IFC 2023 Social Impact and ESG Report - EN

Intact Financial Corporation
2023 Social Impact & ESG Report

Social Impact & ESG Report
4 About us 34 Being a most respected company
5 What we do 35 Building climate resilient and economically resilient
communities
6 What we aim to achieve
36 Our Resilience Barometer
7 Our strategic roadmap
37 Building climate resilient communities
8 How we structure our report 41 Building economic resilience in our communities
9 Views from the top 42 Community well-being
11 Highlights of our progress 43 Climate strategy
43 Progress on our climate strategy
12 Our customers are our advocates
44 Commit to net zero by 2050 and halve emissions
13 Getting our property customers back on track from our operations by 2030
16 Getting our auto customers back on track 45 Leverage our platform to shape customer behaviour
17 Care for customers 48 Enable the transformation by supporting existing
18 Enhancing the customer experience and new industries that are key to the transition
19 Results from our customer-driven approach 49 Collaborate with government and industry to
20 Helping brokers provide excellent customer service accelerate climate action
22 Our people are engaged ESG Performance

23 Our people strategy 51 Governance
23 Our leadership success factors 53 Human capital management
24 Be a best employer 56 Underwriting and investments
25 A destination for top talent and experts 58 AI and model governance, cyber security
and data privacy
Contents
27 Cultivating specialized skills
28 Enable our people to thrive 59 Business ethics
30 Our employees and leaders are representative 61 Task Force on Climate-related Financial Disclosures
of the communities we serve (TCFD)
72 Sustainability Accounting Standards Board (SASB)
76 Public accountability statement
2023 Intact Financial Corporation Social Impact & ESG Report

Reporting scope and boundary Cautionary note regarding forward-looking statements
Throughout this report, “IFC”, “Intact”, “we” or “our” refer This report is not required to be prepared or filed by IFC methodologies, varying decarbonization efforts across of our Management’s Discussion and Analysis for the year
to Intact Financial Corporation and, where applicable, under Canadian securities laws. Certain of the statements economies, governmental or regulatory action, geopolitical ended December 31, 2023 (“MD&A”) and the notes on our
its subsidiaries, for example where regional initiatives or included in this report about our current and future plans, factors impacting global energy needs, challenges of operations and investment GHG emissions estimates on
particularities are reported. All currency is in Canadian expectations and intentions, results, levels of activity, balancing emission reduction targets with an orderly, just page 71 of this report. Unless otherwise indicated, all forward-
dollars unless otherwise noted. This report covers non- performance, goals or achievements or any other future and inclusive transition, evolution of customer behaviour, looking statements in this report are made as at April 19, 2024,
financial performance across IFC’s global operations in the events or developments constitute forward-looking our ability to gather and verify data, the participation of and are subject to change after that date.
financial year January 1 to December 31, 2023, but does statements. These forward-looking statements include, various stakeholders or our ability to implement various
No representation or warranty, express or implied, is or will be
not intend to replace or supplement any mandatory report among others, statements with respect to our beliefs and initiatives across our global operations within a specified
made in relation to the accuracy, reliability or completeness of
or disclosure vehicle as may be required in any jurisdiction intentions, our vision, our strategic goals and priorities timeframe. We may review our emissions reduction goals and
the information contained in this report.
where certain IFC subsidiaries operate and report in regarding our social, economic and governance-related targets if necessary and as appropriate, as data quality and
accordance with local legal requirements. impacts, including our actions related to diversity, equity and methodologies improve and as best practices, regulations Intact Financial Corporation, Belair Insurance Company Inc.,
inclusion, child poverty, climate change and adaptation and and climate science continue to evolve. For IFC to meet its Brokerlink Inc., RSA Insurance Group Limited, On Side
our netzero greenhouse gas (“GHG”) emissions reduction target of achieving net zero GHG emissions by 2050, IFC Developments Ltd. and their respective affiliates own and/
goals and targets and our interim emissions reduction may need to purchase carbon off-set instruments for residual or use a number of trademarks in connection with their
targets. We caution readers not to place undue reliance on emissions. The market for these instruments is developing business operations. These trademarks (both registered and
these statements, as a number of factors could cause our and their availability may be limited. These instruments are unregistered) are the exclusive property of Intact Financial
results and intentions to differ materially from the expectations also subject to invalidation, reversal, or changes to applicable Corporation, Belair Insurance Company Inc., Brokerlink Inc.,
expressed or implied by the forward-looking statements. regulations and standards that may impact the possibility to RSA Insurance Group Limited, On Side Developments Ltd.
These forward-looking statements represent our current use such instruments. “Carbon neutral” and “net zero” GHG and/or their respective affiliates.
expectations, estimates and projections regarding future emissions legislation, regulations, taxonomies, standards, and
©2024 Intact Financial Corporation. All rights reserved.
events, but are not a guarantee of future performance. The definitions are evolving. As a result, IFC’s use of these terms
Terms “material” and “materiality” as used in this report are
climate-related forward-looking statements involve inherent may vary over time.
not equivalent to similar terms under applicable securities
risks and uncertainties and are based on various factors and
All of the forward-looking statements included in this report laws and should not be read as rising to the level of materiality
assumptions, all of which are difficult to predict and many
are qualified by these cautionary statements, those made of disclosure required in our securities law filings.
of which are beyond our control, including technological
in the section entitled Risk Management on pages 66 to 90
advancement, development of climate-related measurement
[3] 2023 Intact Financial Corporation Social Impact & ESG Report
About us We’re motivated by our purpose
We are here to help people, businesses and society prosper in good times
and be resilient in bad times.
We’re driven by our values

Our Values guide our decision-making, keep us grounded, help us outperform
and are key to our success.
Integrity Respect Customer- Excellence Generosity

driven
Be honest, Be kind Act with discipline Help others
open and fair Listen to our and drive to
See diversity outperform Protect the
Set high standards as a strength customers environment
Make it easy, Embrace change,
Stand up for Be inclusive and improve every day Make our
what is right collaborate find solutions communities
Deliver second-to- Celebrate success, more resilient
none experiences yet remain humble
We’re guided by our core belief

We are a purpose-driven company based on values and a belief that insurance
is about people, not things.
What we do
Intact is the largest provider of Property ①
& Casualty insurance in Canada, a leading
speciality lines insurer with international ③
expertise and a leader in commercial lines
in the U.K. and Ireland.
②
① Largest provider of P&C
insurance in Canada
② Leading Global Specialty
lines platform DLG
③ U.K. & Ireland leading Over the last decade, our total annual operating ~$36B
commercial lines insurer Direct Premiums Written1 tripled in size to over Market Cap
$22 billion in 2023. Our strong growth trajectory RSA
has been supported by successful acquisitions

We have a global team of more than Our business has grown organically and through while surpassing our financial objectives. As
30,000 employees delivering best-in-class acquisitions to over $22 billion of total annual a result, our market cap has consistently
service through over 350 offices. operating Direct Premiums Written.1 increased over time and reached a record
high of $36 billion in 2023. GCNA
$22.4B
DPW
Our P&C Segments 2
Our Lines of Business 2 OneBeacon
Innovassur
Canadian
13% Metro Direct
28% General
JEVCO
20% 46%
AXA Canada
67%
26% $4.5B
Market Cap
$4.3B
DPW
Canada U.K.&I U.S. Personal lines Commercial lines Speciality lines 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
1 See Section 31—Non-GAAP and other financial measures of the MD&A for more details.
2 2023 DPW (continuing pro-forma basis) reflects the impact of the DLG brokered commercial lines acquisition for a full year and excludes UK personal lines DPW, as this is a better indication of our future annual premiums. See Section 31—Non-GAAP and other financial measures of the MD&A for more details. 1 See Section 31—Non-GAAP and other financial measures of the MD&A for more details.
What we aim to achieve Our objectives
Intact’s three strategic objectives steer the

organization and ensure our 30,000 people 3 out of 4 customers We are a best employer
are helping each other move in the same
are our advocates Our customers
direction — with outperformance in mind. Our people are Our employees and leaders
This is what we aim to achieve. are our
4 out of 5 brokers value
ADVOCATES ENGAGED are representative of the
our specialized expertise communities we serve
3 out of 4 stakeholders Our company

recognize us as leaders in is one of the Exceed industry ROE by 5 pts
building resilient communities
MOST Grow NOIPS 10% yearly over time
Achieve Net Zero by 2050, and halve RESPECTED
our operations emissions by 2030
Our strategic roadmap
Our strategy
Many companies have a standalone Environmental, Social and Expand leadership Strengthen leading Build a Specialty
Governance (ESG) strategy that sits alongside the corporate position in Canada position in U.K. & Ireland Lines leader
strategy. For Intact, ESG is embedded in the organization and
integrated into our strategy. How do we accomplish this? We Leading customer 3 out of 4 customers Leading broker & Expand broker Specialized customer Expand
consider the world around us in the evolution of our strategy. experience digitally engaged customer experience distribution value proposition distribution
We develop our strategic focus by first considering external factors
and assessing significant societal and environmental issues that 10% Scale in
distribution
Further
consolidation
Optimize
underwriting & claims
Responsive and
agile technology
Profitable &
growing mix
Consolidate
fragmented
create both opportunities and considerations, such as: NOIPS in Canada for outperformance and operations of verticals market
growth
annually
• Customers expecting simple, • Changing employee expectations, Outperform industry
transparent interactions and seeking demographic shifts with an aging
over time
combined ratio by 5 pts
Low 90s combined ratio Sub-90s combined ratio
500 bps
good value for their money. population and increased automation Annual ROE
that changes the nature of work. Outperformance*
• Economies accelerating their Transform our competitive advantages & solidify outperformance
progress toward net zero while severe • Increasing socio-economic
weather events continue to increase challenges, including rising living Global leader in leveraging data Deep Claims expertise & strong Strong capital & investment
in magnitude and frequency. costs, polarization of wealth and and AI for pricing and risk selection supply chain network management expertise
escalating social unrest.
• Technology and software evolving
how we live and how we access Invest in our people
and secure data.
Understanding the external environment equips us to assess how our strengths, Be a best employer Be a destination for top talent & experts Enable our people to thrive
expertise, scale and resources can help us grow in this environment, accelerate
our outperformance and advance our impact on society.
Invest in our community
Leverage our strengths to win on climate Build resilient communities
Based on a weighted-average ROE benchmark of leading P&C insurers in Canada, the U.S. and the U.K.
*
How we structure
our report Our 2023 Social Impact & ESG Report is structured in two halves:
1. Performance on our 2. ESG performance:

strategic objectives: The second half of the report outlines ESG performance
against critical focus areas relevant to our business.
Intact has one set of global objectives, where financial and ESG measures include data tables and metrics on ESG
non-financial goals sit together, as we challenge ourselves topics, a description of the frameworks that guide how we
to find the intersections of helping society and winning in report, and the standards and policies with which we comply.
the marketplace. These demonstrate how we live our Values across the value
Intact’s strategy is focused on three objectives —our chain of our business.
customers are our advocates; our employees are engaged; In 2023, we refreshed our approach to stakeholder
and we are a most respected company. engagement to ensure we have a current understanding
The first half of the report outlines areas where we believe of the opportunities, risks and key social impact and ESG
our business can have the greatest impact and how that is issues that concern important stakeholders and investors.
aligned to our overarching business strategy. It speaks to
how each of our three objectives are guided by our Values Details of our stakeholder research are available
and rooted in our purpose: to help people, businesses and on page 52.
society prosper in good times and be resilient in bad times.
Views from
Charles Brindamour, Chief Executive Officer,
Intact Financial Corporation and William (Bill)
Young, Chair of the Board of Directors, Intact
Financial Corporation.
the top How is Intact navigating Bill: The issues Charles highlights are And what are the Board’s and in 2023 we had many opportunities
the social, political and wide ranging and affect all of society. priorities when it comes to to do just that. We paid out more than
environmental volatility that That’s why the Board is encouraged Social Impact and ESG? $1 billion in claims due to severe
is such a feature of the world by just how much Intact is focused on weather events and despite that
achieving its three strategic objectives, Bill: Our role is to ensure Intact maintained strong financial results.
right now? achieves strong financial returns and
where financial and non-financial But this wasn’t always the case. Over
Charles: It’s been a tough year for performance sit side by side, because realizes its purpose—to help people, the last decade we’ve reshaped our
society, that’s undeniable. We have to that’s the way we will make the greatest businesses and society prosper in products so that our business can
challenge ourselves on our role when difference. good times, and be resilient in bad continue to succeed despite changing
complex issues such as the cost- times. Intact really delivered on its weather patterns, and this allows us
Our role is to bring the Board’s wide- strategy and its purpose in 2023. That
of-living crisis are top of mind for our to keep helping communities at the
ranging experience to the table in effort was recognized through financial
customers, when natural disasters are same time. Through the transformation
support of Intact’s focus on building and non-financial results, including
on their doorstep, and when conflict of our property product to recognize
resilient communities, on being a through the increased Resilience
creates a difficult environment for the increasing risk of flood damage, not
best employer and on being a most Barometer score featured in the Social
political debate and decision making. only did we improve profitability, but we
respected company. These are not Impact & ESG report. increased awareness and penetration
We must be practical. We cannot nice-to-haves, they are essential
With climate change being a defining of the product among our customers,
respond to every challenge, but we do components of how we do business.
trend of the century, the Board takes closing insurance gaps.
pay close attention to deep trends, and
Looking after the customer remains a keen interest in Intact’s focus on its
we focus on where we can contribute It’s finding those intersections between
Intact’s number one priority. But looking climate strategy and in its partnerships
our expertise to make a meaningful helping and winning that drove the
to the future and helping customers, with leading NGOs that are working
difference. Helping communities creation of our Climate Strategy, which
communities and our business be to develop novel solutions to climate
become more resilient, particularly in includes five big intentions that aim
better prepared for the impacts of adaptation and resilience. This work
relation to extreme weather events is a to leverage our strengths to make a
climate change is also critical. That’s meets an increasing need for education
great example. That’s our job. We do it difference. Through that strategy we
why we were involved this year in and preventative measures geared
well. And we’re challenging ourselves to have committed to achieve Net Zero,
reviewing possible impacts on some to both our customers and the wider
be even better at helping communities double down on adaptation, use our
key business segments of global community.
to prepare for natural disasters. platform to shape customer behaviour,
warming scenarios above a 1.5 degree
enable new and existing industries
increase in temperature. It’s about How have customers been
What role does the Board stewardship, it’s about playing our part
through the transition, and collaborate
play in advancing Intact’s affected by climate change and with government. We’re proud of the
in ensuring that this business, which
commitment to helping build makes a vital contribution to society, how are you responding? progress we’re making, which we have
resilient communities during outlined in this report.
is here long after us. Charles: We’re in the business of
difficult times? helping customers get back on track,
Views from the top
Building resilient communities

will require support from
On the topic of people, Bill
what is your perspective
And how is the Board
responding to the heightened
Finally, Charles how is Intact
responding to the big trends “We need to rely on our
strengths to succeed
employees across many on the role of DEI in the interest in social impact shaping society in 2024
sections of the business and governance and performance and ESG performance from and beyond?
across markets. What are of the organization? investors in particular?
in a dynamic world that
Charles: Our own resilience relates
you doing to invest in your Bill: Bringing diverse perspectives Bill: Investors have played a key role to significant exploration of the
employees? to the table makes us stronger as an in driving levels of engagement with deep societal trends impacting our
Charles: There’s no question—our
people are our greatest strength. To
organization. It helps us to make better
decisions, helps create an engaged
workforce and ultimately leads to
ESG. We regularly meet with them
to understand their priorities and
how we can best reflect those in our
customers, employees, and our
business. The impacts of climate
change top the list. And an increasingly
is changing as fast as
it is today. By showing
build resilient communities, we’ll need
innovative thinking, dedication, and our success. demonstration of performance. Last digital economy, compounded by
employees that are engaged in the year we met with 10 of our 20 largest the acceleration of AI, and changing
That’s why we work hard to have our
leadership in areas
work they do. shareholders and our approach to expectations of customers and
leaders and employees reflect the employees are just some of the other
Social Impact and ESG was a key
Our People Strategy aims to deliver communities we serve. Having an topics we’re debating at management
topic through all those conversations.
where we can both help

three outcomes for our employees, environment where everyone can and Board tables.
to support them in delivering on our see themselves allows us to tap into We find it helpful to hear what our
Purpose for customers. We will be the deepest talent pools and it reflects investors are thinking, to understand We are asking ourselves how we
a best employer by delivering on
our Employee Promise. We will be a
our company Values.
Through our regional Diversity Councils,
how they are responding to the big
trends shaping society and to learn
from how they are applying these
can use our competitive advantages
to make the most of this changing
environment. Our challenge as a
society and win in
the marketplace that’s
destination for the talent and experts we continue to invest in training and
who will help us be resilient to a principles in their own businesses business is to grow, de-risk the new
activities that will make our environment realities, help society and continue to
changing future. And we will enable and with other investees.
attractive and inclusive to all employees.
the most effective way

our employees to thrive through a generate strong financial performance.
Whilst it’s great that we’ve achieved It’s not a one-way conversation. We
variety of investments that will support gender parity across our leadership work to ensure our stakeholders We need to rely on our strengths
their well-being and development. roles globally, it’s important that we understand the formula that Intact has to succeed in a dynamic world that
And our employees tell us they
appreciate the support. We measure
continue to make progress in DEI. pioneered in its business. Integrating
social impact priorities with strategy,
is changing as fast as it is today. By
showing leadership in areas where we to outperform.”
engagement through Kincentric Best ensuring financial and non-financial can both help society and win in the
Employer surveys, and I’m proud that performance sit alongside each other, marketplace—as outlined in our Social
we’ve been named a Best Employer making a signal commitment to building Impact & ESG Report—that’s the most
in Canada and the U.S., and our resilient communities—these are effective way to outperform in my view.
engagement levels have increased important components of an approach
significantly in the U.K.&I since we that is unique to Intact and one which
introduced the survey there last year. we value.
[ 10 ] 2023 Intact Financial Corporation Social Impact & ESG Report

Highlights of our progress
For details of performance on our
financial objectives please refer to
our Annual Report available at
www.intactfc.com.
Our customers Our company

are our Our people are is one of the
ADVOCATES ENGAGED MOST
RESPECTED
3 out of 4 customers are our advocates1 Being a best employer
71% 64% 67% 2023 Kincentric Best

Employer in Canada for
2023 Kincentric Best
Employer in the U.S. for
Progression toward Best
Employer in the U.K.&I: 57% 16%
of customers in Canada of customers in the U.K. of customers in Ireland the 8th consecutive year. the 5th consecutive year. six point improvement in of stakeholders in Canada believe reduction in our overall operations
are our advocates. are our advocates. are our advocates. engagement this year. that Intact is a leader in helping to emissions6 from a 2019 baseline.7
build resilient communities, a three
point improvement on 2022.4
Representative of the communities we serve
53%
4 out of 5 brokers value our specialized expertise2
81% 86% 84% 40% 14% of stakeholders globally recognize

us as leaders in building resilient
of personal, commercial of specialty lines brokers of U.K. commercial of VP+ roles at Intact are of VP+ at Intact3 are communities, the first time we have
and specialty lines in the U.S. value our lines brokers value held by women (global held by employees who measured a global score.5
brokers in Canada value specialized expertise. our specialized expertise. score encompassing identify as Black People
our specialized expertise. Canada, U.S., U.K.&I). and People of Color
(BPOC) (global score
encompassing Canada
and U.S.).
1 We track advocacy scores amongst personal lines customers only. Our commercial and specialty lines customers are not included in these scores. 4 Results based on our 2023 Resilience Barometer.
For more information on how this is measured and tracked, see page 19. 5 Results based on our 2023 Resilience Barometer.
2 We are working on alignment across geographies with a target to have our Ireland business adopt the same methodology in 2024. For more information 6 Including Scope 1, Scope 2, and Scope 3 (business travel, waste, water and paper)
on how this is measured and tracked, see page 21. 3 Excludes On Side Restoration 7 Market-based.
[ 11 ] 2023 Intact Financial Corporation Social Impact & ESG Report

Our customers are
our advocates
We are a customer-driven organization with

a goal to have at least three out of four customers
as our advocates.
Helping people in difficult times is the reason
we’re here. 2023 was a challenging year as we
continued to support our customers, particularly
those who suffered the impact of natural disasters
due to climate change.
In Canada, we handled over 30,000 claims due
to natural catastrophes in 2023, striving to deliver
exceptional service during historic events.
[ 12 ] Our customers are our advocates | 2023 Intact Financial Corporation Social Impact & ESG Report
Getting our property “In Claims, our collective focus begins
customers back on track
and ends with our customers. Through
hurricanes, floods, ice storms or any
situation, we remain focused on helping
our customers through difficult times.”
— Etienne Berlinguet, Senior Vice President, Claims, Canada
Over $14 billion

Our claims experience: continually This increased efficiency helps us reduce
enhancing our customer service the time customers must wait for a resolution
and leads to a smoother claims process
Great customer service is possible when for customers. Rely Network: Our network of certified in claims paid globally in 2023.2
the team has the scale and capabilities to repair professionals handled 67% of auto
respond. This is why our claims team hired Assessing customer satisfaction claims and 59% of property claims.
ambitiously to build a larger team in 2023. throughout the claims process helps
Today, our global claims team is made up us to continually enhance our service,
with multiple touchpoints for customers
Over $1 billion
of over 7,000 talented individuals, making
up 23% of our global workforce. to share feedback throughout the process, On Side Restoration: This year On Side
from claims opening to mid-claims surveys Restoration has helped over 35,0001
Investments in technology were another once the appraisal is complete, and at paid out to get our customers back on
key focus area this year, as we worked business and residential customers get
the end of the claims process. track following a severe weather event.
to add value to the customer experience. back on track. On Side’s large-scale
This included providing customer service Key elements of the claims experience event response team responds quickly to
via text messages that offer two-way in Canada include: disasters to help in times of need. Being on
communication. the ground with our customers and being
able to provide direct support has improved
We are also deploying drones and satellite the customer experience. Following an
imagery to assess the scale of claims. acquisition to enhance capacity, in 2023
Drones cover large areas capturing high- A field-based loss adjusting team: On Side grew to nearly 50 locations and
quality images and generate precise creates a better end-to-end journey for almost 2,000 employees across Canada
measurements which allow for quicker customers who submit a property claim. to help get more property customers back
and more accurate damage assessments on track.
and claims processing.
2 This figure comprises claims and other insurance service expenses paid
and is net of reinsurance. It represents the new metric under IFRS 17. More
information is available in our Consolidated Financial Statements available
1 This includes both Intact and non-Intact customers. at www.intactfc.com.
Getting our property customers back on track
Getting our U.K. customers

back on track
“Insurers play a vital societal
• Emergency Response Vehicles role in facilitating recovery from
the impact of weather events,
(ERVs): In the U.K., our specialist
team works with emergency services
and local community groups during
extreme weather events to provide
vital, community level support when
people are vulnerable. This specialist
whilst working to strengthen
team works during surge periods with
customers who have been affected resilience to future events. We
take this role incredibly seriously,
by repeated weather events.
• Claims roadmap: This year we
invested in “Claims Connect”, a new
supplier management tool. Claims
Connect allows our suppliers to
giving our customers the care
share information and milestones
with each other, a capability
previously unavailable to them.
and support they need.”
This will ensure a more seamless
journey for the customer and — Karl Helgesen, Chief Operating Officer, RSA
a reduction in the claim life cycle.
 Claims operating system: Moving
our core claims system to Guidewire
has allowed us to enable digital
journeys for our customers, allowing
them to check the status of their claim
from any device and communicate
with us, and upload pictures and
documents directly to their claim file.
Getting our property customers back on track
“I am overdue in expressing my appreciation for the

progression of the communication and handling
process on this complex claim. As a broker, I have
been involved in several claims processes in the past,
none of which are the size of this fire loss, and none that
Behind the scenes of a
natural catastrophe response
Our physical presence and availability
to support residents (including those
that are not Intact customers) with
have been handled with the same coordination and
With severe weather affecting more
people every year, Intact’s role in
questions and first notice of loss has
made a real difference. For instance, mitigation of major issues that I have seen from Intact
Public Entities.”
helping people become resilient to in the case of wildfire evacuations, we
the impacts of climate change is more proactively let customers know that
important than ever. This was especially evacuation expenses are covered to
true across Canada in 2023 as the ensure they have peace of mind.
— Sheldon Bos, Broker Partner, NFP
country experienced multiple extreme We also believe in the importance of
weather events. face-to-face contact to better support Commenting on Intact Public Entities support for the recovery of Little Red River Cree Nation,
When a catastrophe strikes, our claims our customers during these vulnerable a First Nation in northern Alberta, that was impacted by wildfire in 2023.
teams mobilize swiftly and effectively to moments, which is why a team member
support our customers. Our dedicated visits the premises where the damage
team deploys at the first sign of a large- has occurred as soon as the claim
scale or natural catastrophe event to is opened.
assess the situation and determine At the end of the process, we work
what kind of response and support closely with the customer during the
is needed. Adjusters are mobilized restoration to provide the support
at evacuation centres and other they need to rebuild. Sometimes the
community settings, providing quick support we provide goes beyond
solutions and offering clear guidance. the standard claims process such as
helping customers with the required
documentation to apply for urgently
needed provincial funding.
Getting our auto
customers back on track
How our auto service centres
got 32,000 auto customers “We see this partnership as an
back on track
Our Intact Service Centres are an
exciting opportunity that helps break
example of how we are building on our
claims expertise and strong supply down barriers and paves the way
for future business between
chain network to achieve competitive
advantage. These centres offer a
simple, streamlined experience for
customers to exchange their vehicle
for a rental car at a single location. corporations and the Indigenous
community. Partnering with Intact
Our now 31 centres, 15 of which opened
in 2023, ensured a 30% faster cycle
time and a 15-point higher customer
promoter score than regular auto repair
shops. Last year they helped 32,000
customers get back on track.
proves it’s possible to open minds
In 2023, as part of our efforts to foster
reconciliation, prosperity and resilience
while improving supply chains and
with Indigenous Peoples, we opened
a partner-operated Service Centre the customer experience.”
in Fort William First Nation that will
serve customers in Fort William First — Roy Pelletier, owner and operator of Pelletier’s Autobody
Nation, Thunder Bay, and Northwestern
Ontario regions.
Care for customers
We are focused on providing great customer service, and ensuring that

fair treatment of our customers is an important aspect of our approach
to service. This includes region-specific customer policies and internal
systems for collecting and addressing customer feedback.
Setting the stage for service—our Helping customers understand Cost-of-living support
customer-driven policies their policy Fluctuating economic conditions are not only a
Our customer service policies outline how our RSA has embarked on a three-year source of significant stress for our customers,
strategy, decisions, products, processes and partnership with Plain Numbers, a U.K.- but also contribute to the broader cost-of-living
communications contribute to better customer based organization that helps firms better crisis. We have responded with a range of
outcomes. This includes our approach to safe- support their customers who struggle with solutions in different markets, such as flexible
guarding customer data and ensuring it is used numeracy skills. According to initial research payment options that help prevent customers
appropriately, together with providing access trials conducted in partnership with the Bank from becoming uninsured.
to dispute resolution services where required. of England and leading firms and search
We are also driven to be fair and responsible partners, this approach has been shown
when doing business with brokers, vendors, to double the number of customers who
and other stakeholders. understand vital information. We now have over
100 certified Plain Numbers employees across
For more information on our customer data the business, 13 of which are accredited as
privacy policy see page 58. practitioners and the rest as champions trained
as part of RSA’s innovative Plain Numbers
Listening to our customers Champions Programme.
Listening to our customers helps us better The Plain Numbers approach is now
understand and respond to their needs and embedded within RSA’s new Communications
enhance their experience. Using advanced Content Standards in support of the Consumer
tools, such as speech analytics that track Duty regulation that came into force in the
customer sentiment, allows us to better U.K. in July 2023. Under the Duty, firms have
understand the challenges our customers a heightened requirement to ensure good
are experiencing and to refine our approach. outcomes for customers, including those
We also conduct focus groups, customer in vulnerable circumstances. RSA strives to
satisfaction surveys and a wide variety of achieve good customer outcomes including
market research techniques to uncover through improvements in both support for
consumers’ needs and expectations customers across its processes and by
regarding the development of superior making our customer communications easier
customer experience through digital and to understand. New Customer Understanding
traditional channels. Support Principles and Communication
Content Standards (including Plain Numbers)
ensure RSA’s commitment to the Consumer
Duty is sustainable for the future.
Enhancing the customer experience
Our customers want fast, Canada U.K. Ireland

secure and frictionless digital • In September 2023, a • We now have a member of • In 2023, our Irish personal lines
experiences. Our Intact Lab Responding to customer needs: *
Using AI to improve speed and belairdirect customer the digital team fully trained as business focused its 123.ie
uses machine learning, data We continue to enhance our online self- efficiency:* Our Speech Analytics purchased a car insurance a Plain Numbers practitioner, Digital Strategy on improving
science, software engineering, service tools available to customers in implementations this year have shown policy online without the to ensure that all online customer advocacy and
artificial intelligence (AI), user the Client Centre and the Mobile App. improvements in call effectiveness and assistance of an agent for communications are inclusive charting our path to have three
In 2023, direct customers enjoyed the efficiency for contact centres, sales the first time, marking our and easy to understand for any out of four customers digitally
experience and design simplicity and ease of use of our Do-It- agents and claims adjusters alike. company’s first end-to- customers who struggle with engaged. Key elements
thinking to provide exactly that. Yourself tools like “make a payment, file Speed, accuracy, and the opportunity end automated sale. This numeracy skills. included the development
a claim, and change a policy,” with one for coaching are some of the benefits automated experience has of an industry leading quote
Investments in implementing automated in five policy transactions completed this tool offers to help our contact • We have invested in market
been a long-time in the making and purchase experience
pricing and purchase, including chat online in 2023. The volume of policy centre agents become more efficient leading tools to understand
at Intact Lab, in collaboration for our customers and the
facilities in the U.K. and chat and transactions completed online in 2023 and effective. An AI tool was also rolled performance of the digital
with teams across the consistent improvement of our
chatbot facilities in Canada, for example, was up 23% compared to 2022. out for Personal Auto Total Losses to platforms and optimize them
business, and reaffirms our customer-centric products and
are helping us to better serve our reduce appraisal times and improve for our customers. This has
commitment to give customers services. 123.ie is committed
customers. This allows us to select the customer experience. led to improvements in the
a simple and outstanding to continuous focus on the
best products and provide rates to our online journey for customers
digital experience. development of our market-
customers based on their needs. seeking quotes, together with
leading, digital first experience
Creating a seamless online • By continuing to optimize UBI implementing tools that enable
58%
ensuring that we serve all our
We’ve also enhanced our technology experience:* We hit a new record we have been able to better us to quickly identify frustration
customers in the way they
platforms across key business areas in 2023 and surpassed our target, understand and engage with areas for customers and help
want to be served.
in the U.K. to further empower with 58% of Intact customers now of Intact customers had an online our customers and to calculate us to prioritize changes that will
customers by providing them with having an online account with us. By account with us in 2023. personalized premiums make the most difference.
digital tools to ensure they have a adding new value-added features to based on individual customer
• Our digital agile squad is now
good online experience. our app, and promoting our upgraded behaviours and driving
fully in place to support our
4.0 Usage Based Insurance (UBI) habits. Our enhanced in-app
commercial lines business
As a result of these enhancements, in auto offering, we have seen 20% experience offers helpful
providing dashboards across
we can adjust prices as needed, more app logins this year than last. added-value features like eco-
the business to understand
accelerate repair times and improve Customers are seeing the benefit driving, fuel efficiency, and
platform performance, create
the overall customer experience. of our UBI product with one in two safety metrics, the first of its
user surveys to gather insights,
new customers in 2023 enrolling kind in the Canadian market.
and improve data collection.
and activating UBI. In line with our The percentage of enquiries
strategic goal to have three out of four For more information on the
online and conversion rate
customers digitally engaged with us, eco-driving feature of UBI see
from enquiry to quote have
our UBI clients do 31% more policy the Climate strategy section
both increased significantly
changes online and 150% more on page 46.
this year.
claims online.
* We" or "our" in these sections refer to Canada only.
Results from our
customer-driven approach
“Right from the start of our claim, we felt We want our customers to be our advocates. By building great
customer experiences and helping our customers get back on
like we were listened to, and our track quickly, we gain their trust. From the initial product design and
development stage, to marketing and sales, to claims handling and
concerns were addressed. We had

beyond—at every touchpoint, we want customers to know that
what matters to them, matters to us.
never been through anything like this By measuring customer satisfaction,

we uncover important insights on
This year we have been working to
align our measurement methodologies
before and were quite overwhelmed

how we approach helping our used in our geographies. This ensures
customers. We survey thousands of that in future we will have a coherent
our customers at the conclusion of measurement of our strategic objective
when we first were able to return home a claim. In 2023, 71% of customers
surveyed in Canada indicated that
as a result of their experience with
of having three out of four customers as
our advocates globally.
after our two-week evacuation. Our us, they are likely to recommend
Intact to a friend or colleague.
adjuster never rushed or pressured

us while we tried to come to grips with
how to return our property to usable Customer advocacy1
state. We both agreed that knowing

Intact had our back relieved much
71%
of customers in Canada
64%
of customers in the
67%
of customers in Ireland
of the stress caused by the wildfire.” are our advocates. U.K. are our advocates. are our advocates.
— Intact customer in Calgary, Alberta
1 We track advocacy scores amongst personal lines customers only. Our commercial and specialty lines customers are not included in these scores.
Helping brokers provide
excellent customer service
“Learning is the key to building

In 2023, the broker distribution channel was responsible for 80%
of Intact’s direct written premiums in Canada and 75% in the U.K.&I.
Brokers are important partners in delivering great customer
experience on behalf of Intact and RSA. When brokers are successful,
we know that they are providing excellent customer service.
confidence, and confidence is one
Recognizing how vital brokers are to serving customers, we equip them with
several tools and programs, including:
of the keys to success. The more
Supporting Broker education
(Pathways): When brokers told
A pathway for frontline managers is
currently in development.
Providing brokers with financial
solutions: Broker Financial Solutions
you learn and the more familiar you
us they needed help recruiting,
developing and retaining talent, we
Broker Leader Programme:
Short-listed for the 2023 British
provides financial support to brokers in
the form of loans or equity investments become with the nuances of the
industry, its products and sales
developed Pathways in 2022 to help in their business. In 2023, we loaned
Insurance Awards and the Insurance
support their success. This education $94 million to brokers in Canada
Times Awards, the Broker Leader
program, which includes 80+ courses because we know that when brokers
techniques, the better you get at

Programme is a cornerstone of the
exclusive to Intact brokers in Western are well funded and financially
broker experience and a key part of
Canada, Ontario and Atlantic Canada, sustainable, they will provide good
how we develop and grow talent within
is designed to build outperformers customer service.
who understand and actively support
the Intact value proposition. From
the broker community across the
U.K. We are incredibly proud that the
programme has and continues to meet
addressing customer concerns,
foundational courses in P&C insurance
to behavioural science-based courses
on effective sales, working in smart
the Chartered Insurance Institute (CII)
Continuous Professional Development no matter how complex they are.”
(CPD) accreditation standards.
teams, communications and more,
Pathways equips brokers with the best- Delivered by experienced industry — Anne Fortin, President, Intact Insurance
in-market skills they need to deliver trainers and a dedicated mentor from
great customer experience. RSA’s leadership group, the programme
combines virtual discussions, group
In Quebec, the Academy training offers
activities and networking opportunities
more than 1,000 activities that support
and includes a deep dive into key
broker success and certification
business themes including strategy,
in both personal and commercial
talent management, financial and P&L
lines. Additionally, brokers can take
skills, change management, managing
advantage of an onboarding course
a team and presentation skills. Over 100
that combines systems and product
future broker leaders have participated in
training, as soon as they achieve their
this curriculum since its launch in 2015.
certification. Brokers also have access
to an education library with different
pathways that help brokers develop
technical knowledge and provide an
exceptional customer experience.
Helping brokers provide excellent customer service
2023 Voice of the Broker survey results

Feedback from and broker education program, we of how brokers were feeling
engagement with brokers is provide brokers with customer- about their experiences with
critical to understanding how to focused business development us. We used their feedback to
adjust our strategies to better tools, co-branding opportunities, develop our ‘Leading Broker
support them. Our teams tailored education opportunities, Service’ project which was
conduct Voice of the Broker cyber security support, focused on three main areas—
surveys to examine broker succession planning and finance Contact, Responsiveness and
satisfaction with our products, solution support. We also Relationships. Throughout the
tools and service levels. Our support their community giving year, we delivered a number of
management teams use the activities through programs such changes that enhanced these
results to improve broker as Better Communities. On the three areas, including simplifying
satisfaction with our products systems side, we’ve continued the ways brokers can contact
and services. to improve the personal lines us, enhancing our online trading
quoting platform, to help brokers tool with new features and
Our 2023 survey results clearly
achieve workflow efficiencies, more straight through decision
showcase that the key driver
and we’ve developed a quoting making, the launch of the
of broker satisfaction across all
platform for commercial lines ‘Broker Promise’ approach, and
lines of business is relationships.
(launching in 2024), as well introduced new roles like our
In Canada, broker feedback has as interim tools designed to Digital Broker Managers who
fuelled our strategic priority to eliminate duplication of work are there to support brokers. We
be the broker market of choice by brokers. also communicated with brokers
and to make it easier for brokers much more through better
In the U.K., in 2023, we
to do business with us—and marketing and face to face
refreshed the broker insight
to grow with us. In addition to roadshows across the country.
strategy to ensure that we
the development and ongoing
had the most accurate view
refinement of Pathways, our
81%
of personal, commercial
86%
of specialty lines brokers
84%
of commercial lines
and specialty lines brokers in the U.S. value our brokers in the U.K. value
in Canada value our specialized expertise. our specialized expertise.
specialized expertise.
Our people
are engaged
↑ Life at Intact: Chantal Harvey and Ashley MacNeil.

Photo credit: Michael Faubert.
Our people are central to our success. That’s

why we invest in the well-being and development
of our employees and create an environment
where they can be resilient and thrive. Ensuring
that our teams are engaged in their work and
representative of the communities we serve is
what makes us a destination for top talent.
We now have a global team of more than

30,000 employees.
[ 22 ] Our people are engaged | 2023 Intact Financial Corporation Social Impact & ESG Report
Our people strategy Our leadership success factors
At Intact, people are at the heart of everything Our leaders put our People
we do. This includes our employees who deliver Strategy into action. We know
on our purpose and help Intact outperform. It’s that how leaders behave has
why one of our strategic objectives is to ensure an influence on employee Live our Care for Be open and Take Drive
our people are engaged and why investing in our engagement. This is why we Values people honest accountability change
people is a key element of our strategic roadmap. are committed to growing and
Integrity Be supportive Acknowledge Focus on what’s Be curious, ask why
supporting strong leaders who challenging important
Through the three pillars of our People Strategy we model our leadership success Respect Provide candid Be brave, challenge
will: Be a best employer, be a destination for top talent and situations
factors (LSFs), which include feedback Collaborate for the status quo
experts, and enable our people to thrive. By delivering on Customer-driven Invite different solutions
these elements for our employees, they can in turn support living our Values. Recognize perspectives Energize with your
Excellence performance Own the outcome “can do” attitude
the communities where we operate and help Intact achieve
our goals. Generosity Trust and commit
Invest in our people
Be a best Be a destination Enable our people

employer for top talent to thrive
and experts
Be a best employer “Our employee promise isn’t just words on a wall. It’s a
genuine commitment we’ve made to our employees
Creating employee engagement:
Our employee promise
because we believe they are our greatest strength. We’re
To be a Best Employer, we must deliver on our Employee
Promise. It’s our commitment to provide employees with able to deliver peace of mind to our customers because
the support and opportunities that will help them Shape the
Future, Win as a Team, and Grow with Us. Our employee
promise informs our annual people priorities and investments.
our employees commit to being there when they are
It helps us attract and retain the talent we need to continue
outperforming. And it creates an environment where our
employees can be engaged.
needed by our customers.”
— Tracy Laughlin, Senior Vice President & Chief Human Resources Officer, Intact Financial Corporation, Canada
Shape the future
77% 81% 58%

Help us lead an insurance transformation to better protect Measuring employee engagement
people, businesses and society.
For over a decade we have been measuring the
engagement of our employees through an independent
annual engagement survey benchmarked against other
top employers. Using the same rigour we employ in for Canada, Kincentric for U.S., Kincentric Best for U.K.&I, a six point
Win as a team managing our financial results, we develop and execute Best Employer for the 8th Employer for the 5th improvement from the
Collaborate with inspiring people to do your best work every engagement action plans in response to the feedback consecutive year. consecutive year. inaugural survey in 2022.
day and, together, stand up for what is right. provided by our employees. This dedication has allowed
us to achieve and maintain high levels of employee
engagement.
In 2023, Intact was once again selected as a Best
Employer by Kincentric for the 8th consecutive year Canada
Grow with us in Canada and in the U.S. for the 5th consecutive Canada top quartile
Refresh and reinvent your skills, learn from our diverse teams, year. Employee feedback is stacked against the best
lift others up, and grow. organizations in Kincentric’s robust database—the U.S.
strongest in the industry, with data from nearly 15 million 0 20 40 60 80 100 U.S. top quartile
employees from across the globe. Having launched the
survey in our U.K.&I region in 2022, we are already seeing U.K.&I
improvements in engagement levels and are focused on U.K.&I top quartile
achieving Best Employer status.
A destination for top talent
and experts
To deliver on our strategy, we must grow our Strong leadership capabilities Manager effectiveness
talent pool at the pace of our business ambitions.
88% 88% 82%

In our 2023 engagement survey, our
This is why it is essential that we invest in being employees in all regions have told us
a destination for the top talent and specialized they appreciate our leaders. By living
experts who will help us to succeed today and our LSFs and continually investing
in their leadership capabilities, our
into the future. managers are outperforming. Canada U.S. U.K.&I
“We want everyone to My manager provides the

support I need to succeed
Canada
Canada top quartile
feel that RSA is a place U.S.

U.S. top quartile
where they can thrive My manager takes

initiative to own solutions U.K.&I
U.K.&I top quartile
and feel confident that

we will create the right My manager recognizes
my efforts and results
environment and
opportunities for them
My manager has had
valuable feedback discussions
with me throughout the year
to outperform and grow 0 20 40 60 80 100
with us.”
— Ken Norgrove, CEO, RSA
A destination for top talent and experts
We’ve implemented a variety of Fostering our talent • Our ethos is to equip leaders to
programs to continue to support and support meaningful development.
grow our leaders: Talent management goes well In the U.K., we continue to see
beyond recruitment and retention. success through our Bright
• 77% of manager and above vacancies We recognize the long-term strategic Future programmes to grow our
were filled internally in 2023, which advantage of embedding practices emerging talent pipelines. To foster
is a testament to our learning and that identifies talent and accelerates collaboration and create further
development program and robust the professional development of our development opportunities, we
succession planning process. people. We leverage a combination have created internal graduate and
• Our Leadership Development of tactics including performance apprentice networking groups. In
Program in Canada, delivered jointly calibrations, regular feedback, robust addition, we successfully piloted
with the Ivey School of Business at development plans, and role changes our “U.K. Career Conversations”
The University of Western Ontario, designed to expand learning and workshop, guiding leaders on
onboarded 30 executive leaders. experience. supporting their team’s development.
• In the U.S., our leadership team Global highlights throughout 2023
consists of seasoned experts with include:
more than 13 years of tenure with • 690 students were recruited across
Intact and 20+ years in their industry all our geographies and business
who are able to create followership, as units.
proven by our 100% retention of top
performers. • Almost a quarter of our employees
moved to a new role and progressed
• In the U.K.&I, following the rollout of our their career, enabling our people to
Values in 2022, in 2023 we launched grow with us, while deepening the
and embedded our LSFs through our global talent pool.
key leadership programs: Welcome
to Leadership at RSA and Licence • In 2023, we launched a career
to Lead and our new U.K. leadership centre in Canada, which provides
development and coaching program easy access to self-assessment
(launched in Q4). We have created the tools, information about career paths,
LSFs intranet hub containing leader goal setting guidance and access to
guidance, resources and videos, career coaches.
and have made it a key feature of
our employee communication. The
LSFs have been incorporated into
our internal recognition programs and
platforms aligning them to nominations
for the ‘Inspirational Leader’ category.
Cultivating specialized skills
Transforming our competitive advantage means cultivating

specialized skills such as data and AI, digital and design, and
specialty underwriting. By investing in the skillsets needed for
Partnering with the
sustained outperformance, we create opportunities for all
Perimeter Institute
employees to feel proud and optimistic about the future.
Quantum science and technologies are at the
Specialty underwriting These partnerships include: include leveraging natural language leading edge of research and innovation, with
processing techniques to accelerate enormous potential for commercialization and
In 2023, we began to harvest the IVADO: IVADO includes the University
the processing of large amounts of game-changing advances, including better
benefits of having a global footprint of Montreal, HEC Montreal and
documents and correcting errors in climate forecasting, improved navigation and
in three highly specialized lines of Polytechnique Montreal. We have
the automatic speech recognition innovations in clean technologies. Through a
business. Using marine as an example, contributed $1 million since 2017 toward
transcriptions of customer calls to $1.5 million investment in the Perimeter Institute,
we evolved our structure so that all our this partnership where renowned
our call centre. a theoretical physics research leader, we
marine teams in all geographies report academics train Intact employees and
up through a single global marine leader. managers in fraud detection, telematics, are supporting the continued growth of this
This will accelerate technical exchanges natural language processing and emerging sector as it helps drive Canada’s
between underwriters, bring agility in actuarial sciences. economy while developing highly skilled jobs.
analyzing complex underwriting files, Université Laval: Via a five-year This partnership is a direct example of how we
and deepen our technical succession commitment of $2 million starting will achieve our goal of being a global leader
pipeline. in 2018, Intact has been working in leveraging data and AI for pricing and risk
in partnership with researchers at selection while improving operations. Intact
Data and AI Université Laval to explore opportunities will facilitate a knowledge exchange between
We are dedicated to serving customers for AI applications in our day-to-day Intact employees in our Data Lab and the
by leading the way to next-generation work. This collaboration includes the Perimeter Institute’s researchers and offer
insurance, including exploring the varied creation of two chairs (one in teaching internships to key talent. This front-row seat to
applications of AI. and the other in research) dedicated discovery is set to yield new insights to drive
to the study and deployment of the industry-leading innovation around causal
Through our partnerships with key potential of AI and big data in the inference, machine learning, AI and customer-
players in the innovation ecosystem, insurance field. centric service.
we develop digital solutions while
answering some of the most complex University of Waterloo: Starting
and challenging questions. These in 2022 and valued at $1 million, our
partnerships also play an important collaboration with the University of
role in building our talent pipeline by Waterloo AI Institute, Waterloo.AI,
fostering relationships with students is designed to engage engineering
who may later become Intact academics in solving some of our most
employees. challenging AI problems. Examples
of what we have been able to achieve
Enable our people to thrive
We believe all employees at Intact should be able to pursue their

full potential and thrive. We put this belief into action by investing in
opportunities for overall career growth and providing programs to
support employee health and wellness.
Promoting employee resilience retirement planning, and mental health
and wellness webinars focused on building healthy
habits, dealing with social anxiety and
We prioritize the overall well-being of sleep deprivation.
our employees, including their financial,
physical, social and mental health, by
U.K.
providing a variety of benefits:
• RSA’s Menopause Policy, launched
Canada in 2022, was shortlisted for the 2023
British Insurance Awards category
• We successfully implemented a of “ESG: D&I Initiative of the Year”. The
new integrated platform for both our policy aims to improve awareness,
Employee Assistance Plan and our education and support on behalf of
telemedicine services aligning with all employees. Learning and development
our commitment to holistic well-being. In our 2023 engagement survey, employees told us they appreciate our learning
We enhanced the coverage and • Our U.K. Carers Policy provides
five days paid leave per year for and development support.
provided more kinds of support. Supporting learning
employees caring for a disabled
• Our continued focus on mental dependent. The U.K. also launched
health included emotional skills and the “myStrength” app, which is a This organization actively Canada
resilience training. personalized well-being service
supports the learning and
Canada top quartile
development of its employees
• We recognized our first menopause for employees and their families.
awareness day and new workplace • We implemented a new U.K.
0 20 40 60 80 100 U.S.
menopause guide. Domestic Abuse Leave Policy U.S. top quartile
• Starting in January 2024, we also and launched leader and
employee guidance. U.K.&I
introduced an expanded vacation U.K.&I top quartile
entitlement policy for our employees. • Starting in January 2024, RSA
introduced an Equal Parental Leave
U.S. Policy, offering all parents up to In 2023, we invested in the professional growth of our employees:
• We negotiated a flat rate on 52 weeks of equal leave, 26 of
healthcare costs/benefit plans, which which will be fully paid. º We offered over 13,500 different courses º Our employees accomplished over 540,000
is counter to the industry trending across a wide variety of topics and learnings course completions through a combination
at 8% increases. We also launched including leadership, business skills, technical of both in-person and online instruction.
financial wellness webinars targeting underwriting topics and others.
Enable our people to thrive
Empowering employees to do
their best work
One way we can help our employees
to thrive is by providing them with tools
to enable their work or make it more
engaging. In 2023, we delivered on a
number of these advancements for our
employees. Some examples include:
U.S.
• Enabled several third-party data
sources to auto-populate our
underwriting systems in our Inland
Marine and Specialty Property
business units, improving the
information they have access to and
enabling faster, more precise analysis.
Canada
• Through system enhancements, we
improved access to information for
employees when customers engage
through multiple channels (i.e., chat,
SMS, online) enabling them to have a
complete view and assist customers
better in real-time.
U.K.&I
• Delivered enterprise Python/R tooling
for 140 pricing employees, enabling
code and models to be shared and
unlocking cross-team collaboration.
Our employees and leaders are representative
of the communities we serve
At Intact, our Value of Respect is founded on seeing diversity as
a strength, being inclusive, and fostering collaboration. We value
diversity and strive to create an inclusive workplace where all
individuals feel valued, respected, and heard.
Diversity, equity and inclusion

In our 2023 engagement survey, our employees shared that our diversity,
equity and inclusion efforts are having an impact.
88%
Canada
90%
U.S.
81%
U.K.&I
DEI
Employee Networks to foster inclusion and engagement • Power of Women is the largest
for Indigenous employees and employee resource group
We have a work environment Canada Globally, we have 16 employee-led consult on Intact’s Truth and in the U.S., whose mission is
that is accepting of diverse Canada top quartile networks to celebrate and provide
backgrounds and ways of thinking Reconciliation actions. to encourage, engage and
education about different diversity inspire women across the U.S.
U.S. dimensions. We host focused DEI • In Canada, our Young Professionals
organization by building inclusion,
U.S. top quartile weeks to inspire and accelerate network aims to provide the
thereby enabling women to thrive.
understanding and inclusion support that employees in the
My coworkers value my input U.K.&I throughout our workplace. Some early stages of their career need to
even if it is different from their own U.K.&I top quartile examples of our networks include: develop fundamental networking
skills and promote themselves in
• RSA REACH, championing the workplace.
an inclusive environment for
colleagues from Black, Asian • Proud & Professional in the
My manager values my opinions and other ethnic minorities. U.S., launched in 2023, whose
even if different from theirs mission is to support LGBTQIA+
• RSA Building Pride, shaping an Members & Allies. This network is
inclusive, safe and confidential committed to promoting a positive
workplace environment for our and inclusive work environment
LGBTQ+ colleagues and allies. while providing support and
I can be myself at work
• In Canada, the Indigenous Circle of opportunities for employees,
Inclusion, launched in 2023, aims thereby creating a safe space for
open and honest discussions.
0 20 40 60 80 100
Mobilizing our commitment: In 2023, some examples of how we

DEI councils and action plans advanced include:
In Canada, we have seen positive progress over the
While we collaborate and share best • A partnership with Black Professionals years, with highlights including:
practices globally, we also recognize in Tech and participation in their
that our DEI programs must reflect the conference known as BFUTR to 44.8%
Women in VP+ roles 42% 44%
unique communities and regions in attract and hire diverse talent.
29% 32%
which they take place. That is why each • Delivered training to the talent
of our three regions is tasked with and acquisition team to minimize bias
empowered to implement customized in the recruitment process.
local DEI strategies and action plans.
• 56% of our students hired in 2023 2012 2018 2021 2022 2023
Canada were BPOC, of which 7% were

Black students, which was two
The Canada DEI Council was launched points above our commitment 16.7%
in 2006 with a mandate to ensure Intact Black people and
on the Black North initiative.
was fostering an inclusive workplace people of colour (BPOC) 15%
that would appeal to a broad and • Launched “4 Seasons of in VP+ roles
14%
diverse talent pool. Early initiatives Reconciliation” mandatory training
centred on gender and the council is in partnership with First Nations
now also focused on the experiences University as part of our reconciliation 2021 2022 2023
of Black People and People of Colour, commitments. This program

Indigenous reconciliation, fostering provides foundational knowledge
allies, and mental health. on reconciliation and promotes 29.9%
All employee stats: BPOC
a renewed relationship between 25%
28%
We have seen positive progress over Indigenous Peoples and Canadians
17%
the years, with highlights including: through transformative learning about 14%
• Women in VP+ roles going from 29% Truth and Reconciliation. Employees
in 2012 to 44.8% at the end of 2023. have until February 2024 to complete
the modules. 2012 2018 2021 2022 2023
• Black people and people of colour
(BPOC) in VP+ roles now at 16.7%. • Achieved 90% completion of our
Inclusive Leaders training program. For more information on our DEI progress, please see page 55.
• In our overall employee population, we
went from 14% BPOC representation We continue the progress towards
in 2012 to 29.9% at the end of 2023. meeting our longer-term diversity
goals for 2025. This includes
achieving gender parity in leadership
and increasing diversity across the
organization to align with labour
market availability by 2025.
U.S.
The U.S. DEI Council was launched in • Deployed an online Inclusive
2021 to help establish a foundational Workplace training for all non-
framework for our DEI strategy. With a managerial staff with 92%
deliberate focus on staffing, enablement participation.
and communications, the Council
• Established an accessibility working
gives a voice to otherwise marginalized
group, mapping our technology stack
communities by advocating for and
features enhancing accessibility for
modeling inclusive leadership and
our 2024 awareness campaign.
fostering a culture of belonging.
In 2023, we executed on a number of Our momentum has been building over
initiatives anchored to our foundational the past few years and our efforts are
framework, such as: getting noticed. In 2023, our U.S. DEI
Vice President was awarded the 2023
• Successfully piloted our sponsorship
Diversity & Inclusion Individual of the
program aligning high-potential
Year award by the American Property
diverse talent and Senior Vice
Casualty Insurance Association. We
Presidents for year-long visibility and
are proud of our progress made to date
coaching experience.
and we will continue to foster a culture
• Successfully extended our talent of inclusion through training, dialogue,
pipeline to underrepresented high- and sponsorship.
school youth, starting with an Actuarial
internship program in Plymouth.
• Engaged in industry DEI programming
and talent initiatives: Sponsored seven
DEI conferences and/or industry
associations and engaged with three
DEI working groups.
U.K.&I
Our U.K.&I DEI council has sponsorship • Advancing our data collection so
from our executive team. The council we can better track our progress
represents each business function with in the years to come, with 54% of
a mandate to promote greater diversity employees disclosing their diverse
in our organization and an inclusive dimensions so far in the U.K., and
culture which attracts, encourages and Ireland disclosure at 78%.
capitalizes on diverse perspectives,
• We have also narrowed the gender
establishing a stronger foundation for
pay gap throughout the region with
RSA’s success.
the Ireland gap closing by 1% and U.K.
In 2023, we executed a number of by 1.4%.
initiatives focused on supporting
diverse groups and creating a more Our efforts are being recognized. In
inclusive environment, such as: 2023:
• Expanding RSA’s new Parental Leave • RSA U.K. was recognized at the
Policy to all parents, regardless of Insurance Business U.K. “5 Star Best
gender. Diversity, Equity & Inclusion in the
Workplace”.
• Launching the U.K. Enable Me and
Step Forward 2023 programmes • Shortlisted in Ireland’s Financial
providing ethnic minority and female Services Awards DEI category.
sponsorship for non-executive talents.
• Recognized at the prestigious
• Introducing the Rise initiative in Insurance Times awards with two
Ireland, which supports female talent entries included in the Diversity
through a variety of programs such as and Inclusion Excellence Award:
mentoring, leadership development, becoming the first insurer to receive
and visibility opportunities. Menopause Friendly accreditation,
and our work with early careers and
• Established partnerships with
nurturing talent, the latter picking up
From Babies with Love, GAIN, and
the Bronze award.
Stonewall, organizations that support
children in need, young women and
We are proud of the progress made
LGBTQ+.
to date on executing our U.K.&I DEI
strategy. The strategy, launched in
Progress we’ve made in our first year:
2023, includes an ambition to lead the
• Achieving our objective of having 36% insurance sector by 2026 and lead
female representation at the VP and more broadly across all sectors by
above level by the end of 2023, and 2030.
are on track to achieve our objective
of 40% by 2025.
Being a most
respected company
Being a most respected company involves both

financial outperformance and a focus on helping
society. We are doubling down on our work in
climate adaptation in Canada and scaling to our
regional markets, as we continue to reduce our
own impacts through our climate strategy.
Since 2010 we have committed

$26.4 million
in funding for climate adaptation action.
[ 34 ] Being a most respected company | 2023 Intact Financial Corporation Social Impact & ESG Report
Building climate resilient and
economically resilient communities
Our goal of being a most respected company is accomplished
through our approach to climate and social impact:
The section that follows outlines our key
performance on these two strategies.
1. Our approach 2. Our approach Highlights of our progress
to climate: to social impact:
Our five-point strategy focuses on managing
our own business impacts and supporting the
transition to a low GHG economy.
This focuses on building climate resilient and
economically resilient communities along with
accelerating employee generosity.
57%
stakeholders in Canada believe
that Intact is a leader in helping
build resilient communities.1
Commit
Commit to a net zero
ambition overall
by 2050
Climate
Resilience
Double down on helping
people and communities
16%
reduction in our overall
adapt to climate change
Collaborate by being better operations emissions2 from
Collaborate with prepared for a 2019 baseline.3
governments and extreme
industry to influence
Adapt weather
and accelerate Climate Double down on
helping people Building
climate action
Strategy adapt to climate
change Resilient
Community
Well-being Communities
Amplify
Enable employee
Enable the generosity with Economic
transformation by
contributions in Resilience
supporting existing
and new industries Shape the communities Help families living in poverty access
that are key to the Leverage our platform where we opportunities for growth and
transition to shape customer operate development
behaviour
1 Results based on our 2023 Resilience Barometer survey.
2 Includes Scope 1, Scope 2, and Scope 3 business travel, waste,
water and paper.
3 Market-based.
Our Resilience Barometer
Measurement is a critical component to the

success of any strategy. Our performance target—
“three out of four stakeholders recognize us as
leaders in building resilient communities”—centres
on understanding the experience of the very
people we aim to support. Our unique Resilience
Barometer monitors progress toward our target
by testing levels of awareness of our approach to
social impact amongst our stakeholders and their
assessment of our leadership.1
In 2021, we set our performance target and since
then we’ve tracked and measured stakeholder
feedback across four specific dimensions of our
ability to support resilient communities:
Helping communities adapt to climate change.
We engaged six stakeholder groups across our regions Results

Reducing greenhouse gas (GHG) emissions. that are critical to our success and asked for their feedback
57% 53% 89%

on how they perceive our performance in achieving our
social impact objectives:
• Customers • Governments of stakeholders in Canada of stakeholders globally of stakeholders believe
• Employees • NGOs and industry recognize us as leaders recognize us as leaders Intact has the responsibility
Creating opportunity for families living in poverty. associations in building resilient in building resilient to help communities
• Brokers communities, up from communities, the first time become more resilient.
• Investors 54% in 2022. we have measured a global
score.
In 2022, we released the results from our first survey
Contributing to community well-being in Canada, and in 2023 we expanded the Barometer’s
through generosity. geographic representation to include U.S., the U.K. and
E.U. stakeholders.
1 The Resilience Barometer is a measurement tool used internally by Intact, which was developed in partnership with
market research agency Ipsos.
Building climate resilient
communities
“It is critical that we advocate for

investments in adaptation as an industry
and as a society. No matter what we do,
we must evolve to deal with the higher
frequency and severity of catastrophic
events. One of the roles we can play is
to advocate for investment, whether by
government or by consumers themselves,
to try and build up our resilience.”
— Carla Smith, Executive Vice President, Chief People,
Strategy and Climate Officer, Intact Financial Corporation
Building climate resilient As a result of our experience and A key component of our strategy
communities by helping people expertise and because of the role of is to engage in partnerships focused
insurance in society, we are uniquely on practical actions that build
adapt to climate change has positioned to both help advance and community resilience to increasingly
a dual purpose in our most lead climate adaptation measures that severe weather events. This includes
respected company objective: will support community resilience to accelerating and scaling research to
both bolstering community climate change impacts. continue to find solutions to challenges
resilience and advancing our brought on by flood, wind, heat
Since 2010 we have committed
and wildfire.
climate strategy. $26.4 million in funding for climate
adaptation action.
Building climate resilient communities
“We must continue to limit the production of
greenhouse gases. But we also have to recognize
that the most that can be done is to slow, but not
reverse, climate change. Adapting to extreme
weather, rapidly, is non-negotiable. Every day
we don’t adapt is a day we don’t have.”
— Dr. Blair Feltmate, Head of the Intact Centre on Climate Adaptation, University of Waterloo
Developing concrete adaptation across Canada. Infrastructure Canada has on over 60 advisory boards, solidifying its
solutions: the Intact Centre on approached the Intact Centre to submit a position as the “recognized authority” on
proposal to develop a series of infographics climate adaptation.
Climate Adaptation at the University focused on resilient public buildings and
of Waterloo Releasing impactful reports: In 2023,
housing.
the Intact Centre released three reports:
The Intact Centre on Climate Adaptation Providing adaptation training: The Intact “Transitioning from Rhetoric to Action:
(Intact Centre) is an applied research centre Centre is the primary advisor to the Vice Integrating Physical Climate Change and
within the Faculty of Environment at the President (Academic) at Mohawk College, Extreme Weather Risk into Institutional
University of Waterloo funded by Intact. The in support of developing professionally Investing,” which offers a practical tool, called
Intact Centre is guided by an ambition to accredited climate adaptation training a Climate Risk Matrix, for portfolio managers
make communities more climate resilient programs for a range of sectors. to assess the exposure of investee
by developing tools that can be deployed companies to extreme weather; “Wildfire-
Developing resilience to flooding
by individuals, organizations, municipalities Ready: Practical Guidance to Protect
in New Brunswick: As part of the New
and communities, while also extending their Canadian Homes and Communities from
Brunswick Climate Change Action Plan, the
influence through advocacy and thought a Growing Threat,” which presents a user-
Government of New Brunswick appointed
leadership. friendly synthesis of best practice guidance
the Intact Centre to lead development of
from the National Research Council Canada,
In 2023, the Intact Centre engaged in a flood education and awareness materials for
and FireSmart™ Canada; and “Managing
number of climate-focused research and both the public and local governments.
Flooding and Erosion at the Watershed-
knowledge mobilization efforts, including: A robust thought leadership program Scale”, which defines how governments
Delivering user-friendly information to showcase Intact Centre’s climate can support the use of nature-based
through infographics: These infographics adaptation expertise: The Intact Centre solutions to reduce flood risk.
focused on flooding, extreme heat and secured over 250 dedicated media stories,
The Intact Centre received a total of
natural infrastructure have been widely delivered over 120 presentations and have
1,849 media hits, 4,720 report downloads,
distributed by various municipalities and had team members present at House of
and saw over 200,000 impressions on
companies to over 500,000 households Commons Standing Committees and serve
social media in 2023.
“We’re no strangers to flooding here Using nature to manage

flood risk: Gloucestershire
local habitats and improve the resilience
of local communities. Recognizing the
importance of individual interventions,
in Gloucestershire, so it’s fantastic to Wildlife Trust
Through its partnership with
the project will demonstrate how
activities such as driveway de-paving,
be able to demonstrate to individuals

rain gardens and green-roofed bus
Gloucestershire Wildlife Trust, RSA shelters inspire communities to be
has invested £400,000 to help resilient to climate change in ways
and communities the role they can

limit the impact of flooding, support that are kind to wildlife. Our support
homeowners, improve the resiliency is also contributing to local education
of local communities and help protect awareness programs designed to help
play in tackling the impacts of climate local habitats.
Over the next four years, we are
both children and adults learn more
about flooding and the steps they can
change. We want people to take

investing in nature-based interventions take to reduce flood risk in their area.
to help limit the impact of flooding on
action for nature at home, to recognize

that they have a part to play. Each
individual action helps us all,
and ultimately builds more resilient
places where communities can enjoy
a closer relationship with nature.”
— Andrew McLaughlin, CEO, Gloucestershire Wildlife Trust
Resilience action in the Island’s rebate program to install flood home improvements and to create
community prevention and protection plumbing firebreaks in the community to slow
and to the City of Fredericton to down the spread of wildfires.
We partnered with Intact Public Entities develop a portal with property-
Fighting back with nature-based
(IPE) in 2022 to invest $1 million in specific flood risk information for
solutions: Grant recipient Nature-
10 communities across Canada to homeowners.
Action Quebec mapped out the
develop practical solutions to help Reducing the risk of wildfire in priority areas and proposed solutions
municipalities address extreme local communities: With more to focus their adaptation efforts in the
weather events including flooding than 18.5 million hectares of land in Rivière à la Raquette watershed in
and wildfires. One year later, we have Canada burned by wildfires this year Quebec. Once implemented, these
mobilized this funding through our alone, the Region of Wood Buffalo in solutions will help stabilize the banks
Municipal Climate Resiliency Grants Alberta, the Confederacy of Mainland and coastlines, and reduce the risk of
program, funding the following projects: Mi'kmaq in Nova Scotia, and the Town floods to downstream communities.
Preparing residents to be of Whitecourt are taking action to
flood-ready: To help residents further protect their residents. These
prepare for storms, IPE and Intact regions used their grant funding to
provided $80,000 to fund the City offer FireSmart home assessments
of Charlottetown in Prince Edward and rebates to make fire-resistant
Nature as a First Line Wetland Protection and Wetland Carbon Protocol: We are
of Defense: The Nature Restoration: Wetlands play a crucial also working with the NCC to explore
role in combating and adapting to the development of an avoided
Conservancy of Canada climate change, both by storing conversion carbon offset protocol
(NCC) carbon, acting as a cool island during for peatlands. In 2023, NCC created
heat waves, and by helping to mitigate a technical working group of subject
Intact’s partnership with NCC is flooding risks for neighbouring matter experts who are assessing
focused on wetland protection and communities by absorbing large the viability of whether this protocol
restoration, a nature accelerator to quantities of rainfall. According to the will be a helpful tool to encourage
measure and quantify the biodiversity, Intact Centre on Climate Adaptation, private capital to protect and conserve
financial, social and downstream preserving wetlands can reduce peatlands.
benefits of wetland conservation flood damage costs by almost 40%.
while also developing a wetland Through this partnership with NCC
carbon protocol. Intact has helped protect more than
10,000 hectares of critical ecosystems
including 1,251 hectares of wetlands.
Building economic resilience
in our communities
At Intact, we define resilience as being climate proof and
economically thriving. Economic resilience is about creating
opportunities for those that need them most. Building resilient
communities involves both financial support and hands-on efforts
to improve conditions in our communities. In addition to our strategic
partnerships, we make charitable donations across our operations
and support our employees’ community engagement.
Our key partnerships Indigenous Works: As part of our Our partnerships in Ireland: We have
ongoing commitment to reconciliation in made strategic charitable donations
United Way and Centraide: Delivered Canada we have committed $300,000 of €71,500 distributed between The
in partnership with the United Way, our to support Indigenous Works, a national Trinity Centre for People with Intellectual
annual Generosity in Action campaign’s social enterprise with a mandate to Disabilities and Business in the
main objective is to provide employees improve the inclusion and engagement Community Ireland’s EPIC programme,
with the opportunity to rally behind of Indigenous Peoples in the Canadian to provide educational and employment
our Value of generosity by making economy. opportunities to marginalized groups
local communities more resilient and and further support our DEI agenda
providing essential support to the Dallaire Institute for Children,
in Ireland.
most vulnerable members of our Peace and Security: At the end of
communities. 2022, we renewed our partnership with Our partnerships in the U.S: Our
the Dallaire Institute for another five U.S. community engagement program
As part of this campaign, we match years at $1.25 million to support work now involves teams in eleven offices
every dollar of employee contributions in ending the use of children in armed across the country, with a particular
to a charity of their choice with violence. Since then, the Institute has focus on social mobility and economic
programs focused on creating been able to successfully expand its resiliency. Additionally, we continued
opportunities for children and families global footprint by launching their Latin to affirm our Value of generosity by
living in poverty. In 2023, and in American Centre of Excellence— supporting individual employee and
consultation with United Way, we establishing their permanent presence producer-partner volunteerism, while
allocated the $2.3 million match to across Latin America and the Caribbean. enabling post-secondary education
programs addressing food insecurity through our college scholarship
and economic resilience. U.K. Youth: We have committed to a
program. Overall, the Intact Charitable
two-year partnership supporting young
Breakfast Club of Canada: Since Trust donated USD$450,000 to
people in the North West of England to
2018, we have partnered with the 107 nonprofit organizations in
build their employability skills and boost
Breakfast Club of Canada to deliver support of our various programs,
social mobility. Our ‘Building Aspirations’
on a $3 million commitment to help including becoming a key partner
programme will target those not in
expand and sustain children’s breakfast to the Insurance Industry Charitable
formal education and furthest from the
programs across Canada to ensure Foundation, a global association
job market empowering them to set
more children have access to the uniting the industry in giving back
goals, gain confidence and plan for
nutrition required to succeed. to communities in need.
the future.
Community well-being
Employee Generosity Generosity Summit. Collectively our

colleagues raised over £260,000 and
Employee charitable giving: This have volunteered over 8,600 hours in
year, RSA U.K. directly contributed support of local communities, a 150%
£1.24 million to charitable initiatives, increase in participation.
supporting causes such as food
poverty, education and mental and In Canada, our employees volunteered
physical health. 16,500 hours with 300 organizations.
Through their volunteer efforts we
We harness the generosity and donated over $200,000 to those
enthusiasm of employees to support organizations, helping support essential
some of the most vulnerable in society initiatives.
by providing a charitable donation
matching facility from RSA. DEI considerations in donations
336 RSA U.K. employees are signed We have made progress in the areas
up to our Give As You Earn (GAYE) identified as part of a racial equity
benefit, which allows our people to give assessment conducted in 2022:
to charity in a tax efficient way. RSA
• We enhanced our social impact
provides matched donations of up to
decision-making framework by
£10/month per employee contribution.
introducing DEI considerations:
In total, RSA U.K. donated £130,000
in match funding to support GAYE º We improved our due diligence
donations and employee fundraising. process by including checkpoints
Our team in Ireland donated a total to allow us to understand how and
of €5,750 employee contributions, if our potential partners consider
matched by RSA, to their charity DEI in their own organization and
partner Barnardos. projects.
$11.7 million In Canada, employees donated over

$2.4 million to charities addressing
º We updated our decision-making
scorecard to ensure the projects
donated by Intact to 3,000 organizations urgent needs in their communities we funded clearly demonstrate
organizations across Canada, the U.S. and our U.K.&I operations.1 such as food poverty, housing and their potential to impact vulnerable
mental health—their donations were communities, particularly racialized
channelled through our Community communities.
Employees donated
$2.9 million 25,500 hours Impact Program, our employee giving

program aiming to amplify their impact
• We kicked-off the process to develop
a principle-based company-wide
volunteered by our employees in their communities, and our annual
giving policy to align our community
globally. to over 400 organizations. Generosity in Action Campaign.
investment practices across brands
Employee volunteering: In November and include DEI practices in funding
we brought together colleagues decisions.
from across the RSA business to
1 Includes employee matching schemes.
More work will continue in 2024 as we
celebrate their involvement in building
establish DEI-focused partnerships.
resilient communities at our annual
Climate strategy Progress on our
climate strategy
We have been on the front lines of impacts is fundamental to our role as a P&C are needed to progress toward net zero and Our climate strategy is rooted in five big
climate change for decades and insurer, from advising on how to be better climate resilience. intentions with climate adaptation being
prepared for extreme weather events, to
understand that it is one of the biggest helping our customers recover when the
As we look to the future, we are building on a common goal shared between our
systemic risks of our time. over a decade of climate adaptation work approach to social impact (from page 37)
worst happens.
while focusing on transitioning to be net zero and our approach to climate.
From wildfires and floods to extreme heat To prepare for the future, we are focused by 2050, with an interim target to cut GHG
and drought, the impacts of extreme weather on the threats and opportunities that climate emissions in our corporate operations in half
caused by climate change are occurring at an change presents, while carefully considering by 2030 (compared to our 2019 baseline year).
accelerating pace. Helping to mitigate such how to both help our customers mitigate risk
and to facilitate the changes in behaviour that
“Climate change needs to be at the centre of our Commit

Commit to a net zero
ambition overall
strategy because it’s the defining issue of the century. Collaborate

by 2050
We also recognize that we need to play offence to grow Collaborate with

governments and
Adapt
in this environment and to focus at the intersection

industry to influence
and accelerate Climate Double down on
helping people
climate action
Strategy adapt to climate
between helping and winning as an organization.

change
That’s the Intact spirit when it comes to climate. We also Enable

Enable the
feel a responsibility to share and leverage the knowledge transformation by

supporting existing
and new industries Shape
we have gained through our work. That’s why we funded

that are key to the Leverage our platform
transition to shape customer
behaviour
the creation of the Intact Centre on Climate Adaptation.”

— Charles Brindamour, Chief Executive Officer, Intact Financial Corporation
Commit to net zero by 2050 and halve
emissions from our operations by 2030
We are committed to implementing thoughtful strategies to reduce
our impact and track performance over time. Our net zero by 2050
commitment applies across our business, and is in alignment with
the relevant principles of the Paris Agreement.1
Emissions from our operations2 global reduction of 14% compared to In 2022, we disclosed our Investment For more information see the ESG
our 2019 baseline. We are continuing Emissions for the first time, covering considerations in investments section
As expected in the first full year post- to explore measures to reduce our common shares, preferred on page 56 and the targets and
COVID, emissions from our operations travel emissions, while considering shares and corporate bonds portfolio. metrics table on page 70.
increased from 2022. Despite the region-specific transportation These emissions were estimated in
this increase, we remain on track
towards our interim target of halving
alternatives that vary across the accordance with the Partnership for Emissions associated with
regions in which we operate. Carbon Accounting Financials (PCAF) our insurance portfolio and
our operations emissions by 2030 methodology for calculating GHG
(compared to our 2019 baseline year). • In the U.K. and Ireland, nearly 100% supply chain6
emissions.
Our total 2023 emissions from our of our procurement of office-based Insurance-associated and supply chain
operations are 16% lower compared electricity is with Renewable Energy In 2023, we recorded a 35% reduction in emissions are also important to our
to 2019 (market-based). Guarantees of Origin (REGOs), Investment Emissions intensity (common business and are being incorporated
which are market-based tools that shares, preferred shares and corporate into our emissions measurements.
See detailed data and notes on support greening the electricity bond portfolio) from our 2019 baseline5
interpreting this metric on page 71. grid by increasing the proportion (see detailed data on page 56, and notes Parallel to this work, we are evolving
that is sourced from renewable on interpreting this metric on page 71). our underwriting guidelines and
Our progress to date includes: electricity. We continue to explore requirements for suppliers. More
We have set interim targets for this information is outlined in the Shape
• Action across our fleet of nearly 2,000 opportunities to reduce emissions in
portfolio, and are progressing in and Enable sections that follow.
vehicles globally, by beginning the our office portfolio, which includes the
achieving them:
transition to electric vehicles. 26% procurement of renewable electricity
of our global fleet is now comprised for our locations in North America. • Engage with the top 20 emitters
of hybrid- , plug-in or full battery- among our investees which currently
electric vehicles and in the U.K., 71% Emissions from our investment represent more than 50% of the
of vehicles are plug-in electric or full portfolio3 common shares, preferred shares
battery electric. and corporate bond portfolio’s
We worked with a third-party consultant emissions intensity, by 2025.
• Reduced office space by a global to conduct a Scope 3 GHG emissions
average of 17% through consolidation materiality assessment and determined • Minimum of 40% reduction in the
of offices and reduction of underused that Investment Emissions are the most emissions intensity of our investments
office space. material category of Scope 3 emissions.4 portfolio (common shares, preferred
shares and corporate bonds) by
• Reduced emissions from our global 2030, compared to our baseline
corporate travel, with an average year of 2019.
1 According to the relevant principles of the Paris Agreement, in order to limit global temperature rise to 1.5C, emissions need to be reduced by at least 45% by 2030, and net zero by 2050. See https://www.un.org/en/climatechange/net-zero-coalition for more information.
2 Operations emissions include Scopes 1 and 2, and Scope 3 emissions from corporate travel, waste, water and paper.
3 Investment emissions fall into category 15 of the GHG Protocol’s Scope 3 categories.
4 Investment emissions fall into category 15 of the GHG Protocol’s Scope 3 categories.
5 In 2023 we worked on improving the accuracy of emissions data from our investees. Work is ongoing on improving accuracy of emissions data, in collaboration with our third party data provider.
6 Insurance-associated emissions fall into the GHG Protocol’s Scope 3 category 15 (Investments). Supply chain emissions include the GHG Protocol’s Scope 3 categories 1 (purchased goods and services) and 2 (capital goods).
Leverage our platform to
shape customer behaviour
Meaningful climate action will require people and businesses to
change their behaviours and alter how they travel, the products
they consume and how they consume them. We recognize
our opportunity to help influence these behaviours through the
following actions.
Understanding climate risk For more information see the Task
Force on Climate-related Financial
Our Centre for Climate and Geospatial Disclosures section on page 61.
Analytics (CCGA) supports assessment
and management of climate risk,
Applying climate considerations
leveraging the expertise of 500 specialists
across artificial intelligence (AI), machine in energy underwriting
learning, actuarial science, climate The transformation of existing industries
science and data science. Examples is key to achieving global ambitions
of contributions the CCGA has made of net zero. To promote sustainable
to understanding climate risk include: business practices, Intact will continue
• Using data and AI to identify properties to focus on our renewable energy
at risk of roof collapse from snowfall business, insuring a range of projects
accumulation. Intact then uses this around the world. We will also review
intelligence to offer subsidies that the transition plans of energy clients,
incentivize snow removal for focusing on their emissions disclosure,
loss prevention. net zero ambitions and strategies,
and climate governance. We will
• Conducting spatial risk mapping to engage with energy customers with
allow us to identify high-risk areas. unsatisfactory transition plans.
This supports our approach to social
impact when selecting locations that For more information see the
may benefit from climate adaptation ESG considerations in energy
and resilience measures. underwriting section on page 56.
• Providing technical support to

enhance our understanding of future
climate scenarios through provision
of data related to climate change
projections for selected perils.
Building a circular economy Sustainability guidelines for

in claims property restoration within
On Side Restoration: Our Increasing climate knowledge among
We recognize the importance of Sustainability Guidelines for Property
reducing the environmental impact of
stakeholders
Restoration allow us to introduce
our claims process. As such, we have circular economy principles into the As a business that is fundamentally affected
implemented initiatives focused on property claims process by optimizing by climate change, we believe we have a
building a circular economy in claims the use of materials and prioritizing responsibility for educating and creating
including adopting a repair over replace the purchase of recycled/recyclable, awareness of climate change’s impacts among
approach. durable and locally-made materials, as our most important stakeholders.
Dry in Place (DIP) through On Side well as repurposing and refurbishing of These are just some of our stakeholder-specific
Restoration: Following water damage, materials where possible. highlights:
our DIP program reduces the amount of
• Customers: We rolled out an eco-driving
time it takes to complete the restoration
feature for our Usage Based Insurance (UBI)
process and the building materials
customers that enables them to learn how they
needed to repair water damage. By
can improve their fuel efficiency with changes to
using specialized instrumentation,
their driving style.
we are able to map moisture levels
throughout a building, identify damaged • Employees: Approximately 22,000 employees,
areas and determine severity. In 2023, or over 70% of our people globally, completed
we deployed a total of approximately an introductory module on climate change. We
5,000 DIP projects and are continuing also launched a second module to enhance
to invest in this service. our employee’s climate knowledge. This is
part of a broader climate change education
journey for our employees to understand climate
change and its impacts on our business and
communities.
• Brokers: In 2023, we began providing
climate change training support for brokers in
partnership with the Intact Centre on Climate
Adaptation in Canada.
Supporting local government capacity “Healthy natural assets — like

IPE is investing over $125,000 in a new partnership with
Natural Assets Initiative (NAI) to sponsor the Natural Asset
Management Roadmap Program for municipalities in Ontario
forests and wetlands — provide
and Atlantic Canada. The program, led by NAI, provides
direction, support and guidance to local governments as they clean air, clean water, mitigate
floods, and many critical services
develop high-level plans to account for nature in their asset
management strategies. IPE will sponsor municipal clients to
participate in this highly beneficial program.
we rely on every day. With climate

resilience a priority across Canadian
communities, the support from IPE
to expand our program means more
local governments will understand,
manage, and rely on nature and
its invaluable services as part of
their climate and sustainable
development goals.”
—Roy Brooke, Executive Director, NAI
Enable the transformation by supporting
existing and new industries that are
key to the transition
As new industries are created and existing industries transform,
Intact can play an important role in de-risking and enabling
companies that are key to the transition.
Insuring the Transition º Construction of a wind facility policy, and we will divest from all
and supporting transmission lines investees targeted under the policy
With our product offering and expertise, in the U.S., capable of delivering who do not have a plan to be fully
we are well positioned to support the over 3,500MW of clean power divested of coal assets by 2035. We
growth of clean technologies critical to to 3 million residents in the may continue to invest in green bonds
a low-GHG-emissions future such as Western U.S.5 issued by these companies.
renewable energy production.1
• We are further pursuing our objective • We apply our Oil and Gas (O&G)
• In 2023, we provided insurance to support companies delivering position to support the transition to
coverage for a wide range of low- critical transition technologies by net zero, and engage with investee
GHG energy projects around the appointing a President of Renewable companies who do not have
world, including: Energy with responsibility for further satisfactory transition plans8 and
º Operations of a bioenergy plant building and strengthening our expect tangible improvements.
in the U.K., with the capacity to renewable energy capabilities globally.
• We also engage with investees
produce 1,000m³ of renewable through Climate Engagement Canada
natural gas to grid and 1MW of Applying climate considerations (CEC) as a founding participant, to
electricity every hour.2 This plant is in investments6 drive dialogue with Canadian issuers
expected to save 95,000 tonnes of about climate risks and opportunities
food waste from landfill each year, As investors, we can support the
transition of existing industries and the in the transition to a net zero economy.
which equates to the food waste
produced by roughly 380,000 economy-wide transition to net zero.
homes in the U.K. annually.3 • We assess the transition plans of
º Construction and operations of companies in our investment universe
a 145MW wind farm in Alberta, that are estimated7 to generate more
Canada, which would support than 25% of revenue from thermal
the annual electricity needs of coal mining or derive more than 25%
approximately 60,000 households of energy generation, revenue or net
in the province.4 income from thermal coal. We have
advanced the deployment of our coal
1 Renewable energy here is defined as biofuel, biogas, biomass, geothermal, hydro, hydrogen, wind, solar, and tidal.
2 Information provided by the customer.
3 Average household waste: Household Food and Drink Waste in the United Kingdom 2021-22 | WRAP.
4 Information provided by the customer.
5 Information provided by the customer
6 In this section, “we” and “our” refer to Intact Investment Management (IIM), a subsidiary of Intact.
7 Based on a third party dataset covering over 15,000 companies globally.
8 With consideration of factors such as available sectoral transition pathways, country-level targets, and IIM’s interim targets.
Collaborate with government and
industry to accelerate climate action
Addressing climate change requires partnership and collaboration
between government and industry. At Intact, we seek to leverage
our expertise to influence policies and accelerate action.
Climate change adaptation Sustainable finance Sustainability of insurance
This stream of collaboration initiatives The focus of this collaboration stream products
is aimed at developing and improving is about unlocking capital for climate As part of our work to build resilient
opportunities for adaptation and action, which includes data to allow communities, we are focused on
resilience through building for the future for capital allocation and climate addressing the protection gap that
and in the right places, addressing disclosures, and capacity building exists within areas where insurance
present day risk with retrofits and needs to accelerate sustainable finance is either unavailable or unaffordable
retreat programs, future-proofing systems. In 2023, this work included through the private market. This
critical infrastructure and investing in taking leadership roles and providing includes collaboration with:
nature-based solutions as a first line of climate expertise to a number of key
defence. In 2023, we collaborated with sustainable finance organizations, National Flood Insurance Program
governments and industry, including: including Sustainable Finance Action in Canada: We have engaged in
Council in Canada and ClimateWise in ongoing discussions to develop a high-
• Our participation in Climate Proof risk national flood insurance program
the U.K.
Canada’s National Adaptation Summit and address gaps in natural disaster
Day, at which we met with key In Ireland, RSA acted as Co-Chair of the protection.
government officials to deliver climate Central Bank of Ireland Climate Risk &
adaptation recommendations and Sustainability Finance Forum Capacity Insurance Bureau of Canada
discuss critical funding for the National Building Working Group. The working (IBC): As an active member of IBC,
Adaptation Strategy. group completed its work in 2023 by the national industry association for
identifying a roadmap of recommended Canada’s P&C companies, Intact works
• Bilateral engagements with federal closely with IBC and governments
practical actions that can support
and provincial governments on on the challenges facing Canadians
Ireland’s financial services sector fast
Climate Adaptation and key priorities. and our industry, the importance of a
track sustainable finance training and
• Contributions to Canada’s National capacity building. competitive and sustainable market
Adaptation Strategy through the and how to influence meaningful public
Intact Centre on Climate Adaptation’s policy change, including addressing the
advocacy efforts. growing effects of climate change.
ESG Performance
The second half of this report documents our

ESG performance, which includes metrics on
ESG topics, data tables, and ESG frameworks.
[ 50 ] ESG Performance | 2023 Intact Financial Corporation Social Impact & ESG Report
Governance
Board ESG Oversight Examples of our approach to these matters in 2023 can identify, assess, respond to, monitor and report on various
be found in the Collaborate section of our climate strategy risks, including ESG risks. Our ERM strategy is designed to
The Board of Directors ensures key ESG issues are update on page 49. provide the link between our strategies and our risk appetite
overseen and ESG performance is reviewed. In this regard, and to articulate how we manage risk to achieve our strategic
the Board is supported by the Governance and Sustainability
Committee (GSC), which is formally delegated with the
ESG links to executive compensation objectives. Accountability for the management of ESG risks is
clearly allocated to members of senior management.
responsibility to oversee Intact’s ESG framework, including Our executive compensation package aims to align the
the overall approach, stakeholder engagement, disclosure compensation of Senior Executives with the achievement A shared risk taxonomy is maintained across the jurisdictions
and communication strategies related to ESG. of Intact’s financial and strategic objectives, including in which we operate to ensure a consistent approach to
ESG performance, and with the long-term interests risk identification, assessment and reporting. Governance
The Board also delegates certain specific ESG oversight of insurance risk was enhanced by developing the guiding
of shareholders and other stakeholders, such as our
functions to its other Committees related to their respective principles for underwriting governance in 2023, to be
employees, customers and communities. As such, our Senior
areas of expertise. implemented in 2024 for all territories.
Executives’ individual/personal goals in the Short-Term
For comprehensive details on the responsibilities of the Incentive Plan (STIP) include goals directly linked to people, ESG-related risks are identified and mapped to our top
Board and Committees of the Board, please see our 2024 society, and climate to align compensation with our ESG- enterprise risks and incorporated in ongoing risk assessment,
Management Proxy Circular. related strategic objectives. management, and reporting. For more information on top
For details on the role of the Board in climate risk For instance, the STIP goals of the CEO and other Senior enterprise and emerging risks, including climate risk, their
management, see our Task Force on Climate-related Executives include employee engagement, diversity, equity potential impacts and how we manage these risks, including
Financial Disclosures report on page 62. and inclusion, and customer-driven initiative goals. Certain our risk appetite, please see our Q4-2023 Management’s
Senior Executives overseeing IIM’s operations have specific Discussion & Analysis (MD&A).
Management ESG Oversight STIP goals regarding the development and implementation For more information on climate risk management, see our
of ESG initiatives within IIM’s portfolio management strategy. Task Force on Climate-related Financial Disclosures report
ESG performance is embedded in our strategy. Our Group ESG-related STIP goals are also included for certain Senior
CEO and our Operating Committee directly develop and on page 65.
Executives regarding Intact’s climate strategy. Furthermore,
oversee the action plans related to our strategy. They provide Intact also incentivizes Senior Executives eligible for a car
direct leadership on Social Impact and ESG performance, under its perquisites to select plug-in hybrid and fully electric
UN Principles for Sustainable Insurance
including performance related to our customers, our people, vehicles. Intact has been a signatory to the United Nations
climate change and building resilient communities. Environment Programme Finance Initiative’s Principles for
“Living our Values” is core to Intact’s culture and also a
Our priorities related to people, climate change, and social Sustainable Insurance (PSI) since July 2018. Intact embeds
necessary condition for career advancement and pay
impact are integrated into our strategy and reviewed on an ESG into the organization’s strategic objectives and the four
progression at all levels. It is fully considered in Intact’s
annual basis by business unit leaders in partnership with our principles from the PSI are integrated in our disclosures of
succession planning program when appointing and
Chief People, Strategy, and Climate Officer and Social Impact this report as applicable. The Board of Directors ensures key
assessing Senior Executives.
team. Progress on key initiatives is reviewed and monitored ESG issues are overseen and our Group CEO and Operating
by the Operating Committee. More details on our approach to executive compensation Committee develop and oversee the action plans related to
can be found in our 2024 Management Proxy Circular. our strategy.
Our Senior Management team, including our CEO, provides
direct leadership on our approach to ESG and advocates
publicly for climate action, including climate adaptation
ESG risk management
to build resilient communities, with industry associations, Management of risks related to ESG are embedded in our
government officials, and regulators. enterprise risk management framework (ERM). Our ERM
framework and internal control procedures are designed to
Governance
Stakeholder engagement
At the end of 2023, we conducted research to validate and industry associations, together with potential customers
the social and environmental issues that our stakeholders and employees.
believed were most relevant to executing our strategy
The following illustrates the most relevant ESG domains
and where they felt we could have the greatest impact.
where our stakeholders believe Intact can make an impact.
Stakeholders were also given the opportunity to identify
This research validates that our strategic approach of
new issues they felt were important for us to consider.
focusing on our customers, enabling our people to thrive
Interviews and surveys were conducted by an independent and helping society build resilience is in line with stakeholder
research firm with representatives of our leadership team and expectations of Intact.
external stakeholders including investors, government, NGOs
Customer service Climate change Cyber security Employee well-being Diversity, equity Artificial intelligence Economic stability
and biodiversity and data privacy and inclusion
Accessible insurance Employee mental and Transparency on our use of AI Investing to improve economic
Protecting customer data physical well-being Diversity, equity and inclusion resilience of our communities
Transparent customer service Helping society adapt Sharing AI knowledge and
to climate change Competitive salaries in our workforce how it impacts society Helping families living
Managing cyber security risks
and benefits in poverty
Collaborating with
governments and industry Career opportunities Helping our communities
to respond to climate change and training access equal opportunities
to education
Supporting customers
and suppliers to reduce
GHG emissions
Addressing biodiversity loss
Human capital management
Human resources policies • Physical and mental well-being benefits, including

competitive vacation and personal days, Wellness
Human resources (HR) policies vary across geographies. accounts, virtual health care, employee and family
However, all Intact subsidiaries have policies pertinent assistance program and a flex benefits program.
to employee safety, health, well-being and development.
Additionally, policies govern important business
aspects, including:
Gender and racial equity
Intact is committed to having a fair and inclusive
• Data governance and cyber security. workplace and we have a solid framework and standardized
processes to support objectivity at all stages of the
• Fair treatment of customers.
compensation process.
• Respect in the workplace.
We monitor compensation outcomes closely to assess
• Speaking up and whistleblowing. pay equity. In 2023 after adjusting for level, location and
role, we observed throughout our Canadian insurance
• Hybrid and flexible working arrangements.
operations that:
HR rewards and benefits • Women earned equivalent dollar for dollar earned by men;
We offer a competitive benefits package to our employees, and
including medical, dental, retirement and life insurance. Our • Black People and People of Color (BPOC) earned on
benefits package provides resources and tools to ensure the average 99 cents for every dollar earned by employees
well-being of our employees and their families. Total rewards who do not identify as BPOC.
are designed and adapted in each country to compete for
talent according to local practices. Beyond compensation, we assessed existing frameworks,
Our employees can select and shape individual benefits policies and procedures in Canada from a racial equity
that best support them, which include health and well-being perspective. We used internal and external sources to
plans such as dental insurance, leisure and lifestyle options conduct the assessment, which indicated that we have
including charitable giving and holiday trading and financial strong rates of attraction and retention for BPOC employees
protection programs including life coverage, financial advice and representation is improving at all levels in line with
and personal accident support. our objectives.
Examples of benefits we offer our employees include: There are strong processes and frameworks in place for
each of the following areas—employee attraction, promotion,
• In Canada, our voluntary Employee Share Purchase Plan retention and pay equity—and we continue to identify areas
matches 50% of net shares at the end of each calendar to strengthen further.
year. In the U.K., our Sharebuild and Sharesave plans
provide the opportunity to buy Intact shares in a tax efficient
way. In Sharebuild, for every four shares purchased, we
award our employees one free share.
• Matching of charitable donations.
General employee data

Following the integration of RSA, we are now in a position
to access and report HR data on a more comprehensive Metric/target population Region Global Canada U.S. U.K.&I
scale which enabled us to not only update our reporting
scope in 2023 to encompass all regions and entities, but also All employees Globally 30,035 22,938 1,590 5,507
to redefine our metrics to ensure alignment, inclusion, and
consistency across all regions. All full-time employees Globally 28,412 22,138 1,573 4,701
Data has been grouped into three regions, each All part-time employees Globally 1,623 800 17 806
encompassing sub-regions and entities as follows: All temporary employees Globally 448 362 5 81
• Canada includes: IFC Canada, Intact Public Entities (IPE), All employees in technology Globally 3,518 2,636 251 631
BrokerLink (BL), On Side Restoration (On Side) and Intact Voluntary turnover Globally 11.4% 11.8% 5.2% 11.6%
Lab Hong Kong office (Hong Kong).
Longest serving employee (years of service) Globally 50 50 50 50
• U.K.&I includes U.K., Ireland, Europe, and the Middle East
and Asia. Total number of employees promoted + Lateral Globally 7,139* 6,364* 224 551
• U.S. includes U.S. only. % employees experienced a job change (Lateral or promotion) Globally 25.4%* 30.3%* 14.1% 10.0%
• DEI metrics pertaining to Black People and People of % of management+ roles filled internally Globally 77.0% 79.0% 57.0% 74.0%
Color (BPOC) will only include Canada (except On Side
Employee engagement survey participation Globally n.a. 86% 82% 84%
Restoration) and U.S., due to data being unavailable in
the other regions. The proportion of BPOC is based Employee engagement survey rating Globally n.a. 77% 81% 58%
on voluntary self declaration through our Count Me In
Campaign, and is calculated against our total number
of employees, which may be underrepresenting this
population.
*Excluding On Side Restoration due to unavailability of data.
Employee diversity by level, region, age
Metric/target population Region Global Canada U.S. U.K.&I Metric/target population Region Global Canada U.S. U.K.&I
Total number of Board Members Globally 13 n.a. n.a. n.a. Total number of non-management Globally 25,680 19,988 1,244 4,448
# Women in Board Members Globally 6 n.a. n.a. n.a. # Women in non-management Globally 15,164 11,941 744 2,479
% Women in Board Members Globally 46.2% n.a. n.a. n.a. % Women in non-management Globally 59.0% 59.7% 59.8% 55.7%
# BPOC in Board Members Globally 1 n.a. n.a. n.a. # BPOC in non-management Canada and U.S. only* 5,956 5,688 268 n.a.
% BPOC in Board Members Globally 7.7% n.a. n.a. n.a. % BPOC in non-management Canada and U.S. only* 30.7% 31.3% 21.5% n.a.
Total Number of employees who shared n.a. Total number of employees globally Globally 30,035 22,938 1,590 5,507
Canada and U.S. only* 18,004 16,522 1,482
diversity information
# Women in all employees Globally 17,442 13,575 905 2,962
% of employees who shared diversity n.a.
Canada and U.S. only* 79.8% 78.8% 93.2% % Women in all employees Globally 58.1% 59.2% 56.9% 53.8%
information
Total number of Executive Officers Globally 17 n.a. n.a. n.a. # BPOC in all employees Canada and U.S. only* 6,573 6,267 306 n.a.
# Women in Executive Officers Globally 6 n.a. n.a. n.a. % BPOC in all employees Canada and U.S. only* 29.1% 29.9% 19.2% n.a.
% Women in Executive Officers Globally 35.3% n.a. n.a. n.a. Number of employees per age group: Globally 30,035 22,938 1,590 5,507
# BPOC in Executive Officers Canada and U.S. only* 0 n.a. n.a. n.a. # of employees < 25 Globally 1,698 1,165 51 482
% BPOC in Executive Officers Canada and U.S. only* 0% n.a. n.a. n.a. % of employees < 25 Globally 5.7% 5.1% 3.2% 8.8%
Total number of VP+ Globally 343 192 38 113 # of employees 25 – 45 Globally 17,108 13,431 671 3,006
# Women in VP+ Globally 136 86 9 41 % of employees 25 – 45 Globally 57.0% 58.6% 42.2% 54.6%
% Women in VP+ Globally 39.7% 44.8% 23.7% 36.3% # of employees > 45 Globally 11,229 8,342 868 2,019
# BPOC in VP+ Canada and U.S. only* 31 30 1 n.a. % of employees > 45 Globally 37.4% 36.4% 54.6% 36.7%
% BPOC in VP+ Canada and U.S. only* 14.2% 16.7% 2.6% n.a.
Total number of Management+ Globally 4,355 2,950 346 1,059
# Women in Management+ Globally 2,278 1,634 161 483
% Women in Management+ Globally 52.3% 55.4% 46.5% 45.6%
# BPOC in Management+ Canada and U.S. only* 617 579 38 n.a.
% BPOC in Management+ Canada and U.S. only* 19.7% 20.8% 11.0% n.a.
*Excluding On Side Restoration due to unavailability of data.
Underwriting and investments
ESG considerations in energy underwriting We will review the transition plans of energy clients, focusing We have set interim targets for this portfolio, and are • Continue to progress our engagement of investees
on their emissions disclosure, net zero ambitions and progressing in achieving them: through Climate Engagement Canada (CEC) as a founding
With our product offering and expertise, we are well placed strategies, and climate governance. We will engage with participant, to drive dialogue with Canadian issuers about
to support the growth of clean technologies critical to a low- • Engage with the top 20 emitters among our investees
energy customers with unsatisfactory transition plans. climate risks and opportunities in the transition to a net
GHG future such as renewable and other low-emissions which currently represent more than 50% of the common
zero economy. Six of IIM’s portfolio managers and analysts
energy production. shares, preferred shares and corporate bond portfolio’s
ESG considerations in investments emissions intensity (WACI), by 2025. We will focus our
were active participants in four of CEC’s collaborative
To that end, our risk control teams help clients manage the engagements in 2023.
Intact Investment Management (IIM) is a wholly owned engagement on emissions disclosure, net zero ambitions
physical risks associated with technologies critical to the and strategies, and climate governance. • Continue assessing the transition plans of companies in
Intact subsidiary based in Montreal. IIM’s growing team
transition such as solar panels, wind turbines, and battery our investment universe that are estimated6 to generate
of in-house investment professionals manages assets for • Minimum of 40% reduction in the WACI of our investments
energy storage systems. more than 25% of their revenue from thermal coal mining or
institutional investors, including Intact, its subsidiaries and portfolio (common shares, preferred shares and corporate
Globally in 2023, our renewable energy business supported pension fund assets. derive more than 25% of their energy generation, revenue
bonds) by 2030, compared to our baseline year of 2019.
a wide range of projects around the world, details of which or net income from thermal coal.
can be found in the climate strategy section on page 48. Investment emissions3 Over time, we plan to estimate the emissions attributable
• Advancing the deployment of our Coal policy. We will divest
to additional asset classes, through approaches such as
The following activities remain outside of Intact’s risk appetite1 In accordance with Partnership for Carbon Accounting from all investees targeted under the policy who do not
application of new or recently released methodologies and
for the energy insurance portfolio: Financials (PCAF) methodology, IIM estimated the absolute have a plan to be fully divested of coal assets by 2035. We
enhanced data capture methodologies.
emissions and weighted average carbon intensity (WACI4) of may continue to invest in green bonds issued by these
• Arctic oil and gas exploration, extraction, and production. companies.
our investment portfolio. These estimates cover emissions For more information on our Investment Emissions, see the
• Standalone oil sand accounts. attributable to the common shares5, preferred shares and Task Force on Climate-related Financial Disclosures report • Continue to apply our Oil and Gas (O&G) position to
• Thermal coal mining. corporate bonds held by Intact group as of December 31st on page 70. support the transition to net zero, and engage with investee
each year. This portfolio represents approximately 36% of companies who do not have satisfactory transition plans7
• Utilities with greater than 25% revenues from coal power our total invested assets. For more information about how these emissions are
and expect tangible improvements.
generation.2 calculated, refer to the Notes on Investment Emissions
IIM has estimated that the absolute Investment Emissions estimates on page 71.
The transformation of existing industries is key to achieving (common shares, preferred shares and corporate bonds)
global ambitions of net zero. We recognize the complexity have decreased 13% and the WACI has decreased 35% Engaging investees on climate change mitigation
that the energy industry faces in charting a course towards in 2023 from our 2019 baseline.
ESG engagement remains an important part of IIM’s
net zero. To that end, Intact will continue to support
investment management process for all investment portfolios.
energy clients, within our risk appetite, that demonstrate a
IIM conducts engagements using multiple channels,
commitment to reducing their GHG emissions. For example,
including a collaborative industry initiative and bi-lateral
we are insuring the installation of a customer’s 700MW
engagements with investees. We are taking several actions
battery energy storage system in New South Wales, Australia
to engage our top emitting investees on their transition and
that is adjacent to its retiring coal plant, which will support the
net zero ambitions:
region’s transition towards renewable energy.
1 As of October 1, 2023 the brokered commercial lines portfolio of Direct Line Group was transferred to Royal & Sun Alliance Insurance Limited (RSA), a subsidiary of IFC, and may include policies outside of Intact’s risk appetite. Upon full integration, these policies will be re-underwritten in accordance with RSA’s risk appetite, including RSA’s Climate Change and Low Carbon Policy.
2 25% in Canada; 30% in U.K. & I. Below this threshold, Intact may underwrite clients that are committed to reducing their GHG emissions.
3 "We" and "Our" in this section refers to Intact Investment Management (IIM), a subsidiary of Intact.
4 Calculated in tCO2e/$M company revenue.
5 Long strategies only of common shares held within Intact’s investment portfolio were considered (i.e. excludes short positions or mixed long and short positions held in common shares).
Underwriting and investments
Engaging investees on climate change adaptation Identification of perceived climate-related issues Proxy voting policy and results
In 2023, IIM’s team of investment professionals directly by sector IIM’s Proxy Voting Policy sets out its investment voting
engaged with 77 investee companies across ten sectors guidelines to align with best corporate standards and Intact’s
Total
on climate change resiliency. In addition to IIM’s investment Sector Water Fire Wind Other
issues practices. Updated in 2022 and again in 2023, changes
analysis of investees’ physical risk management, the objective to IIM’s Proxy Voting Policy includes the appointment of
of these meetings is to raise awareness of climate-related Materials 44% 11% 11% 35% 123 directors that add to the diversity in skills, experience and
weather issues and the importance of adaptation efforts. Energy 32% 36% 8% 24% 50
background among the directors (including gender diversity
(at least 30% gender diverse) and representation of visible
Our advocacy efforts are part of a growing movement Real Estate 48% 12% 5% 35% 35 minorities, Indigenous Peoples, persons with disabilities and
promoting the necessity to adapt to climate-related events.
LGBTQ+) and the adoption and disclosure of measures
IIM has observed an improvement in the awareness of Industrials 39% 9% 17% 35% 23
fostering such diversity (such as policies, targets, skills and
investee companies regarding climate-related physical risks
Utilities 26% 11% 37% 26% 19 diversity matrix, etc.).
compared to when this program began three years ago.1
Consumer In 2023, IIM voted on 347 shareholder proposals related to
Among the climate-related issues identified by investees, the 36% 21% 7% 36% 14
Discretionary ESG matters with the breakdown as follows:
biggest risk is attributed to water. Fire and wind related issues
are perceived as important risks, but to a lesser extent. The Information
40% 10% 20% 30% 10
remaining issues are related to snowfall, hailstorms, and high Technology Environment- Social-related Governance-
temperatures. Information provided in the tables below is related proposals proposals related proposals
Healthcare 22% 0% 33% 44% 9
inclusive of three years of climate-related risk engagement 96 158 93
results with investees.2 Financials 86% 14% 0% 0% 7
Identification of perceived climate-related issues

Consumer
29% 0% 29% 43% 7
For more information on the Proxy Voting Policy see our
Staples Statement of Policy on Proxy Voting.
Water 40% Communications 50% 0% 0% 50% 4
Fire 15%
Wind 13%
Other 32%
1 Based on data gathered through investees’ questionnaires or interviews and analyzed internally by IIM conducted between 2020 and 2023.
2 Data provided is cumulative from late 2020 (when engagements began) to end of 2023 and represents a weighted average in data collected during this period.
AI and model governance,
cyber security and data privacy
Purpose and consent: We question the purpose of the Security resources also assess control effectiveness and
AI and model governance model, ensure proper consents are in place and confirm that compliance. We perform internal compliance assessments Employee cyber security training
principles and ethical review the model does not rely on factors that are discriminatory and to support best practices, including emerging requirements. • Phishing exercises are conducted monthly to test employee
that any proxies used in testing models are grounded in real- Our Board Risk Management Committee oversees our awareness and provide real-time learning. We report our
processes world concepts. cyber security strategies and regularly reviews our controls. 12-month success average as of year-end 2023—with
We have devised a balanced and responsible approach to Fairness and unjustified bias: We ensure that concerns • Corporate audit services (CAS) develop an annual audit users correctly identifying the phishing attempt 96% of the
the development, use, and oversight of data and algorithmic regarding social concepts such as fairness and unjustified plan that includes coverage of cyber security risks. CAS time at Intact Canada and 95% in the U.K. Testing is done
models (including AI) that protects privacy. We have bias are brought forward and addressed. conducts audit mandates covering cyber risks providing globally and targets specific groups such as privileged
established a set of five principles in the following areas: independent and objective assurance by evaluating and access users and senior leadership.
improving the effectiveness of risk management, control,
Security: We use leading security measures to protect the
personal data of our customers.
Underwriting processes and and governance processes. Audit quality is reviewed every
• Cyber security awareness training is mandatory for all of
our people, including full time employees and contractors.
Helping society: We use our data skills to create solutions
practices five years and attested by the Institute of Internal Auditors. The training is comprehensive in nature and must be
• Tabletop exercises to test Intact’s readiness with respect undertaken annually. We continuously improve our training
that contribute to society’s well-being. In 2023 we continued to expand the ethical oversight programs to ensure employees are enabled to protect
framework’s application to process and practices in our to cyber security are conducted by a third-party firm.
Data quality: We use high-quality data to create solutions The Chief Operating Officer leads the response which sensitive data, recognize phishing attacks, and report
underwriting and claims departments: suspicious activity. In the U.K., our commitment to education
that are right for our customers. includes various teams: Information Technology, Legal &
• Ethical assessment of current and proposed underwriting Compliance, Communications, Human Resources, Risk and awareness included conducting five cyber roadshows
Scientific excellence: We uphold high scientific standards rules and practices continued, including through a racial in offices nationwide. With 300 attendees, these sessions
of excellence in order to ensure our solutions are accurate Management. The CEOs and members of the Board are
and socio-economic equity lens. briefed during and after the exercise. Training simulations had high engagement, fostering a more resilient security
and effective. posture across the organization.
• Underwriting and claims leadership and key staff have include data breach and ransomware exercises. In the U.K.
Accountability: We consider the impact that our received training on identifying ethical questions for these exercises also include our key IT partners.
products and services have on our customers and promote
responsible solutions, processes and models.
escalation to the Working Group and Steering Committee. • In the U.K., our security controls have been at the Customer data privacy
forefront of ensuring the protection of critical information • We abide by all privacy legislation applicable to our
Our Ethical Model & Data Governance Working Group and We are continuously developing our learning programs and systems in the region. Achievements this year have business, including Canada’s Personal Information
Steering Committee ensure our Canadian operations are and training to promote inclusive and fair practices and will included further improvements to our security framework Protection and Electronic Documents Act and the U.K.
following our data governance principles as they develop and continue to do so in 2024. that boost our ability to counteract potential threats. We and E.U. GDPRs.
deploy models throughout our operations. The committee have revamped and optimized playbooks that act as guides
• We have implemented data protection-related policies
oversees how the business leverages data and models
to create and offer the best solutions internally and for the
Cyber security for our team, outlining steps to swiftly disable compromised
accounts and block potential threats. in connection with the collection, use and disclosure of
customer, while treating customers and their data with In Canada an external party conducts an independent review personal information or data.
respect, integrity and the highest degree of ethics. of Intact’s cyber security posture every two years, with the • Adapting to the evolving digital landscape is crucial and
as such in the U.K.&I we have expanded our vulnerability • We only collect personal information that we need to
last one conducted in 2022. develop and deliver our products and services. Only
Ethical assessments of models are structured around management efforts to ensure comprehensive protection.
three pillars: • In 2022, Intact’s cyber maturity was assessed to have met This has also included responding to the changing shape of employees who have a legitimate business need can
industry standard capabilities. Further investments are the digital perimeter of our business through the successful access customer data.
Framing: We review both the algorithm and the data to
continuously made to strengthen Intact’s security posture migration and decommissioning of former RSA regional • When we dispose of personal information or data,
challenge what we are trying to accomplish with the model
and protection of client data controls. businesses across Scandinavia, Canada, the U.S. and the we do so in a secure manner.
and ensure compliance with laws and regulations, as well as
our data governance principles. • Regulators perform periodic reviews of our cyber security Middle East.
processes and controls. Under the leadership of the
CISO (Chief Information Security Officer), Information
Business ethics
AI and model governance,
cyber security and data privacy
• We notify customers, regulators, third-party vendors, and management practices and procedures in place to
law enforcement of data breaches as required by regulation Code of Conduct prevent breaches, and conduct appropriate due diligence. Whistleblowing program
and privacy laws. Where appropriate, notification to Regular communication campaigns tailored for each Whistleblowing procedures across our regions enable
customers includes enough detail to understand how their
information has been affected, as well as steps they can
region keep our commitment to living our Values current.
For example, in Canada and the U.S. our teams sign
Protecting human rights and our employees, other workers and external parties to
confidentially report any breaches of Living our Values,
take to minimize potential risk. an official declaration confirming they have read and preventing modern slavery controls or policies, laws or regulations, business
understood the ‘Living our Values’ code of conduct misconduct or any ethical concerns. We regularly
We are committed to protecting human rights. In line with
Customer data rights document.
the requirements of the U.K. Modern Slavery Act (2015),
communicate to all employees about our whistleblower
hotline, which they can use to report concerns online
Our policies and processes ensure we maintain our our Annual Modern Slavery Statement details the steps
We reviewed, simplified, and re-published our Customer or by phone. The whistleblower hotline is operated by
standards and abide by all relevant laws and regulations. our U.K. operations take to prevent slavery and human
Privacy Promise in Canada, which outlines what data EthicsPoint, an independent, and confidential reporting
Regular communication, training and/or awareness on trafficking in our business or supply chain. In 2023, no
we collect, how we use it, how we dispose of it and how tool available 24 hours a day, seven days a week.
compliance are provided to Intact employees to ensure cases of modern slavery were reported through RSA’s
customers can exercise rights under applicable privacy
they understand Intact’s Values and policies and correctly formal channels. The Whistleblower Hotline helps to ensure we live our
legislation. In the U.K.&I these principles are encapsulated in
implement them. Values to the fullest—and that includes honouring the
our Privacy Notice. In the U.S., these principles are set out in RSA takes actions to prevent breaches of labour integrity of our whistleblowers and protecting them.
our Customer Privacy Policy and related Privacy Notices. Our Living our Values document defines expected standards by RSA’s suppliers. These include regularly
behaviours, decisions and actions and reinforces that reviewing rates we pay to suppliers to ensure they are high Each investigation is unique and the process depends
We use customer information for several reasons,
we are all responsible for complying with all Intact rules, enough to support acceptable wages for their employees on a variety of factors. When an incident is reported,
including to:
policies and procedures. while remaining competitive in the market. Our contracts the Compliance team starts a preliminary investigation.
• Verify their identity and property. stipulate that suppliers must follow relevant laws and If it reveals a possible breach of our Values, policies,
For more information on our Values see the Our people regulations to protect human rights and enforce ethical or laws or regulations, we conduct a more thorough,
• Assess and underwrite insurance risks, including analytics.
are engaged section on page 22. labour practices. We investigate any known breaches of confidential investigation. Our senior leaders and the
• Determine prices, fees and premiums. these provisions. Board of Directors are committed to living our Values
and protecting everyone who comes forward with a
• Investigate, adjust and settle insurance claims. Supplier Code of Conduct good faith complaint.
• To design new products and services, including improving Our U.K.&I Supplier Code of Conduct outlines our Anti-bribery and corruption
existing products and services. expectations of suppliers on issues such as human We do not tolerate bribery or corruption. We strive to
• Promote products and services offered by us, our affiliates rights, environmental management, business ethics and avoid real and perceived conflicts of interest and we seek
or strategic partners. community investment. The code is included in new to abide by all money-laundering, terrorist financing and
contracts and agreements and monitored through our competition laws and regulations. We maintain policies,
• Conduct market research. due diligence system. to manage personal conflicts of interest and offers of gifts
• Comply with all applicable laws, including tax requirements. RSA is also a subscriber to the Financial Services and hospitality. We maintain Anti-Bribery and Corruption
Qualification System (FSQS) operated by Hellios—a Policies which outline the controls in place to mitigate risk
• Detect, prevent and suppress fraud, unauthorized or as well as our procedures for recording and escalation.
illegal activities. community of over 50 financial institutions collaborating
to agree on a single standard for gathering supplier We are rolling out our anti-bribery tool kit, which includes
Customers can notify us to withdraw or revise permissions information to support compliance, including ESG a Recognizing Bribery and Anti-Corruption e-learning
to use their data in certain circumstances. However, it may policy areas such as modern slavery and environmental module and other materials to support employees. Those
prevent us from renewing policies, providing coverage, or impact. 470 RSA suppliers (58% of in scope supplier in higher-risk roles will receive additional training and will
administering claims. base) are members of the FSQS system. Our aim is to be subject to vetting for financial probity and criminality.
raise awareness of relevant issues, understand supplier
Business ethics
• Our group wide high-risk countries framework ensures • Ensuring Canadians are adequately protected
Tax transparency additional precautionary measures are taken where from extreme weather events by proposing climate
Paying taxes is an important part of our contribution to transactions include exposure to countries and regions change adaptation solutions at the government and
the economies where we operate. We are committed to more likely to be the subject of international sanctions homeowner levels.
managing our tax affairs responsibly. We actively manage measures.
• Working with government stakeholders on ensuring
our tax liabilities, payments, and tax affairs to ensure we Canadians and our economy are protected from the
are compliant at all times.
Political involvement impacts of a major earthquake.
Overall responsibility for the Intact tax function rests with
the Group Chief Tax Officer, who reports to the Group Chief and contributions U.K.&I
Financial Officer. The Head of Tax for each region has overall We believe it is important for us to be a good partner to
responsibility for the day-to-day operation of the tax function Our RSA business contributes to policy dialogue and
government in both prosperous and challenging times.
in their respective jurisdictions. Changes to tax legislation discussions primarily through our membership of the
Throughout 2023, we continued to strengthen our
are actively monitored and communicated to senior Association of British Insurers, Insurance Ireland, the
relationships with government, by providing risk management
management and other business areas affected. When laws International Underwriters Association and TheCityUK.
expertise and reinforcing our ongoing commitment to
are introduced that affect the organization, we proactively working with government in ways that help our customers Within RSA, all engagements with government or political
manage the risk and impacts to ensure we comply with the and communities manage through periods of uncertainty. officials are recorded and conducted in line with our Anti-
new legislation. Bribery and Corruption and Conflict of Interest policies.
For more details, see the Public Accountability Statement Statement on political contributions
(Canada) section on page 78 and the RSA U.K. Tax Strategy. Any political contributions are made within prescribed U.S.
legal limits. Contributions are made as an expression Intact Insurance Specialty Solutions in the U.S. pays dues
Compliance with International of responsible citizenship. Intact complies with all laws,
regulations and principles of ethics when offering items of
to the American Property Casualty Insurance Association
(APCIA), a portion of which the APCIA uses for lobbying
Sanctions value to any political party, candidate or public official at all and contributions to its political action committees (PACs).
levels of government. All contributions made on behalf of In addition, Intact Insurance Specialty Solutions participates
Intact strives to comply with all national and international laws
Intact are approved by the Head of Government Relations. in public policy dialogues through our membership in the
relating to financial and trade sanctions as they apply to our
businesses around the world. APCIA.
Canada Intact Insurance Specialty Solutions is also a member of the
Intact will not knowingly engage in any business or
transactions that are contrary to any applicable sanctions In Canada, Intact works closely with the Insurance Bureau of Council of Insurance Agents & Brokers (CIAB), the Surety &
laws or regulations. We deploy our comprehensive risk- Canada and through direct engagement with governments Fidelity Association of America (SFAA), and the Wholesale
based group wide sanctions program which includes: on the challenges facing Canadians and our industry. These & Specialty Insurance Association (WISA). A portion of our
include: dues to those organizations support lobbying activities.
• Sanctions screening tools which screen all of our No Intact Insurance Specialty Solutions employees were
• Ensuring that consumers have access to affordable, registered lobbyists or engaged in significant lobbying
customers, policies, claims, and payments against all innovative and sustainable auto insurance products.
of the sanctions lists applicable to those transactions. activities in 2023. All engagements with government officials
• Encouraging flexible regulatory frameworks that keep are reported in accordance with Intact Insurance Specialty
• Taking all reasonable steps to identify and avoid pace with consumer expectations. Solutions’ Lobbying policy.
transactions which are contrary to applicable trade
and activities-based sanctions.
Task Force on Climate-related
Financial Disclosures (TCFD)1
Our enterprise-wide strategic objectives,
governance systems, Enterprise Risk
Management (ERM) process, and climate IFC Board of Directors
strategy demonstrate our focus on managing
climate-related risks to our business while
capturing climate-related opportunities.
Risk Management Governance & Sustainability Audit
Governance Committee Committee Committee
Our strategic objectives include our commitment
to become net zero by 2050 across our business,
to halve our emissions from our operations by 2030,
relative to our 2019 baseline, and to be recognized
by three out of four stakeholders as being a leader
in building resilient communities.
Climate change risk is reviewed in our ERM process Enterprise Risk Committee
to ensure identification, assessment, response,
monitoring and reporting of risks.
The governance of our strategic objectives, climate
strategy and ERM is integrated into our organizational ENTERPRISE WIDE SCOPE
structure, at both the Board and management levels.

The figure to the right shows the key committees that IFC Operating Committee
have a governance role over climate-related matters Operational Investment Committee
at Intact. In all cases, their mandate is enterprise-wide.
Disclosure Committee
See our 2024 Management Proxy Circular for more details.
1 RSA Insurance Group also publishes a mandatory climate-related financial disclosures report as part of its annual report and accounts. More information
available at the RSA Insurance Group website.
Financial Disclosures (TCFD)
Board of Directors oversight The table below summarizes the Board and its committees, and their relationships to climate-related topics:
The Board of Directors is ultimately responsible for
Committee Climate-related roles and responsibilities
overseeing the strategic direction and initiatives of Intact
including our strategy related to climate change. Climate Board of Directors • Oversees the delivery of the Intact climate strategy and achievement of Intact’s strategic objectives (which include climate
change risk is a shared accountability of the Board’s Risk change focused objectives), as well as overall management of climate change risks and opportunities.
Management Committee (RMC), Audit Committee (AC)
and Governance and Sustainability Committee (GSC). Risk Management Committee • Oversees the assessment and management of physical and transition risks (including liability risks) related to climate change.
The RMC oversees the assessment and management of
the risks related to climate change and the development • Reviews risk monitoring (including climate change risk) programs and receives quarterly reports on risk monitoring activities,
of strategies to manage these risks. The AC oversees the including investment risk monitoring.
integrity, fairness and completeness of our climate-related • Reviews the adequacy of Intact’s reinsurance program relative to weather-related catastrophe risk exposure.
financial disclosures. The GSC oversees our climate-related
corporate disclosure and supports the Board in overseeing • Establishes Intact’s risk tolerance for natural catastrophe risk.
our climate strategy and objectives. The Board as a whole is
engaged in shaping the strategy as well as oversight. Governance & Sustainability Committee • Supports the Board in overseeing Intact’s climate strategy and objectives and monitors its progress, initiatives and performance
on such matters. It also stays abreast of emerging trends, standards and best practices with respect to climate change.
Climate change risks include physical risks, such as the
potential impact of insured losses resulting from physical • Oversees corporate disclosure on climate change and climate risk management.
damage to property and assets arising from climate-related Audit Committee • Oversees the integrity, fairness and completeness of our financial statements and other financial disclosure, including climate-
natural catastrophe events. It also includes transition risks, related financial disclosures.
such as the risks associated with the transition to a net zero
and climate-resilient economy, potentially leading to a decline • Oversees the quality and integrity of our internal controls and procedures, including management and disclosure of climate risk.
in the valuation of assets we hold in certain sectors that are • Oversees our actuarial practices, ensuring reserving practices are adapted to address our risks including those related to
vulnerable to such risks. climate change and trend in catastrophes and severe weather events.
Management oversight Management committees with specific climate change responsibilities are shown in the table below:
At the forefront of risk management at Intact, our Enterprise
Committee Climate-related roles and responsibilities Action in 2023
Risk Committee (ERC) is headed by our Chief Risk Officer,
and reports to the Board’s Risk Management Committee Operating • The Intact Operating Committee oversees the climate strategy, net zero target • Reviewed and discussed climate strategy progress updates
(RMC) quarterly. The Chief Risk Officer and ERC oversee the progress, climate adaptation initiatives and climate risk management approaches. throughout 2023.
Committee
ERM process, which is integrated into all business activities
and strategic planning. This includes the identification, • This Committee includes Intact’s Group Chief Executive, Chief Risk, and Chief • Reviewed and approved climate strategy priorities for 2024.
assessment, response, monitoring and reporting of risks, People, Strategy and Climate Officer, among other C-suite level executives.
including those related to ESG and climate. • Climate-related risks and/or opportunities that could impact Intact at the
The ERM team meets quarterly with risk owners within enterprise level, or that require strategic/operational intervention, are presented
the company, including Intact Investment Management and discussed with this committee.
(IIM), Chief Underwriting Officers and senior executives, to
investigate top enterprise and emerging risks and ensure risk Enterprise Risk • Headed by our Chief Risk Officer, this committee oversees risk management • Analyzed emerging risks related to climate change.
management plans are in place. Regional risk management Committee priorities, assesses the effectiveness of risk management programs, policies and
• Engaged quarterly with leadership of commercial, personal and
teams report on regional, top risks and continued and actions of each key function of the business and reports quarterly to the RMC of
speciality lines as well as with IIM leaders of the business to ensure
emerging risks to the Chief Risk Officer, who manages the Board.
proper risk assessment and mitigation plans are in place.
Intact’s Enterprise Risk Management Policy on behalf • The RMC is mandated to identify risks that could materially impact the business,
of the ERC. • Continually evaluates the reinsurance program and program coverage.
assess material risks to determine their significance and impact on financial
Our Senior Management team, including our CEO, provides resources and reputation, manage and monitor risks in accordance with our risk • Reviewed results of predictive models and climate indices to assess
direct leadership on our strategy and advocates publicly appetite statement, and report on risks to the RMC of the Board. shorter term impacts of weather patterns.
for climate action within industry associations, for example • Consulted with regulators on climate-related disclosures.
the Geneva Association, and through collaboration with
governments and regulators, including bilateral engagements • Reviewed catastrophe risk and weather-related perils and plans to
with multiple levels of government. further strengthen our modelling capabilities.
The Chief People, Strategy and Climate Officer leads our Operational • Committee assists the Company’s management in developing, implementing • Reviewed investment strategies to confirm alignment with the climate
climate strategy to drive ongoing integration of climate Investment and monitoring investment objectives and strategies which consider ESG factors, strategy, identify gaps, and work to close them.
change into our central strategy. This role reports directly to including climate risk.
Committee • Oversaw investee engagement and quantification of Investment
the Group CEO. Additionally, delivery of our climate strategy
is directly tied to executive compensation for executives • Reviews investment strategies, monitors performance and discusses investment Emissions.
at Intact. risks. The OIC oversees the climate change engagement strategies with
• Oversaw the setting of the Investment Emissions intensity
investees, commitments to climate initiatives such as Climate Engagement
reduction target.
Details about how the achievement of our climate strategy Canada and oversees progress on investment net zero targets.
links to executive remuneration can be found in the ESG • IIM reports regularly and directly to this committee on all ESG matters related to
links to executive compensation section on page 51. investment management.
Disclosure • Oversees all corporate disclosures, including the Social Impact & ESG Report. • Discussed emerging climate disclosure regulation in Intact operating
Committee geographies.
• Reviewed the Social Impact & ESG Report, including the TCFD section.
Strategy
Our strategic objectives include our commitments to Our analysis indicates that the anticipated increase in
become net zero by 2050 across our business, to halve weather-related losses due to climate change is projected to Commit
our operations emissions by 2030, and to be recognized by be manageable, in aggregate, and in the context of Intact’s Commit to a net zero
three out of four stakeholders as being a leader in building corporate strategy and business model. Despite the upward ambition overall
resilient communities. trajectory of weather-related events in the recent past, our by 2050
corporate strategy and business model have allowed us to
More information on our climate strategy can be found consistently achieve favourable financial results and meet
on page 43. the needs of our customers. This gives us confidence in our Collaborate
ability to maintain our commitment of helping and winning Collaborate with
Climate change scenario analysis through to 2040 in our Canadian personal lines business, governments and
Adapt
and that our products will continue to meet the needs of our industry to influence
Global temperatures have risen by 1.1 – 1.2°C since
industrialization, and we have seen the impact of a changing
customers into the future. and accelerate Climate Double down on
helping people
climate action
climate, with an estimated five-fold increase in natural
hazards over the past five decades.1 In 2023 we conducted
The foundation of our resilience lies in our corporate strategy,
the robust structure of our business model, the diversity and Strategy adapt to climate
change
a climate scenario analysis to evaluate the impact of a adaptability of our product offerings, and our 12-month re-
3 – 5°C global warming scenario on our underwriting pricing cycle.
business in Canada, deploying a multidisciplinary team of Scenario analysis is a helpful tool to assist us in
specialists in meteorology, geomatics, data science, climate understanding and planning for future climate-related risks
science, and actuarial science. This scenario aligns with and opportunities. Over time, we expect it will be updated
Enable
the Intergovernmental Panel on Climate Change’s (IPCC) and improved, including the expansion of additional Enable the
RCP8.52 model projections, or worst-case scenario. geographies and lines of business. The outcomes of these transformation by
Using this RCP8.5 scenario, our team assessed projections analyses will continue to be integrated into pricing and risk supporting existing
selection, product innovation, and claims and supply chain and new industries Shape
for a 2040 view of potential losses due to both catastrophic
(CAT) and non-catastrophic (non-CAT) weather events. This planning. that are key to the Leverage our platform
timeline was chosen as a prudent measure to understand transition to shape customer
the potential impacts and mitigation opportunities for our behaviour
property insurance business.
The analysis was conducted on a peril-by-peril basis, starting
with our Canadian personal lines business. We assessed
several perils including severe convective storms, winter
storms, hurricane, wildfire and flood, and looked at the
potential impacts of climate change on each of these perils.
1 WMO atlas of mortality and economic losses from weather, climate and water extremes (1970–2019).
2 Representative Concentration Pathways.
Climate-related risks Transition risk is the risk inherent to the transition to

a low-GHG and more climate-resilient economy,
As a P&C insurer, assuming physical risk from our including changes in government policies, the
customers is our business. Risk management IFC Board of Directors
legal environment, technologies and financial
is thoroughly integrated into our Governance markets . This includes potential negative impacts
strategy at both the Board and Management level. to certain businesses, adding risk to the assets we
Our risk management and underwriting expertise hold and customers we insure in certain sectors.
have enabled strong financial performance even
in lines heavily impacted by severe weather. In Physical and transition risks may also lead to Governance &
Risk Management Audit
the Personal Property Canada business line, we liability risk, stemming from the risk of climate- Sustainability
Committee Committee
have shown long-term resiliency with an average related claims under liability policies, as well as Committee
combined ratio below 90% in the last 10 years. the risk arising from other climate-related litigation
or direct actions against Intact, such as climate
In the context of climate, physical risk within change activism. Physical, transition and liability
our business relates in particular to the risk of
External Auditors
risks relevant to our business are presented below,
increasing number and cost of claims associated along with the time horizon for which these risks
Regulators
with various weather perils. may be most impactful and the ways in which we
1ST LINE 2ND LINE 3RD LINE
are managing these risks. Operations Management Risk Management Internal Audit
Legal/Compliance
º Primary responsibility to º Provide assurance on the
assess, manage, mitigate, effectiveness of governance,
º Develop and support the
report risks and incidents risk management and control
implementation of the risk
framework
º Maintain and implement risk management framework
mitigation measures º Investigate internal fraud and
º Independent review and
potential collusion
º Comply with internal and challenge of the 1st line of
external policies and defence
regulations
º Provide oversight, support,
monitoring and reporting on
risks
º Monitor compliance to
regulations, internal policies,
and our Values
Managing risk is a shared responsibility at Intact. The three lines of defence

model is employed to clearly identify the roles and responsibilities of those
involved in the risk management process and ensure accountability. On-
going collaboration and clear communication across the lines of defence are
paramount to fostering alignment and optimal risk management.
Task Force on Climate-related Short-term: ≤ 4 years Medium-term: 5 – 10 years Long-term: > 10 years
Physical risk • Reviewing products, underwriting and pricing practices • Educating customers on protective measures
related to severe weather. New flood maps were against flood and wildfire and inform them of grant
Frequency and severity of weather-related claims deployed in Canada in 2023 to reflect the most recent opportunities for climate-resilience measures taken.
science. Product, underwriting and pricing practice
Short- to long-term
reviews are conducted annually. Supply chain and claims
Climate change impacts our property insurance business • Continuously invest in and redefine how we select and • Pursuing opportunities for growth by expanding our
due to changing weather patterns and an increase in price risk with data and predictive analysis, leveraging supply chain capacity through the acquisition of On Side
the number and cost of claims associated with severe the expertise of 500 experts across AI, machine Restoration, one of the largest restoration firms in Canada.
storms and other natural disasters. Weather patterns could learning, actuarial science, and data. To get the full On Side maintains expertise in clean-up and restoration,
continue to change and impact the likelihood and severity benefits of our pricing sophistication, we have account enabling us to mobilize our emergency response in
of acute and chronic natural catastrophes, such as severe level pricing governance metrics for new business and impacted regions.
convective storms, winter storms, hurricane/cyclone, renewals that are monitored closely to ensure execution
wildfire, flood (acute) and/or cumulative gradual climatic of the pricing strategies. • Employing over 7,000 claims professionals dedicated to
changes (chronic)—for example, rise in sea level. This helping customers get back on track.
could impact our own operations due to physical damage • Expanded use of deductibles and sub-limits,
segmentation refinement, the introduction of • Using actuarial tools to support the claims operations for
to our premises, as well as those of our customers.
depreciation schedules in personal property rapid CAT assessment including the number of claims,
The impact of climate change may result in increased insurance across Canada. nature of claims, geo-coded maps and supply-chain
earnings volatility, and negatively affect our property and requirements.
auto insurance results. • Implementing rate changes in our property business to
reflect recent trends in catastrophes and severe weather. Risk control and loss prevention
How we manage physical risk • Most of our products are 12 months in duration and we re- • Investing in a global risk control team with deep technical
price as necessary. This allows for our charged prices to expertise, including engineers, fire protection experts,
Pricing and risk selection
be responsive to the latest weather-related trends which sprinkler designers, brokers, claims adjusters and
• Maintaining an adequate capital margin to ensure we are we assess and action in our property business quarterly. underwriters.
sufficiently capitalized to withstand an acceptable level of
insurance and/or market shocks. Product innovation • Using data to prevent losses. For example, our
proprietary forecast system identifies properties at risk of
• Using enhanced segmentation to understand evolving • Transforming our property lines of business and roof collapse after snowfall. We offer customer subsidies
risks. We input weather, climate and topographic data into continually evolving our products to account for new to incentivize snow removal for loss prevention.
machine learning models to develop risk maps to assess climate realities, such as:
the risk of weather perils such as flood and wildfire. We • Digitally engage with customers through our mobile
have begun enhancing the risk models to include climate • Individualizing coverages by peril; app to proactively provide weather and seasonal alerts,
change projections for temperature and precipitation, • Bundling and enhancing our water damage product while offering preventive tips to protect and maintain their
to get a better understanding of risk profiles under a to improve penetration rates of flood protection for our homes and cars.
changing climate. This allows us to plan for the medium- customers;
and longer-term time horizons. In 2023 we completed
a climate scenario exercise to try to understand how • Implementing the latest hazard maps to most
resilient our Canadian personal lines book will be to accurately reflect exposure;
climate change in the future (see page 64 for more • Implementing coverage endorsements that respond
information). to changing risk; and
• Continued efforts to raise broker awareness on climate Risk Transfer

adaptation and ways to increase climate resilience
• Reinsuring certain risks to limit our maximum loss in the
through multiple avenues, including climate-related
event of weather-related catastrophe losses or other
content in newsletters and industry magazine articles,
significant losses. The placement of ceded reinsurance is
and sharing resources (courses and tools).
mainly on an excess-of-loss basis (per-risk or per-event),
• Working with partners, such as the University of Waterloo, with the primary objective of capital protection.
our industry association the Insurance Bureau of Canada
and the global insurance industry think tank The Geneva Engaging with Investees
Association, to promote climate change adaptation
initiatives at all levels of government. • IIM engages with investees on climate change resiliency
to assess the awareness of climate-related weather
issues and investees’ adaptation efforts. We discuss
Enhanced Loss Modelling
the impacts of extreme weather events on financial
• Enhancing segmentation to understand evolving risks. performance and assess how investees’ management
Within Intact’s Data Lab, the Centre for Climate and integrates climate change risk into their overall risk
Geospatial Analytics (CCGA) uses weather, climate, and management.
topographic data along with machine learning models
• In 2023, IIM portfolio managers held 77 meetings where
to develop risk maps to assess risk to our underwriting
we engaged on investees’ climate resilience.
portfolio.
• Combining specialized actuarial talent within the company
with that of our CCGA (meteorology, climate science,
geomatics, and data science) in pricing, segmentation
and risk selection.
• Leveraging the expertise of our internal catastrophe
modelling teams to assess major peril risk inherent within
underwriting portfolios, provide catastrophe risk advisory
and pricing guidance to the business, and set risk
appetite thresholds for extreme events.
Task Force on Climate-related Short-term: ≤ 4 years Medium-term: 5 – 10 years Long-term: > 10 years
Transition risk Climate-related litigation: Engaging with Investees2 • In 2023, we voted on 347 shareholder proposals related to
ESG matters, of which 96 were environment-related.
Shifting market demand: Short- to medium-term • We continue to progress our engagement of investees
through Climate Engagement Canada as a founding
Physical and transition risks may also lead to liability risk, such For more information, see the ESG considerations in
Medium-term participant, to drive dialogue with Canadian issuers about
as the risk of climate-related claims under liability policies, as investments section on page 56.
climate risks and opportunities.
In some sectors, the transition could lead to contraction of well as the risk arising from other climate-related litigation or
market demand and has the potential to negatively impact direct actions against Intact. Such litigation or direct actions • We engage with high emitting investees, with a view to Underwriting
certain businesses, adding risk to the assets we hold and may also pose reputational risk. helping support the energy sector’s net zero transition.
• We are assessing underwriting risks and opportunities
customers we insure in certain sectors. We also expect new • We engage with investees on the integration of climate that can emerge in the net zero transition, such as our
industries to emerge and market demand for certain sectors How we manage transition risk change into strategy and governance measures. commitment to support companies delivering critical
to increase.
Investments Emissions reductions • Through deployment of our position on oil and gas, engage transition technologies. We have appointed a President
with investee companies who do not have satisfactory of Renewable Energy with strategic responsibility for
Shifting Cost of Claims: • We track the emission intensity of Intact’s investment strengthening our renewable energy capabilities globally.
transition plans3 and expect tangible improvements.
portfolio of common shares, preferred shares and
Medium-term corporate bonds, and have developed interim targets • We leverage our internal climate risk management
for this portfolio. Investment and Proxy Voting Policies 4
framework for the underwriting process across
Changes in the operational cost base or claims profile due to commercial, personal and global specialty lines of business.
new or unproven technologies associated with the net zero • We continue to evolve and enforce our positions on coal
transition (e.g., increasing wind turbine size, battery storage For more information see the ESG considerations and oil and gas, with a view to helping support the energy • We are assessing existing exposure to high-emitting
etc.). in investments section on page 56. sector transition towards a low-carbon economy. This sectors such as energy, producing an inventory of
involves assessing the climate disclosure and transition current underwriting guidelines, and overlaying them with
Shifting Asset Valuations: Transition Risk Assessment for Investments1 plans for all companies in our investment universe that: strategic, regulatory and market considerations to produce
recommendations for our business leaders.
• We enhanced our internal analysis and understanding of • Are estimated5 to generate more than 25% of revenue
Medium-term to Long-term potential impacts of transition risk on specific industries from thermal coal mining.
A decline in the valuation of assets we hold in certain within our asset portfolio, building on Intact’s participation
• Derive more than 25% of energy generation, revenue or
sectors that are vulnerable to transition risks. There is more in regulator scenario analysis pilot projects to explore the
net income from thermal coal.
pressure on companies to disclose their transition pathways risks posed by climate change and test the resilience of the
to continue attracting capital from investors. Furthermore, financial services sector. • Are included in the top GHG emitters from the oil and
the investment in and exposure to GHG-intensive sectors or gas producers within our portfolio.
• We recognize the need for continued investment in data
companies could increase the reputational risk associated and modelling to continuously refine our analysis given the • We will remove companies from our investment
with public perception. We also expect some assets to stochastic and uncertain nature of climate risk. universe who are non-responsive or do not provide a
appreciate and be viewed favourably as supporting the satisfactory plan.6
transition. • We confirmed the benefits of our diversified, high-quality
portfolio as well as our policies to review our investees’
• We vote in alignment with our proxy voting policy, to have a
transition plans and remain ready to adjust our security
say on climate-related issues.
selection, sector/segment allocation, and asset mix—as
appropriate—when we see evolving climate risk trends.
2 "We" or "our" in this section refers to Intact Investment Management (IIM), a subsidiary of Intact.
4 "We" or "our" in this section refers to Intact Investment Management (IIM), a subsidiary of Intact.
1 "We" or "our" in this section refers to Intact Investment Management (IIM), a subsidiary of Intact. 6 With consideration of factors such as available sectoral transition pathways, country-level targets, and IIM’s interim targets.
Opportunities related to transition risk Enhance our supply chain: • Reinsuring certain risks to limit our maximum loss in the
Climate-related opportunities event of weather-related catastrophe losses or other
Support new and transition-critical technology and Using circular economy principles, we can enhance our
Climate change presents an opportunity to both help society significant events. Our reinsurance program for catastrophe
industries: supply chain by reducing our materials demands, including
manage the impacts and for Intact to win in the marketplace protection is mainly on an excess-of-loss basis (per-risk or
via our repair over replace approach and embedding climate-
with innovative products and services. These opportunities Our product and service offerings support new industries per-event) and is primarily designed as a capital safeguard
related considerations in procurement processes.
are summarized below. and technologies that will grow as the transition accelerates, against large catastrophic events. Our catastrophe
using risk management expertise and customer engagement reinsurance covers flood, windstorms, hurricanes, wildfires
Overall Resilience to Climate Change and other severe weather events.
Opportunities related to physical risks to understand coverage needs.
We have a number of risk management strategies in place • Working with our customers to promote adaptation
Leverage our AI capabilities to outperform: Shape behaviours of investees and customers:
to mitigate risk, reduce financial impact and capture potential measures that improve resilience to extreme weather.
Continuously investing in and redefining how we select and We can help accelerate the transition by influencing opportunities. Our business strategy and intrinsic risk
price risk with predictive analytics, leveraging the expertise investee behaviour through our investment decisions management processes are responsible, in large part, for In addition to the activities described above, in 2023 we
of experts across AI, machine learning, actuarial science, and engagement. We engage with investee companies our climate change resilience. Some of the key activities evaluated the impact of a 3 – 5°C global warming scenario,
and data. who do not have satisfactory transition plans1 and expect contributing to our resilience as a business include: using the IPCC’s RCP8.5 scenario on our Canadian personal
tangible improvements. We will remove companies from lines business. In this exercise, we developed peril-by-
Provide leadership in helping to build resilient • Leveraging operational planning processes that consider
our investment universe who are either non-responsive or peril projections through to 2040. The results indicate that
communities: changing weather patterns. Using up-to-date catastrophe
do not provide evidence of progress on their transition plan. the projected increase in weather-related losses in this
models and building identifiable trends into our weather
Investing in climate resilience in our communities, and The opportunity also exists to adopt a similar approach segment are likely manageable for Intact, based namely
planning, technical pricing and exposure management are
promoting research and development. to underwriting with enhanced customer engagement, on our diversified business segments, the current design
key parts of our underwriting guidance. As part of this we:
enhanced transition plan reviews and using premium of our products and pricing, as well as anticipated future
For more information, see the Building climate resilient incentives to shape behaviours. management actions to further mitigate physical risk.
• Re-price our products with weather trends annually
communities section on page 37. Enable existing industry transformation: at renewal, given most of our policies are 12 months in The outcomes of our scenario analysis, internal stress-
duration. testing, climate-related peril modelling, and operational
Capitalize on increased demand for home restoration We use our size, expertise and resources to help facilitate the
services: transformation of industries that are key to the transition, and • Use weather peril models, risk maps and geolocation planning, support the conclusion that climate risks are well-
help de-risk industries and technologies that can accelerate tools to support risk assessments and underwriting managed within our business.
The frequency and severity of natural catastrophes is the transition, including renewable energy technologies. of residential and commercial properties, especially in
expected to increase with climate change. This will increase We anticipate increasing demand for renewable energy relation to impacts related to flood and wildfire risks.
the demand for restoration services. We are well placed to insurance and increasing revenue from this stream.
respond to this with our subsidiary, On Side Restoration, • Continuously invest in and redefine how we select and
which is one of the largest restoration companies in Canada. Provide thought leadership and contribute to climate price risk with data and predictive analysis.
policy development:
Capitalize on increased demand for insurance • We conduct stress-testing with internally developed
coverage: We help accelerate the net zero transition and resilience scenarios and measure their aggregate effects on our
to climate change through continued collaboration with business. We then take action to limit these effects,
As weather patterns shift and public awareness for the need government and industry association committees and whether by limiting our exposures or by transferring risk
for insurance cover expands, we expect to see an increase in working groups. to others. In doing so, we help ensure that our ability to
demand for insurance products and services. get customers back on track won’t be compromised
even when extreme events occur.
As at 31 December 2023 2023 2022 2021 2020 2019
Total GHG operations emissions Scope 1 17,865 17,380 15,854 14,999 18,441
(tonnes CO2e)1
Scope 2 (location-based)2 9,328 8,845 10,098 12,046 13,515
Targets and metrics Scope 2 (market-based)3 8,363 7,928 9,395 11,032 12,949
We recognize the importance of understanding, measuring Scope 3 12,415 8,838 3,010 4,337 14,484
and managing the impact of our own operations, across our Scope 3 waste4, water and paper 454 484 453 530 542
business and our progress on our climate strategy priorities.
Our climate strategy outlines our commitment to: Scope 3 business travel 11,962 8,353 2,558 3,806 13,943
• Achieve net zero emissions across our business by 2050. Total (location-based) 39,609 35,062 28,961 31,382 46,440
• Halve operations emissions by 2030, compared to our Total (market-based) 38,644 34,145 28,259 30,368 45,874
baseline year of 2019.
GHG intensity Location-based 1.32 1.21 1.09 1.27 1.93
(Gross tonnes CO2e/employee)
Greenhouse gas (GHG) emissions Market-based 1.29 1.18 1.07 1.23 1.91
We report a reduction of 16% in our total GHG emissions Energy consumption (MWh) Electricity, district heating and cooling 74,168 72,335 78,884 85,223 94,869
when comparing our 2023 data (market-based) to our
Gas consumption 35,970 40,752 42,762 39,206 44,434
baseline year of 2019. In 2023, the first full year post-COVID,
business activities have stabilized into a pattern more Stationary Liquid Fossil Fuels 7,315 8,618 11,793 11,799 13,617
consistent with life before the pandemic. As expected in
Transportation —vehicles 56,572 48,605 37,890 38,127 53,982
the first full year post-COVID, our emissions increased from
2022. Nevertheless, we are making progress on our goals Total energy use 174,025 170,310 171,329 174,355 206,902
and remain on track towards our interim target of halving our
operations emissions by 2030. Business travel (million passenger km)5 36.4 24.9 5.3 11.0 50.8
Waste4 Waste generated (tonnes) 1,099 1,374 1,405 1,482 1,509
Diverted from landfill (%) 81.3% 79.9% 75.2% 84.5% 80.0%
As at 31 December 2023 2023 2022 2021 2020 2019
Investment Emissions7 Gross GHG emissions (tonnes CO2e) 688,841 665,727 686,979 640,337 795,320
GHG intensity (WACI)6 160 168 188 193 248
Catastrophe losses Weather CAT losses $1,141M $717M8 $483M $205M $326M
1 For more information about how our operations emissions are calculated, please refer to the Notes on our operations
emissions estimates on page 71.
2 The location-based method reflects the average emissions intensity of grids on which energy consumption Weather loss ratio (%) 5.6% 3.7% 3.0% 1.8% 3.2%
occurs (using primarily grid-average emission factor data). For more information see The Greenhouse Gas
Protocol Scope 2 Guidance.
3 The market-based method takes into account emissions from electricity that companies have purposefully chosen; it
takes into account emissions factors from contractual instruments, including contracts for the purchase of renewable
energy certificates and similar environmental attributes. For more information see The Greenhouse Gas Protocol
Scope 2 Guidance. As at 31 December 2023 2023
4 Includes UK&I data and partial data coverage for Canadian locations. Efforts are being made to increase actual data
coverage for future years. For more details, see the Notes on our operations emissions estimates on page 71.
5 Includes commercial air and rail travel. Building climate resilient communities Dollar value of partnerships focused $3.0M
6
7
In tCO2e/$M company revenue.
These estimates cover emissions attributable to the common shares (long strategies only of common shares held
on climate change adaptation in 2023
within Intact’s investment portfolio were considered, i.e. excluding short positions or mixed long and short positions
held in common shares), preferred shares and corporate bonds held by Intact group as of December 31st each year
Investments Number of IIM engagements with 77
(the “Investment Emissions”). For more information about how our Investment Emissions are calculated, please refer
to the Notes on Investment Emissions estimates on page 71. investees re: climate resilience in 2023
8 The 2022 CAT loss value has been restated based on IFRS17, which will be our basis moving forward.
Notes on operations emissions estimates: • Due to lags in reporting of data by investees, there are also lags in the
subsequent incorporation of this data into S&P Global Trucost and
• The data on our operations emissions estimates encompasses IFC and its other third-party data sources that IIM uses in estimating our Investment
wholly-owned subsidiaries’ operations and activities, subject to limitations on Emissions. Consistent with PCAF guidance, where data from the relevant
the availability of data and/or relevant proxies, as further described below. reporting year is unavailable, IIM sometimes needs to use data from the
• Operations emissions is defined herein as known sources of Scope 1 and 2 most recent previous year.
GHG emissions, and specified sources of Scope 3 GHG emissions (business • Our reported absolute Investment Emissions and WACI related to our
travel, waste, water and paper). Estimates of these operations emissions investments may not capture the full extent of investees’ actions affecting
were prepared with reference to The Greenhouse Gas Protocol’s Corporate their GHG emissions, in part due to the above-mentioned lags in data
Accounting and Reporting Standard, Scope 2 Guidance and Corporate availability. Therefore, we may need to restate the absolute reported
Value Chain (Scope 3) Accounting and Reporting Standard (collectively, the emissions and WACI of our portfolios as more recent data becomes
“GHG Protocol”). available.
• Some data sources were incomplete or unavailable, such as utility usage • We believe that WACI is a useful metric in comparing investments across
data at specific real estate locations (e.g., certain IFC Canada locations). different asset classes and sectors. However, because WACI is determined
In these instances, we used estimation techniques and/or proxy data. For with reference to company revenue, it can be sensitive to external market
example, in the case of missing utility data, proxy data from buildings of a factors, such as commodity prices, resulting in fluctuations in WACI that are
similar profile in the same region may be used. Efforts are being made to not necessarily a product of emissions performance.
increase actual data coverage, where possible and material, for future years.
• Comparisons of our reported Investment Emissions to other companies’
• Standards, methodologies and data sources for estimating operations corporate disclosures cannot be carried out accurately, due to factors such
emissions are evolving. In line with the GHG protocol, and where material, all as variability in investees’ data, market forces (e.g., currency conversions) and
years of emissions data may be re-stated from time to time to take account changes in market capitalization.
of annual changes in emissions from acquisitions and/or divestments, or
improvements in data and/or data calculation methodologies. • In estimating our Investment Emissions, IIM relied on PCAF guidelines. The
methodologies are frequently changing in response to the evolving global
response to climate change. As new methodologies are adopted, or as
Notes on Investment Emissions estimates:
existing methodologies are enhanced or revised we may need to restate our
• In preparing our GHG emissions estimates, IIM uses the S&P Global Trucost reported Investment Emissions.
database as the primary data source for investment emissions. Although
• In line with the GHG Protocol, estimated Investment Emissions associated
we believe this database is reliable, it contains data from other third-party
with RSA Insurance Group (which Intact acquired in 2021) have been
sources (such as public disclosures). IIM has not independently verified
included in all reported years of Investment Emissions data.
data from S&P Global Trucost, or any other third-party data sources (e.g.,
data reported in investees’ disclosures) on which they rely, for accuracy or
completeness. The data may therefore be of varying quality.
• Based on S&P Global Trucost’s identification of the data quality in relation to
PCAF scoring system, data used for our GHG emissions estimates for years
2019 to 2023 is currently evaluated to be equivalent in average to a PCAF
data quality score of approximately 2.4 to 2.5.
• The data used by IIM in estimating our Investment Emissions is frequently
updated, including as data sources restate their historical emissions and as
data quality and accuracy is improved. Such changes may result in changes
to IIM’s estimates of Investment Emissions and/or restatements of prior
years’ Investment Emissions. As such, data reported in the 2022 Social
Impact & ESG report regarding both the absolute Investment Emissions
and their weighted average carbon intensity (WACI) has been restated
within this report.
Sustainability Accounting Standards
Board (SASB)
The following provides our response to the SASB sector standards that are most
relevant to our industry.
Transparent information and fair SASB Metric Metric Response

advice for customers
FN-IN-270a.1 Total amount of monetary losses • In 2023 Intact recorded no material losses related to litigation associated with marketing and communication of its products to new and
as a result of legal proceedings returning customers.
associated with marketing and
A discussion on the risks we face with respect to legal proceedings can be found in section 29.7—Other risk factors that may affect future
communication of insurance
results of our Q4-2023 Management’s Discussion & Analysis and Note 35.2 of the 2023 Consolidated Financial Statements.
product-related information to new
and returning customers.
FN-IN-270a.2 Complaints-to-claims ratio. • In 2023, we had over one million personal lines claims and 2,709 complaints registered with Ombudsman services in Canada, the U.K. and Ireland.
FN-IN-270a.3 Customer retention rate. Our most relevant key performance indicator is Operating Direct Premiums Written (DPW), as it effectively shows our ability to retain and attract
new customers.
In 2023, our business has grown organically and through acquisitions to over $22 billion of total annual operating DPW. Reported growth in
constant currency of 5%, with an organic growth of 6%.
Market share:
• Canada: remain the largest player with an estimated market share of 19% in 2022. 2023 market share update will be available in the Q1-2024 MD&A.
• U.K.&I: In the U.K. commercial lines, we have a 5% market share. In Ireland, we hold a top five position overall.
More information can be found in our Q4-2023 Management’s Discussion & Analysis.
FN-IN-270a.4 Description of approach to informing • We have an omni-channel distribution model, which enables customers to access the right products and services that meet their needs.
customers about products.
• We work with thousands of professional independent insurance brokers to provide knowledge, products and services to customers.
For more information on brokers, see page 20.
• Through our direct distribution channels, insurance products and services are provided direct to customers, either through licensed agents or
through digital distribution channels. Customers can receive detailed quotes through online tools, on mobile applications, or by phone to connect
with one of our experienced agents.
For more information on how we are continuously improving our digital experience, see page 18.
We publicly disclose our Customer Privacy Promise, which outlines what data we collect, how we use it, how we dispose of it and how
customers can exercise rights under applicable privacy legislation. In the U.K.&I these principles are encapsulated in our Privacy Notice.
In the U.S., these principles are set out in our Customer Privacy Policy and related Privacy Notices. For more information, see page 58.
Sustainability Accounting Standards Board (SASB)
Incorporation of ESG factors in SASB Metric Metric Response

investment management
FN-IN-410a.1 Total invested assets, by industry • Below is the net sectoral exposure by asset class, excluding cash, short-term notes and loans.
and asset class.
More information can be found in Section 21—Investments and capital markets of our Q4-2023 Management’s Discussion & Analysis.
Fixed-income Common shares Q4 2023 Preferred shares Q4 2023 Total portfolio2 Q4 2023
Q4 2023
securities
Energy 12% Financials 70% Government 32%
Government 38%
Financials 23% Energy 11% Financials 30%
Financials 24%
Materials 8% Utilities 12% Energy 2%
ABS and MBS 1
15%
Communications Communications ABS and MBS 12%
Other Sectors 23% 7% 6%
Services Services
Other sectors 24%
Total 100% Consumer Industrials 1%
7% Total 100%
discretionary
Total 100%
Consumer staples 10%
Industrials 10%
Utilities 13%
Information
3%
technology
Healthcare 7%
Total 100%
1 Asset-backed securities (ABS) and mortgage-backed securities (MBS).

2 Excluding cash, short-term notes and loans.
FN-IN-410a.2 Description of approach to • ESG is integrated into Intact Investment Management’s (IIM) investment policies and procedures and is part of the investment management
incorporation of ESG factors process for all our investment portfolios.
in investment management
For more information on IIM’s involvement in climate-related matters, see page 56 and the Task Force on Climate-related Financial
processes and strategies.
Disclosures section page 61.
For more information on how we manage Climate transition risk, see Section 19.2—Impact of climate change on our business of our Q4-2023
Management’s Discussion & Analysis.
Policies designed to incentivize SASB Metric Metric Response

responsible behaviour
FN-IN-410b.2 Discussion of products or product We offer products to customers to reduce their risk, enhance their resilience and have a positive impact on climate change.
features that incentivize health, safety
For more information, see the Task Force on Climate-related Financial Disclosures section page 66.
or environmentally responsible
actions or behaviours.
Physical risk exposure SASB Metric Metric Response
FN-IN-450a.1 Probable Maximum Loss (PML) With the assistance of third-party models, we model a range of natural catastrophes across all the main jurisdictions in which we operate. The
of insured products from weather- modelled aggregate 1-in-100 year probable maximum loss (PML), net of reinsurance and taxes has an incremental impact of -6.4% of BVPS above
related natural catastrophes. our expected annual catastrophe losses.
For more information, see Section 29.6—Top and emerging risks that may affect future results of our Q4-2023 Management’s
Discussion & Analysis.
FN-IN-450a.2 Total amount of monetary losses We reported current year CAT losses of $1,339 million (CAT loss ratio of 6.6%), well above expectations, driven by a multitude of weather events this
attributable to insurance pay- year. Weather losses totalled $1,141 million in 2023, and most were in our Canadian segment and attributable to multiple hailstorms, thunderstorms,
outs from (1) modelled natural and wildfires. Although we have a comprehensive catastrophe reinsurance program in place, no individual catastrophe event reached our
catastrophes and (2) non-modelled reinsurance retention threshold in 2023.
natural catastrophes, by type of
For more information, see Section 10—CAT losses and Seasonality of our Q4-2023 Management’s Discussion and Analysis.
event and geographical segment
(net and gross of reinsurance).
FN-IN-450a.3 Description of approach to For information on the incorporation of environmental risks into the underwriting process, see the Task Force on Climate-related Financial
incorporation of environmental risks Disclosures section page 68. Additionally, see Section 19, Climate Change, and Section 29.6, Top and emerging risks that may affect our
into (1) the underwriting process future results, of the Q4-2023 Management’s Discussion and Analysis.
for individual contracts and (2) the
management of entity-level risks Firm-Level Risk and Capital Adequacy: The amount of capital in any particular company or country depends upon the Company’s internal
and capital adequacy. assessment of capital adequacy in the context of its risk profile and strategic plans, as well as local regulatory requirements. The Company’s
objective is to maintain the capitalization of its regulated operating subsidiaries above the relevant minimum regulatory capital requirements in the
jurisdictions in which they operate (referred to as regulator supervisory minimum levels).
Operating targets for each jurisdiction are selected at a level that reflects our current risk appetite, market conditions, or regulatory considerations.
Capital levels are managed around the operating target, and it is expected that actual results will vary above or below that target for any single
reporting period.
For more information, see Section 24—Capital management of our Q4-2023 Management’s Discussion & Analysis.
Systemic risk management SASB Metric Metric Response
FN-IN-550a.1 Exposure to derivative instruments Under current applicable regulation, Intact is not required to post collateral with the Central Clearinghouse.
by category: (1) total potential
For more information, see Note 8—Derivative financial instruments in our Q4-2023 Financial Statements.
exposure to noncentrally cleared
derivatives, (2) total fair value of
acceptable collateral posted with
the Central Clearinghouse, and (3)
total potential exposure to centrally
cleared derivatives.
FN-IN-550a.2 Total fair value of securities lending We participate in a securities lending program to generate fee income. This program is managed by our custodian, a major Canadian financial
collateral assets. institution, whereby we lend securities we own to other financial institutions to allow them to meet their delivery commitments. We loaned securities,
which are reported as investments in the Consolidated financial statements, with a fair value of $2,631 million as at December 31, 2023 ($3,616
million as at December 31, 2022).
Collateral is provided by the counterparty and is held in trust by the custodian for our benefit until the underlying security has been returned to us.
The collateral cannot be sold or re-pledged externally by us, unless the counterparty defaults on its financial obligations. Additional collateral is
obtained or refunded on a daily basis as the market value of the underlying loaned securities fluctuates.
The accepted collateral consists of government securities representing approximately 105% of the fair value of the securities loaned as at
December 31, 2023 (105% as at December 31, 2022).
FN-IN-550a.3 Description of approach to managing Intact’s liquidity management is governed by establishing a prudent policy that identifies oversight responsibilities as well as by setting limits
capital and liquidity-related risks and implementing effective techniques to monitor, measure and control exposure to liquidity risk. Given the nature of the Intact’s P&C insurance
associated with systemic non- activities, cash flows may be volatile and unpredictable. Intact uses internal liquidity metrics to monitor and control liquidity risk within its insurance
insurance activities. subsidiaries.
Intact’s liquidity needs are rigorously managed by matching asset and liability cash flows and by establishing forecasts for cash inflows and
outflows. Intact invests in various types of assets to match them to its liabilities. This method maps the obligations towards insured clients to
asset life and performance. Intact reviews the matching status on a quarterly basis. To manage its cash flow requirements, a portion of the
Intact’s investments is maintained in short-term (less than one year) highly liquid money market securities. A large portion of the investments are
unencumbered and held in highly liquid federal and provincial government debt to protect against any unanticipated large cash requirements. In
addition, Intact also has an unsecured committed credit facility.
For more information, see our Q4-2023 Financial Statements.
Activity metric SASB Metric Metric Response
FN-IN-000.A Number of policies in force, by We have 9,363,000 personal lines policies in force.1
segment: (1) property and casualty,
(2) life, (3) assumed reinsurance.
1 Full-year 2023 Personal auto and Personal property PIF in Canada, as well as Q3 year-to-date PIF for U.K. Personal lines (the U.K. Personal lines operations were exited effective Q4-2023)
Public accountability statement
Intact Financial Corporation’s 2023 Social Impact & ESG Report is also produced and filed as a
consolidated public accountability statement required under applicable regulations. It complements the
Intact Financial Corporation Annual Report and provides an overview of activities undertaken in support
of customers, employees, community members, shareholders and governments during the fiscal year
January 1 to December 31, 2023. All dollar amounts are expressed in Canadian currency.
The Public Accountability Statement includes namely the contributions of the following subsidiaries
operating in Canada:
• Belair Insurance Company Inc. • Royal & Sun Alliance Insurance
Company of Canada
• Intact Insurance Company
• Intact Public Entities Inc.
• Novex Insurance Company
• Unifund Assurance Company
• The Nordic Insurance Company of Canada
• Western Assurance Company
• Jevco Insurance Company
• Canadian Northern Shield Insurance Company
• Trafalgar Insurance Company of Canada
• Equisure Financial Network Inc.
• On Side Developments Ltd.
• Quebec Assurance Company
• Brokerlink Inc.
• The Johnson Corporation
Comments regarding this document

may be forwarded to:
Juan Camilo Rendon
Manager, Social Impact, North America
[email protected]
1 877-341-1464, Ext. 45016
Community Workforce demographics: Canada
involvement and Number of employees per province
donations Full-time Part-time Total 2023 2022 2021
In 2023, Intact donated $11.7 million Alberta 3,197 74 3,271 3,003 2,575
across Canada, the United States
British Columbia 1,332 24 1,356 1,247 1,162
and its U.K.&I operations to 3,000
organizations. Our employees Manitoba 149 5 154 140 122
volunteered 25,500 hours to 400
New Brunswick 307 0 307 280 237
organizations in 2023. Details about
our charitable donations can be Newfoundland and Labrador 1,061 19 1,080 811 741
found on page 42.
Nova Scotia 852 18 870 1,097 998
Our social impact priorities are focused
on three areas: Ontario 8,834 166 9,000 8,612 7,738
• Ensuring our most vulnerable and Prince Edward Island 14 0 14 10 10

climate-affected communities are Quebec 6,365 494 6,859 6,357 5,802
climate-resilient.
Saskatchewan 0 0 0 0 1
• Building economically resilient
communities. Yukon 0 0 0 0 0
• Accelerating the generosity of Total 22,111 800 22,911 21,557 19,383

Intact employees.
More data on our global employees is available on pages 54 and 55.
Economic impact Debt financing

Taxes paid in Canada, on both federal and provincial levels (in thousands). Intact and its Canadian subsidiaries provide financial support for insurance
brokers in the form of loans to and/or equity investments in their business.
Income taxes Premium and fire Total taxes ($) Total taxes ($)
In 2023, we issued new loans of approximately $94 million to brokers across
($) taxes ($) Canada. The information has been consolidated to protect the identity of the
individual firms that might otherwise be identifiable.
2023 2023 2023 2022
Total ($) Total firms
Federal 277,465 – 277,465 113,004
$0 – $24,999 0 0
Newfoundland 9,771 22,874 32,645 26,092
$25,000 – 99,999 0 0
Prince Edward Island 492 1,334 1,826 1,147
$100,000 – $249,999 0 0
Nova Scotia 5,316 18,768 24,084 20,941
$250,000 – $499,999 0 0
New Brunswick 2,577 7,829 10,406 9,202
$500,000 – $999,999 3,166,157 4
Quebec 58,327 123,774 182,101 147,722
$1,000,000 – $4,999,999 22,485,160 10
Ontario 72,896 197,812 270,708 209,850
$5,000,000 & greater 68,389,527 4
Manitoba 2,114 5,585 7,699 5,259
Total 94,040,843 18
Saskatchewan 401 2,881 3,282 2,439
Alberta 34,101 93,580 127,680 103,502
British Columbia 17,179 48,280 65,459 51,592
Yukon 81 480 561 506
Northwest Territories 139 619 758 602
Nunavut 43 210 252 181
Total Provincial 203,435 524,025 727,460 579,036
Total 480,900 524,025 1,004,925 692,040
Our key locations and Service Centres in Canada include:
Alberta Ontario Pickering : Gatineau : Sainte-Hyacinthe:
955 Alliance Rd., 995, Vernon St., 17 550, Saint-Louis Av.,
Calgary : Aurora : Pickering, ON L1W 3M8 Gatineau, QC J9J 3K4 Saint-Hyacinthe, QC J2T 3H1
2220 32nd Avenue NE, 23 Allaura Blvd,
Calgary, AB T2E 6T4 Aurora, ON L4G 3N2 St. Catharines : Laval : 2450 Girouard St. West,
21 Neilson Ave., 2480 Curé-Labelle blvd., St-Hyacinthe, QC J2S 3B3
321 6th Avenue S.W., Etobicoke : St. Catharines, ON L2M 5V9 Laval, QC H7T 1R1
Calgary, AB T2P 3H3 64 Fordhouse Blvd, Trois-Rivières:
Etobicoke, ON M8Z 5X7   Toronto : Montreal : 1750 Charbonneau St.,
Edmonton : 700 University Avenue, 3020, Hochelaga St., Trois-Rivières, QC G9A 5C9
700-10830 Jasper Avenue, Hamilton : Toronto, ON M5G 0A2 Montréal, QC H1W 1G2
Edmonton, AB T5J 2B3 198, John St. S, Val-David:
Hamilton, ON L8N 2C6 Thunder Bay : 2020 Robert-Bourassa Boulevard, 2020 route 117,
British-Columbia 950 Chippewa Rd, Thunder Bay Montreal, QC H3A 2A5 Val-David, QC J0T 2N0
London : (Fort William First Nation), ON P7J 1B6
Vancouver : 1052, Brydges St., 9227 Charles de la Tour St.,
Waterloo : Montreal, QC H4N 1M4 Newfoundland
1100 – 999 West Hastings Street, London, ON N5W 2B4
Vancouver, BC V6C 2W2 165, Weber St. S, St. John’s:
Oakville : 11 700 Sherbrooke St. East,
Waterloo, ON N2J 2B1 10 Factory Ln,
Victoria : 1291, Speers Rd., Montreal, QC H1B 1C4
St. John’s, NL A1C 6H5
246-2401C Millstream Rd., Oakville, ON L6L 2X5 Quebec City:
Quebec
Victoria, BC V9B 3R5 Ottawa : 8131 Wilfrid Hamel Blvd.,
Boucherville : Nova Scotia
1837 Woodward Dr., Québec, QC G2G 0H5
Manitoba 1450 Coulomb St., Dartmouth:
Ottawa, ON K2C 0P9 1380 Central blvd.,
Boucherville, QC J4B 7K2 20 Hector Gate, Suite 200,
Winnipeg : 200 – 1111 Prince of Wales Drive, Québec, QC G1P 3Y4 Dartmouth, NS B3B 0K3
386 Broadway Ave., Suite 400, Dorval :
Ottawa, ON K2C 3T2 700-5700 boulevard des Galeries,
Winnipeg, MB R3C 3R6 2020 Transcanadienne, Suite 101,
1200 St. Laurent Blvd Unit 004A, Dorval, QC H9P 2N4 Quebec City, QC G2K 0H5
Ottawa, ON K1K 3B8
Locations
700 University Avenue
Toronto, Ontario M5G 0A1

IFC 2023 Social Impact and ESG Report - EN

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IFC 2023 Social Impact and ESG Report - EN

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Intact Financial Corporation

2023 Social Impact & ESG Report

22 Our people are engaged ESG Performance

2023 Intact Financial Corporation Social Impact & ESG Report

We’re driven by our values

Integrity Respect Customer- Excellence Generosity

We’re guided by our core belief

$22 billion in 2023. Our strong growth trajectory RSA

has been supported by successful acquisitions

Intact’s three strategic objectives steer the

3 out of 4 stakeholders Our company

Leverage our strengths to win on climate Build resilient communities

1. Performance on our 2. ESG performance:

Building resilient communities

where we can both help

the most effective way

[ 10 ] 2023 Intact Financial Corporation Social Impact & ESG Report

Our customers Our company

3 out of 4 customers are our advocates1 Being a best employer

71% 64% 67% 2023 Kincentric Best

81% 86% 84% 40% 14% of stakeholders globally recognize

[ 11 ] 2023 Intact Financial Corporation Social Impact & ESG Report

We are a customer-driven organization with

Over $14 billion

Getting our U.K. customers

“I am overdue in expressing my appreciation for the

We are focused on providing great customer service, and ensuring that

Our customers want fast, Canada U.K. Ireland

* We" or "our" in these sections refer to Canada only.

concerns were addressed. We had

never been through anything like this By measuring customer satisfaction,

before and were quite overwhelmed

adjuster never rushed or pressured

state. We both agreed that knowing

— Intact customer in Calgary, Alberta

“Learning is the key to building

techniques, the better you get at

2023 Voice of the Broker survey results

↑ Life at Intact: Chantal Harvey and Ashley MacNeil.

Our people are central to our success. That’s

We now have a global team of more than

Invest in our people

Be a best Be a destination Enable our people

Shape the future

77% 81% 58%

88% 88% 82%

“We want everyone to My manager provides the

feel that RSA is a place U.S.

where they can thrive My manager takes

and feel confident that

to outperform and grow 0 20 40 60 80 100

Transforming our competitive advantage means cultivating

We believe all employees at Intact should be able to pursue their

Diversity, equity and inclusion

Mobilizing our commitment: In 2023, some examples of how we

Canada were BPOC, of which 7% were

of Black People and People of Colour, commitments. This program

Being a most respected company involves both

Since 2010 we have committed