DEFINITY FINANCIAL CORPORATION RELEASES 2022 ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) REPORT, CLIMATE REPORT, AND PUBLIC ACCOUNTABILITY STATEMENT

WATERLOO, ON, May 16, 2023 /CNW/ - Definity Financial Corporation (TSX: DFY) has released its 2022 Environmental, Social, and Governance (ESG) Report. This report is accompanied by Definity's 2022 Climate Report and follows the 2022 Public Accountability Statement. All three reports are available on the Definity website.

Definity is committed to its purpose of building a better world by helping clients and communities adapt and thrive. This purpose underlies enterprise goals to create positive change for the environment, Definity employees, and the communities where we live and work, now and in the future. The three reports released today demonstrate the considerable progress made across Definity in the organization's first full year as a public company to drive positive change and business value by effectively managing ESG risks and opportunities.

• The 2022 Environmental, Social, And Governance Report offers insights into the company's continued proactive approach to environmental, social, and governance issues that matter most to its stakeholders and business
• The 2022 Climate Report, in response to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), details the commitment and progress Definity has made to managing climate change risks and opportunities, including ongoing initiatives to reduce the emissions associated with operations and investment portfolios to net zero by 2040 or sooner
• The 2022 Public Accountability Statement details Definity's contributions to the Canadian economy and society, and highlights the company's continued investment in the well-being of our communities to create measurable social impact

Rowan Saunders, President and CEO of Definity says:

"We believe that as a responsible corporate citizen, we must embrace environmental sustainability, foster a culture of collaboration, and invest in the well-being of our communities to be truly reflective of our customers across Canada and the values we uphold. In 2022, Definity built on the momentum detailed in our inaugural ESG Report by thoughtfully embedding ESG into our business and making an impact in the communities where we live and work."

Key Highlights from the 2022 ESG Report

• Increased inclusion and belonging index results by 6 percentage points year-over-year to 87%, a measure of whether employees feel they can bring their true selves to work.
• Contributed over $2.9 million in charitable donations, including $2.3 million to the Definity Insurance Foundation to be granted to qualified donees.
• Established an ethical data usage framework that includes bias and fairness assessments for applications of artificial intelligence (AI), machine learning, and other predictive modelling at Definity
• Introduced a new Supplier Code of Conduct that incorporates ESG factors in vendor selection
• Established a partnership with Bullfrog Power to inject renewable energy onto Canadian power grids and national pipeline network equivalent to Definity's total electricity consumption, and natural gas consumption from owned facilities
• Achieved a 10% reduction in Scope 1 and 2 greenhouse gas emissions (market-based) year-over year, and a 35% reduction relative to 2019.

ABOUT DEFINITY FINANCIAL CORPORATION

Definity Financial Corporation ("Definity", which includes its subsidiaries where the context so requires) is one of the leading property and casualty insurers in Canada, with over $3.7 billion in gross written premiums for the 12 months ended March 31, 2023 and over $2.6 billion in equity attributable to common shareholders as at March 31, 2023.

FORWARD LOOKING STATEMENTS

 This news release contains "forward-looking information" within the meaning of applicable securities laws in Canada, which reflects Definity's current expectations regarding future events, including statements concerning the initiatives to be taken by Definity in relation to operations and investments with a view to reducing emissions as well as achieving net-zero emissions and the timing thereof; and Definity's partnership with a third-party organization with a view to injecting renewable power into Canadian power grids equivalent to certain consumption by Definity. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Definity's control. These assumptions, risks and uncertainties are detailed in the "Cautionary Statements About Forward-Looking Information" sections in the 2022 ESG Report and the 2022 Climate Report. Actual results could differ materially from those projected herein. Definity does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

SOURCE Definity Financial Corporation

Media inquiries: Sarah Attwells, AVP, Corporate Affairs, (C) 226-753-1130, [email protected]; Investor inquiries: Dennis Westfall, Head, Investor Relations, (C) 416-435-5568, [email protected]