Nova Q2 Report - 2023 : simplebooklet.com

5On June 22 the Board held an onsite Board meeting. The purpose of the meeting was threefold. First it was educational in nature where Ken Worsley provided his rendition of “Insurance 101” for those not so close to managing risk. Second, a review and update on the strategic plan. Six months into the formal strategic plan the Leadership Team presented an update on key metrics and environmental risks. Third, the Board and Leadership Team hosted a BBQ for all sta on the lawn of the Jarvis oce. The weather held out and it was a very successful event enjoyed by all those in attendance.YTD results show a promising sign within underwriting and investments. Although there is still room for improvements Nova is on solid ground moving forward. Our agency force has made signiﬁcant strides in the quarter with sales and the launch of a satellite oce in Tillsonburg. Several new brokers have reached out to Nova with the hopes of partnering with us as they see the tremendous eort in course correction taking place. A YTD underwriting loss of $335K is more than oset by strong investment results of $1.0M. Net income for YTD is $475K.In May 2023 FSRA held a town hall meeting to outline its new Risk Based Supervisory Framework for Insurance. Nova Mutual was well represented at this town hall. In September 2023 FSRA will be holding an education session for three Board members in Toronto to further explain the new framework. Subsequent to the quarter end, FSRA reached out as Nova Mutual has been selected to undergo an examination under the new Risk Based Supervisory Framework for Insurers (RBFS-I). A team from Nova Mutual is expected to meet with FSRA on August 16th for a Discovery meeting where FSRA will learn about Nova Mutual, the Leadership Team, the Board and our key risks.There is still much to do. Nova Mutual is on the right path, with dedicated professionals looking after our members’ best interests as a priority and keeping our promise to be there in their time of need.EXECUTIVE SUMMARY

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7UNDERWRITING In Q1-2 we have undergone an audit by FMRe with a focus on Livestock farms, insurance to value and total insured values. This will better enable them to discuss this segment with their reinsurers and provide feedback in the aggregate of those Mutual’s reviewed any issues they found. Results should be delivered in Q3. Nova also received rate indications from FMRe and there has been signiﬁcant movement from last year’s indications and the vast majority is around Catastrophe pricing. We are reviewing this data and will factor these in our upcoming pricing actions across all lines. We have engaged a 3rd party vendor (Clyde Analytics) to review our pricing models in the Personal Property segment. They have our data and will also use OMIA data to begin to build a more robust and accurate pricing model for our Personal Property portfolio including rate by peril and allowing the use of credit scoring in future iterations. As the outcomes of this work are made available it will be included in future reports. The Farm UW team saw some disruption in Q1-2 with one UW being dismissed and replaced with a new team member and we are working on standing up that relatively new team and that is progressing exceedingly well. Q3 we should be fully stood up and back to expected service levels and production. The Commercial and Personal Teams are functioning as expected and achieving on our service level agreements (SLA). The team has been out with the Business Development Manager on in-person broker visits to increase our presence and build on our strong lasting relationships. We are exploring a 3rd party vendor for upskilling sta for a regular cadence of self-service training around soft skill development and technical insurance skills. OPERATIONS

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OPERATIONSCLAIMS Q2 Claims saw 120 new claims activity. Those resulted from 120 Auto losses = $825K, 27 Habitational losses, 13 Commercial losses and 8 Farm losses totaling $1,496,771 in losses. We were fortunate to have 2 claims closed for less than reserved resulting in $357,000 in savings and a subrogation win of $25,000 and a Loss Transfer (3rd party Heavy Commercial Unit collision with our insured) cheque of $25,000 as well. Work has begun around transitioning to Cognition Plus Claims with a go live date of November 3, 2023. Much work is being done by Claims and IT to meet this aggressive date.LOSS PREVENTION The Loss Prevention team in Q2 has inspected 116 risks, an average of 1.5 inspections per business day. Given the distances traveled and Bio security restrictions on some farms this seems like an adequate number. Those 116 inspections resulted in 64 recommendations for improvements. We should see an increasing trend in the number of inspections as we have now removed a 3rd party vendor and will have our own Loss Prevention sta review Personal Lines risks where required with a view to implementing a “self-Inspection” model late 2023 as part of the enhanced implementation of MIRA360 for Personal lines risks. BUSINESS DEVELOPMENT The 2nd quarter was very busy for Business Development (BD) with discussions with 4 dierent brokers on potential new partnerships. Initial discussions were had, and data exchanged to complete due diligence. These opportunities need to be reviewed and investigated as they do not present themselves very often. More on the outcomes of these will be shared next quarter. Further BD activities with respect to in-person meetings with our existing distribution partners have resulted in an increased quote activity and building on our already strong relationships. These actions will continue and have more robust metrics around agendas, takeaways and outcomes going forward.

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9BD and an underwriter attended the Young Brokers Conference in Niagara Falls. A very well-attended function that will enable us to reach out to new and young brokers and develop relationships and brand recognition that will lead to new success going forward. AGENCY The Agent distributed volume is seeing growth from our underwriting rate taking activities and insurance to value strategy. We have begun to track the Agency workﬂows with a Customer Relationship Management tool. This will track new opportunities in terms of quote, bind, decline, or in progress data that will enable us to have a more robust view of Agent activities and trends going forward. Further Agent skill development is ongoing with Insurance Institute courses taken by Agent sta to improve their communication and sales experience. The Agent oce in Tillsonburg was prepared with branding and is now staed by Holly Vallee and seeing great trac. OMBUDSMAN/COMPLAINTS No activities were found in Q2OPERATIONS

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AGENT SUPPORT Nova created a cohesive branded look that aligns Agent Holly’s community driven mindset with Nova’s brand elements. This included exterior window signage, a custom map for the interior wall, postcards, social media ideas, swag, and signage for her door and front sidewalk.NOVA IN THE COMMUNITY Nova continued to focus on community, highlighting various team members’ engagement, and some great causes. We collaborated with team members in dierent locations on a widespread cleanup eort in support of Earth Day, and volunteering during Tim Hortons Smile Cookie week. This showcases the geographical area where we live and service, as well as encouraging a sense of teamwork while spread out. In support of Community Living Month, we donated local event passes to Community Living Access in Simcoe. We met with their Board President to chat about their services and supports and emphasize the importance of inclusion. After almost a year, we were able to follow up on an incredible story that we highlighted last year – Ryder’s Rainbow. This inspiring young community member advocated and raised funds for Norfolk County’s ﬁrst rainbow crosswalk which we ﬁlmed being installed in Simcoe.MEMBER CENTRICBy highlighting members doing amazing things, we created a connection between them and the community. Altitude Coee Roasters raises awareness and funds annually in support of Cystic Fibrosis through their Long Road to the Cure. This year, the team participated in two multi-city walkathons in one weekend which we brought attention to through a video with one of the owners.We also showcased Joy Bakery’s Tree Planting initiative. Joy Bakery is a family-owned café in downtown Simcoe who are passionate about the environment and sustainability. Each year, they plant saplings to help oset their unavoidable carbon footprint, with a goal of planting a tree for each day that they are open. This year, they planted 567 trees locally, bringing their grand total to 2319!MARKETING & BRAND

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STARTED: Risk Mgmt: Risk Review (Mid-Year) UW: Lead Subscription Process UW: NSF Process Improvements UW: New Process for Large Accounts  UW: Loss Prevention - New Personal Lines Process UW: Residential Rating Review (Phase 1)  UW: Rules Review - Phase 1: Initial Cleanup (Residential/Farm) EE: AODA Compliance  EE: New People Leader Training Program IT: Daily Reporting of Property & Claims Stats  IT: Kaspersky -> Defender IT: Network reorganization / New Firewall  Claims: Net Promoter Score (NPS) Surveys  Agency: Referral Program CONTINUED: Brand: Nova Website Redesign  UW: Rate Change Process Improvements (Farm/Residential)  EE: Education Guide  EE: Performance Management  IT: QCsolver (Vendor Management)  IT: Forge Warden (Authentication Suite)  Finance: IFRS17  Risk Mgmt: Outsourcing & Vendor Management Policy  Risk Mgmt: Business Continuity & Disaster Preparedness Plan COMPLETED: UW: Inﬂation - Yearly Update (Farm/Residential)  UW: Rate Change - Yearly Update (Farm/Residential)  UW: Auto Rate Filing - September 2023  UW: C+ Property - Production Support  UW: MIRA360 - Form Letters  UW: D&O Wording Changes  UW: HSB Product Changes (Home Systems Protection & Service Line)  UW: GRC (Guaranteed Rebuilding Cost) Changes  UW: C+ DPR (Driver Performance Record)  UW: CyberSuite Product Changes (Phase 1 - Discovery)  Brand: Community Initiative #1 - Altitude Coee Roasters  Brand: Redesign Agent Employment Contract  Brand: Community Initiative #2 - Joy Bakery (Tree Planting Initiative)  Brand: Community Initiative #3 - Community Living  Brand: Community Initiative #4 - Nourish Norfolk  Risk Mgmt: Annual Statement on Market Conduct (ASMC)*  EE: Job Description Updates  EE: Vacation Policy  EE/Finance: New HRIS Payroll Software (Phase 1 - Vendor Selection)  IT: Cognition+ 6.0 Release  IT: Forge Rubble (IBS DB Integration)  IT: 365 Business Premium Transfer (Oce 365 Licencing)  IT: Jarnova-FSPS shutdown/move printers  IT: Altaro from Veeam (Backup)  IT: Penetration Testing  Claims: PPSA Billing Contract PROJECTS AT A GLANCE - Q2 2023 NEW3 Maintenance/Support46

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15STARTING: UW: War & Civil War Exclusion Clause Endorsement  UW: Cyber Exclusion  UW: Residential Wording Changes (Phase 2 & 3) UW: CyberSuite Product Changes (Phase 2 - Sta Training) Brand: Community Initiative - Community Volunteer Fireﬁghters  EE: Field Guide Overhaul  EE: Team Building Event  EE: Salary Band Review  EE: Merit  EE/Finance: New HRIS Payroll Software (Phase 2 - Implementation)  Claims: Cognition+ Implementation  IT: Shared Drives to SharePoint CONTINUING: UW: New Process for Large Accounts  UW: Loss Prevention - New Personal Lines Process  UW: Residential Rating Review (Phase 1)  UW: Rules Review - Phase 1: Initial Cleanup (Residential/Farm)  Brand: Nova Website Redesign  EE: Performance Management  EE: AODA Compliance  EE: New People Leader Training Program  EE: Education Guide  IT: QCsolver (Vendor Management)  IT: Forge Warden (Authentication Suite)  IT: Kaspersky -> Defender  IT: Network reorganization / New Firewall  Finance: IFRS17  Risk Mgmt: Outsourcing & Vendor Management Policy  Risk Mgmt: Business Continuity & Disaster Preparedness Plan  Risk Mgmt: Risk Review (Mid-Year)  Agency: Referral Program PROJECTS AT A GLANCE - Q3 2023 NEW3 Maintenance/Support27

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OVERVIEWEective January 1, 2023, the new international accounting standard IFRS 17 came into play. The ﬁnancial results presented are reﬂective of the new accounting standards using the new presentation basis and also the old presentation basis for ease of understanding.As expected, gross premiums written of $18.6M were down from the prior year and plan YTD primarily a result of the cancellation of six brokers in the fall of 2022. For the quarter premiums were solid with GWP of $10.4M, slightly lower than Q2 2022. Excluding the cancelled brokers, YTD GWP is up 5% over the prior year. • General expenses in Q2 were slightly higher compared to Q2 2022 and lower than plan. YTD General expenses of $3.3M are 8% lower than plan and 5% above 2022 YTD. • YTD Underwriting loss of $335K is lower than YTD 2022 and higher than plan. • The YTD Combined Ratio is 102.3% (97.6% Q2 2022). • Market volatility in Q2 resulted in lower investment returns than expected but signiﬁcantly better than the prior year. YTD Net Investment income of $973K is higher than budget and prior year (-$1.4M YTD Q2 2022). • Overall YTD net income of $475K, was driven by solid underwriting and investment performance. FINANCIAL RESULTS Q2 YTD 2023

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19FINANCIAL RESULTS Q2 YTD 2023DISTRIBUTIONThe chart below represents the year-over-year change in premiums by product, by distribution channel. In 2023, the cancellation of six brokers is impacting the brokers’ new business sales.AGENT Q2 2023 YTD BROKER Q2 2023 YTDWritten Premium New Business Renewal Written Premium New Business RenewalAutomobile +5% +223% -1% -10% -15% -9%Commercial +17% +30% +16% -12% -24% -10%Agribusiness +9% +277% +8% +14% -61% +34%Garage Auto — — — -7% -100% -25%Residential +15% -50% +17% -7% -70% -0%Total +10% +77% +8% -5% -43% +1%The agency channel is in a growth mode with 1 additional agent over 2022 and recruiting plans for another in Q3 of 2023. Additional support has been provided to the sales team with the addition of Ken Poort, our new Business Development Manager. We continue to have an emphasis on ensuring the correct focus, attention, and service to meet our members’ needs. YTD premiums from the agency channel are up 10% from the prior year and new business is up 77% for the same period. Renewal premiums are up 8% which includes the current inﬂation factor on residential properties. YTD premiums sourced through the Broker channel are down 5% from the prior year with new business down 43% over the same period. Broker consolidation continues industry wide. Recently, McDougall Insurance purchased McFarlan Rowlands Insurance, Nova’s largest broker by GWP. While this did not help our concentration risk with 2 large brokers accounting for over 50% of the book of business, this transaction did, however, provide Nova Mutual an opportunity to start discussions with the parent company, McDougall Insurance, to investigate a new Broker contract for both McFarlan and McDougall insurance to include additional locations in Eastern Ontario, expanding the geographic area we operate in. Overall renewal premiums are performing well, up 2% from the same period last year.

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FINANCIAL RESULTS Q2 YTD 2023 GROSS CLAIMSThere were 201 new claims reported in Q2 with an average gross claim cost of $6K (YTD 399 new claims, $19K average). YTD Claims count activity is down 5.8% year over year. Gross incurred claims in Q2 were $2.3M lower than the previous year (YTD $2.1M lower than prior year). Frequency is up but severity is down year over year resulting in Net Claims incurred YTD being $248K higher than the prior year. On a YTD basis Nova paid $9.3M to settle outstanding claims and incurred new claims and reserve adjustments of $7.9M. In the quarter there were no claims over $500K. YTD there is only 1 claim over $500k for a commercial property ﬁre, with policy inception year of 2021 (total incurred cost of $540K). Compared to Q2 last year, there was 1 agribusiness claim with an incurred cost of $1M from a policy with an inception year of 2021. When looking at total gross claims incurred in Q2 2023, $451K or 12% of all gross claims incurred came from 2022 and 2023 new business (YTD $738K and 8.8%).The Q2 YTD fully allocated Claims ratio of 58.4% is lower than Plan of 66.7% and higher than the prior year of 56.9%CLAIMS RATIOSThe chart below shows pure loss ratios1 YTD by line of business.YTD TOTAL YTD AGENT YTD BROKER2023 2022 2023 2022 2023 2022Automobile 41.3% 75.6% 50.4% 57.4% 39.1% 79.9%Commercial 45.9% 28.4% 20.1% 4.7% 47.0% 29.4%Agribusiness 46.8% 55.4% 25.1% 18.4% 50.0% 61.2%Garage Auto 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%Residential 44.3% 70.0% 23.7% 45.6% 48.9% 75.1%Total 44.4% 58.6% 33.7% 42.6% 46.1% 61.2%1 Excludes Reinsurance, IBNR’s, Internal Adjusting Expenses, and Allocated Expenses.

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FINANCIAL RESULTS Q2 YTD 2023 INVESTMENTSYTD net investment income was $973K (Q2 $37K due to poor mar-ket performance in the quarter). The results are above Plan by 12% and prior year 166%. The Q2 YTD return on investments was 4.3% net of fees. Q1 saw excellent performance in the markets, Q2 saw minimal market change. While there is still market volatility, the markets are trading in positive territory. The Bank of Canada’s overnight lending rate as of July 12th is now at 5%. GICs in our portfolio continue to reinvest maturities at increasingly higher long term interest rates.As at June 30, 2023, the market value of investments under manage-ment with PH&N is $34.5M representing 83.5% of the total investment portfolio. Broker loans are in good standing. YTD income is $17.2K. Balloon prin-cipal payments were made as scheduled on the two Broker loans on March 31st.INVESTMENT MIXMCT SCOREThe MCT (Minimum Capital Test) score is a regulatory measure of ﬁnancial strength. This test compares the company’s capital against the risk proﬁle of the organization. The regulatory minimum MCT score is set at 150% while the company’s internal target is set at 300%. The MCT score for Q1 2023 was 398.8%. Given IFRS 17 and additional changes to the P&C1, it is unclear what the MCT score will be as at June 30, 2023. The MCT for Q4 2022 was 360.77%ROI4.3%Investments$41.3MOther 0.2%Global Equities4.3%GICs 6.2%CommercialLoans6.5%Canadian Equities16.4%Bonds 59.1%Real Estate 7.3%

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23Actuals Plan Prior Year Var to Plan Var to Prior Year %'g Change Plan %'g Change PY Full Year Plan Gross Written Premiums - Residential4,882,636 4,892,158 5,036,346 (9,522) (153,710) 0%-3%10,117,175 Gross Written Premiums - Commercial4,223,159 4,679,962 4,746,730 (456,803) (523,571) -10%-11%9,365,041 Gross Written Premiums - Farm4,499,087 4,560,093 3,957,451 (61,006) 541,636 -1%14%8,303,926 Gross Written Premiums - Auto 5,017,877 5,171,806 5,404,117 (153,930) (386,240) -3% -7% 10,122,529 Gross Written Premiums18,622,759 19,304,020 19,144,644 (681,261) (521,885) -4%-3%37,908,670 Property - Excess of Loss1,178,117 785,602 807,931 392,515 370,187 50%46%1,626,344 Property - Catastrophe567,915 432,142 444,425 135,772 123,490 31%28%894,063 Auto - Excess of Loss974,637 852,419 876,647 122,218 97,990 14%11%1,774,589 Liability - Excess of Loss171,342 172,211 177,106 (869) (5,763) -1%-3%349,198 Equipment Breakdown Ceded205,750 213,818 219,895 (8,068) (14,145) -4%-6%396,326 Facultative Property Ceded74,782 96,459 99,200 (21,677) (24,418) -22%-25%130,410 Excess/Umbrella Liability Ceded197,097 217,909 224,103 (20,812) (27,006) -10%-12%337,075 D & O Liability Ceded17,336 11,970 12,310 5,366 5,026 45%41%28,460 Farmers' Accident Ceded406 378 388 28 17 7%4%756 Reinsurance Premiums Ceded3,387,381 2,782,907 2,862,004 604,475 525,377 22%18%5,537,221 Net Premiums Written15,235,377 16,521,113 16,282,640 (1,285,736) (1,047,263) -8%-6%32,371,449 Change in Unearned Premiums (Inc)/Dec (576,198) (3,713,358) (1,680,218) 3,137,160 1,104,020 -84%-66%(1,895,434) Net Premiums Earned14,659,180 12,807,755 14,602,422 1,851,424 56,758 14%0%30,476,016 PAP Service Fees249,631 232,058 244,651 17,573 4,981 8%2%473,879 PAP NSF Fees8,319 5,167 5,448 3,152 2,872 61%53%12,281 Agricorp Reinsurance Programme- - - - - - Catastrophe Reinsurance Programme - - - - - - Service Charges257,951 237,225 250,098 20,726 7,852 9%3%486,160 Total Revenue14,917,130 13,044,980 14,852,520 1,872,150 64,610 14%0%30,962,176 Gross Claims Incurred8,791,606 10,046,836 10,898,622 (1,255,230) (2,107,016) 12%19%19,729,683 Claims Recovered234,160 1,507,025 2,589,013 (1,272,866) (2,354,853) 84%91%2,959,452 Net Claims Incurred8,557,446 8,539,811 8,309,609 17,636 247,837 0%-3%16,770,231 Commissions3,310,415 3,161,841 2,952,689 148,574 357,726 -5%-12%6,209,131 Premium Taxes (Excl. Income & Real Estate) 57,681 56,598 50,167 1,083 7,514 -2% -15% 111,145 Other Expenses- - - - #VALUE!General Expenses3,326,580 3,610,515 3,182,580 (283,935) 144,000 8%-5%7,001,386 Total Expenses6,694,676 6,828,954 6,185,436 (134,278) 509,239 2%-8%13,321,662 Underwriting Income/(Loss) (334,992) (2,323,784) 357,475 1,988,792 (692,467) -86% -194% 870,284 Investment Income1,048,220 959,687 (1,387,328) 88,533 2,435,548 9%-176%1,919,374 Realized Gains- - - - - - Investment Fees 75,239 92,801 79,068 (17,561) (3,829) -19% -5% 185,602 Net Investment Income 972,980 866,886 (1,466,396) 106,094 2,439,376 12% -166% 1,733,772 Other Revenue and Expenses8,911 - 446,189 8,911 (437,278) -98%- Income/(Loss) before Taxes646,899 (1,456,898) (662,733) 2,103,797 1,309,632 -144%-198%2,604,056 Current Taxes171,429 (386,078) (175,624) 557,507 347,053 -144%198%690,075 Deferred Taxes- - - - - - Income Taxes171,429 (386,078) (175,624) 557,507 347,053 -144%198%690,075 Net Income/(Loss)475,470 (1,070,820) (487,108) 1,546,290 962,579 -144%-198%1,913,981 Nova Mutual Insurance CompanyStatement of Income YTD June 2023

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Actuals Plan Prior Year Var to Plan Var to Prior Year %'g Change Plan %'g Change PY Gross Premiums Written18,622,759 19,304,020 19,151,990 (681,261) (529,231) -4%-3%Reinsurance Assumed- - - - Dec (Inc) in Unearned Premiums(576,198) (3,713,358) (1,679,842) 3,137,160 1,103,644 -84%-66%Service Charges257,951 237,225 250,098 20,726 7,852 9%3%Other- Revenue from PAA Contracts18,304,512 15,827,887 17,722,246 2,476,625 582,266 16%-65%Revenue from GMM Contracts (excluding VFA contracts)- Revenue from VFA Contracts- Total Insurance Revenue18,304,512 15,827,887 17,722,246 2,476,625 582,266 16%-65%Gross Claims and Adjustment Expenses8,791,606 10,053,836 10,932,956 (1,262,230) (2,141,350) -13%-20%Gross Commissions3,310,415 2,939,841 2,009,747 370,574 1,300,667 13%65%Taxes57,681 52,598 47,076 5,083 10,605 10%23%Other Acquistion Expense- - - - General Expenses1,423,628 3,179,892 2,453,033 (1,756,264) (1,029,405) -55%-42%Insurance service expenses13,583,329 16,226,167 15,442,813 (2,642,838) (1,859,483) -16%26%Reinsurance Ceded3,387,381 2,782,907 2,862,004 604,475 525,377 22%18%Reinsurer's Share of Claims & Adj. Exp(234,160) (1,507,025) (2,589,013) 1,272,866 2,354,853 -84%-91%Net expenses from reinsurance contracts held3,153,222 1,275,881 272,991 1,877,340 2,880,230 147%-73%INSURANCE SERVICE RESULT1,567,961 (1,674,161) 2,006,442 3,242,122 (438,481) -194%-18%Interest revenue on financial assets not measured at FVTPL- - 972,980 866,886 (1,466,313) 106,094 2,439,294 12%-166%- - Provision for Credit Losses- Investment Return972,980 866,886 (1,466,313) 106,094 2,439,294 12%-166%Net finance income (expenses) from segregated fundsMovement in investment contract liabilitiesNET INVESTMENT RESULT972,980 866,886 (1,466,313) 106,094 2,439,294 12%-166%Other Income8,911 446,189 8,911 (437,278) -98%Share of Net Income (Loss) of Equity Accounted Investees- - General and Operating Expenses1,902,952 389,623 1,776,910 1,513,330 126,042 388%7%OTHER INCOME AND EXPENSES(1,894,042) (389,623) (1,330,721) (1,504,419) (563,320) 386%42%PROFIT (LOSS) BEFORE TAXES646,899 (1,196,898) (790,592) 1,843,797 1,437,492 -154%-182%Current Taxes171,429 (317,078) (175,624) 488,507 347,053 -154%-198%Deferred Taxes- - 73,119 - (73,119) -100%Total Income Taxes171,429 (317,078) (102,505) 488,507 273,934 -154%-267%PROFIT (LOSS) AFTER TAXES475,470 (879,820) (688,087) 1,355,290 1,163,558 -154%-169%Discontinued Operations (net of Income Taxes of $______)NET INCOME (LOSS) FOR THE YEAR475,470 (879,820) (688,087) 1,355,290 1,163,558 -154%-169%Net investment income - segregated fundsNet finance income (expenses) from insurance contracts excluding Net finance income (expenses) from reinsurance contracts heldNova Mutual Insurance Company2023 Statement of Income (YTD) - IFRS 17 YTD June 2023 Net investment income excluding segregated funds

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25Actuals Plan Prior Year Var to Plan Var to Prior Year %'g Change Plan %'g Change PY Gross Premiums Written18,622,759 19,304,020 19,151,990 (681,261) (529,231) -4%-3%Reinsurance Assumed- - - - Dec (Inc) in Unearned Premiums(576,198) (3,713,358) (1,679,842) 3,137,160 1,103,644 -84%-66%Service Charges257,951 237,225 250,098 20,726 7,852 9%3%Other- Revenue from PAA Contracts18,304,512 15,827,887 17,722,246 2,476,625 582,266 16%-65%Revenue from GMM Contracts (excluding VFA contracts)- Revenue from VFA Contracts- Total Insurance Revenue18,304,512 15,827,887 17,722,246 2,476,625 582,266 16%-65%Gross Claims and Adjustment Expenses8,791,606 10,053,836 10,932,956 (1,262,230) (2,141,350) -13%-20%Gross Commissions3,310,415 2,939,841 2,009,747 370,574 1,300,667 13%65%Taxes57,681 52,598 47,076 5,083 10,605 10%23%Other Acquistion Expense- - - - General Expenses1,423,628 3,179,892 2,453,033 (1,756,264) (1,029,405) -55%-42%Insurance service expenses13,583,329 16,226,167 15,442,813 (2,642,838) (1,859,483) -16%26%Reinsurance Ceded3,387,381 2,782,907 2,862,004 604,475 525,377 22%18%Reinsurer's Share of Claims & Adj. Exp(234,160) (1,507,025) (2,589,013) 1,272,866 2,354,853 -84%-91%Net expenses from reinsurance contracts held3,153,222 1,275,881 272,991 1,877,340 2,880,230 147%-73%INSURANCE SERVICE RESULT1,567,961 (1,674,161) 2,006,442 3,242,122 (438,481) -194%-18%Interest revenue on financial assets not measured at FVTPL- - 972,980 866,886 (1,466,313) 106,094 2,439,294 12%-166%- - Provision for Credit Losses- Investment Return972,980 866,886 (1,466,313) 106,094 2,439,294 12%-166%Net finance income (expenses) from segregated fundsMovement in investment contract liabilitiesNET INVESTMENT RESULT972,980 866,886 (1,466,313) 106,094 2,439,294 12%-166%Other Income8,911 446,189 8,911 (437,278) -98%Share of Net Income (Loss) of Equity Accounted Investees- - General and Operating Expenses1,902,952 389,623 1,776,910 1,513,330 126,042 388%7%OTHER INCOME AND EXPENSES(1,894,042) (389,623) (1,330,721) (1,504,419) (563,320) 386%42%PROFIT (LOSS) BEFORE TAXES646,899 (1,196,898) (790,592) 1,843,797 1,437,492 -154%-182%Current Taxes171,429 (317,078) (175,624) 488,507 347,053 -154%-198%Deferred Taxes- - 73,119 - (73,119) -100%Total Income Taxes171,429 (317,078) (102,505) 488,507 273,934 -154%-267%PROFIT (LOSS) AFTER TAXES475,470 (879,820) (688,087) 1,355,290 1,163,558 -154%-169%Discontinued Operations (net of Income Taxes of $______)NET INCOME (LOSS) FOR THE YEAR475,470 (879,820) (688,087) 1,355,290 1,163,558 -154%-169%Net investment income - segregated fundsNet finance income (expenses) from insurance contracts excluding Net finance income (expenses) from reinsurance contracts heldNova Mutual Insurance Company2023 Statement of Income (YTD) - IFRS 17 YTD June 2023 Net investment income excluding segregated fundsActuals Prior Year Var to Prior Year Cash5,072,506 4,129,315 943,191 Accrued Investment Income80,985 63,369 17,616 Investments 41,349,747 39,756,121 1,593,626 Total Cash & Investments46,503,238 43,948,804 2,554,434 Amounts due from Brokers10,636,726 10,928,242 (291,516) Amounts due from Farm Mutal re110,954 250,098 (139,144) Amounts due from Facility- - - Other Receivables- - - Income Taxes Receivable- - - Suspense(95,982) (27,327) (68,654) Allowance for Doubtful Accounts(20,000) (20,000) - Prepaid Expenses64,961 38,433 26,528 Q/S & Residual Market Receivable(11) (2,336) 2,324 Unpaid Claims & Adjustment Expenses7,392,060 14,832,787 (7,440,726) - - - Own use Real Estate - 33 Park Road- - - Own use Real Estate - 35 Talbot Street543,972 554,459 (10,487) Parking Lot748 1,497 (749) Own Real Eatate - Total544,721 555,956 (11,235) Equipment - 33 Park Road- - - Equipment - 35 Talbot Street287,084 292,807 (5,723) Automobiles0 1,474 (1,474) Equipment & Other Assets287,084 294,281 (7,197) Property, Equipment & Other Asstes831,804 850,237 (18,433) Future Income taxes249,100 253,900 (4,800) - Deferred Expenses4,252,166 3,657,804 594,362 Other Assets- 1,054,667 (1,054,667) Total Assets69,925,016 75,765,309 (5,840,292) Due to FMRP(519,921) (249,430) (270,490) Due to Facility(119,721) (115,861) (3,860) Amounts due to Other Insurers(639,642) (365,291) (274,350) Accrued Expenses690,442 584,685 105,758 R.S.T Payable117,655 113,548 4,106 H.S.T. Payable - Salvage Value100,439 64,939 35,501 H.S.T. Recoverable - Salvage(7,566) (7,566) - H.S.T Payable4,063 4,063 - H.S.T Recoverable(154) (154) - Premium Taxes Payable12,055 11,296 758 Future Income Tax Liability383,315 - 383,315 Income Taxes Payable(506,260) (1,203,117) 696,856 Total Payable154,347 (797,597) 951,944 Unearned Premiums18,258,151 18,504,527 (246,376) Unpaid Claims23,474,972 31,776,681 (8,301,709) Total Liabilities41,887,470 49,483,611 (7,596,141) Policyholders' Equity28,037,547 26,281,698 1,755,849 Total Liabilites and Policyholder Equity69,925,016 75,765,309 (5,840,292) Nova Mutual Insurance CompanyBalance Sheet YTD June 2023

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Nova Mutual Insurance Company2023 Statement of Financial Position - IFRS 17JunASSETSCash and Cash Equivalents5,072,506 Accrued Investment Income80,985 Asset for Insurance Acquisition Cash FlowsInvestments excl Investment PropertiesTotal Investments - Line 1938,330,656 Minus Investment Real EstateEquity Accounted InvesteesFinancial Instrument Derivative AssetsInsurance Contract Assets Recoverables - UEPR, Claims, OtherClaim recoveries reinsurer7,392,060 Payables to Other Insurers(519,921) Receivables from Reinsurer110,943 Reinsurance Contract Held Assets - Recoverables8,022,924 Investment Properties3,019,091 Property and Equipment831,804 Deferred Tax Assets(134,215) Other Assets- Other Assets(31,021) Other ReceivablesTOTAL ASSETS55,192,731 LIABILITIES:Provisions, Accruals and Other Liabilities690,442 Liabilities held for saleCurrent Tax Liabilities(506,260) Encumbrances on Real Estate & Mortgage LoansFinancial Instrument Derivative LiabilitiesInsurance Contract Liabilities Insurance Contract Liabilities – Excluding Segregated FundsAssetDeferred Policy Acquistion Expenses4,252,166 Insurance Accounts Receivable10,616,726 Ceded Unpaid ClaimsLiabilitiesInsurance Payables (taxes)226,492 Due to Facility(119,721) Gross Unearned Premiums18,258,151 Gross Unpaid Claims23,474,972 Total Insurance Contract Liabilities 26,971,002 Total Reinsurance Contract Held Liabilities Liabilities before Policyholders' Liabilities27,155,184 Policyholders' LiabilitiesResidual Interest (Non-Stock)Total Policyholders' LiabilitiesTOTAL LIABILITIES27,155,184 EQUITYPolicyholders' EquityNon-Participating Account - Accumulated OCI (Loss) 28,037,547 Total Policyholders' Equity28,037,547 Non-controlling InterestsTotal Equity28,037,547 TOTAL LIABILITIES AND EQUITY55,192,731

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