Investor Presentation FY2018

Page 17 | Investor Presentation Q2-19 Commercial Lines Performance Commercial lines commentary: Strong DPW growth of 11% with contributions from all segments, led by rate increases deployed in hard market conditions. Growth in specialty lines was in the mid-teens. Combined ratio of 92.8% was solid, despite elevated large losses. The underlying fundamentals of this business remain strong, supported by hard market conditions and a high-quality portfolio. [intact] (in C$ millions, except as otherwise noted) Q2-2019 Q2-2018 Change DPW 844 757 11% Commercial P&C 566 517 9% Commercial auto 278 240 16% NEP 679 613 11% Underwriting income 49 43 14% (loss) Claims ratio 58.6% 57.1% 1.5 pts Expense ratio 34.2% 35.8% (1.6) pts Combined ratio 92.8% 92.9% (0.1) pts P&C United States' commentary: Premiums of $425 million reflected strong growth of 10% on a constant currency basis. Strong new business, rate increases and high retention levels drove double-digit growth in lines not undergoing profitability improvement plans. Combined ratio was solid at 94.8% and reflected a strong performance in lines not undergoing profitability improvement plans. We continued to show good progress towards our goal of achieving a sustainable combined ratio in the low-90s by the end of 2020. 1 P&C U.S. excludes the results of exited lines (in C$ millions, except as otherwise noted) Q2-2019 Q2-2018 Change DPW 425 374 14% NEP 343 340 1% Underwriting income 18 21 (3) Claims ratio 56.2% 57.0% (0.8) pts Expense ratio 38.6% 36.8% 1.8 pts Combined ratio 94.8% 93.8% 1.0 pts

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