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Intact Financial Corporation
(IFC)

Investor Presentation
February 2011
Forward-looking statements
Certain of the statements in this document 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” or “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. 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 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 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; government regulations; 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; the
company’s ability to successfully pursue its acquisition strategy; its ability to execute its business strategy; the company’s participation in the Facility
Association (a mandatory pooling arrangement among all industry participants); terrorist attacks and ensuing events; the occurrence of catastrophic events;
the company’s ability to maintain its financial strength ratings; 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 reliance on information technology and
telecommunications systems; the company’s dependence on key employees; general economic, financial and political conditions; the company’s dependence
on the results of operations of its subsidiaries; the volatility of the stock market and other factors affecting the company’s share price; and future sales of a
substantial number of its common shares. All of the forward-looking statements included in this document are qualified by these cautionary statements. These
factors are not intended to represent a complete list of the factors that could affect the company; however, these factors should be considered carefully, and
readers should not place undue reliance 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.
Important notes:
  All references to direct premiums written (“DPW”) in this document exclude industry pools, unless otherwise noted.
  All references to “excess capital” in this document include excess capital in the P&C insurance subsidiaries at 170% minimum capital test (“MCT”) plus liquid
assets in the holding company, unless otherwise noted.
  Catastrophe claims are any one claim, or group of claims, equal to or greater than $5.0 million, related to a single event.
  All underwriting results and related ratios exclude the MYA, except if noted otherwise.




                                                                            2
Canada’s leader in auto, home and business insurance
                                    Who we are                                                         Distinct brands

      •   Largest P&C insurer in Canada
      •   $4.5 billion in direct premiums written
      •   #1 in Ontario, Québec, Alberta, Nova Scotia
      •   Substantial size and scale advantage
      •   11 successful acquisitions since 1988
      •   $8.7 billion cash and invested assets


                               Scale advantage                                                     Industry outperformer
             2009 Direct premiums written1
             ($ billions)                                   Top five insurers
                      $4.2                                   represent 36%                 10-year performance –         IFC
                                  $3.4                        of the market                IFC vs. P&C Industry1   outperformance
                                                $2.2          $2.1
                                                                        $1.9
                                                                                            Premium growth               1.7 pts

                                                                                            Combined ratio2              3.8 pts
                      Intact     Aviva       Co-operators      TD       RSA
                                Canada         General       Meloche

    Market
                     11.0%       8.8%           5.8%          5.5%      4.9%
                                                                                            Return on equity3            7.5 pts
    share


1 Industry data source: MSA Research excluding Lloyd’s, ICBC, SGI, SAF, MPI and Genworth
2 Combined ratio includes the market yield adjustment (MYA)
3 ROE is for Intact’s P&C insurance subsidiaries                                     3
Consistent industry outperformance



Significant                 Sophisticated                 In-house claims                   Broker                    Multi-channel           Proven
scale                       pricing and                   expertise                         relationships             distribution            acquisition
advantage                   underwriting                                                                                                      track record



                 2009 combined ratios                                                              Five-year average loss ratios
                                                                                                                          Industry            Intact
      106%                                                                                   75%
                             104.8%                                                                 71.5%                71.3%       72.5%
                                                             Cdn. P&C
                                                                                             70%
      104%                                                industry average                                    65.1%
                                                              =101.7%                        65%                                             61.6%
      102%                                                                                   60%
                                                                                                                                                       54.8%
                                                     99.7%                                   55%
      100%
                                                                                             50%

       98%                                                                                   45%
                                                                                             40%
       96%
                                                                                             35%
                             Top 10
                            (average)                                                        30%
                                                                                                       Auto             Personal Property    Commercial P&C


Source: MSA Research 2009
Data in both charts are for the year ended December 31, 2009
Industry results exclude Lloyd’s, ICBC, SAF, SGI, MPI, Genworth and Mutuals in Quebec
Includes market yield adjustment (MYA)


                                                                                        4
We continue to outperform the industry
                  Operating highlights:                                      Comparison with Canadian P&C
                  Full year 2010 results                                     industry1 benchmark YTD Q3-10
                                                                                      Intact             Top 20
• Net operating income per share of $3.47                                    105%
                                                                                                         103.0%
    or 47.7% higher than 2009 due to                                         102%

    improved underwriting performance                                         99%
                                                                                       96.6%
                                                                              96%
• Solid overall combined ratio of 95.4%                                       93%

• Growth of 5.2% based on contributions                                       90%

    from all lines of business                                                      Combined ratio (including MYA)
                                                                              20%

• Book value per share growth of 10.0%                                        15%
                                                                                        14.3%
    during the past 12 months
                                                                              10%
• Return on equity of 13.9% in 2010                                                                           6.9%
                                                                              5%
• Quarterly dividend increased for the
    sixth consecutive year; up 8.8% to $0.37                                  0%
                                                                                           Return on equity
    per share                                                                 6%




                                                                                        5.1%
                                                                              5%                              4.8%




  1. Industry data source: MSA Research excluding Lloyd’s and Genworth        4%
                                                                                    Direct premiums written growth
                                                                         5
Q4 and FY-2010 Financial highlights
                                             Q4-2010     Q4-2009     Change      2010          2009       Change
(in $ millions, except as otherwise noted)


 Direct premiums written                      $1,062.2    $1,011.4      4.8%     $4,498.1      $4,274.9       5.2%

 Net underwriting income                        $21.8       $56.0     (61.1)%     $193.8         $54.0     258.9%

 Combined ratio                                 98.0%       94.6%      3.4 pts     95.4%         98.7%     (3.3) pts

 Net operating income                           $0.70       $0.82     (14.6)%      $3.47         $2.35      47.7%
 per share (in dollars)
 Earnings per share                             $0.87       $0.81       7.4%       $3.65         $1.06     244.3%
 (in dollars)
 Trailing 12-month                              13.2%        9.2%      4.0 pts
 operating ROE

• 98.0% combined ratio for the quarter primarily reflects the increased level of catastrophe
  losses; relating to both current and prior period events
• Operating ROE of 13.2% (ROE of 13.9%) with 10% increase in book value per share in 2010
• Premium growth continued at a steady pace; 4.8% for the quarter and 5.2% for the full year


                                                                6
Strong financial position and excess capital
                           Strong balance sheet                                                $8.7 billion in cash and invested assets
                                                                                                                                Loans
  • Excess capital of $809 million, based on 170% MCT                                                  Cash and short           4.0%
                                                                                                      term notes 6.3%
  • As at December 31, 2010, the debt to total capital
    ratio was 13.9%. Based on a debt to total capital                                           Common shares
    ratio of 20%, approximately $271.4 million of                                                  12.9%
    additional debt capacity remains                                                                                                         Fixed income
  • Solid ratings from A.M. Best, Moody’s and DBRS                                            Preferred shares
                                                                                                                                                61.1%

  • Adequate claims reserves evidenced by consistent                                               15.7%
    favourable development

                                                                                      Note: Invested asset mix is net of hedging positions

                 Acquisition capacity ($ millions)                                                 High-quality investment portfolio

 Excess capital at December 31, 20101                                          $809       •    98.6% of bonds are rated A or better
                                                                                          •    80.0% of preferred shares are rated P1 or P2
 Remaining debt capacity2                                                      $271       •    Minimal U.S. exposure
                                                                                          •    No leveraged investments
                                               (without
 Total acquisition capacity                    issuing equity)
                                                                     Approx. $1.1 b

All figures as at December 31, 2010 unless otherwise noted
1 Excess capital over MCT of 170%
2 At 20% debt-to-total capital. Remaining debt capacity at December 31, 2010




                                                                               7
12-month industry outlook

We remain well-positioned to continue outperforming the Canadian P&C
           insurance industry in the current environment
                       • Industry premiums are likely to increase at a similar pace as in 2010, with
Premium growth           mid-single digit growth in personal auto (driven by Ontario); upper-single
                         digit growth in personal property (reflecting the impact of water-related
                         losses and more frequent and/or severe storms); and low single digit
                         growth in commercial lines (with no acceleration from 2010)
                       • As a result of IFC’s disciplined pricing strategy, we are well-positioned to
                         grow organically as other companies reduce their appetite for new
                         business and market pricing becomes more rational

                       • Despite the potential combined ratio improvement (driven by personal
 Underwriting            lines), we do not expect the industry to earn an underwriting profit in the
                         next 12 months
                       • Our scale and pricing strategy have historically translated into a combined
                         ratio advantage versus the industry

                       • We do not expect improvement in industry ROEs in the near term (~7% at
Return on equity         the end of Q3-2010), as low yields could offset potential CR improvement
                       • We believe the IFC is likely to outperform the industry’s ROE by at least
                         500 basis points in the next 12 months



                                     8
Four distinct avenues for growth
 Benefit from firming market conditions                                 Develop existing platforms

 Personal lines                                                                  • Continue to expand support to
 • Industry premiums remain inadequate in ON auto                                  our broker partners
 • Home insurance premiums also on the rise
                                                                                 • Expand and grow belairdirect
 Commercial lines                                                                  and Grey Power
 • Evidence of price firming in the past year
                                                                                 • Transform BrokerLink by
 • Opportunity to gain share in mid-market
                                                                                   leveraging scale


    Consolidate Canadian P&C market                                Expand beyond existing markets
  Capital                                                    Principles
  • Approx. $1.1 billion of total acquisition capacity       • Financial guideposts: long-term customer growth, IRR>20%
                                                             • Stepped approach with limited near-term capital outlay
  Strategy                                                   • Build growth pipeline with meaningful impact in 5+ years
  • Grow areas where IFC has a competitive advantage         Strategy
  Opportunities                                              • Enter new market in auto insurance by leveraging strengths:
                                                               (1) pricing, (2) claims, (3) online expertise
  • Global capital requirements becoming more stringent
                                                             Opportunities
  • Industry underwriting results remain challenged          • Emerging markets or unsophisticated targets in mature
  • Continued difficulties in global capital markets           markets

                                                         9
Strong organic growth potential through multi-channel
distribution
 #1 Broker insurance company in Canada                                                        Targeting growing 50+ population
                   • Network of more than 1,800 brokers in                                                                                    In 10 yrs,
                     Canada                                                                                                                  25% of the
                   • Brokers in Canada own the commercial                                                                                     Canadian
                     market and maintain large share of                                                                                      population
                     personal lines                                                      • Operating in ON and AB                               will be
                   • Many customers prefer the personalized                                                                                  50 years+
                                                                                         • 20% + growth since 2008
                     service and choice offered by a broker or                           • Web and call centres
                     agent

  Growth opportunity: expand support to our broker partners                              Growth opportunity: expand market share


 1/3 Canadians to buy insurance online1                                                          Leveraging scale in distribution


 • #1 brand awareness in ON                                                                                            • Proprietary brokers with
   and PQ                                                                                                                $500 million in direct
                                                                                                                         premiums written and over
 • Growing at ~10% per year                                                                                              200,000 customers
 • Operating in ON and PQ                                                                                              • More than 55 offices in ON
 • Leveraging explosive                                                                                                  and AB
   growth of the internet                1 World Insurance Report, Capgemini. 1 in 10

                                         customers say they use the internet to buy
                                         insurance, 1 in 3 wants to use it to buy
                                         insurance within 3 years


  Growth opportunity: geographic expansion potential                            10      Growth opportunity: leverage scale in sales, marketing and technology
Conclusion

  Disciplined pricing, underwriting, investment and capital
  management have positioned us well for the future

  •   Largest P&C insurance company with substantial scale advantage in the market
  •   Strong financial position
  •   Excellent long-term earnings power
  •   Organic growth platforms easily expandable
  •   M&A environment more conducive to consolidation
  •   Well-positioned as industry pricing conditions continue to improve




                                       11
Appendices
P&C insurance is a $39 billion market in Canada
                        3% of GDP in Canada                                                Industry DPW by line of business
   • Fragmented market, top five less than 36%, versus bank/lifeco                           Home                            Commercial
     markets which are closer to oligopoly                                                 insurance,                        P&C, 26.9%
                                                                                             18.4%
   • Brokers continue to own commercial lines and large share of personal
     lines in Canada; direct-to-consumer channel growing
   • Barriers to entry – scale, regulation, manufacturing capability,
     market knowledge                                                                                                                  Commercial
                                                                                                                                       other, 8.4%
   • Home/business insurance rates unregulated; personal auto rates
     regulated in some provinces
   • Capital is regulated nationally by OSFI
   • 30-year ROE for the industry is approximately 10%                                              Automobile,
                                                                                                      46.3%


         Brokers dominate; direct growing1                                                 Industry - Premiums by province
                                                          Direct, 20%                                                  Alberta, 17%
                                                                                            Quebec, 17%
                                                                                                                                         British
                                                                                                                                      Columbia, 9%

                                                                                                                                          Eastern
                                                                                                                                        Provinces &
                                                                                                                                        Territories,
                                                                                                                                            7%
                                                                              Agent, 13%

                                                                                                                                  Prairies, 3%
      Independent
       broker, 67%                                                                                      Ontario, 47%


OSFI = Office of the Superintendent of Financial Institutions
1 Industry data source: MSA data excluding Lloyd’s, ICBC, SAF, SGI, MPIC, Genworth,

Promutual Re and Mutuals in Quebec. All data as at the end of 2009.                   13
P&C industry 10-year performance versus IFC
                  IFC’s competitive advantages                                                                                  Combined ratio
                                                                                            115%
    •   Significant scale advantage                                                                                                                                              Canadian P&C
                                                                                                                                                                                 industry1
    •   Sophisticated pricing and underwriting                                              105%                                                                                 10-year avg.
    •   In-house claims expertise                                                                                                                                                = 99.8%

    •   Multi-channel distribution                                                          95%

    •   Broker relationships                                                                85%
                                                                                                                                                                                 10-year avg.
                                                                                                                                                                                 = 96.0%
    •   Investment expertise
    •   Management continuity                                                               75%




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                                                                                                                                                                      Q3
                               Return on equity                                                      Direct premium written growth
                                                                                            260%
     40%
                                                                                            240%

                                                                                            220%
     30%
                                                                                            200%                                                                                 10-year CAGR
                                                                            10-year avg.
                                                                                            180%                                                                                 = 8.5%
     20%                                                                    = 17.4%2
                                                                                            160%                                                                                 Industry1
     10%                                                                    Industry        140%                                                                                 10-year CAGR
                                                                            10-year avg.1   120%                                                                                 = 6.8%
        0%                                                                  = 9.9%          100%




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                                                                                                                                                                         3
                                                                  Q3




                                                                                                                                                                        Q
1
Industry data source: MSA Research. excluded Lloyd’s, ICBC, SGI, SAF, MPI
2
ROE is for Intact’s P&C insurance subsidiaries
                                                                                   14
Further consolidation in Canadian P&C market likely

                         Acquisition strategy                                                        Top 20 P&C insurers = 82% of market
• Targeting large-scale acquisitions of $500 million or                                                                                   Canadian
                                                                                                                                         private, 10%
  more (direct premiums written)                                                                                                                             IFC, 11%
• Pursuing acquisitions in lines of business where we                                              Non-top 20, 18%
                                                                                                                                                                          Canadian
  have expertise                                                                                                                                                         mutuals, 11%
• Acquisition target IRR of 15%
• Targets:
      −      Bring loss ratio of acquired book of business to our                                                                                                       Bank-owned, 8%
             average loss ratio within 18-24 months
      −      Bring expense ratio to 2 pts below IFC ratio                                                                                                        Canadian public
                                                                                                                           Foreign-owned                          (excl. IFC), 7%
                                                                         Approximate                                        public, 35%
                                                                             Size of
                                                                         Acquisition
                                                                                   (1)         Source: MSA Research; excluding Lloyd’s and Genworth (based
                                                                            (DPW)
                                                                          ($ millions)
                                                                                               on 2009 DWP)
                          Acquisition              Year of Acquisition

          Allianz Canada (Personal and Small to
          Medium Commercial Lines)
          Zurich (Personal and Small Commercial
                                                       2004                         600
                                                                                                                               M&A environment
          Lines)                                       2001                         510

          Pafco (Niche Products)                       1999                          40

          Guardian                                     1998                         630
                                                                                                  Environment more conducive to acquisitions now
          Canada Surety Personal Lines (Selected
          Provinces)                                   1997                          30
                                                                                                    than in recent years:
          Wellington                                   1995                         370
                                                                                                  • Industry ROEs, although improved from trough
          St. Maurice                                  1994                          30
                                                                                                    levels of mid-2009, are well below prior peak
          Constitution                                 1992                          30

          Metropolitan General                         1991                          10
                                                                                                  • Foreign parent companies are generally in less
          Commerce Group/belair                        1989                         290
                                                                                                    favourable capital position
          Western Union                                1988                          60



                                                                                          15
Historical financials
                                                                       2010               2009                2008              2007               2006
Income statement highlights
Direct written premiums (excluding pools)                                  $4,498            $4,275             $4,146             $4,109            $3,994
Underwriting income (excluding MYA*)                                           194                54               117                189                404
Net operating income (excluding MYA*)                                          399               282               361                457                531
Net operating EPS (excluding MYA*)                                            3.47              2.35              2.96               3.61               3.97
Balance sheet highlights
Total invested assets                                                      $8,515            $7,997             $6,109             $7,238             $7,242
Debt                                                                           496               398                   0                 0                    0
Total shareholders' equity (ex-AOCI)                                       2,983              3,047              3,079             3,290              3,421
Performance metrics
Loss ratio (excluding MYA*)                                                65.4%             70.0 %             68.2 %            66.2 %             59.1 %
Expense ratio                                                              30.0%             28.7 %             28.9 %             29.0%              30.3%
Combined ratio (excluding MYA*)                                            95.4%              98.7%              97.1%             95.2%              89.4%
Net operating ROE (excl. AOCI)                                             13.2%                9.2%             11.3%             13.6%              16.8%
Debt / Capital                                                             13.9%              11.8%               0.0%               0.0%               0.0%
Combined ratios by line of business (excl. MYA)
Personal auto                                                              98.1%             94.9%              95.9%              94.5%             87.3%
Personal property                                                          96.5%            109.0%             113.6%             102.2%            100.0%
Commercial auto                                                            86.0%             79.8%               87.2%             93.7%              86.9%
Commercial P&C                                                             90.7%            104.1%               85.3%             90.1%              85.2%


  * The market yield adjustment (MYA) reflects the impact of changes in the discount rate applied to the company's claims liabilities, as determined by the
  market-based yield of the underlying assets.


                                                                                       16
Strategic capital management

• Strong capital base has allowed us to pursue
  our growth objectives while returning capital
  to shareholders                                                        Quarterly dividend

                 Capital priorities                                                                                  8.8%
                                                                                                        6.3%
                                                                                              3.2%
                                                       0.40                                                           $0.370
   • Acquisitions                                                                 14.8%
                                                                                                            $0.340
                                                       0.35              8.0%                      $0.320
                                                                                          $0.310
   • Dividends                                         0.30   53.8%              $0.270
   • Share buybacks                                    0.25
                                                                        $0.250


                                                       0.20
                                                              $0.1625
           Share buyback history                       0.15

                                                       0.10

   • 2011 – Board authorized renewal                   0.05
     of NCIB for an additional 5%                       -
                                                               2005     2006     2007     2008     2009     2010       2011
   • 2010* – Repurchased 9.5 million
     shares for a total of $425 million
   • 2008 – Repurchased 4.6 million
     shares for a total of $176 million
   • 2007 – $500 million Substantial
     Issuer Bid
   * Feb. 21, 2010 – Feb. 10, 2011
                                                  17
Cash and invested assets

                                           Asset class

     Fixed income                                     Preferred shares

      Federal government and agency    32.7%           Fixed perpetual                              44%
      Corporate                        30.4%           Perpetual and callable floating
      Cdn. Provincial and municipal    27.8%           and reset                                    38%
      Supranational and foreign          7.9%          Fixed callable                               19%
      ABS/MBS                            1.1%          TOTAL                                       100%
      Private placements                 0.1%
      TOTAL                             100%          Quality:                                 100% Canadian
                                                      Approx. 80% rated P1 or P2
      Canadian                          88%
      United States                      1%
      Int’l (excl. U.S.)                11%          Common shares
      TOTAL                            100%


  Quality: 98.6% of bonds rated A or better          High-quality, dividend paying Canadian    100% Canadian
                                                     companies. Objective is to capture non-
                                                     taxable dividend income




As of December 31, 2010

                                                18
Long-term track record of prudent reserving practices


                                              Rate of claims reserve development
• Quarterly and annual                        (favourable prior year development as a % of opening reserves)
    fluctuations in reserve
                                         9%
    development are normal                                7.9%
                                         8%


• 2005/2006 reserve development          7%


    was unusually high due to the        6%
                                                                   4.9%                               4.8%
    favourable effects of certain auto   5%
                                                                                     4.0%
    insurance reforms introduced         4%
                                                 3.3%                                        3.2%
                                                                           2.9%
    during that time period              3%

                                         2%

• This reflects our preference to        1%

    take a conservative approach to      0%

    managing claims reserves                     2004     2005     2006     2007     2008    2009     2010


                                                         Historical long-term average has
                                                             been 3% to 4% per year




                                         19
Experienced and united leadership team
                                                                                       Years In   Years With
                                                                                       Industry      IFC

   Brindamour, Charles      President & CEO                                              18          18
   Beaulieu, Martin         SVP, Personal Lines                                          22          22
   Black, Susan             SVP, Chief HR Officer                                         3           3
   Blair, Alan              SVP, Atlantic Canada                                         26          15
   Coull-Cicchini, Debbie   SVP, Ontario                                                  6           6
   Désilets, Claude         Chief Risk Officer                                           29          21
   Gagnon, Louis            President, Intact Insurance                                  18           4
   Garneau, Denis           SVP, Quebec                                                  22           8
   Guénette, Françoise      SVP, Corporate & Legal Services                              22          13
   Guertin, Denis           President, Direct to Consumers Distribution                  25          25
   Hindle, Byron            SVP, Commercial Lines                                        32          11
   Iles, Derek              SVP, Western Canada                                          38          19
   Lincoln, David           SVP, Corporate Audit Services (Canada)                       32          13
   Ott, Jack                SVP, Chief Information Officer                               29          14
   Pontbriand, Marc         Executive Vice President                                     12          12
   Provost, Marc            SVP & Managing Director IIM and Chief Investment Officer     27          13
   Tullis, Mark             Chief Financial Officer                                      32          11
   Weightman, Peter         President, Canada Brokerlink                                 24          24




                                                  20
Investor Relations contact information
Dennis Westfall
Director, Investor Relations
Phone: 416.341.1464 ext 45122 Cell: 416.797.7828
Email: Dennis.Westfall@intact.net



Email: ir@intact.net
Phone: 416. 941.5336 or 1.866.778.0774 (toll-free within North America)
Fax: 416.941.0006
www.intactfc.com/Investor Relations




                                          21

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Investor presentation february_2011

  • 1. Intact Financial Corporation (IFC) Investor Presentation February 2011
  • 2. Forward-looking statements Certain of the statements in this document 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” or “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. 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 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 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; government regulations; 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; the company’s ability to successfully pursue its acquisition strategy; its ability to execute its business strategy; the company’s participation in the Facility Association (a mandatory pooling arrangement among all industry participants); terrorist attacks and ensuing events; the occurrence of catastrophic events; the company’s ability to maintain its financial strength ratings; 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 reliance on information technology and telecommunications systems; the company’s dependence on key employees; general economic, financial and political conditions; the company’s dependence on the results of operations of its subsidiaries; the volatility of the stock market and other factors affecting the company’s share price; and future sales of a substantial number of its common shares. All of the forward-looking statements included in this document are qualified by these cautionary statements. These factors are not intended to represent a complete list of the factors that could affect the company; however, these factors should be considered carefully, and readers should not place undue reliance 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. Important notes: All references to direct premiums written (“DPW”) in this document exclude industry pools, unless otherwise noted. All references to “excess capital” in this document include excess capital in the P&C insurance subsidiaries at 170% minimum capital test (“MCT”) plus liquid assets in the holding company, unless otherwise noted. Catastrophe claims are any one claim, or group of claims, equal to or greater than $5.0 million, related to a single event. All underwriting results and related ratios exclude the MYA, except if noted otherwise. 2
  • 3. Canada’s leader in auto, home and business insurance Who we are Distinct brands • Largest P&C insurer in Canada • $4.5 billion in direct premiums written • #1 in Ontario, Québec, Alberta, Nova Scotia • Substantial size and scale advantage • 11 successful acquisitions since 1988 • $8.7 billion cash and invested assets Scale advantage Industry outperformer 2009 Direct premiums written1 ($ billions) Top five insurers $4.2 represent 36% 10-year performance – IFC $3.4 of the market IFC vs. P&C Industry1 outperformance $2.2 $2.1 $1.9 Premium growth 1.7 pts Combined ratio2 3.8 pts Intact Aviva Co-operators TD RSA Canada General Meloche Market 11.0% 8.8% 5.8% 5.5% 4.9% Return on equity3 7.5 pts share 1 Industry data source: MSA Research excluding Lloyd’s, ICBC, SGI, SAF, MPI and Genworth 2 Combined ratio includes the market yield adjustment (MYA) 3 ROE is for Intact’s P&C insurance subsidiaries 3
  • 4. Consistent industry outperformance Significant Sophisticated In-house claims Broker Multi-channel Proven scale pricing and expertise relationships distribution acquisition advantage underwriting track record 2009 combined ratios Five-year average loss ratios Industry Intact 106% 75% 104.8% 71.5% 71.3% 72.5% Cdn. P&C 70% 104% industry average 65.1% =101.7% 65% 61.6% 102% 60% 54.8% 99.7% 55% 100% 50% 98% 45% 40% 96% 35% Top 10 (average) 30% Auto Personal Property Commercial P&C Source: MSA Research 2009 Data in both charts are for the year ended December 31, 2009 Industry results exclude Lloyd’s, ICBC, SAF, SGI, MPI, Genworth and Mutuals in Quebec Includes market yield adjustment (MYA) 4
  • 5. We continue to outperform the industry Operating highlights: Comparison with Canadian P&C Full year 2010 results industry1 benchmark YTD Q3-10 Intact Top 20 • Net operating income per share of $3.47 105% 103.0% or 47.7% higher than 2009 due to 102% improved underwriting performance 99% 96.6% 96% • Solid overall combined ratio of 95.4% 93% • Growth of 5.2% based on contributions 90% from all lines of business Combined ratio (including MYA) 20% • Book value per share growth of 10.0% 15% 14.3% during the past 12 months 10% • Return on equity of 13.9% in 2010 6.9% 5% • Quarterly dividend increased for the sixth consecutive year; up 8.8% to $0.37 0% Return on equity per share 6% 5.1% 5% 4.8% 1. Industry data source: MSA Research excluding Lloyd’s and Genworth 4% Direct premiums written growth 5
  • 6. Q4 and FY-2010 Financial highlights Q4-2010 Q4-2009 Change 2010 2009 Change (in $ millions, except as otherwise noted) Direct premiums written $1,062.2 $1,011.4 4.8% $4,498.1 $4,274.9 5.2% Net underwriting income $21.8 $56.0 (61.1)% $193.8 $54.0 258.9% Combined ratio 98.0% 94.6% 3.4 pts 95.4% 98.7% (3.3) pts Net operating income $0.70 $0.82 (14.6)% $3.47 $2.35 47.7% per share (in dollars) Earnings per share $0.87 $0.81 7.4% $3.65 $1.06 244.3% (in dollars) Trailing 12-month 13.2% 9.2% 4.0 pts operating ROE • 98.0% combined ratio for the quarter primarily reflects the increased level of catastrophe losses; relating to both current and prior period events • Operating ROE of 13.2% (ROE of 13.9%) with 10% increase in book value per share in 2010 • Premium growth continued at a steady pace; 4.8% for the quarter and 5.2% for the full year 6
  • 7. Strong financial position and excess capital Strong balance sheet $8.7 billion in cash and invested assets Loans • Excess capital of $809 million, based on 170% MCT Cash and short 4.0% term notes 6.3% • As at December 31, 2010, the debt to total capital ratio was 13.9%. Based on a debt to total capital Common shares ratio of 20%, approximately $271.4 million of 12.9% additional debt capacity remains Fixed income • Solid ratings from A.M. Best, Moody’s and DBRS Preferred shares 61.1% • Adequate claims reserves evidenced by consistent 15.7% favourable development Note: Invested asset mix is net of hedging positions Acquisition capacity ($ millions) High-quality investment portfolio Excess capital at December 31, 20101 $809 • 98.6% of bonds are rated A or better • 80.0% of preferred shares are rated P1 or P2 Remaining debt capacity2 $271 • Minimal U.S. exposure • No leveraged investments (without Total acquisition capacity issuing equity) Approx. $1.1 b All figures as at December 31, 2010 unless otherwise noted 1 Excess capital over MCT of 170% 2 At 20% debt-to-total capital. Remaining debt capacity at December 31, 2010 7
  • 8. 12-month industry outlook We remain well-positioned to continue outperforming the Canadian P&C insurance industry in the current environment • Industry premiums are likely to increase at a similar pace as in 2010, with Premium growth mid-single digit growth in personal auto (driven by Ontario); upper-single digit growth in personal property (reflecting the impact of water-related losses and more frequent and/or severe storms); and low single digit growth in commercial lines (with no acceleration from 2010) • As a result of IFC’s disciplined pricing strategy, we are well-positioned to grow organically as other companies reduce their appetite for new business and market pricing becomes more rational • Despite the potential combined ratio improvement (driven by personal Underwriting lines), we do not expect the industry to earn an underwriting profit in the next 12 months • Our scale and pricing strategy have historically translated into a combined ratio advantage versus the industry • We do not expect improvement in industry ROEs in the near term (~7% at Return on equity the end of Q3-2010), as low yields could offset potential CR improvement • We believe the IFC is likely to outperform the industry’s ROE by at least 500 basis points in the next 12 months 8
  • 9. Four distinct avenues for growth Benefit from firming market conditions Develop existing platforms Personal lines • Continue to expand support to • Industry premiums remain inadequate in ON auto our broker partners • Home insurance premiums also on the rise • Expand and grow belairdirect Commercial lines and Grey Power • Evidence of price firming in the past year • Transform BrokerLink by • Opportunity to gain share in mid-market leveraging scale Consolidate Canadian P&C market Expand beyond existing markets Capital Principles • Approx. $1.1 billion of total acquisition capacity • Financial guideposts: long-term customer growth, IRR>20% • Stepped approach with limited near-term capital outlay Strategy • Build growth pipeline with meaningful impact in 5+ years • Grow areas where IFC has a competitive advantage Strategy Opportunities • Enter new market in auto insurance by leveraging strengths: (1) pricing, (2) claims, (3) online expertise • Global capital requirements becoming more stringent Opportunities • Industry underwriting results remain challenged • Emerging markets or unsophisticated targets in mature • Continued difficulties in global capital markets markets 9
  • 10. Strong organic growth potential through multi-channel distribution #1 Broker insurance company in Canada Targeting growing 50+ population • Network of more than 1,800 brokers in In 10 yrs, Canada 25% of the • Brokers in Canada own the commercial Canadian market and maintain large share of population personal lines • Operating in ON and AB will be • Many customers prefer the personalized 50 years+ • 20% + growth since 2008 service and choice offered by a broker or • Web and call centres agent Growth opportunity: expand support to our broker partners Growth opportunity: expand market share 1/3 Canadians to buy insurance online1 Leveraging scale in distribution • #1 brand awareness in ON • Proprietary brokers with and PQ $500 million in direct premiums written and over • Growing at ~10% per year 200,000 customers • Operating in ON and PQ • More than 55 offices in ON • Leveraging explosive and AB growth of the internet 1 World Insurance Report, Capgemini. 1 in 10 customers say they use the internet to buy insurance, 1 in 3 wants to use it to buy insurance within 3 years Growth opportunity: geographic expansion potential 10 Growth opportunity: leverage scale in sales, marketing and technology
  • 11. Conclusion Disciplined pricing, underwriting, investment and capital management have positioned us well for the future • Largest P&C insurance company with substantial scale advantage in the market • Strong financial position • Excellent long-term earnings power • Organic growth platforms easily expandable • M&A environment more conducive to consolidation • Well-positioned as industry pricing conditions continue to improve 11
  • 13. P&C insurance is a $39 billion market in Canada 3% of GDP in Canada Industry DPW by line of business • Fragmented market, top five less than 36%, versus bank/lifeco Home Commercial markets which are closer to oligopoly insurance, P&C, 26.9% 18.4% • Brokers continue to own commercial lines and large share of personal lines in Canada; direct-to-consumer channel growing • Barriers to entry – scale, regulation, manufacturing capability, market knowledge Commercial other, 8.4% • Home/business insurance rates unregulated; personal auto rates regulated in some provinces • Capital is regulated nationally by OSFI • 30-year ROE for the industry is approximately 10% Automobile, 46.3% Brokers dominate; direct growing1 Industry - Premiums by province Direct, 20% Alberta, 17% Quebec, 17% British Columbia, 9% Eastern Provinces & Territories, 7% Agent, 13% Prairies, 3% Independent broker, 67% Ontario, 47% OSFI = Office of the Superintendent of Financial Institutions 1 Industry data source: MSA data excluding Lloyd’s, ICBC, SAF, SGI, MPIC, Genworth, Promutual Re and Mutuals in Quebec. All data as at the end of 2009. 13
  • 14. P&C industry 10-year performance versus IFC IFC’s competitive advantages Combined ratio 115% • Significant scale advantage Canadian P&C industry1 • Sophisticated pricing and underwriting 105% 10-year avg. • In-house claims expertise = 99.8% • Multi-channel distribution 95% • Broker relationships 85% 10-year avg. = 96.0% • Investment expertise • Management continuity 75% TD 00 01 02 03 04 05 06 07 08 09 Y 20 20 20 20 20 20 20 20 20 20 Q3 Return on equity Direct premium written growth 260% 40% 240% 220% 30% 200% 10-year CAGR 10-year avg. 180% = 8.5% 20% = 17.4%2 160% Industry1 10% Industry 140% 10-year CAGR 10-year avg.1 120% = 6.8% 0% = 9.9% 100% D TD 00 01 02 03 04 05 06 07 08 09 99 00 01 02 03 04 05 06 07 08 09 YT 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 Y 3 Q3 Q 1 Industry data source: MSA Research. excluded Lloyd’s, ICBC, SGI, SAF, MPI 2 ROE is for Intact’s P&C insurance subsidiaries 14
  • 15. Further consolidation in Canadian P&C market likely Acquisition strategy Top 20 P&C insurers = 82% of market • Targeting large-scale acquisitions of $500 million or Canadian private, 10% more (direct premiums written) IFC, 11% • Pursuing acquisitions in lines of business where we Non-top 20, 18% Canadian have expertise mutuals, 11% • Acquisition target IRR of 15% • Targets: − Bring loss ratio of acquired book of business to our Bank-owned, 8% average loss ratio within 18-24 months − Bring expense ratio to 2 pts below IFC ratio Canadian public Foreign-owned (excl. IFC), 7% Approximate public, 35% Size of Acquisition (1) Source: MSA Research; excluding Lloyd’s and Genworth (based (DPW) ($ millions) on 2009 DWP) Acquisition Year of Acquisition Allianz Canada (Personal and Small to Medium Commercial Lines) Zurich (Personal and Small Commercial 2004 600 M&A environment Lines) 2001 510 Pafco (Niche Products) 1999 40 Guardian 1998 630 Environment more conducive to acquisitions now Canada Surety Personal Lines (Selected Provinces) 1997 30 than in recent years: Wellington 1995 370 • Industry ROEs, although improved from trough St. Maurice 1994 30 levels of mid-2009, are well below prior peak Constitution 1992 30 Metropolitan General 1991 10 • Foreign parent companies are generally in less Commerce Group/belair 1989 290 favourable capital position Western Union 1988 60 15
  • 16. Historical financials 2010 2009 2008 2007 2006 Income statement highlights Direct written premiums (excluding pools) $4,498 $4,275 $4,146 $4,109 $3,994 Underwriting income (excluding MYA*) 194 54 117 189 404 Net operating income (excluding MYA*) 399 282 361 457 531 Net operating EPS (excluding MYA*) 3.47 2.35 2.96 3.61 3.97 Balance sheet highlights Total invested assets $8,515 $7,997 $6,109 $7,238 $7,242 Debt 496 398 0 0 0 Total shareholders' equity (ex-AOCI) 2,983 3,047 3,079 3,290 3,421 Performance metrics Loss ratio (excluding MYA*) 65.4% 70.0 % 68.2 % 66.2 % 59.1 % Expense ratio 30.0% 28.7 % 28.9 % 29.0% 30.3% Combined ratio (excluding MYA*) 95.4% 98.7% 97.1% 95.2% 89.4% Net operating ROE (excl. AOCI) 13.2% 9.2% 11.3% 13.6% 16.8% Debt / Capital 13.9% 11.8% 0.0% 0.0% 0.0% Combined ratios by line of business (excl. MYA) Personal auto 98.1% 94.9% 95.9% 94.5% 87.3% Personal property 96.5% 109.0% 113.6% 102.2% 100.0% Commercial auto 86.0% 79.8% 87.2% 93.7% 86.9% Commercial P&C 90.7% 104.1% 85.3% 90.1% 85.2% * The market yield adjustment (MYA) reflects the impact of changes in the discount rate applied to the company's claims liabilities, as determined by the market-based yield of the underlying assets. 16
  • 17. Strategic capital management • Strong capital base has allowed us to pursue our growth objectives while returning capital to shareholders Quarterly dividend Capital priorities 8.8% 6.3% 3.2% 0.40 $0.370 • Acquisitions 14.8% $0.340 0.35 8.0% $0.320 $0.310 • Dividends 0.30 53.8% $0.270 • Share buybacks 0.25 $0.250 0.20 $0.1625 Share buyback history 0.15 0.10 • 2011 – Board authorized renewal 0.05 of NCIB for an additional 5% - 2005 2006 2007 2008 2009 2010 2011 • 2010* – Repurchased 9.5 million shares for a total of $425 million • 2008 – Repurchased 4.6 million shares for a total of $176 million • 2007 – $500 million Substantial Issuer Bid * Feb. 21, 2010 – Feb. 10, 2011 17
  • 18. Cash and invested assets Asset class Fixed income Preferred shares Federal government and agency 32.7% Fixed perpetual 44% Corporate 30.4% Perpetual and callable floating Cdn. Provincial and municipal 27.8% and reset 38% Supranational and foreign 7.9% Fixed callable 19% ABS/MBS 1.1% TOTAL 100% Private placements 0.1% TOTAL 100% Quality: 100% Canadian Approx. 80% rated P1 or P2 Canadian 88% United States 1% Int’l (excl. U.S.) 11% Common shares TOTAL 100% Quality: 98.6% of bonds rated A or better High-quality, dividend paying Canadian 100% Canadian companies. Objective is to capture non- taxable dividend income As of December 31, 2010 18
  • 19. Long-term track record of prudent reserving practices Rate of claims reserve development • Quarterly and annual (favourable prior year development as a % of opening reserves) fluctuations in reserve 9% development are normal 7.9% 8% • 2005/2006 reserve development 7% was unusually high due to the 6% 4.9% 4.8% favourable effects of certain auto 5% 4.0% insurance reforms introduced 4% 3.3% 3.2% 2.9% during that time period 3% 2% • This reflects our preference to 1% take a conservative approach to 0% managing claims reserves 2004 2005 2006 2007 2008 2009 2010 Historical long-term average has been 3% to 4% per year 19
  • 20. Experienced and united leadership team Years In Years With Industry IFC Brindamour, Charles President & CEO 18 18 Beaulieu, Martin SVP, Personal Lines 22 22 Black, Susan SVP, Chief HR Officer 3 3 Blair, Alan SVP, Atlantic Canada 26 15 Coull-Cicchini, Debbie SVP, Ontario 6 6 Désilets, Claude Chief Risk Officer 29 21 Gagnon, Louis President, Intact Insurance 18 4 Garneau, Denis SVP, Quebec 22 8 Guénette, Françoise SVP, Corporate & Legal Services 22 13 Guertin, Denis President, Direct to Consumers Distribution 25 25 Hindle, Byron SVP, Commercial Lines 32 11 Iles, Derek SVP, Western Canada 38 19 Lincoln, David SVP, Corporate Audit Services (Canada) 32 13 Ott, Jack SVP, Chief Information Officer 29 14 Pontbriand, Marc Executive Vice President 12 12 Provost, Marc SVP & Managing Director IIM and Chief Investment Officer 27 13 Tullis, Mark Chief Financial Officer 32 11 Weightman, Peter President, Canada Brokerlink 24 24 20
  • 21. Investor Relations contact information Dennis Westfall Director, Investor Relations Phone: 416.341.1464 ext 45122 Cell: 416.797.7828 Email: Dennis.Westfall@intact.net Email: ir@intact.net Phone: 416. 941.5336 or 1.866.778.0774 (toll-free within North America) Fax: 416.941.0006 www.intactfc.com/Investor Relations 21