Mr. Rick Skauge reports

OLYMPIA FINANCIAL GROUP INC. ANNOUNCES SECOND QUARTER 2023 RESULTS

Olympia Financial Group Inc. has released its operating and financial results for the period ended June 30, 2023.

Results from operations for the three months ended June 30, 2023, include the following (compared with operations for the three months ended June 30, 2022):

• Total net earnings and comprehensive income increased more than 100 per cent to $5.97-million from $2.49-million.
• Total revenue increased 47 per cent to $25.10-million from $17.09-million, mainly due to an increase in trust income in the investment account services division.
• Service revenue decreased 10 per cent to $11.92-million from $13.17-million, mainly due to the decreased annual fee for the 2023 year in the investment account services division.
• Trust, interest and other income increased more than 100 per cent to $13.18-million from $3.92-million, due to higher interest rates on trust fund placements made over the previous 12 months.
• Direct and administrative expenses (excluding depreciation and amortization) increased 23 per cent to $15.93-million from $12.97-million, mainly due to higher bonuses and management fees in line with the financial performance in the investment account services division.
• Basic and diluted earnings per share attributable to shareholders of Olympia increased more than 100 per cent to $2.48 per share from $1.04 per share.

The unaudited condensed interim financial statements and notes, as well as management's discussion and analysis, are available on SEDAR+. Both historical and current information on Olympia's stock, financials, press releases, governance and more can now be found at the company's website.

About Olympia Financial Group Inc.

Olympia (OFGI) conducts most of its operations through its subsidiary Olympia Trust Company, a non-deposit-taking trust company. Olympia Trust Company is licensed to conduct trust activities in Alberta, British Columbia, Saskatchewan, Manitoba, Quebec, Newfoundland and Labrador, Prince Edward Island, New Brunswick, and Nova Scotia. Olympia Trust administers self-directed registered plan accounts, provides currency exchange and payment services, and corporate trust and transfer agency services. OFGI also offers private health service plans and information technology services to exempt market dealers, registrants and issuers through its subsidiary Olympia Benefits Inc.

Olympia's common shares are listed on the Toronto Stock Exchange under the symbol OLY.

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