#1180 & BEYOND Sagicor Financial Company Ltd. (TSX: SFC) to Acquire ivari August 2022 S ivari Sagicor#2Sagicor S Caution regarding forward-looking information and non- IFRS measures Non-IFRS Measures The Company reports certain non-IFRS measures that are used to evaluate the performance of its businesses and the performance of their respective segments. As non-IFRS measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other issuers. Securities regulators require such measures to be clearly defined and reconciled with their most comparable IFRS measure. The Company references non-IFRS measures and insurance industry metrics in this document and elsewhere. Non-IFRS measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these are provided as additional information to complement those IFRS measures by providing further understanding of the results of the operations of the Company from management's perspective. Accordingly, these measures should not be considered in isolation, nor as a substitute for analysis of the Company's financial information reported under IFRS. Non-IFRS measures used to analyze the performance of the Company's businesses include but are not limited to: return on shareholders' equity, book value per share, debt to capital ratio, total capital and Minimum Continuing Capital and Surplus Requirements. Please see the "Non-IFRS Financial Information" section of Sagicor's Q2 2022 MD&A as filed on SEDAR, which is incorporated by reference herein, and the discussion below for information regarding these non-IFRS measures. Book value and book value per share (BVPS): To determine the book value per share, shareholders' equity is divided by the number of shares outstanding at the period end, net of any treasury shares. Book value is shareholders' equity. All components of this measure are IFRS measures. Debt to capital ratio: The debt to capital ratio is the ratio of notes and loans payable (refer to note 16 to the 2021 audited consolidated financial statements) to total capital (excluding participating accounts), where capital is defined as the sum of notes and loans payable and total equity excluding participating accounts. This ratio measures the proportion of debt the Company uses to finance its operations as compared with its capital. Total capital: This measure provides an indicator for evaluating the Company's performance. Total capital is the sum of shareholders' equity, notes and loans payable and non-controlling interest. This measure is the sum of several IFRS measures. Minimum Continuing Capital and Surplus Requirements (MCCSR): The MCCSR is a capital adequacy measure for life insurance companies that was previously utilized by the Office of the Superintendent of Financial Institutions of Canada. It was used to monitor insurers maintaining adequate capital to meet their financial obligations, with 150% being the minimum standard that was recommended by the Canadian regulator when it was in effect; insurance companies were expected to establish and meet an internal target greater than 150%. Refer to note 45.2 to the Company's 2021 audited financial statements, for details. IFRS does not prescribe the calculation for the MCCSR, therefore a comparable measure under IFRS is not available. Forward-Looking Information / Cautionary Statements Certain information contained in this document may be forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may", "would" and "should" and similar expressions or words suggesting future outcomes. These forward-looking statements reflect material factors and expectations and assumptions of Sagicor. These forward-looking statements include the assumptions: that the transaction is able to be completed on the timelines and on the terms currently anticipated; that all regulatory approvals can be obtained on the timelines and in the manner currently anticipated; that the anticipated benefits of the transaction are able to be achieved; that the businesses of both Sagicor and ivari will continue to operate in a manner consistent with past practice; that the parties' transition plans are effective; that ivari is able to maintain the same target regulatory capital ratio range post-closing as applies under its current ownership (failing which additional regulatory capital infusions could be required to be made by Sagicor); that no material and mutually agreed management actions out of the ordinary course of business occur at ivari (if they do, then the net benefit to ivari would be shared between Sagicor and the seller and the purchase price would increase accordingly, and the required regulatory capital infusion and/or the purchase price would be less); and that no additional changes to OSFI's proposed LICAT 2023 regulatory capital regime and/or to IFRS 17 occur before their January 1, 2023 implementation dates. Sagicor's estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Risks and uncertainties not presently known to Sagicor or that it presently believes are not material could cause actual results or events to differ materially from those expressed in its forward-looking statements. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Sagicor with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Sagicor's expectations only as of the date of this document. Sagicor disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Sagicor • ivari 2#3Sagicor S Transaction summary¹ Sagicor to Acquire ivari ☐ ivari is a leading middle-market individual life insurer in Canada focused on the universal and term life markets Expected purchase price of C$325 million; prior to closing ivari is expected to have additional equity capital injected into the business to meet IFRS 17 and LICAT 2023 standards (reflected in purchase price) Strong Strategic Fit ■ Transformational acquisition, expanding geography and accelerating growth Expands Sagicor's offering of protection and wealth management solutions in Canada Positions Sagicor as a leading provider of protection and savings products to the middle-market in North America Double digit percentage point EPS and BVPS accretion expected in the first year Financially Attractive Net assets acquired at a discount to book value Transaction internal rate of return well in excess of Sagicor's targets Financing / Capital Timing Expected to be financed largely through new debt and cash on hand Up to US$320 million of new debt financing in the form of a 5-year senior secured term loan facility Maintain strong capital: MCCSR ratio is expected to improve by over 10 percentage points, debt to capital ratio is expected to remain approximately unchanged Expected to close in the next 6 to 12 months Subject to receipt of regulatory approvals and satisfaction of customary closing conditions 1Certain statements on this slide are forward looking. See the "Forward-Looking Information / Cautionary Statements" section in this document. Sagicor • ivari 3#4ivari: strong Canadian life insurance franchise ivari Sagicor S Provides insurance and investment products and services to customers in the profitable high growth middle market in Canada ■ Leader in individual universal and term life insurance Long-standing and growing distribution relationships Efficient operating platform designed to deliver excellent service and scale benefits Founded in 1927, based in Toronto, with over 250 employees Invested Asset Mix (C$9.9 billion) Cash/ST investments 9% Other 3% Gross Premiums By Segment (C$1.0 billion). Other 1% Traditional 27% Universal Life 72% ¹See the "Forward-Looking Information / Cautionary Statements" section in this document. Note: As at and for the year ending December 31, 2021. Note: Gross premiums by geography based on data from MSA Research. By Geography (C$1.0 billion) Other 8% British Columbia 14% Ontario 40% Alberta 19% Quebec 19% Equities 29% Bonds 59% → No direct equity exposure by 20231 → Approximately C$700 million of equities to be sold by year end 2022 and reinvested into investment grade bonds1 → Remaining equity portfolio primarily comprised of universal life insurance policyholder pass-through funds Sagicor • ivari 4#5Sagicor S Strengthening Sagicor's position as a leading life insurer¹ Geographic Diversification Net Income Current US$133 million 20% 27% SLI 27% SLI 36% SUSA ivari 27% 37% SGJ Pro-Forma US$173 million SGJ 26% SUSA Leading Canadian Insurer Primed for Growth Universal Life 2nd 26.3% market share² New Paid Premium (UL) 11% compound annual growth rate 2017-20213 Efficient operating platform, focused business model, and strong distribution relationships enable growth and scalability Enhanced Investment Portfolio Financially Compelling Debt Securities Current 17% Investment Grade: 69% N-IG 31% N-IG 69% IG 83% Pro-Forma Investment Grade: 83%4 IG Earnings Per Share (EPS) Accretion 25%+ Book Value Per Share (BVPS) Accretion5 Double Digit Figures do not reflect potential upside from synergies ¹Certain statements on this slide are forward looking. See the "Forward-Looking Information / Cautionary Statements" section in this document. 2LIMRA's Canadian Universal Life Insurance Sales 2021. LIMRA numbers are carrier-reported, and participants vary year-to-year, impacting reported market share. ³Based on ivari company reports. 4Accounting for the planned sale of approximately C$700 million of direct equities and reinvestment into investment grade bonds by ivari by year end 2022. 5Represents a non-IFRS measure. See the "Non-IFRS Measures" section in this document and in our MD&A for relevant information about such measures. Note: As at and for the year ending December 31, 2021. Note: Net income represents net income to shareholders. Note: USD/CAD exchange rate of 1.27 for end of period and 1.25 as average for the period. Note: Sagicor Life USA = SUSA, Sagicor Jamaica = SGJ, Sagicor Life = SLI, universal life insurance = UL, non-investment grade = N-IG, investment grade = IG Sagicor • ivari 5#6Geographic diversification into Canada Sagicor S 11% 24% SLI Current US$10.4 billion SLI 16% Total Assets 42% SUSA SGJ 53% ivari 73% Canada USA 34% SGJ Pro-Forma 20% US$21.3 billion SUSA 22% Current 17% 22% SLI US$2.4 billion SLI ivari 47% Revenue SUSA 24% 31% SGJ Pro-Forma SGJ US$3.0 billion 36% SUSA 58% Canada + USA Current 20% 27% 27% US$133 million SLI Net Income SLI 36% SUSA ivari to Shareholders 27% 53% Canada USA Pro-Forma 26% 37% SGJ SGJ US$173 million SUSA Note: As at and for the year ending December 31, 2021. Note: USD/CAD exchange rate of 1.27 for end of period and 1.25 as average for the period. Note: Sagicor Life USA = SUSA, Sagicor Jamaica = SGJ, Sagicor Life = SLI. Sagicor • ivari 6#7ivari is well positioned for continued growth Sagicor S Leader in universal life ranking second with 26% market share1 Focused on business lines where it has scale and sustainable profits ■ Strong track record of adding and retaining clients in the profitable high growth middle-market Efficient operating platform designed to deliver excellent service and scale benefits Strong Track Record of Growth ivari New Paid Premium (Universal Life)² +11% CAGR C$93m C$61m Long-standing and growing distribution relationships 2017 2021 ivari is a leading life insurer offering simplified products designed for the under-served middle market, with an efficient operating platform 1LIMRA's Canadian Universal Life Insurance Sales 2021. LIMRA numbers are carrier-reported, and participants vary year-to-year, impacting reported market share. 2Based on ivari company reports. Sagicor • ivari 7#8Sagicor S Added scale and enhanced credit quality Significantly Increases Scale Investment Portfolio¹ +91% Enhances Credit Quality Investment Portfolio – Debt Securities US$8.6bn US$16.4bn 17% Non- Investment Grade 83% Investment Grade Current Pro-Forma ivari has a large asset base consisting primarily of debt securities adding significant scale and diversification to Sagicor's investment portfolio Pro-Forma²,3 ivari's 100% investment grade and primarily Canada and USA bond portfolio enhances Sagicor's credit quality ivari's large primarily North American investment portfolio comprised mostly of high quality bonds enhances Sagicor's pro-forma investment portfolio ¹ivari invested assets converted to US$ at USD/CAD exchange rate of 1.27 and Sagicor financial investments. 2Accounting for the planned sale of approximately C$700 million of direct equities and reinvestment into investment grade bonds by ivari by year end 2022. 3See the "Forward-Looking Information / Cautionary Statements" section in this document. Note: As at and for the year ending December 31, 2021. Sagicor • ivari 8#9Sagicor S Financially compelling acquisition¹ Sources and Uses C$365 million Total consideration² Funded by Approximately 80% Debt and 20% Cash Strong Returns 25%+ EPS Accretion³ Double Digit BVPS4 Accretion Figures do not reflect potential upside from synergies Maintain Strong Capital 10 Points+ Improvement Pro-Forma MCCSR4 Approximately Unchanged Pro-Forma Debt / Capital Ratio4 Outstanding IRR Transaction Funding Sources: New Acquisition Debt ivari Capital Generation to Transaction Close Minimal Use of Sagicor's Excess Capital4 Attractive and Powerful Use of Excess Capital Sagicor • ivari 9 1Certain statements on this slide are forward looking. See the "Forward-Looking Information / Cautionary Statements" section in this document. 2Includes an estimated C$40 million of transaction and financing costs. ³EPS based on pro-forma 2021 basis. 4Represents a non-IFRS measure. See the "Non-IFRS Measures" section in this document and in our MD&A for relevant information about such measures. Note: USD/CAD exchange rate of 1.29. Note: Pro-Forma debt to capital ratio includes contractual service margin as capital.#10Strategically and financially attractive acquisition KI Sagicor S Geographic Diversification Leading Canadian Insurer Primed for Growth Enhanced Investment Portfolio Financially Compelling ■ Adds new geographic presence in a large, well- established and growing Canadian life insurance market Unique opportunity to enter the Canadian market with an established platform and significant scale Diversification of assets, revenue and net income ■ Provides a market leading platform for Sagicor to grow in the high growth middle-market in Canada ■ Efficient operating platform, focused business model, and strong distribution relationships enable growth and scalability Nearly doubles size of investment portfolio by adding 100% investment grade bond portfolio High quality investment grade assets mainly residing in Canada and the USA favorable for credit rating Expected to be immediately and highly accretive to EPS and BVPS ■ Net assets acquired at discount to book value Outstanding internal rate of return on capital deployed Opportunities for more significant upside A unique opportunity to enter the Canadian market and to create significant shareholder value Sagicor ivari (10)#11About Sagicor Sagicor S#12Sagicor investment highlights Sagicor S Diversified operations with solid market-leading positions in the Caribbean and a fast-growing US business Kil Significant growth opportunities both organic and inorganic Established track record of robust growth driving consistent profitability Well capitalized to execute growth, conservative leverage and strong risk culture Technological transformation deeply embedded throughout the organization Best in class management team and Board of Directors Sagicor ivari (12)#13Sagicor at a glance Sagicor S Leading financial services provider in 20 countries primarily in the Caribbean, with a growing presence in the U.S. Provides life, health, and P&C insurance, annuities, banking, asset management and pension products to individuals and groups Over 180-years-old, with a long track record of strong organic and inorganic growth Public company listed on the Toronto Stock Exchange Financial Results (US$ million) Revenue Net income to shareholders Total assets 2021 YTD Q2 2022 2,359 1,353 139 77 10,378 10,593 Shareholders' equity 1,134 1,072 Total capital¹ 2,349 2,241 USA 4,600+ workforce including 1,300+ advisors Jamaica Cayman Islands P&C Insurance Other 1% Banking, Investment Mgmt., 3% Other Financial Services 7% Group Life, Health, and Annuity 10% Individual Life, Health, and Annuity 79% Revenue US$1,353m YTD Q2'22 Dutch Caribbean Note: Net income excludes one-time debt refinance costs in Q2 2021. Eastern Caribbean Barbados Trinidad & Tobago 58% Sagicor Life USA ■ Fast growing individual fixed annuities and life insurance provider Operates in 45 states and Washington DC 23% ○ % of Q2 2022 group revenue 1Represents a non-IFRS measure. See the "Non-IFRS Measures" section in this document and in our MD&A for relevant information about such measures. Sagicor Jamaica ■ Individual life & group health insurance ■ Investment management, commercial & investment banking 19% Sagicor Life English-speaking Caribbean operations outside of Jamaica and Cayman Islands ■ Individual & group insurance, annuities Sagicor ivari (13)#14Sagicor S Sagicor's leading market position in key geographies Other Caribbean Barbados 9% 7% Trinidad & Tobago 10% Revenue US$2,359m 2021 Jamaica 27% USA 47% Emerging leader U.S. B Rapidly growing in the largest insurance market in the world #1 market share in individual life insurance (66%), group life (61%), group health (56%), pensions (83%) Jamaica B #1 in asset management #3 largest commercial bank 1 中 Barbados ■ #1 market share in ordinary life, group life, and annuities (71%) Trinidad #2 market share in ordinary life, group life, and annuities (26%) & Tobago - Jamaica data from the Insurance Association of Jamaica. Individual life based on annualized premium income (Aug. 2021), group life based on annualized premium income (Jun. 2021), pensions based on funds under management (Jun. 2021), group health based on annualized premium income (Jun. 2021) - Barbados data from the Financial Services Commission Barbados. Ordinary life, group life, and annuities based on gross premium income (Dec. 2020) - Trinidad & Tobago data from the Association of Trinidad and Tobago Insurance Companies. Ordinary life, group life, and annuities based on gross premium income (Dec. 2020) Sagicor ivari (14)#15Investor Inquiries George Sipsis SVP Corporate Development and Capital Markets [email protected] 1-813-287-1602 Ext. 6255 Andre Mousseau Group Chief Operating Officer and Chief Financial Officer [email protected] Please visit Sagicor.com S Sagicor