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Transcription:

AUTO HOME BUSINESS Investor Presentation Intact Financial Corporation (TSX: IFC) August 2017

Canada s largest home, auto and business insurer Largest market share in a fragmented industry Distinct brands 10-year outperformance versus the industry IFC #2 10.4% 17.3% Premium growth 1 4.2 pts #3 9.1% Combined ratio 2 3.3 pts #4 #5 6.4% 5.9% Top 5 represent 49% market share Return on equity 3 5.4 pts Industry data: IFC estimates based on MSA Research Inc. Please refer to Important notes on page 3 of the Q1-2017 MD&A for further information. All data as at December 31, 2016. 1 Premium growth includes the impact of industry pools. 2 Combined ratio includes the market yield adjustment (MYA). 3 ROEs reflect IFRS beginning in 2010. Since 2011, IFC's ROE is adjusted return on common shareholders' equity (AROE). 2

Consistent outperformance Scale advantage Sophisticated pricing and underwriting In-house claims expertise Broker relationships Multi-channel distribution Proven acquisition strategy Tailored investment management FY2016 outperformance (for the period ended December 31, 2016) IFC Industry Five-year average loss ratio outperformance gap (for the period ended December 31, 2016) Premium growth 1 Combined ratio 2 2.4% 95.2% 3.8% 99.6% 4.1 pts 7.4 pts 3.1 pts 3.6 pts Return on equity 3 5.2% 11.0% Personal Auto Personal Property Commercial P&C Commercial Auto Industry data: IFC estimates based on MSA Research Inc. Please refer to Important notes on page 3 of the Q1-2017 MD&A for further information. 1 Premium growth includes the impact of industry pools. 2 Combined ratio includes the market yield adjustment (MYA). 3 IFC's ROE is adjusted return on common shareholders' equity (AROE). 3

What we are aiming to achieve Goal Target Progress Our customers are our advocates Two million advocates by 2020 Unaided brand awareness is at an all-time high and continues to climb Highest broker satisfaction scores ever recorded Our employees are engaged One of Canada s best employers For the second year in a row we were named one of Canada s Top 100 Employers and one of the Best Employers in Canada Recognized as one of Canada's Top Employers for Young People Our company is one of the most respected Outperform industry ROE by 500 basis points every year Grow NOIPS 10% per year over time The Globe and Mail s Board Games ranked us #2 for the quality of our governance Made the Best 50 Corporate Citizens in Canada list for 4th straight year 4

Progress on key financial objectives $7.00 700 $6.00 $5.00 $4.00 600 500 400 500 bps target $3.00 300 $2.00 200 $1.00 100 $0.00 2009 2010 2011 2012 2013 2014 2015 2016 0 5-year avg. FY2016 NOIPS growth Since we became a widely held Canadian company in 2009 our net operating income per share has grown at a compound growth rate of 11%. We target NOIPS growth of 10% per year over time. ROE outperformance We have regularly exceeded our 500 bps ROE outperformance target versus the industry. Industry data: IFC estimates based on MSA Research. Please refer to Important notes on page 3 of the Q1-2017 MD&A for further information. IFC s ROE corresponds to the AROE. 5

Sustaining performance going forward NOIPS growth of 10% per year over time Beat industry ROE by 5 points every year 3-5% Capital management and deployment Claims management 3 pts 2-4% Organic growth Pricing & Segmentation 2 pts 2-4% Margin improvement Investments and capital mgmt. 2 pts * Leaves 2 points to reinvest in customer experience (price, product, service, brand) 6

Industry outlook is conducive to our strategies Personal Auto Personal Property Commercial Lines 3.3% 6.1% 0.2% Next 12 months: We expect low-to-mid single-digit growth in personal auto. Claims cost inflation should lead to rate increases in all markets. Next 12 months: We expect mid single-digit growth in personal property. We expect the current firm market conditions to continue. Next 12 months: We expect low single-digit growth in commercial lines. These lines of business remain highly competitive, mainly in the larger risks. Growth numbers reflect Industry Top 20 for the 12 month period ended March 31, 2016. AMF (Québec) chartered insurance companies are not required to report on Q1 and Q3 results. As such, we have included estimates for non-reporters in the industry Top 20, based on publicly available information. Actual results may vary. 7

Four avenues of growth Multiple levers for profitable growth Near term Medium term Firming market 01 conditions Develop existing 02 platforms Consolidate 03 Canadian market Expand beyond 04 existing markets 8

OneBeacon acquisition Strong strategic rationale Creating a leading North American specialty insurer Focuses on small to mid-size businesses New growth pipeline New products and cross-border capabilities Brings high caliber management team Diversifies IFC s business and geographic mix. Upon closing of the transaction in Q4-16: Specialty Solutions will represent 23% of our direct premiums written (DPW), up from 8%. The United States will represent 17% of Intact s total business. Source: 2016 direct written premium as reported in MSA (Intact) and 10-K (OneBeacon), using April 26 th exchange rate 9

OneBeacon acquisition Driving cross market synergies Entertainment Environmental Financial Institutions Accident Technology Import expertise and expand product offering in Canada Cross-Border 1. Ability for both Intact and OneBeacon to service domestic clients that do business in both countries 2. Better compete with other North American insurers by offering a seamless cross-border experience Small to Mid-Size Commercial & Specialty Lines Leverage Intact underwriting and pricing expertise to broaden offering in the US and drive profitable growth 10

OneBeacon acquisition Financially compelling & conservatively structured NOIPS neutral in year one and mid-single digit accretive in 24 months Immediately accretive to BVPS Attractive IRR estimated to be in excess of 15% 1 Maintains strong financial position and robust capitalization: MCT above 200% Debt-to-total capital ratio returning below target level of 20% within 24 months Significant downside protection against adverse reserve development Thorough reserve assessment factored in valuation Reinsurance coverage of up to US$200M 1 Internal rate of return based on equity returns per proposed financing plan. 2 Purchase price based on 94.041mm outstanding shares as at March 31, 2017 3 Price to book value based on book value as at March 31, 2017. 4 Price to earnings based on consolidated earnings for year ended December 31, 2016 Selected financial highlights $2.3 or 1.65x 15.8x >200% at billion total purchase price, in Canadian dollars, US$1.7 billion 2. P/BV 3 purchase price, or P/E 4. estimated MCT close. internal rate of return (IRR) target is expected to be 15% exceeded. 11

Strong financial position Our balance sheet is solid Low sensitivity to capital markets volatility 2 >$1 224% 22.8% -2 pts -1 pt -2 pts billion in total excess capital Minimum Capital Test (MCT) debt-to-capital ratio, returning below 20% within 24 months of MCT per 100 bps increase in interest rates of MCT per 10% decrease in common share prices of MCT per 5% decrease in preferred share prices Credit ratings 1 A.M. Best DBRS Fitch Moody s Long-term issuer credit ratings of IFC a- A A- Baa1 IFC s principal P&C insurance subsidiaries A+ AA (low) AA- A1 * All data as of June 30, 2017 1 Refer to Section 12.2 Ratings of the Q2-2017 MD&A for additional commentary. 2 Refer to Section 14 Sensitivity analyses of the Q2-2017 MD&A for additional commentary. 12

Strategic capital management Maintain leverage ratio (target 20% debt-to-total capital) 22.9% Debt-to-capital ratio 18.9% 18.7% 17.3% 16.6% 18.6% 22.8% 11.8% 14.3% Increase dividends Manage volatility Invest in growth opportunities Share buybacks $0.16 2009 2010 2011 2012 2013 2014 2015 2016 Q2-17 $0.25 $0.27 Quarterly common share dividends (per share) $0.31 $0.32 $0.34 $0.37 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q3-17 * $0.40 $0.44 $0.48 $0.53 $0.58 $0.64 * Declared 13

Our people advantage We will continue to invest in people and create a strong and diverse workplace Depth of talent with an average of 7 successors for each Senior Leadership role Our efforts have been recognized Two more than last year years of experience, on average, that Executive Committee members have with the organization in 16various roles * As of December 31, 2016 14

Key takeaways 1 2 3 4 We have a sustainable competitive edge driven by strong fundamentals, scale and discipline We are customer driven with diversified offers to meet changing needs We have a strong financial position and a proven track record of consolidation Deep bench in place and growing talent reflective of the evolving environment 15

Appendices

P&C insurance in Canada A $48 billion market representing approximately 3% of GDP Fragmented market: Top five represent 49%, versus bank/lifeco markets which are closer to 65-75% IFC is largest player with approx. 17% market share, versus largest bank/lifeco with 22-25% market share P&C insurance shares the same regulator as the banks and lifecos Home and commercial insurance rates unregulated; personal auto rates regulated in many provinces. Capital is regulated nationally by OSFI* and by provincial authorities in the case of provincial insurance companies. Brokers continue to control commercial lines and a large share of personal lines in Canada. However, the direct-to-consumer channel is growing. Distribution in the industry is currently about 60% through brokers and 40% through the direct/agency channel. Industry has grown at 5.1% CAGR and delivered ROE of ~10% over the last 30 years. Industry data: IFC estimates based on MSA Research Inc. and Insurance Bureau of Canada. Please refer to Important notes on page 3 of the Q1-2017 MD&A for further information. All data as at December 31, 2016. * OSFI = Office of the Superintendent of Financial Institutions Canada Personal Property, 23% Industry DPW by line of business Personal Auto, 36% Industry premiums by province Quebec, 14% Ontario, 48% Alberta, 17% Commercial P&C and other, 34% Commercial Auto, 7% Other provinces and territories, 21% 17

P&C industry 10-year performance versus IFC IFC s competitive advantages Scale advantage Sophisticated pricing and underwriting discipline In-house claims expertise Broker relationships Solid investment returns Strong organic growth potential 110% 105% 100% 95% 90% 85% Combined ratio 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 US Industry 1 10-year avg. = 100.7% CAD Industry 1 10-year avg. = 99.2% 10-year avg. = 95.8% Return on equity Direct premiums written growth 25% 20% 15% 10% 5% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10-year avg. = 13.1% 2 CAD Industry 1 10-year avg. = 7.8% US Industry 1 10-year avg. = 7.3% 230 210 190 170 150 130 110 90 (Base 100 = 2006) 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 10-yr CAGR = 7.5% CAD Industry 1 10-yr CAGR = 3.4% US Industry 1 10-yr CAGR. = 1.9% 1 Industry data: IFC estimates based on SNL Financial and MSA Research excluding Lloyd s, ICBC, SGI, SAF, MPI, Genworth and IFC. All data as at Dec 31, 2015. 2 ROEs reflect IFRS beginning in 2010. Since 2011, IFC's ROE is adjusted return on common shareholders' equity (AROE). 18

Operational snapshot A strong and diversified base for growth 2016 DPW by Business Line 2016 DPW by Geography 2016 DPW by Distribution Channel 29% 46% 18% 14% 41% 9% 15% 28% 25% 27% 48% Personal Auto Personal Property Commercial Lines Ontario Quebec Alberta Rest of Canada * Excluding pools, as of December 31, 2016 ¹Affiliated brokers are either those in which we hold an equity investment or provide financing. Intact Insurance - Affiliated brokers Intact Insurance - Other brokers BrokerLink Direct to consumer 1 19

Many initiatives underway to improve personal auto Confident in our ability to deliver mid single-digit improvement by the end of the year 3 CR points 1-3 CR points Actions we re taking Our earned rate increased by a little over 3% (up from 1.8% in Q1-17) and will continue to grow in the second half of 2017. We are making improvements in our risk selection models, including tighter controls. Claims initiatives include special action plans for BI and AB, tighter indemnity controls, and enhanced analytics. Further benefits from reforms in Ontario. Personal Auto Outperformance vs. Industry Direct loss ratio outperformance (before reinsurance, in bps) IFC combined ratio (MD&A basis) 98.0% 1070 96.2% 94.4% 820 92.8% 93.1% 91.7% 540 400 340 170 2011 2012 2013 2014 2015 2016 Industry data: IFC estimates based on MSA Research. 20

OneBeacon is a unique pureplay specialty lines insurer OneBeacon is a Bermuda-domiciled company operating in the US and focused on specialty insurance Offers a range of specialty insurance products across 16 diversified business units Differentiated, multi-channel distribution approach with an attractive mix of retail (70% of GPW) and wholesale (30% of GPW) distribution Flexible and scalable technology platform 2016 GPW US$1.2bn 2016 Net income US$107m 2016 & 2017 Q1 combined ratio of 97.3% & 94.5% Book value US$1bn Rated A by AM Best / A- by S&P / A3 by Moody s / A by Fitch 2 2016 GPW 1 by Line of Business Other Professional Lines 3% Specialty Property 3% Financial Services 4% Programs 4% Surety 5% Inland Marine 6% Management Liability Tuition 4% Reimbursement 6% Environmental 3% Financial Institutions 3% Accident 12% Technology 11% Ocean Marine 11% Healthcare 11% Entertainment 7% Total: US$1,190 million Government Risks 7% Operational objective to achieve a combined ratio in the low 90 s for OneBeacon. Cross-border growth opportunity to better serve Canadian client base. Source: OneBeacon 1 Represents gross premiums written from continuing operations which excludes exited or discontinued lines and is further adjusted to exclude $11 million in frontingrelated premiums. 2 Financial strength rating as of March 31, 2017 21

High quality investment portfolio $14.9 billion of high quality investments - strategically managed Preferred shares 9% Investment mix (as of June 30, 2017) Cash and short-term notes 8% Common equity strategies 13% Loans 3% Fixed - income strategies 67% Fixed-income securities credit quality AA 29% AAA 44% A 24% Preferred shares credit quality BBB 2% BB and lower (including not rated) 1% Nearly 97% of fixed-income securities are rated A- or better. 81% of preferred shares are rated at least P2L. No exposure to leveraged securities. P2 81% P3 19% 22

Track record of prudent reserving practices Quarterly and annual fluctuations in reserve development are normal 2005 reserve development was unusually high due to the favourable effects of certain auto insurance reforms Rate of claims reserve development (favourable prior year development as a % of opening reserves) 9% 8% 7% 6% 5% Our consistent track record of positive reserve development reflects our preference to take a conservative approach to establishing and managing claims reserves 4% 3% 2% 1% 0% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 23

1200 1000 800 600 400 200 0 250% -30% Strong capital base Excess capital levels are maintained to ensure a very low probability of breaching a MCT of 170% 188% 205% 232% 233% 197% 205% 203% 209% 203% 218% 224% $702M $428M $859M $809M $435M $599M $550M $681M $625M $970M $1.03B 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q2-17 Total Excess Capital at 170% MCT * Total excess capital at 170% includes net liquid assets of the non regulated entities 24

Further industry consolidation ahead Our domestic acquisition strategy Targeting large-scale acquisitions of $500 million or more in direct premiums written Pursuing acquisitions in lines of business where we have expertise Acquisition target IRR of 15% Targets: Bring loss ratio of acquired book of business to our average loss ratio within 18 to 24 months Bring expense ratio to 2 pts below IFC ratio Canadian M&A environment Our track record of acquisitions Year Company DPW 2015 Canadian Direct Insurance $143 million 2014 Metro General $27 million 2012 Jevco $350 million 2011 AXA Canada $2 billion 2004 Allianz $798 million 2001 Zurich $510 million 1999 Pafco $40 million 1998 Guardian $630 million 1997 Canadian Surety $30 million 1995 Wellington $311 million Top 20 P&C insurers = 85% of market Environment more conducive to acquisitions now than in recent years: Industry ROEs, although slightly improved from trough levels of mid-2009, are well below prior peak Foreign parent companies are generally in less favourable capital position Demutualization likely for P&C insurance industry Industry data: IFC estimates based on MSA Research. Please refer to Important notes on page 3 of the Q1-2017 MD&A for further information. All data as at December 31, 2016. 25

Historical financials (in C$ millions, except as otherwise noted) H1-17 H1-16 2016 2015 2014 2013 2012 Income statement highlights Direct premiums written 4,244 4,139 8,293 7,922 7,461 7,345 6,854 Underwriting income 138 161 375 628 519 142 451 Net investment income 210 208 414 424 427 406 389 Net operating income (NOI) 316 311 660 860 767 500 675 NOIPS to common shareholders (in C$) 2.34 2.29 4.88 6.38 5.67 3.62 5.00 Balance sheet highlights Total investments 14,890 13,812 14,386 13,504 13,440 12,261 12,959 Debt outstanding 1,815 1,392 1,393 1,143 1,143 1,143 1,143 Common shareholders' equity 5,522 5,322 5,599 5,235 4,962 4,461 4,400 Performance metrics Claims ratio 67.4% 64.7% 64.9% 61.3% 62.6% 66.9% 61.6% Expense ratio 29.2% 31.1% 30.4% 30.4% 30.2% 31.1% 31.5% Combined ratio 96.6% 95.8% 95.3% 91.7% 92.8% 98.0% 93.1% Operating ROE (OROE) for the last 12 mo. 12.1% 14.6% 12.0% 16.6% 16.3% 11.2% 16.8% Debt / Capital 22.8% 19.3% 18.6% 16.6% 17.3% 18.7% 18.9% Combined ratios by line of business Personal auto 100.2% 97.0% 99.9% 95.4% 94.5% 93.2% 95.7% Personal property 96.2% 94.7% 90.9% 85.9% 89.0% 104.4% 93.5% Commercial P&C 90.5% 95.3% 90.2% 86.8% 94.2% 103.9% 91.6% Commercial auto 93.0% 93.9% 94.6% 99.0% 89.6% 93.3% 81.5% 26

Visit our online annual report! Please visit our online annual report to view videos, interactive features and additional information on how we are preparing for the future. reports.intactfc.com/2016 27

Contact us General Inquiries Intact Financial Corporation 700 University Avenue Toronto, ON M5G 0A1 1 (416) 341-1464 1-877-341-1464 (toll-free in N.A.) info@intact.net Media Inquiries Stephanie Sorensen Director, External Communications 1 (416) 344-8027 stephanie.sorensen@intact.net Investor Inquiries ir@intact.net 1 (416) 941-5336 1-866-778-0774 (toll-free in N.A.) Ken Anderson VP Investor Relations & Treasurer 1 (855) 646-8228, ext. 87383 kenneth.anderson@intact.net Neil Seneviratne Director, Investor Relations 1 (416) 341-1464 ext. 45156 neil.seneviratne@intact.net 28

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. This presentation contains forward-looking statements with respect to the financing structure for the acquisition (the Acquisition ) of OneBeacon Insurance Group Ltd. ( OneBeacon ) and the completion of and timing for completion of the Acquisition. 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. 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: the use of the net proceeds from the bought deal public offering (the Offering ) of subscription receipts of the Company (the Subscription Receipts ) and the sale of Subscription Receipts to private placement subscribers pursuant to concurrent private placements with the Offering (the Concurrent Private Placements ); the timing and completion of the Acquisition; expected competition and regulatory processes and outcomes in connection with the Acquisition; the Company s ability to implement its strategy or operate its business as management currently expects; its ability to accurately assess the risks associated with the insurance policies that the Company writes; unfavourable capital market developments or other factors which may affect the Company s investments, floating rate securities and funding obligations under its pension plans; the cyclical nature of the P&C insurance industry; management s ability to accurately predict future claims frequency and severity, including in the Ontario personal auto line of business, as well as catastrophe losses caused by severe weather and other weather-related losses; government regulations designed to protect policyholders and creditors rather than investors; litigation and regulatory actions; periodic negative publicity regarding the insurance industry; intense competition; the Company s reliance on brokers and third parties to sell its products to clients and provide services to the Company; the Company s ability to successfully pursue its acquisition strategy; the Company s ability to execute its business strategy; the Company s ability to achieve synergies arising from successful integration plans relating to acquisitions, as well as management's estimates and expectations in relation to NOIPS, BVPS, MCT and debt-to-capital ratio; the terms and conditions of the Acquisition; the Company s financing plans for the Acquisition, including the availability of equity and debt financing in the future the Company s participation in the Facility Association (a mandatory pooling arrangement among all industry participants) and similar mandated risksharing pools; terrorist attacks and ensuing events; the occurrence of catastrophe events, including a major earthquake; the Company s ability to maintain its financial strength and issuer credit ratings; access to debt financing and the Company's ability to compete for large commercial business; the Company s ability to alleviate risk through reinsurance; the Company s ability to successfully manage credit risk (including credit risk related to the financial health of reinsurers); the Company s ability to contain fraud and/or abuse; the Company s reliance on information technology and telecommunications systems and potential failure of or disruption to those systems, including evolving cyber-attack risk; the Company s dependence on key employees; changes in laws or regulations; 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 volatility of the stock market and other factors affecting the trading prices of the Company s securities (including the Subscription Receipts); the Company s ability to hedge exposures, including those related to purchase price and book value related to the Acquisition, to fluctuations in foreign exchange rates; future sales of a substantial number of its common shares; changes in applicable tax laws, tax treaties or tax regulations or the interpretation or enforcement thereof; and the timing of the distribution of the Subscription Receipts pursuant to the Offering, including the expected closing date of the Offering and the distribution of common shares of the Company upon closing of the Acquisition. All of the forward-looking statements included in this presentation are qualified by these cautionary statements, those made in the section entitled Risk management (Sections 17-21) of our MD&A for the year ended December 31, 2016 and those found in the Risk Factors section of the prospectus supplement dated May 4, 2017 related to the issuance of the Company s subscription receipts. 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. 29

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. The Company uses both International Financial Reporting Standards ( IFRS ) and certain non-ifrs measures to assess performance. Non-IFRS measures do not have any standardized meaning prescribed by IFRS and are unlikely to be comparable to any similar measures presented by other companies. Management analyzes performance based on underwriting ratios such as combined, expense, loss and claims ratios, MCT, and debt-to-capital, as well as other non-ifrs financial measures, namely DPW, Underlying current year loss ratio, Underwriting income, NOI, NOIPS, OROE, ROE, AROE, Non-operating results, AEPS, Cash flow available for investment activities, and Market-based yield. These measures and other insurance related terms are defined in the Company s glossary available on the Intact Financial Corporation web site at www.intactfc.com in the Investors section. Additional information about the Company, including the Annual Information Form, may be found online on SEDAR at www.sedar.com. 30