Unlocking a Multi-Billion Dollar Market with Life, Creditor, and Disability Coverage for Mortgage Clients Toronto, ON (Sept.28, 2024) – Pineapple Financial Inc., a leading Canadian fintech platform, is thrilled to announce the official launch of Pineapple Insurance, a transformative new business vertical that is designed to unlock significant growth potential for the company.This development not only allows Pineapple to tap into Canada’s multi-billion dollar insurance market but also offers clients a more personalized, comprehensive financial solution that integrates seamlessly with their mortgage needs.

Pineapple Insurance is expected to become a cornerstone of the company’s future revenue streams by delivering enhanced customer value and protection.The launch of Pineapple Insurance marks a pivotal moment in the company’s evolution, fueled by strategic capital deployment from the proceeds of Pineapple’s IPO in November 2023.This initiative has been in development for over a year, and now, investors can see their capital being directed toward long-term, high-impact growth.

The introduction of life, creditor, and disability insurance is not only a natural extension of Pineapple’s integrated financial services platform but also a critical move to capture a share of Canada’s growing insurance market, which generated $122 billion CAD in premiums in 2022 alone.A Multi-Billion Dollar Opportunity: The Canadian life and health insurance sector is forecasted to grow at an annualized rate of 4.5% through 2027, with increasing demand driven by economic uncertainty, rising personal debt, and consumer desire for financial security.By integrating insurance solutions into the mortgage process, Pineapple stands to benefit from a market where over 700,000 new mortgages are issued annually in Canada, alongside the 47% of mortgages expected to renew in the next three years.

This creates an immense opportunity to cross-sell insurance products and expand revenue with every mortgage transaction.Pineapple Insurance offers a more comprehensive and personalized solution to its mortgage clients, allowing them to choose coverage that fits their unique financial and personal needs, whether it’s life, creditor, or disability insurance.By integrating this offering into the mortgage process, Pineapple provides clients with a seamless, all-in-one solution, simplifying their financial decision-making and ensuring they are fully protected.

This initiative enables the company to capture premium revenue from its existing client base of thousands of mortgage holders and prospects, positioning Pineapple to drive both retention and new sales.Moreover, by offering tailored solutions, Pineapple strengthens the client relationship, ensuring that each individual receives the most relevant and valuable coverage.“We’ve been building towards this launch for over a year, and we’re beyond excited to finally share it with our investors and clients,” said Kendall Marin, President and COO of Pineapple Financial.

“We believe Pineapple Insurance is a game-changer.By offering in-house life, creditor, and disability insurance, we’re not only meeting a regulatory requirement but enhancing the value we provide to clients-while adding a potential highly lucrative revenue stream for our business.” The Strategic Impact for Investors: A Fully Integrated Financial Ecosystem: Pineapple Insurance adds a vital layer to Pineapple’s tech-enabled financial services platform, allowing the company to offer truly end-to-end solutions to clients.As a licensed Managing General Agent (MGA) operating in Ontario, Manitoba, British Columbia, and Alberta, Pineapple is now positioned to provide mortgage, insurance, and financial advice all through one platform-offering clients convenience and peace of mind.

This full-service model positions Pineapple as a leader in the Canadian mortgage and financial services industry, capable of retaining clients and generating long-term recurring revenue by offering a broad array of financial products.Sources Canadian Life and Health Insurance Association (CLHIA) report, 2022.Source: CMHC’s Canadian Housing Survey, 2021.

About Pineapple Insurance Pineapple Insurance Inc., a wholly owned subsidiary of Pineapple Financial Inc., offers a wide range of insurance products, including life insurance (term and permanent), creditor insurance, critical illness insurance, and disability insurance.Licensed as an MGA, Pineapple Insurance is dedicated to providing comprehensive financial protection to clients across Canada, ensuring that every mortgage client has access to personalized and secure coverage.About Pineapple Financial Inc.

Pineapple Financial Inc.(NYSE American: PAPL) is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokerages, as well as the overall experience of homeowners.With approximately 700 brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home.

Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.Forward-Looking Statements Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s proposed Offering.These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed.

Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions.The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC.

Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.Tags: launch, Pineapple