Intact Financial Corporation reports Q3-2025 results

Intact Financial Corporation reports Q3-2025 results Canada NewsWire TORONTO, Nov. 4, 2025 (TSX: IFC) (in Canadian dollars except as otherwise noted) TORONTO, Nov. 4, 2025 /CNW/ - Highlights Operating DPW1,2 growth increased to 6%, driven by momentum in Commercial lines and continued strength in Personal lines Strong combined ratio1 of 89.8%, reflecting solid underlying performance across all geographies and lines of business Net operating income per share1 was solid at $4.46 (EPS of $4.73) supported by robust underwriting, investment and distribution income Operating ROE1 of 19.6% (ROE1 of 17.3%) up 4 points from last year Balance sheet continues to strengthen with total capital margin1 of $3.3 billion and BVPS1 of $103.16, an increase of 14% year-over-year Charles Brindamour, Chief Executive Officer, said: "The strength of our platform was evident again this quarter. All our key metrics are strong and improving. Our premium growth is accelerating and our underwriting performance is excellent. I want to thank our people for the momentum they are driving. Our 20% operating ROE is indicative of our ability to successfully navigate diverse market cycles. Our rigorous focus on fundamentals positions us to continue to achieve our objectives of 500 basis points of ROE outperformance and 10% annual NOIPS growth over the next decade." Consolidated Highlights (in millions of Canadian dollars except as otherwise noted) Q3-2025 Q3-2024 Change YTD-2025 YTD-2024 Change Operating direct premiums written1,2 6,643 6,207 6 % 19,038 17,972 4 % Combined ratio1 89.8 % 103.9 % (14.1) pts 89.0 % 94.2 % (5.2) pts Underwriting income (loss)1 598 (215) nm 1,867 925 102 % Operating net investment income 402 394 2 % 1,217 1,161 5 % Distribution income1 147 132 11 % 429 401 7 % Net operating income attributable to common shareholders1 797 182 338 % 2,449 1,695 44 % Net income 861 212 306 % 2,404 1,643 46 % Per share measures (in dollars) Net operating income per share (NOIPS)1,3 $4.46 $1.01 342 % $13.71 $9.49 44 % Earnings per share (EPS) – diluted3 $4.73 $1.06 346 % $13.11 $8.78 49 % Book value per share1 $103.16 $90.60 14 % Return on equity for the last 12 months Operating ROE1 19.6 % 15.8 % 3.8 pts Adjusted ROE1 19.9 % 16.7 % 3.2 pts ROE1 17.3 % 13.8 % 3.5 pts Capital management Total capital margin1 3,262 2,566 696 Adjusted debt-to-total capital ratio1 17.9 % 20.3 % (2.4) pts __________________________________________ 1   This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure"). Refer to Section 15 – Non-GAAP and other financial measures in the Q3-2025 Management's Discussion and Analysis for further details. 2   DPW change (growth) is presented in constant currency. 3      Per share metric is calculated based on the weighted-average diluted number of common shares. 12-Month Industry Outlook (no change since Q2-2025) We continue to expect constructive conditions across all our markets: In Personal lines in Canada, we expect high-single-digit to low-double-digit industry premium growth; and In Commercial and Specialty lines across all geographies, we expect mid-single-digit industry premium growth. Q3-2025 Consolidated Performance Operating DPW growth increased to 6%, driven by a 3-point sequential improvement in Commercial lines growth, as well as continued double-digit growth in Personal lines. Combined ratio was strong at 89.8%, a 14-point improvement from last year, reflecting solid underlying performance across all geographies and lower year-over-year catastrophe activity. Operating net investment income increased 2% from last year to $402 million, driven by higher assets. Favourable foreign currency movements were offset by a decrease in floating rates. Distribution income increased 11% to $147 million, driven by higher variable commissions, as well as contributions from acquisitions. Net operating income per share was strong at $4.46 (EPS of $4.73), a $3.45 increase from last year, driven by both premium growth and improving margins, including lower catastrophes, as well as contributions from investment and distribution income. Operating ROE increased 4 points from last year to 19.6% (ROE of 17.3%), driven by sustained margins combined with lower-than-expected catastrophe losses over the last 12 months. Segment Underwriting Performance (in millions of Canadian dollars except as otherwise noted) Q3-2025 Q3-2024 Change YTD-2025 YTD-2024 Change Operating direct premiums written1 (growth in constant currency) Canada 4,620 4,261 8 % 13,008 12,076 8 % UK&I 1,072 1,075 (5) % 3,655 3,635 (5) % US 951 871 8 % 2,375 2,261 2 % Total 6,643 6,207 6 % 19,038 17,972 4 % Combined ratio1 Canada 89.1 % 109.5 % (20.4) pts 87.7 % 95.4 % (7.7) pts UK&I 95.5 % 91.9 % 3.6 pts 95.3 % 92.9 % 2.4 pts US 83.6 % 87.4 % (3.8) pts 86.0 % 88.0 % (2.0) pts Combined ratio 89.8 % 103.9 % (14.1) pts 89.0 % 94.2 % (5.2) pts Canada The Canadian business is in a strong position, outperforming the industry on both DPW growth and combined ratio in H1-2025. Personal auto operating DPW increased by 11%, including unit growth of 3%. The combined ratio of 91.5% reflected strong underlying performance in the quarter, driven by the benefits of our pricing and risk selection. Personal property operating DPW grew by 10%, including 2%-unit growth. The combined ratio was solid at 92.4%, despite elevated CAT losses (16 points), reflecting our underwriting discipline. Commercial lines operating DPW growth was 3%, improving sequentially as growth initiatives begin to gain traction. The combined ratio was strong at 82.8%, reflecting the benefits of our profitability actions and favourable prior year development in line with expectations. UK&I Operating DPW decreased 5%, due to remediation actions in the DLG portfolio and strategic exits. The combined ratio of 95.5% reflected healthy underlying performance and included more than 3 points of higher-than-expected CAT losses.  US Operating DPW growth improved significantly to 8%, driven by continued momentum in both new business and retention. The combined ratio of 83.6% improved 4 points year-over-year, reflecting our strong underlying performance. __________________________________________ 1 This release contains Non-GAAP financial measures, Non-GAAP ratios and other financial measures (each as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure"). Refer to Section 15 – Non-GAAP and other financial measures in the Q3-2025 Management's Discussion and Analysis for further details. Balance Sheet The Company ended the quarter in a strong financial position and with solid regulatory capital ratios in all jurisdictions. Total capital margin increased from last quarter to $3.3 billion, driven by strong operating earnings. Adjusted debt-to-total capital ratio stood at 17.9% as at September 30, 2025, a decrease from last quarter, driven by strong capital generation. IFC's book value per share (BVPS) of $103.16 as at September 30, 2025 increased 14% year-over-year, primarily due to strong earnings over the last 12 months. BVPS grew by 5% during the quarter, driven by strong operating performance and favourable market movements. Common Share Dividend The Board of Directors approved the quarterly dividend of $1.33 per share on the Company's outstanding common shares. The common share dividends are payable on December 31, 2025, to shareholders of record on December 17, 2025. Preferred Share Dividends The Board of Directors also approved a quarterly dividend of 30.25625 cents per share on the Company's Class A Series 1 preferred shares, 21.60625 cents per share on the Class A Series 3 preferred shares, 32.5 cents per share on the Class A Series 5 preferred shares, 33.125 cents per share on the Class A Series 6 preferred shares, 37.575 cents per share on the Class A Series 7 preferred shares, 33.75 cents per share on the Class A Series 9 preferred shares, and 32.8125 cents per share on the Class A Series 11 preferred shares. The dividends are payable on December 31, 2025, to shareholders of record on December 17, 2025.  Normal Course Issuer Bid As of February 17, 2025, we renewed our normal course issuer bid ("NCIB") program to purchase for cancellation up to 3% of IFC's issued and outstanding common shares over the next twelve months. During the quarter, we repurchased and cancelled 534,600 common shares for a total consideration of $145 million.   Analysts' Estimates The average estimate of earnings per share and net operating income per share for the quarter among the analysts who follow the Company was $4.08 and $4.32, respectively. Management's Discussion and Analysis (MD&A) and Interim Consolidated Financial Statements This Press Release, which was approved by the Company's Board of Directors on the Audit Committee's recommendation, should be read in conjunction with the Q3-2025 MD&A, as well as the Q3-2025 interim condensed consolidated financial statements, which are available on the Company's website at www.intactfc.com and later today on SEDAR+ at www.sedarplus.ca.  For the definitions of measures and other insurance-related terms used in this Press Release, please refer to the MD&A and to the glossary available in the "Investors" section of the Company's website at www.intactfc.com. Conference Call Details Intact Financial Corporation will host a conference call to review its earnings results tomorrow at 11:00 a.m. ET. To listen to the call via live audio webcast and to view the Company's interim condensed consolidated financial statements, MD&A, presentation slides, Supplementary financial information and other information not included in this Press Release, visit the Company's website at www.intactfc.com and link to "Investors". The conference call is also available by dialing 416-945-7677 or 1-888-699-1199 (toll-free in North America). Please call 10 minutes before the start of the call. A replay of the call will be available on November 5, 2025 at 2:00 p.m. ET until 11:59 p.m. ET on November 12, 2025. To listen to the replay, call 289-819-1450 or 1-888-660-6345 (toll-free in North America), entry code 15599. A transcript of the call will also be made available on Intact Financial Corporation's website. About Intact Financial Corporation Intact Financial Corporation (TSX: IFC) is the largest provider of Property and Casualty (P&C) insurance in Canada, a leading Specialty lines insurer with international expertise and a leader in Commercial lines in the UK and Ireland. The business has grown organically and through acquisitions to almost $24 billion of total annual operating direct premiums written (DPW). In Canada, Intact distributes insurance under the Intact Insurance brand through agencies and a wide network of brokers, including its wholly- owned subsidiary BrokerLink. Intact also distributes directly to consumers through the belairdirect brand and affinity partnerships. Additionally, Intact provides exclusive and tailored offerings to high-net-worth customers through Intact Prestige. In the US, Intact Insurance Specialty Solutions provides a range of Specialty insurance products and services through independent agencies, regional and national brokers, wholesalers and managing general agencies. Across the UK, Ireland and Europe, Intact Insurance provides Commercial and Specialty insurance solutions through regional and national brokers, wholesalers and managing general agents. In Ireland, it also provides Personal insurance direct to customers through the 123.ie brand. Non-GAAP and Other Financial Measures Non-GAAP financial measures and Non-GAAP ratios (which are calculated using Non-GAAP financial measures) do not have standardized meanings prescribed by IFRS (or GAAP) and may not be comparable to similar measures used by other companies in our industry. Non-GAAP and other financial measures are used by management and financial analysts to assess our performance. Further, they provide users with an enhanced understanding of our financial results and related trends, and increase transparency and clarity into the core results of the business. Non-GAAP financial measures and Non-GAAP ratios used in this Press Release and other Company's financial reports include measures related to our consolidated performance, underwriting performance and financial strength. For more information about these supplementary financial measures, Non-GAAP financial measures, and Non-GAAP ratios, including definitions and explanations of how these measures provide useful information, refer to Section 15 – Non-GAAP and other financial measures in the Q3-2025 MD&A dated November 4, 2025, which is available on our website at www.intactfc.com and on SEDAR+ at www.sedarplus.ca. Table 1  Reconciliation of NOI, NOIPS and OROE to Net income attributable to shareholders Q3-2025 Q3-2024 YTD-2025 YTD-2024 Net income attributable to shareholders, as reported under IFRS 861 207 2,404 1,630 Remove: pre-tax non-operating results (83) (23) 84 117 Remove: non-operating tax expense (benefit)  36 15 23 10 NOI attributable to shareholders 814 199 2,511 1,757 Remove: preferred share dividends and other equity distribution (17) (17) (62) (62) NOI attributable to common shareholders 797 182 2,449 1,695 Divided by weighted-average diluted number of common shares (in millions) 178.5 178.6 178.6 178.6 NOIPS (in dollars) 4.46 1.01 13.71 9.49 NOI attributable to common shareholders for the last 12 months 3,330 2,408 Adjusted average common shareholders' equity, excluding AOCI 16,976 15,277 OROE for the last 12 months 19.6 % 15.8 % Table 2  Reconciliation of underwriting results on a MD&A basis with the interim consolidated financial statements (quarterly) Financial statements F/S  1 2 3 4 5 6 7 8 9 Total MD&A  MD&A Quarter ended September 30, 2025 Insurance revenue 6,791 (579) (173) - - - - (98) (82) 6 (926) 5,865 Operating net underwriting revenue Insurance service expense (5,504) 301 190 (171) 8 (52) (218) 103 82 (6) 237 (5,267) Sum of: Operating net claims ($3,260 million) and Operating net underwriting expenses ($2,007 million) Expense from reinsurance contracts (579) 579 - - - - - - - - 579 - n/a Income from reinsurance contracts 301 (301) - - - - - - - - (301) - n/a Insurance service result 1,009 - 17 (171) 8 (52) (218) 5 - - (411) 598 Underwriting income (loss) Quarter ended September 30, 2024 Insurance revenue 6,757 (645) (354) - - - - (250) (25) 22 (1,252) 5,505 Operating net underwriting revenue Insurance service expense (6,809) 848 375 (130) 8 (49) (230) 264 25 (22) 1,089 (5,720) Sum of: Operating net claims ($3,934 million) and Operating net underwriting expenses ($1,786 million) Expense from reinsurance contracts (645) 645 - - - - - - - - 645 - n/a Income from reinsurance contracts 848 (848) - - - - - - - - (848) - n/a Insurance service result 151 - 21 (130) 8 (49) (230) 14 - - (366) (215) Underwriting income (loss) Reconciling items in the table above: 1 Adjustment to present results net of reinsurance 2 Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) 3 Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) 4 Adjustment to exclude the non-operating pension expense 5 Adjustment to reclassify intercompany commissions (to Distribution income & Other operating income (expense)) 6 Adjustment to exclude discount build on claims liabilities (treated as non-operating) 7 Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) 8 Adjustment to reclassify Assumed (ceded) commissions and premium adjustments 9 Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts Table 3  Reconciliation of underwriting results on a MD&A basis with the interim consolidated financial statements (year-to-date) Financial statements F/S  1 2 3 4 5 6 7 8 9 Total MD&A  MD&A Nine-month period ended September 30, 2025 Insurance revenue 20,060 (1,775) (675) - - - - (406) (187) 32 (3,011) 17,049 Operating net underwriting revenue Insurance service expense (16,174) 951 704 (440) 23 (172) (651) 422 187 (32) 992 (15,182) Sum of: Operating net claims ($9,385 million) and Operating net underwriting expenses ($5,797 million) Expense from reinsurance contracts (1,775) 1,775 - - - - - - - - 1,775 - n/a Income from reinsurance contracts 951 (951) - - - - - - - - (951) - n/a Insurance service result 3,062 - 29 (440) 23 (172) (651) 16 - - (1,195) 1,867 Underwriting income (loss) Nine-month period ended September 30, 2024 Insurance revenue 19,756 (1,937) (1,069) - - - - (738) (57) 44 (3,757) 15,999 Operating net underwriting revenue Insurance service expense (17,363) 1,527 1,165 (392) 24 (142) (695) 789 57 (44) 2,289 (15,074) Sum of: Operating net claims ($9,691 million) and Operating net underwriting expenses ($5,383 million) Expense from reinsurance contracts (1,937) 1,937 - - - - - - - - 1,937 - n/a Income from reinsurance contracts 1,527 (1,527) - - - - - - - - (1,527) - n/a Insurance service result 1,983 - 96 (392) 24 (142) (695) 51 - - (1,058) 925 Underwriting income (loss) Reconciling items in the table above: 1 Adjustment to present results net of reinsurance 2 Adjustment to exclude net underwriting revenue, net claims, net underwriting expenses from exited lines (treated as non-operating) 3 Adjustment to include indirect underwriting expenses (from Other income and expense under IFRS) 4 Adjustment to exclude the non-operating pension expense 5 Adjustment to reclassify intercompany commissions (to Distribution income & Other operating income (expense)) 6 Adjustment to exclude discount build on claims liabilities (treated as non-operating) 7 Adjustment to exclude Net insurance service results from claims acquired in a business combination (treated as non-operating) 8 Adjustment to reclassify Assumed (ceded) commissions and premium adjustments 9 Adjustment to reclassify Net insurance revenue from retroactive reinsurance contracts Table 4  Reconciliation of ROE to Net income attributable to shareholders Q3-2025 Q3-2024 YTD-2025 YTD-2024 Net income attributable to shareholders, as reported under IFRS 861 207 2,404 1,630 Remove: preferred share dividends and other equity distribution  (17) (17) (62) (62) Net income attributable to common shareholders  844 190 2,342 1,568 Divided by weighted-average basic number of common shares (in millions) 178.2 178.4 178.3 178.3 EPS, basic (in dollars) 4.73 1.07 13.14 8.79 Divided by weighted-average diluted number of common shares1 (in millions) 178.5 178.6 178.6 178.6 EPS, diluted (in dollars)  4.73 1.06 13.11 8.78 Net income attributable to common shareholders for the last 12 months 2,981 2,064 Adjusted average common shareholders' equity 17,252 14,967 ROE for the last 12 months 17.3 % 13.8 % 1 Includes the net effect of the exercise of stock options. See Note 16 – Earnings per share to the interim condensed consolidated financial statements for more details. Table 5  Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements (quarterly) MD&A captions Pre-tax As presented in the Financial statements Distribution income   Total finance costs Other operating income (expense) Operating net investment income   Total income taxes   Non- operating results Underwriting income (loss)     Total F/S caption For the quarter ended September 30, 2025 Insurance service result 38 - 14 - - 188 769 1,009 Net investment income - - - 402 - - - 402 Net gains (losses) on investment   portfolio - - - - - 310 - 310 Net insurance financial result - - - - - (290) - (290) Share of profits from investments in associates and joint ventures 35 (4) (1) - (4) (18) - 8 Other net gains (losses) - - - - - 71 - 71 Other income and expense 74 - (62) - - (77) (171) (236) Other finance costs - (55) - - - - - (55) Acquisition, integration and restructuring costs - - - - - (101) - (101) Income tax benefit (expense) - - - - (257) - - (257) Total, as reported in MD&A 147 (59) (49) 402 (261) 83 598 For the quarter ended September 30, 2024 Insurance service result 28 - 21 - - 187 (85) 151 Net investment income - - - 394 - - - 394 Net gains (losses) on investment portfolio - - - - -   399 -   399 Net insurance financial result - - - - - (408) - (408) Share of profits from investments in associates and joint ventures 31 (4) (1) - (7) (2) - 17 Other net gains (losses) - - - - - 5 - 5 Other income and expense 73 - (59) - - (81) (130) (197) Other finance costs - (55) - - - - - (55) Acquisition, integration and restructuring costs - - - - - (77) - (77) Income tax benefit (expense) - - - - (17) - - (17) Total, as reported in MD&A 132 (59) (39) 394 (24) 23 (215) Table 6  Reconciliation of consolidated results on a MD&A basis with the interim condensed consolidated financial statements (year-to-date) MD&A captions Pre-tax As presented in the Financial statements Distribution income   Total finance costs Other operating income (expense) Operating net investment income   Total income taxes   Non- operating results Underwriting income (loss)     Total F/S caption For the nine-month period ended September 30, 2025 Insurance service result 146 - 26 - - 583 2,307 3,062 Net investment income - - - 1,217 - - - 1,217 Net gains (losses) on investment portfolio - - - - - 532 - 532 Net insurance financial result - - - - - (727) - (727) Share of profits from investments in associates and joint ventures 119 (11) (2) - (22) (36) - 48 Other net gains (losses) - - - - - 95 - 95 Other income and expense 164 - (152) - - (234) (440) (662) Other finance costs - (167) - - - - - (167) Acquisition, integration and restructuring costs - - - - - (297) - (297) Income tax benefit (expense) - - - - (697) - - (697) Total, as reported in MD&A 429 (178) (128) 1,217 (719) (84) 1,867 For the nine-month period ended September 30, 2024 Insurance service result 99 - 43 - - 524 1,317 1,983 Net investment income - - - 1,161 - - - 1,161 Net gains (losses) on investment portfolio - - - - - 325 - 325 Net insurance financial result - - - - - (700) - (700) Share of profits from investments in associates and joint ventures 121 (12) - - (25) (17) - 67 Other net gains (losses) - - - - - 259 - 259 Other income and expense 181 - (170) - - (228) (392) (609) Other finance costs - (166) - - - - - (166) Acquisition, integration and restructuring costs - - - - - (280) - (280) Income tax benefit (expense) - - - - (397) - - (397) Total, as reported in MD&A 401 (178) (127) 1,161 (422) (117) 925 Table 7  Reconciliation of AEPS and AROE to Net income attributable to shareholders Q3-2025 Q3-2024 YTD-2025 YTD-2024 Net income attributable to shareholders, as reported under IFRS  861 207 2,404 1,630 Remove acquisition-related items, after tax   Amortization of acquired intangible assets 60 58 182 171   Acquisition and integration costs 58 32 144 128   Tax adjustments on acquisition-related items 5 1 13 4   Net result from claims acquired in a business combination - 1 1 2 Adjusted net income attributable to shareholders 984 299 2,744 1,935 Remove: preferred share dividends and other equity distribution (17) (17) (62) (62) Adjusted net income attributable to common shareholders 967 282 2,682 1,873 Divided by weighted-average diluted number of common shares (in millions) 178.5 178.6 178.6   178.6 AEPS (in dollars) 5.42 1.58 15.01 10.49 Adjusted net income attributable to common shareholders for the last 12 months 3,429 2,492 Adjusted average common shareholders' equity 17,252 14,967 AROE for the last 12 months 19.9 % 16.7 % Table 8  Calculation of BVPS and BVPS (excluding AOCI) As at September 30, 2025 2024 Equity attributable to shareholders, as reported under IFRS 19,962 17,780 Remove: Preferred shares and other equity, as reported under IFRS (1,619) (1,619) Common shareholders' equity 18,343 16,161 Remove: AOCI, as reported under IFRS (404) (148) Common shareholders' equity (excluding AOCI)  17,939 16,013 Number of common shares outstanding at the same date (in millions) 177.8 178.4 BVPS 103.16 90.60 BVPS (excluding AOCI) 100.88 89.77 Table 9  Adjusted average common shareholders' equity and Adjusted average common shareholders' equity, excluding AOCI As at September 30, 2025 2024 Ending common shareholders' equity 18,343 16,161 Beginning common shareholders' equity 16,161 13,773 Adjusted average common shareholders' equity1 17,252 14,967 Ending common shareholders' equity, excluding AOCI 17,939 16,013 Beginning common shareholders' equity, excluding AOCI 16,013 14,540 Adjusted average common shareholders' equity, excluding AOCI1 16,976 15,277 1 No significant capital transactions occurred over the reported periods. Table 10 Reconciliation of Total debt outstanding before hybrid subordinated notes and Total capital to Debt outstanding, Equity attributable to shareholders As at  Sept. 30, 2025 June 30, 2025 Dec. 31, 2024 Debt outstanding, as reported under IFRS 4,656 4,643 4,681 Remove: hybrid subordinated notes (247) (247) (247) Total debt outstanding before hybrid subordinated notes 4,409 4,396 4,434 Debt outstanding, as reported under IFRS 4,656 4,643 4,681 Equity attributable to shareholders, as reported under IFRS 19,962 19,216 18,148 Adjusted total capital 24,618 23,859 22,829 Total debt outstanding before hybrid subordinated notes 4,409 4,396 4,434 Adjusted total capital 24,618 23,859 22,829 Adjusted debt-to-total capital ratio 17.9 % 18.4 % 19.4 % Debt outstanding, as reported under IFRS 4,656 4,643 4,681 Preferred shares and other equity, as reported under IFRS 1,619 1,619 1,619 Debt outstanding and preferred shares (including NCI) 6,275 6,262 6,300 Adjusted total capital 24,618 23,859 22,829 Total leverage ratio 25.5 % 26.2 % 27.6 % Adjusted debt-to-total capital ratio 17.9 % 18.4 % 19.4 % Preferred shares and hybrids 7.6 % 7.8 % 8.2 % Forward Looking Statements Certain statements made in this news release are forward-looking statements. These statements include, without limitation, statements relating to the outlook for the Property and Casualty insurance industry in Canada, the U.S., the U.K. and Europe, the Company's business outlook, the Company's growth prospects and the impact of economic and other external conditions on the Company's operations and financial performance. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements as a result of various factors, including those discussed in the Q3-2025 MD&A dated November 4, 2025 and those made in the section entitled Risk management (Sections 25 to 28) of our MD&A for the year ended December 31, 2024. The Q3-2025 MD&A, dated November 4, 2025, and the MD&A for the year ended December 31, 2024 are available on SEDAR+ at www.sedarplus.ca. Please read the cautionary note at the beginning of the Q3-2025 MD&A in connection with the risks described in the MD&A for the year ended December 31, 2024. We cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. SOURCE Intact Financial Corporation Contact: Media Inquiries: Caroline Audet, Manager, Media Relations and Public Affairs, 416 227-7905 / 514 985-7165, [email protected]; Investor Inquiries, Geoff Kwan, Deputy SVP, Finance and Chief Investor Relations Officer, 1-866-440-8300 ext. 20022, [email protected]