Mr. Rick Skauge reports

OLYMPIA FINANCIAL GROUP INC. ANNOUNCES 2023 ANNUAL RESULTS

Olympia Financial Group Inc. has released its operating and financial results for the year ended Dec. 31, 2023.

The audited financial statements and notes, as well as management's discussion and analysis, are available on SEDAR+.

Results from operations for the year ended Dec. 31, 2023, include the following (compared with operations for the year ended Dec. 31, 2022):

• Total net earnings and comprehensive income increased 69 per cent to $23.96-million from $14.15-million.
• Total revenue increased 38 per cent to $99.82-million from $72.16-million, mainly due to an increase in trust income within the investment account services division.
• Service revenue decreased 5 per cent to $47.88-million from $50.19-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 $51.94-million from $21.97-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 30 per cent to $65.41-million from $50.25-million, mainly due to increased bonuses and management fees within the investment account services division, resulting from the increased revenues.
• Earnings before income tax increased 70 per cent to $31.59-million from $18.60-million.

About Olympia Financial Group Inc.

Olympia 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, and corporate trust and transfer agency services. Olympia also provides currency exchange and global payment services through its subsidiary Olympia Currency and Global Payments Inc., and 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.

We seek Safe Harbor.