- --- Total available capital 3,887.1 3,596.1 3,430.2 3,337.1 3,094.7 3,049.1 2,894.7 2,687.1 2,646.4 Required capital Asset default risk and market risk 589.7 523.8 498.4 544.1 576.8 534.2 482.5 455.7 444.6 Insurance risk 807.2 891.2 892.8 880.5 851.9 842.2 769.4 724.4 707.2 Interest rate risk 246.2 242.7 236.1 246.9 239.0 237.4 219.9 206.8 201.8 Total required capital 1,643.1 1,657.7 1,627.3 1,671.5 1,667.7 1,613.8 1,471.8 1,386.9 1,353.6 Solvency ratio 237% 217% 211% 200% 186% 189% 197% 194% 196% 1 The retained earnings are calculated according to the solvency rules. The Company elected to take advantage of the transitional period in order to defer the impact of the amendment to IAS-19 accounting standards on available equity. The total value of the deferral is 76 and will be amortized over the next eight quarters, until December 31, 2014. 2 Includes linear amortization over the five-year period preceding the maturity of the debentures. March 31, 2013 (First Quarter) Page 13

EMBEDDED VALUE 1 (in millions of dollars, unless otherwise indicated) Embedded value Twelve months ended December 31, 2012 Contribution to growth Embedded value per share Embedded value Twelve months ended December 31, 2011 Contribution to growth Embedded value per share Embedded value Twelve months ended December 31, 2010 Contribution to growth Embedded value per share Embedded value Total value 3,557 --- --- 3,635 --- --- 3,486 --- --- Value per common share --- --- $39.08 --- --- $40.23 --- --- $41.56 Embedded value/book value ratio (in number of times) 1.38 --- --- 1.57 --- --- 1.63 --- --- Embedded value added Recurring items Expected increase in embedded value 198 5.5% $2.19 217 6.2% $2.58 194 6.5% $2.41 New sales 153 4.2% $1.69 164 4.7% $1.89 170 5.7% $2.02 Total 351 9.7% $3.88 381 10.9% $4.47 364 12.2% $4.43 Non-recurring items Experience gains or losses Related to equity markets (76) (2.1%) ($0.84) (163) (4.7%) ($1.94) 69 2.3% $0.86 Other 135 3.7% $1.49 237 6.8% $2.83 93 3.1% $1.15 Changes in assumptions and management actions (356) (9.8%) ($3.93) (364) (10.4%) ($4.34) (3) (0.1%) ($0.04) Change to the solvency requirements (76) (2.1%) ($0.85) (15) (0.4%) ($0.18) --- 0.0% $0.00 Acquisitions 2 --- --- --- (52) (1.5%) ($0.62) (31) (1.0%) ($0.38) Disposal 3 23 0.6% $0.25 --- --- --- --- --- --- Total (350) (9.7%) ($3.88) (357) (10.2%) ($4.25) 128 4.3% $1.59 Capital movements 10 0.3% ($0.17) 209 6.0% ($0.57) 106 3.6% ($0.43) Total before dividends paid to common shareholders 11 0.3% ($0.17) 233 6.7% ($0.35) 598 20.1% $5.59 Common shareholders' dividends (89) (2.4%) ($0.98) (84) (2.4%) ($0.98) (81) (2.7%) ($0.92) Total of the embedded value added (78) (2.1%) ($1.15) 149 4.3% ($1.33) 517 17.4% $4.67 Embedded value by component Shareholders' equity Book value 2,577 2,309 2,137 Market value adjustment (9) 58 (2) Goodwill (552) (590) (511) Total 2,016 1,777 1,624 Present value of future operating profits 2,811 2,952 2,639 Present value of capital cost (1,270) (1,094) (777) Embedded value 3,557 3,635 3,486 1 Embedded value is a financial measure that has no IFRS equivalent. 2 2011 acquisitions: VAG, Acces and MAD; 2010 acquisitions: American-Amicable, National Warranty, Golden State Mutual and Dream Life. 3 2012 sale of US annuity business. March 31, 2013 (First Quarter) Page 14

EMBEDDED VALUE (continued) 1 Twelve months ended Twelve months ended Twelve months ended December 31, 2012 December 31, 2011 December 31, 2010 Economic and Capital assumptions Discount rate 5.25% 5.50% 6.50% Risk premium 3.00% 3.00% 3.00% Risk-free rate 2.25% 2.50% 3.50% Inflation rate 1.5% 1.5% 1.5% Solvency ratio 150% 150% 150% Sensitivity analysis Impact on embedded value Risk premium: +1% (14%) (13%) (11%) Risk premium: -1% 14% 13% 12% Risk premium: +3% (41%) (38%) (31%) Solvency ratio: from 150% to 175% 2 (5%) (5%) (4%) Tax rate: -1% 1% 1% 1% Mortality improvement: if none (9%) (9%) (9%) Economic assumptions: +1% 3 8% 11% 11% Stock market downturn: -10% (7%) (6%) (5%) 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Embedded value of new sales Value of new business at quarter's end the previous year 36.4 36.0 38.6 42.7 46.3 53.8 41.4 35.9 38.7 163.6 169.8 Increase (decrease) in sales 6.2 2.5 1.3 (2.3) (1.9) 0.1 3.9 5.6 4.4 (0.4) 14.0 Variation of profit margins 13.3 12.8 5.3 0.0 (5.3) (16.5) (5.1) 2.7 4.7 12.8 (14.2) Economic assumptions changes (4.6) (6.4) (6.8) (7.0) (2.7) (1.4) (1.6) (1.5) (1.5) (22.9) (6.0) Total value at the end of the quarter 51.3 44.9 38.4 33.4 36.4 36.0 38.6 42.7 46.3 153.1 163.6 Value per common share (in dollars) 4 $0.55 $0.49 $0.42 $0.37 $0.40 $0.40 $0.45 $0.50 $0.54 $1.69 $1.89 1 The embedded value and the embedded value of new sales are financial measures that have no IFRS equivalent. 2 The solvency ratio is calculated in accordance with capital adequacy requirements. 3 Assuming a 1% increase in interest rates (including the risk-free rate) and a 1% increase in the discount rate (no change to the risk premium). 4 The embedded value of new sales per common share is calculated on a diluted basis, ignoring the potential conversion of the IATS (innovative Tier 1 debt instruments) into common shares. March 31, 2013 (First Quarter) Page 15

SHARE INFORMATION 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Common shares Share price High $39.20 $31.42 $29.26 $31.96 $32.91 $33.52 $40.93 $42.02 $41.97 $32.91 $42.02 Low $31.18 $25.68 $20.55 $21.23 $25.00 $24.75 $29.44 $39.52 $35.52 $20.55 $24.75 Close $37.36 $31.38 $28.04 $24.47 $30.58 $26.29 $30.96 $40.10 $41.78 $31.38 $26.29 Average share price $36.11 $28.34 $24.49 $26.89 $27.67 $27.69 $35.18 $40.57 $38.86 $26.92 $34.22 Number of common shares outstanding (in millions) At beginning of period 91.0 90.6 90.6 90.6 90.4 90.2 84.2 84.1 83.9 90.4 83.9 Common shares issued 1 6.8 0.4 0.0 0.0 0.2 0.2 6.0 0.1 0.2 0.6 6.5 Common shares repurchased and cancelled 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 At end of period 97.8 91.0 90.6 90.6 90.6 90.4 90.2 84.2 84.1 91.0 90.4 Value of common shares repurchased (buybacks) 0.0 0.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.0 Weighted average number of common shares (in millions) 2 Basic 93.4 90.7 90.6 90.6 90.4 90.2 85.2 84.1 84.0 90.6 85.9 Diluted 98.3 96.3 96.5 97.6 96.2 90.5 90.7 89.1 88.8 96.2 92.5 Diluted - adjusted for IATS 3 94.0 90.9 90.7 90.8 90.7 90.5 85.8 85.2 85.0 90.8 86.5 Dividends Common dividends paid 23.9 22.2 22.2 22.2 22.2 22.1 20.6 20.6 20.6 88.8 83.9 Dividends paid per common share $0.245 $0.245 $0.245 $0.245 $0.245 $0.245 $0.245 $0.245 $0.245 $0.980 $0.980 Dividend payout ratio 4 29% 31% 21% 34% 36% nm 45% 29% 31% 28% 82% Dividend yield (annualized) 5 2.6% 3.1% 3.5% 4.0% 3.2% 3.7% 3.2% 2.4% 2.3% 3.1% 3.7% Stock options Number of stock options outstanding (in millions) At beginning g of period 3.9 4.1 4.2 4.2 3.9 4.1 4.1 4.2 3.9 3.9 3.9 Options issued 0.5 0.0 0.0 0.0 0.5 0.0 0.0 0.0 0.5 0.5 0.5 Options exercised or forteited (0.3) (0.2) (0.1) 0.0 (0.2) (0.2) 0.0 (0.1) (0.2) (0.5) (0.5) At end of period 4.1 3.9 4.1 4.2 4.2 3.9 4.1 4.1 4.2 3.9 3.9 Dividend reinvestment and share purchase plan (DRIP) Number of shares outstanding (in millions) At beginning of period 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Shares issued 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 At end of period 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 nm: not meaningful 1 Includes options exercised under the stock option plan, shares purchased under the dividend reinvestment and share purchase plan (DRIP) and 6,330,000 common shares issued on February 27, 2013 for a net cash amount of $228. 2 Includes the 6,330,000 common shares issued and mentioned in note 1. 3 Excludes the potential conversion of the IATS (innovative Tier 1 debt instruments) into common shares. 4 Dividend payout ratio: dividend per common share paid in the period divided by the basic earnings per common share in the period. 5 Dividend yield: annualized dividend per common share paid in the period divided by the closing price of the common share at the end of the period. March 31, 2013 (First Quarter) Page 16

SHARE INFORMATION (continued) 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Valuation Price-to-earnings multiple (trailing 12 months) 1 (in number of times) 11.2 9.7 17.4 24.5 28.3 22.3 10.8 12.9 14.2 9.5 22.3 Market capitalization 3,654.0 2,856.3 2,541.0 2,216.8 2,770.1 2,376.2 2,793.7 3,376.5 3,514.4 2,856.3 2,376.2 Book value per outstanding common share $28.67 $27.45 $27.27 $26.37 $25.96 $26.19 $27.39 $26.54 $25.94 $28.32 $26.19 Market value to book value ratio (in number of times) 1.3 1.1 1.1 1.0 1.2 1.0 1.2 1.6 1.7 1.1 1.0 Total payout ratio (trailing 12 months) 2 28% 29% 59% 94% 86% 81% 32% 30% 32% 26% 81% Capital yield (trailing 12 months) 3 2.5% 3.1% 3.5% 3.9% 3.1% 3.5% 2.9% 2.4% 2.3% 3.1% 3.5% Total return on common shares (trailing 12 months) 4 25.4% 23.1% nm nm nm nm 1.1% 17.7% 22.2% 23.1% nm Preferred shares Number of preferred shares outstanding (in thousands) Series B 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 5,000.0 Series C 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 Series E 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 Series F 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 4,000.0 Series G 10,000.0 10,000.0 10,000.0 10,000.0 --- --- --- --- --- 10,000.0 --- Value of preferred shares Series B 125.0 125.0 125.0 125.0 125.0 125.0 125.0 125.0 125.0 125.0 125.0 Series C 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Series E 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Series F 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Series G 250.0 250.0 250.0 250.0 --- --- --- --- --- 250.0 --- Dividends paid per preferred share Series B $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $0.2875 $1.1500 $1.1500 Series C $0.3875 $0.3875 $0.3875 $0.3875 $0.3875 $0.3875 $0.3875 $0.3875 $0.3875 $1.5500 $1.5500 Series E $0.3750 $0.3750 $0.3750 $0.3750 $0.3750 $0.3750 $0.3750 $0.3750 $0.3750 $1.5000 $1.5000 Series F $0.36875 $0.36875 $0.36875 $0.36875 $0.36875 $0.36875 $0.36875 $0.36875 $0.36875 $1.47500 $1.47500 Series G $0.26875 $0.26875 $0.35640 --- --- --- --- --- --- $0.62515 --- nm: not meaningful 1 Price-to-earnings multiple: closing price of the common share at the end of the period divided by the diluted earnings per common share for the last twelve months. 2 Total payout ratio: sum of common dividends paid and common shares repurchased (buybacks) over the last twelve months divided by the net income available to common shareholders over the last twelve months. 3 Capital yield: sum of common dividends paid and common shares repurchased (buybacks) over the last twelve months divided by the market capitalization at the end of the period. 4 Total return on common shares: sum of the dividend per common share paid over the last twelve months and the common share appreciation or depreciation over the same period divided by the closing price of the common share at the end of the period preceding the last twelve months. March 31, 2013 (First Quarter) Page 17

CONSOLIDATED INCOME STATEMENTS INCOME STATEMENTS 2013 2012 1 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Revenues Net premiums 1,305.7 1,208.9 1,279.1 1,195.6 1,312.4 1,348.8 1,188.8 1,142.4 1,312.4 4,996.0 4,992.4 Investment income Investment income 143.7 172.0 258.5 313.2 133.7 263.8 317.8 209.4 166.8 877.4 957.8 Variation in the market value on investment properties (0.2) 88.9 34.8 (5.9) (0.3) 9.4 0.3 2.7 --- 117.5 12.4 Realized gains on assets available for sale 8.4 5.9 6.5 10.1 9.7 8.5 9.7 13.3 6.9 32.2 38.4 Change in fair value of financial assets designated at FVTPL 54.6 68.2 261.5 238.7 (44.6) 493.1 537.9 171.8 41.4 523.8 1,244.2 Change in provisions for losses (0.1) --- 0.4 (0.8) (1.2) --- (0.7) 0.1 (1.1) (1.6) (1.7) Total 206.4 335.0 561.7 555.3 97.3 774.8 865.0 397.3 214.0 1,549.3 2,251.1 Fees and other revenues 223.9 217.4 320.4 190.5 205.9 193.6 190.5 199.1 211.0 934.2 794.2 Total 1,736.0 1,761.3 2,161.2 1,941.4 1,615.6 2,317.2 2,244.3 1,738.8 1,737.4 7,479.5 8,037.7 Policy benefits and expenses Net benefits to policyholders and beneficiaries 878.5 786.6 785.9 837.2 859.0 749.1 677.5 721.1 750.6 3,268.7 2,898.3 Net transfer to segregated funds 71.1 96.8 168.1 54.7 205.9 234.8 191.0 160.3 321.7 525.5 907.8 Increase (decrease) in insurance contract liabilities 1 210.5 396.7 525.0 495.5 (23.1) --- --- --- --- 1,394.1 --- Net increase in investment contract liabilities 1 5.4 3.7 6.3 7.3 2.5 --- --- --- --- 19.8 --- Dividends, experience rating refunds and interest on amounts on deposit --- --- --- --- --- 35.7 21.9 17.9 19.6 --- 95.1 Change in provisions for future policy benefits --- --- --- --- --- 839.4 867.4 329.8 132.6 --- 2,169.2 Change in reinsurance assets (29.0) (104.2) (1.3) (11.2) 27.1 145.2 (16.7) (12.7) (9.2) (89.6) 106.6 Commissions 254.5 260.2 252.1 256.3 245.8 240.1 246.6 226.1 234.5 1,014.4 947.3 General expenses 198.2 201.9 200.9 175.5 186.2 169.3 160.2 167.3 166.5 764.5 663.3 Premium and other taxes 22.4 16.1 23.2 23.1 21.0 25.6 21.0 19.0 18.7 83.4 84.3 Financing charges 14.5 13.2 14.6 13.1 11.8 8.6 7.8 7.8 7.4 52.7 31.6 Total 1,626.1 1,671.0 1,974.8 1,851.5 1,536.2 2,447.8 2,176.7 1,636.6 1,642.4 7,033.5 7,903.5 Income (loss) before income taxes 109.9 90.3 186.4 89.9 79.4 (130.6) 67.6 102.2 95.0 446.0 134.2 Income taxes (20.7) (8.9) (73.8) (16.4) (10.0) 68.0 (15.4) (23.0) (22.2) (109.1) 7.4 Net income (loss) 89.2 81.4 112.6 73.5 69.4 (62.6) 52.2 79.2 72.8 336.9 141.6 Less: net income attributed to participating policyholders 0.8 0.7 0.3 1.0 1.2 12.6 0.5 0.6 0.7 3.2 14.4 Net income (loss) attributed to shareholders 88.4 80.7 112.3 72.5 68.2 (75.2) 51.7 78.6 72.1 333.7 127.2 Less: preferred share dividends 8.7 8.6 9.0 6.5 6.0 6.0 6.0 5.9 6.0 30.1 23.9 Net income (loss) attributed to common shareholders 79.7 72.1 103.3 66.0 62.2 (81.2) 45.7 72.7 66.1 303.6 103.3 1 Starting in 2012, presentation in the financial statements was modified to differentiate between insurance contracts and investment contracts. March 31, 2013 (First Quarter) Page 18

CONSOLIDATED COMPREHENSIVE INCOME STATEMENTS COMPREHENSIVE INCOME 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Comprehensive income statements Net income (loss) 89.2 81.4 112.6 73.5 69.4 (62.6) 52.2 79.2 72.8 336.9 141.6 Other comprehensive income (loss), net of income taxes: Items that will be reclassified subsequently to net income Available for sale Unrealized gains (losses) arising during the period Bonds 10.0 (3.7) 6.0 13.4 (8.4) 5.2 30.0 16.5 (6.8) 7.3 44.9 Stocks 0.4 (0.9) 1.4 (9.4) 2.5 3.2 (12.4) (6.1) 6.0 (6.4) (9.3) Reclassification adjustment for (gains) losses included in the net income Bonds (6.3) (4.5) (4.7) (9.4) (7.0) (4.1) (7.1) (5.2) (4.8) (25.6) (21.2) Stocks 0.2 0.1 0.1 2.3 0.4 (2.9) 0.1 (5.9) (0.1) 2.9 (8.8) Change in unrealized gains (losses) on available for sale financial assets 4.3 (9.0) 2.8 (3.1) (12.5) 1.4 10.6 (0.7) (5.7) (21.8) 5.6 Comprehensive income from the entity subject to significant influence --- (0.3) --- --- (0.1) --- --- 0.1 --- (0.4) 0.1 Currency translation account Unrealized gains (losses) on foreign currency translation 5.9 3.3 (10.2) 4.5 (4.1) (7.8) 19.4 (2.6) (5.0) (6.5) 4.0 Hedges of net investment in foreign operations (4.3) (2.4) 5.6 (2.9) 3.5 3.5 (13.9) 1.8 4.0 3.8 (4.6) Items that will not be reclassified subsequently to net income Post-employment benefits --- (24.5) --- --- --- --- --- --- --- (24.5) --- Total other comprehensive income (loss) 5.9 (32.9) (1.8) (1.5) (13.2) (2.9) 16.1 (1.4) (6.7) (49.4) 5.1 Comprehensive income (loss) 95.1 48.5 110.8 72.0 56.2 (65.5) 68.3 77.8 66.1 287.5 146.7 Comprehensive income (loss) attributed to shareholders 94.3 47.8 110.5 71.0 55.0 (78.1) 67.8 77.2 65.4 284.3 132.3 Comprehensive income attributed to participating policyholders 0.8 0.7 0.3 1.0 1.2 12.6 0.5 0.6 0.7 3.2 14.4 DETAIL OF THE ACCUMULATED OTHER COMPREHENSIVE INCOME 2013 2012 2011 (in millions of dollars, unless otherwise indicated) Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Annual Annual Accumulated other comprehensive income Balance at beginning of period 39.5 47.9 49.7 51.2 64.4 67.3 51.2 52.6 59.3 64.4 59.3 Transfer of post-employment benefits to retained earnings --- 24.5 --- --- --- --- --- --- --- 24.5 --- Total other comprehensive income 5.9 (32.9) (1.8) (1.5) (13.2) (2.9) 16.1 (1.4) (6.7) (49.4) 5.1 Balance at end of period 45.4 39.5 47.9 49.7 51.2 64.4 67.3 51.2 52.6 39.5 64.4 Sources of accumulated other comprehensive income Bonds 42.7 39.0 47.2 45.9 41.9 57.3 56.2 33.3 22.0 39.0 57.3 Stocks 7.8 7.2 8.0 6.5 13.6 10.7 10.4 22.7 34.7 7.2 10.7 Comprehensive income from the entity subject to significant influence (0.1) (0.1) 0.2 0.2 0.2 0.3 0.3 0.3 0.2 (0.1) 0.3 Currency translation account (5.0) (6.6) (7.5) (2.9) (4.5) (3.9) 0.4 (5.1) (4.3) (6.6) (3.9) Total 45.4 39.5 47.9 49.7 51.2 64.4 67.3 51.2 52.6 39.5 64.4 March 31, 2013 (First Quarter) Page 19