Westaim Reports Q2 2026 Results for the Quarter Ended June 30, 2026 and Leadership Update for Ceres Life Insurance Company

NEW YORK — The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) today announces its unaudited financial results for the quarter ended June 30, 2026. Westaim recorded a net loss of $81.5 million ($2.45 diluted loss per share) for Q2 2026 compared to a net loss attributable to controlling interests of $0.2 million ($0.01 diluted loss per share) for Q2 2025.

“Within our Insurance segment, we continue to experience solid support from our national distribution partners, generating $303 million of premiums during Q2 and more than $660 million of premiums issued and pending through July 31, 2026. Ceres’ invested assets increased to $445 million as of June 30, 2026, all supported by the accelerating pace of our annuity policy issuances. In particular, we are very pleased with Ceres’ AI native technology platform, which, as we scale, can automate 85% of operations and substantially scale the current volume with minimal additions to the infrastructure and employee base, positioning Ceres Life to drive higher return on equity than industry peers.

Within our Asset Management segment, we have made meaningful progress towards step-function growth in AUM 1 over the coming quarters, driven by new product lines and strategic joint partnerships. In addition, we have implemented more than $16 million worth of gross annualized run-rate savings, which we expect to become increasingly evident in our future results. These actions reflect our continued focus on aligning our cost structure with strategic priorities and driving sustainable improvement.” said Cameron MacDonald, Chief Executive Officer of Westaim.

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“We look forward to providing additional context on our AUM growth, strategic partnerships and financial outlook at our Investor Day on Thursday, September 17, 2026.”

Westaim also announced today that Deanna Mulligan, Chief Executive Officer of Ceres Life, will transition to the role of Ceres Strategic Advisor. Erik Askelsen, Chief Legal Officer of Ceres, will be promoted to President of Ceres and will be named Acting Chief Executive Officer.

“It has been an honor and a privilege to serve as Ceres Life’s CEO since its founding. As an advisor and an investor, I look forward to Ceres’ continued growth under Erik’s capable leadership,” said Ms. Mulligan.

Further, Mr. MacDonald added, “Erik joined us in 2025 with a strong leadership background in the annuity industry, having worked at Athene and American Equity. We look forward to Erik’s leadership of Ceres and wish Deanna well in her new role as Ceres Strategic Advisor.”

Chinh Chu, Executive Chairman of the Board for Westaim, added, “Deanna has been instrumental in the maturation of Ceres Life from an idea into a growing annuity platform, assembling the team, the technology and the risk framework that the business runs on today. On behalf of the Board, I want to thank her for her leadership as founding Chief Executive Officer of Ceres Life, and I am glad we will continue to have the benefit of her counsel as a Strategic Advisor.”

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