#1HEALTHIER, LONGER, AIR BETTER LIVES 2020 ANNUAL RESULTS PRESENTATION 12 March 2021#2Disclaimer AIA This document ("document") has been prepared by AIA Group Limited (the "Company") solely for use at the presentation held in connection with the announcement of the Company's financial results (the "Presentation"). References to "document" in this disclaimer shall be construed to include any oral commentary, statements, questions, answers and responses at the Presentation. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information and opinions contained herein are subject to change without notice. The accuracy of the information and opinions contained in this document is not guaranteed. 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These forward-looking statements reflect the Company's views as of the date of the Presentation with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to the date of the Presentation. This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. 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Throughout this document, in the context of our reportable market segments, Hong Kong refers to operations in Hong Kong Special Administrative Region and Macau Special Administrative Region, Singapore refers to operations in Singapore and Brunei, and Other Markets refers to operations in Australia (including New Zealand), Cambodia, India, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam. 2#3Agenda 1 2 3 BUSINESS HIGHLIGHTS Lee Yuan Siong, Group Chief Executive and President FINANCIAL RESULTS Garth Jones, Group Chief Financial Officer STRATEGIC PRIORITIES Lee Yuan Siong, Group Chief Executive and President 4 Q&A HEALTHIER, LONGER, AIA BETTER LIVES#4HEALTHIER, LONGER, AIA BETTER LIVES 健康长久好生活 AIA 友邦保险 Business Highlights Lee Yuan Siong Group Chief Executive and President AIA AIA AIR ΓΙΑ ENHAM 1 年超级波 2020邦保险结 YOJITHS SUPERSOAL AIA AIA AIA AI AIA AIA AIA TOITENAM TOTTENHA HOISPWI ALA ALA AIA AIA AIA TENHAM AIA AIA AA Al AIA#52020 Strong Performance in Unprecedented Environment Growth Earnings VONB $2,765m (33)% OPAT $5,942m +5% Capital & Dividends UFSG $5,843m +7% EV Equity $67.2b +3% Shareholders' Allocated Equity $48.0b +9% Final Dividend Per Share 100.30 HK cents +7.5% AIA 5#6Very Strong VONB Momentum as COVID-19 Restrictions Eased ◉ Notes: (1) (2) (3) Mainland China Monthly Average VONB +20% Rest of Group Monthly Average VONB +66% AIA Total Group VONB +15% Lockdown (1) Post-lockdown (2) 2019 2020(3) Largest contributor to Group in 2020 Lockdown (1) Post-lockdown (2) Jan-Feb 2020 2019 2020 Hong Kong MCV sales effectively on hold from Feb 2020 due to border restrictions Peak lockdown in Feb to Mar 2020 Momentum improved from Apr 2020 ■ Excellent recovery in rest of Group post-lockdown Jan-Feb 2021 Successful start to 2021 as a group Very strong Mainland China VONB growth in first two months of 2021 Lockdown refers to the initial lockdown (Feb-Mar for Mainland China; Feb-May for Hong Kong; Apr-Jul for Thailand; Mar-Jun for Malaysia; Apr-Jun for Singapore and Other Markets) Post-lockdown refers to the period subsequent to the initial lockdown (Apr-Dec for Mainland China; Jun-Dec for Hong Kong; Aug-Dec for Thailand; Jul-Dec for Malaysia; Jul-Dec for Singapore and Other Markets) Before the impact of 5% withholding tax applied to VONB of AIA China from Jul 2020 6#7Supporting our Customers, Agents and Partners Remote Sales Capabilities Online and Digital Enablement Supporting Customers 100% Remote digital sales capabilities across all channels and markets >20,000 Online recruitment seminars Digital new business 95% submissions across all markets Mar 2020 Remote Sales Track Lockdown Severity Apr May Jun Jul Aug Sep Oct Nov Dec Remote Policy Sales - Agency Channel Goldman Sachs Effective Lockdown Index (Asia) Notes: (1) End-to-end across Buy-Service-Claim (2) Source: BCG, average of life insurers globally in 2020 New Recruits >20% 2019 2020 End-to-end Straight-through Processing (1) 47% +15 32% pps 2019 2020 Global Industry Average (2) Extended free COVID-19 cover to >25m policies $1b Premium support Extended grace period in 12 markets >$16b Benefits and claims paid in 2020 AIA#8Mainland China: Unique Opportunity with 100% Ownership Geographical Expansion Multiplies AIA's Opportunity Middle Class Population (1) (m) Geographical Expansion Developments Jul 2019 Jul 2020 Nov 2020 Rest of Mainland China 129 Existing AIA China Footprint (2) 164 87 2010 2020 334 4x 296 11 new provinces and municipalities in focus Tianjin and Shijiazhuang launch AIA China subsidiarisation 100% Owned Subsidiary ☐ Sichuan approval AIA First foreign life insurance company with 100% owned subsidiary Proven Premier Agency expansion model Excellent Progress in Tianjin and Shijiazhuang Active Agents 53% Agency VONB 37% 2019 2020 4Q19 4Q20 ◉ Sichuan Over 30m middle class population in 2030E 2030E Operations ■ First branch in Western China Notes: (1) Sources: McKinsey, AIA estimates (2) Tianjin, Hebei and Sichuan included in 2030E existing AIA China footprint but not in 2010 and 2020 8#9AIA: Global Leadership from Asia CORPORATE 100% Ownership in 17 out of 18 markets (1) in Asia Aa2 Moody's financial strength rating(2) 1st Quartile TSR return 2018-2020(3) ESG #2 Global ESG risk rating, insurance industry SUSTAINALYTICS a Morningstar company AIA Top 3 Market position in majority of markets #1 MDRT company globally for the last six years 8 Strategic partnerships with top-tier banks across the region (4) MSCI A Rating for resilience to long-term material ESG risks ISS ESG‣ Prime Corporate ESG rating CDP DISCLOSURE INSIGHT ACTION A- Climate change score OUR CUSTOMERS #2 >38m >16m > $16b Global insurance brand ranking(5) Individual policies Group scheme members Benefits and claims paid in 2020 Senior leaders are women OUR PEOPLE 39% Forbes 2020 WORLD'S BEST EMPLOYERS POWERED BY STATISTA 1st Quartile Gallup employee engagement (6) Wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR, New Zealand and a 49% joint venture in India Financial strength rating of AIA Co. Notes: ESG ratings in 2020 (1) (2) (3) (4) Citibank regional partnership and 7 domestic bank partners with top 3 market position (5) BrandZTM Global ranking (6) Global financial services and insurance industry (4th year running) Comparing with 19 life and health or multi-line insurance companies in the Dow Jones Insurance Titans 30 Index 6#10HEALTHIER, LONGER, AIA BETTER LIVES Financial Results am sm All AIA Garth Jones Group Chief Financial Officer#11བཅིག། HEALTHIER, LONGER, BETTER LIVES Growth Earnings Capital & Dividends#12Diversified High-Quality Business Geographical Mix % of 2020 VONB Other Markets Malaysia 7% Singapore 11% 17% Product Mix % of 2020 VONB Premium Mix % of 2020 ANP(1) AIA Unit- linked 10% Mainland China 32% Others 8% Single Premiums 9% 00 Par 25% Traditional Protection 57% Regular Premiums 91% Thailand 15% Hong Kong 18% Notes: (1) Geographical and product mix are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests Represents 100% of annualised first year premiums as regular premiums and 10% of single premiums, before reinsurance ceded 12#13Very Strong VONB Momentum as COVID-19 Restrictions Eased 100% Mainland China 2020 VONB as % of 2019 100%- Thailand 100% - Singapore Total Group Pre-lockdown Lockdown Post-lockdown Jan Feb-Mar Apr-Dec (1) Pre-lockdown Lockdown Post-lockdown Jan-Mar Apr-Jul Aug-Dec Pre-lockdown Lockdown Post-lockdown Jan-Mar Apr-Jun Jul-Dec 100% Hong Kong 100%- Malaysia 100%-- Other Markets (2) VONB +15% AIA Feb-May Pre-lockdown Lockdown Periodic-lockdown Jan Jun-Dec Pre-lockdown Lockdown Post-lockdown Jan-Feb Mar-Jun Jul-Dec Pre-lockdown Lockdown Post-lockdown Jan-Mar Apr-Jun Jul-Dec Jan-Feb 2020 Jan-Feb 2021 Notes: (1) Before the impact of 5% withholding tax applied to VONB in AIA China from July 2020 (2) VONB of Tata AIA Life is included in each of the respective periods for both 2020 and 2019 on a like-for-like basis for presentation purpose 13#14EV Equity up to $69.2b before Dividend 2020 EV Equity Movement ($b) 63.9 Group EV Equity End of 2019 Note: + 4.2 AIA + 0.5 (0.2) + 2.8 71.1 (1.9) (1.0) + 0.9 69.2 (2.0) 67.2 EV Operating Profit $7.2b I Expected Return on EV VONB Operating Variances Finance Costs Group EV Equity Before Non-operating Variances Investment Return Variances Economic Other Assumption Non-operating Changes Items, Group EV Equity Before Dividend Paid Group EV Equity End of 2020 Exchange Dividend Rates and Other Items Due to rounding, numbers presented in the chart may not add up precisely 14#15Prudent Operating Assumptions Added $3.2b to EV Since IPO Mortality and Morbidity Claims Experience Variances ($m) Cumulative EV Operating Variances ($m) 233 200 212 193 149 164 152 116 124 384 2,028 1,425 1,129 735 487 379 255 144 3,211 2,662 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2011 2012 2013 2014 2015 2016 2017 (1) 2018 2019 2020 Note: (1) 2017 figure covers a 13-month period from 1 December 2016 to 31 December 2017 AIA 15#16EV Sensitivity to Interest Rates Remains Small Note: Sensitivity of EV As at 31 December 2020 65,247 (1.7)% (2.0)% 10% fall in equity prices 50 basis points decrease in interest rates 2020 EV (1,095) (1,294) 1.0% 1.7% 5.0% 50 basis points increase in interest rates 10% rise in equity 4.0% prices 3.0% 2.0% 1,099 652 (1) Weighted average interest rates by VIF of Hong Kong, Mainland China, Thailand, Singapore and Malaysia AIA Long-term Assumptions vs Market Rates Weighted Average by Geography(1) AIA 1.0% Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 10 Year Market Forward (10-year Govt Bond) Nov-15 Nov-16 Dec-17 Dec-18 Jun-19 Dec-19 AIA Long-term Assumption (10-year Govt Bond) Apr-20 Jun-20 Dec-20 Feb-21 16#17EV Equity 2.7x IPO by Operating Profit and Prudent Assumptions EV Equity ($b) EV Equity Movement Since IPO ($b) AIA + 3.2 (3.2) + 54.4 (1.3) (10.8) 67.2 63.9 67.2 2.7x 56.2 52.4 Im material Net Cumulative Variances 43.7 39.0 39.8 34.9 31.7 27.5 24.9 24.9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Group EV Equity End of 2010 Expected Return on EV and VONB Net of Finance Costs Note: Due to rounding, numbers presented in the chart may not add up precisely Operating Investment Variances Return Variances and Exchange Rates and Other Items Dividend Paid Group EV Equity End of 2020 Economic Assumption Changes 17#18HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#19OPAT up 5% to $5.9b 2020 OPAT by Market Segment Malaysia 5% Other Markets 12% Singapore 10% Thailand 17% $5,942m +5% Mainland China 21% Note: Group OPAT includes Group Corporate Centre Hong Kong 35% Resilient and growing in-force portfolio of high-quality business with recurring premiums Hong Kong $2,059m Mainland China +10% $1.220m +14% Singapore $621m +8% Thailand Malaysia Other Markets $987m $326m (7)% (2)% $687m (11)% AIA 19#20Shareholders' Allocated Equity up 16% before Dividend IFRS Shareholders' Allocated Equity Movement ($b) AIA 43.3 +16% + 1.0 50.0 (2.0) + 5.9 (0.4) + 0.2 48.0 Allocated Equity End of 2019 Operating Profit After Tax Investment Return Movements (1) Other Non-operating Items Exchange Rates, Other Capital Movements Allocated Equity before Dividend Dividend Paid Allocated Equity End of 2020 (2) Notes: Due to rounding, numbers presented in the chart may not add up precisely Growth rate is shown on an actual exchange rate basis (1) (2) Short-term fluctuations in investment return related to equities and real estate, net of tax Shareholders' allocated equity is shown before the addition of fair value reserve of $15.2b as at 31 December 2020 and Others 20 20#21OPAT 3.1x IPO Reflects Growing and Resilient In-Force OPAT ($m) 5,942 5,689 5,298 3.1x 4,635 3,981 3,556 3,248 2,839 2,244 2,441 1,900 TWPI by Premium Type ($b) AIA 35.4 34.0 2.7x 30.5 26.4 22.1 19.2 19.9 17.8 15.4 14.4 13.0 99% of Total 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 ■Renewal Premiums ■First Year Premiums Regular Premiums ■10% of Single Premiums 21 221#22Shareholders' Allocated Equity 2.7x IPO Driven by OPAT Growth AIA Shareholders' Allocated Equity ($b) Shareholders' Allocated Equity Movement Since IPO ($b) Net Profit +39.4 48.0 + 40.3 (0.3) (0.6) + 1.9 (10.8) 43.3 2.7x 36.4 36.8 29.6 26.4 26.7 23.9 22.0 19.2 17.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Short-term fluctuations in investment return related to equities and real estate, net of tax 17.6 Allocated Equity Operating End of 2010 Profit After Tax Investment Return Movements (1) Other Non-operating Items Exchange Rates, Other Capital Movements and Others Dividend Paid 48.0 Allocated Equity End of 2020 22 22#23HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#24Resilient Solvency Position and Low Leverage Group LCSM Cover Ratio (1) 366% 374% 2019 2020 ■ ◉ Group Total Leverage ($b) New GWS(2) framework is expected to apply in 1H 2021 Consolidated view of the Group's capital position Group LCSM based on minimum required capital Small sensitivities to equity markets and interest rates Borrowings 8.6 2020 Leverage Ratio (3) 11.9% Notes: (1) AIA estimated basis of Local Capital Summation Method (LCSM); including $1.7b of subordinated securities under the GMTN programme that we expect to become eligible Tier 2 debt capital (2) New Group-wide Supervision (3) Leverage ratio defined as Borrowings / (Borrowings + Total Equity) Total Equity 63.7 AIA 24 24#25Resilient Free Surplus +4.1 Free Surplus (1) Movement ($b) 14.9 + 5.8 (1.4) Free Surplus End of 2019 Underlying Free Surplus Generation (0.2) (0.2) 19.0 (3.5) AIA 15.5 (2.0) 13.5 New Business Investment Unallocated Group Office Expenses Finance Costs and Others Free Surplus Investment before Investment Return Variances and Dividend Variances and Other Non-operating Items Return Free Surplus before Dividend Paid Free Surplus End of 2020 Dividend Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Free surplus is the excess of the market value of AIA's assets over the sum of the statutory liabilities and required capital 25 25#26AIA Free Surplus (1) ($b) Financial Discipline Driving Free Surplus Generation Use of Free Surplus (1) Since IPO ($b) 40.5 (14.5) >20% IRR New Business Investment Cumulative UFSG New Business since 2010 Investment → VONB of $24.9b → Paid more than $10b dividends → Financed inorganic opportunities (10.8) → Minimal investment variances (3.8) (2.3) (0.6) 8.5 5.0 +8.5 13.5 Dividend Acquisitions Paid Central Costs (2) Investment Return Variances and Other Non-operating Increase in Free Surplus 2010 2020 since 2010 Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) (2) Free surplus is the excess of the market value of AIA's assets over the sum of the statutory liabilities and required capital Unallocated Group Office expenses, finance costs and other capital movements Items 26 26#27Holding Company Financial Resources 8.6 Holding Co. Financial Resources End of 2019 Holding Company Financial Resources Movement ($b) + 2.4 + 0.9 14.4 + 2.8 (0.2) Capital Flows from Subsidiaries Increase in Borrowings (1) Interest Payments on Borrowings (1) Investment Income, MTM Movements in Debt Securities and Others Holding Co. Financial Resources Before Dividend Due to rounding, numbers presented in the chart may not add up precisely (1) Borrowings principally include medium-term notes and securities, other intercompany loans, and outstandings, if any, from the holding company's $2,290m unsecured committed credit facilities Notes: (2.0) 12.4 Dividend Paid Holding Co. Financial Resources End of 2020 AIA 27 27#282020 Final Dividend Increase of 7.5% Total Dividend Per Share (HK cents) 35.00 33.30 4.1x 29.20 25.62 21.90 18.72 100.30 93.30 16.00 84.80 13.93 74.38 12.33 63.75 11.00 51.00 34.00 22.00 24.67 28.62 2011 2012 2013 2014 Note: (1) Total dividend excluding special dividend 2015 2016 Interim Dividend Per Share (1) 2017 2018 2019 2020 Final Dividend Per Share AIA 28#292020 Strong Performance in Unprecedented Environment AIA ■ Very Strong VONB momentum as COVID-19 restrictions eased OPAT and UFSG growth supported by quality in-force portfolio ■ Resilient Embedded Value with prudent assumptions Significant increase in Shareholders' Allocated Equity Robust financial position with very strong solvency ■ Prudent, sustainable and progressive dividend policy 29 29#30Strategic Priorities Lee Yuan Siong Group Chief Executive and President Al ve ILAND HAILAND IN ALA AlAlive THAILAND HEALTHIER, LONGER, AI BETTER LIVES#31Our Purpose: Helping People Live Healthier, Longer, Better Lives Leading Customer Experience Seamless omnichannel customer experience with best-in-class engagement Strategic Priorities Unrivalled Distribution Scale capacity and productivity through digitalisation and advice-centric models Compelling Propositions AIA Be the leading provider of personalised advice and innovative solutions | Customised and digitally-enabled journeys World-class technology Step Change in Technology, Digital and Analytics Data and analytics powering everything we do Organisation of the Future Simpler, faster, more connected Financial Discipline Sustainable long-term shareholder value driven by clear KPIs Structural Growth Drivers in Asia Unprecedented Significant need for wealth creation 9 private protection Rapidly shifting consumer mindset Pervasiveness of new technologies Embracing purpose, sustainability and resilience 31#32Seamless and Intuitive Purchasing Experience AIA Philippines: Policy Application and Onboarding LEARN BUY SERVICE Simple and Efficient New Business Process E-SUBMISSION Note: Remote authentication Document review E-signature Leading Customer Experience CLAIM AIA Enhanced Customer Experience @ Submissions 76% auto-underwritten E-PAYMENT E-QUESTIONNAIRE E-POLICY " Secure payment " Account enrolment " Instant confirmation Policy terms Cooling-off period Acknowledgements Automated issuance Customer portal access AIA Vitality enrolment Increase in 10x Al Underwriting Solution with High Accuracy and Efficiency Automation and Al Simplified Process Apply to Philam Life and its joint venture with Bank of the Philippine Islands (BPI) 3x underwriting capacity Straight-through processing rate to 75% (20 min End-to-end customer onboarding process Real-time Approvals Enhanced Use of Data 32 32#33LEARN BUY SERVICE Fast and Simple Claim Payments AIA Thailand: Digitalised & Automated Medical Claims Cashless Process Adoption through Provider Network Leading Customer Experience CLAIM Delivering a Scalable Process Claims processed in 2020 AIA >2.5m $日 Straight-through >70% processing of cashless Medical service Claim submission Al claims adjudication Acceptance Electronic claim payment outpatient claims Efficiency, enhanced data capture and analytics provide additional opportunities Expanded Provider Network Provider Management Customer Steerage Expansion of >15% provider network Underwriting Work-hour savings 3,000 and Pricing per month 33 33#34Unrivalled Distribution Premier Agency: Scaling Capacity and Quality AIA China: Online Recruitment & Training RECRUIT TRAIN MANAGE PROSPECT SELL SERVICE Digitally-enabled End-to-end Recruitment Process Candidate Engagement Screening Assessment Enrolment Candidate Management for Leaders Smart Learning & Coaching Platform Customised learning programmes Capability development tracking ■ Al-enabled training with role player Note: 直选择成就事业 想了解自己的泥狀码? HOULDERI Candidate Profiling and Testing (1) In 2H 2020 105 105 - Driving Growth in Recruits New Recruits 2019 PRIBIEN PPR 2,700 >30% 2020 e-Academy daily average users (1) AIA Self-learning & Al role player adoption 70% Pipeline Management for Capability Development Al Role Player by new recruits Agency Leaders 34 4#35Premier Agency: Driving a Step Change in Growth CAIA Malaysia: Unrivalled Distribution RECRUIT TRAIN MANAGE PROSPECT SELL SERVICE Digital Agency Management 100% Digitally-enabled Agency Force AGENT APP Q Search Name/ID No./ Policy No. PERFORMANCE MY GOALS MYLAN ANP CURRENT 839,000 <--18% NOTIFICATIONS LEADS Q Today CONVERTED Toll Lands 150 ▼ FILTER CONVERTED 80 (55%) EXISTING CUSTOMER VIKNESH AL VELUCHAMY +20% 1,180,000 3 AIA Offers 1 Opportunities PREMIUM MENT SUCCESSFUL LEE CHONG WEI CLAIMS PENDING CHRISE MALE POLICY LAPSED 3 AIA Offers , AN Mar 18 Active: 50 NEW LEAD IN PROGRESS Mo Total ANP 6 Mo RM200.80K ◉ Dashboard showing single view of customer Integrated with policy administration systems Marketing and lead generation through social media Real-time activity management by agents and leaders Advanced Analytics Enhancing Productivity Customer purchase propensity and insights to improve activity Performance alerts and real-time notifications improving productivity Gamification to influence behaviour and enhance skills אור Improved Activity and Productivity Active Agents 2H19 >20% 2H20 Cases per Active Agent >15% 2H19 2H20 35 95#36Bancassurance: Digital Enablement and Personalisation Unrivalled Distribution Tata AIA Life: Domestic Bank Partners Analytics-driven Personalisation Digital Onboarding Joint bank and AIA demographic, socio-economic and transaction data Online banking integrated onboarding process Customer and purchasing propensity analytics Personalised product offerings Growth through Digital Remote assisted product suitability analysis Domestic Bank Partners ANP Apr to Dec (9 months) Integration with credit bureaus for medical and financial underwriting Pre-approved offers and targeted marketing Assisted application and tele-underwriting Validation, remote signature and e-payment >30% 2019 2020 End-to-end Analytics-driven leads 1.2m 18 min journey time Digital purchase 43 NPS (1) % of new policies purchased digitally >60% Note: (1) Net Promoter Score (NPS) increased from 26 in 2019 to 43 in 2020 AIA 36#37Unrivalled Distribution Digital Platforms: New Models, New Growth Increasing new customer acquisition through personalised digital engagement Affinity partnerships with shared value AIA Customer-led propositions through analytics Digital-led omni- channel distribution Specialist TDA talent Agile, test and learn approach 40m Combined SAMSUNG SK ^ ZA Tech Customer Base Regional Technology Partnership 'Moment of Truth' marketing proposition through advanced analytics AIA Vitality integrated Samsung Galaxy watch proposition Simplified underwriting using AIA Vitality data Digital-led, omnichannel distribution closure Accelerate new customer acquisition Simplified process and faster connection to digital platforms Frequent and connected engagement model Micro-products, event and time-bound offers ⚫practo⚫ Strategic Digital Health Partnership Distribution to Practo's user base - Simple products for direct digital sales - Referrals to agents for cross-sell/upsell Integrated Practo services: Telemedicine, diagnostics, medicine delivery, network bookings 4 Underwriting questions 32 Segmented products 2 Partners operational 12 New products Unique (175m) 70k Network of top-tier users hospitals and clinics 34 37#38Compelling Propositions AIA's Differentiated Regional Health and Wellness Ecosystem AIA Vitality A Λ Core platform for engagement and positive behaviour change $1.2b VONB from integrated products (1) 10m health assessments 4m mental health assessments 800k workouts a day 73% unhealthy to healthy glucose levels PREVENT Personalised wellness Risk assessment content Nutrition programmes Fitness programmes Preventative screenings DIAGNOSE AIA Al-symptoms checker & triage Telemedicine and Local Health Networks Leading domestic health networks across the region 6 markets live with telemedicine >10k hospitals and clinics, with preferential rates & direct billing Integrating with H&W content, appointment bookings and other H&W services Teleconsultation Personal Case Management Access to leading global specialists for medical advice 8 markets live 23% diagnosis change 62% refined treatment plan 93% customer satisfaction rate Note: (1) VONB from products integrated with AIA Vitality from 2018 to 2020 10 Biomarker measurement PREDICT Wellness community Home-based care Rehabilitation Chronic disease management RECOVER Managed Care Health concierge Medical second opinion TREAT AIA Regional Health Passport Top-tier international hospitals with cross-border cashless service 5 markets live Top 100 upper-tier hospitals in Asia Leading US and European hospitals 10k providers globally 38#39Innovative Propositions Integrated with the Ecosystem Compelling Propositions AIA One Absolute - Full Protection Severity-based critical illness protection ■ Benefit linked to severity of medical condition " Complete coverage enhances customer buy experience " Spans traditional Cl and medical products AIA Vitality New product category Health Shield Gold Max Holistic healthcare solution " ◉ Protection from diagnosis to recovery First-in-market screening benefits Medical concierge You Ru Yi 友如意 Critical illness protection providing tailored coverage Personalisation through unbundled solution Segmented recommendations driven by analytics Integrated with Premier Agency advice model First-in-market Λ AIA China Wellness AIA Benefit increases through healthier living Personal case management A-Life Wealth Builder Innovative long-term savings and protection Rewards long-term saving habits Benefit increases through healthier living Flexibility at critical life stages AIA Vitality Personal case management Telemedicine AIA Vitality Personal case First-in-market management 39#40Financial Discipline Financial Discipline Delivering Sustainable Shareholder Value Growth Earnings Capital & Cash אור 24.9 Cumulative VONB $24.9b since IPO EV Equity ($b) 67.2 3x 2011 2012 2010 Note: (1) Total dividend excluding special dividend 2013 2014 2015 2016 2017 2018 2019 2020 Cumulative OPAT $40.3b since IPO Shareholders' Allocated Equity ($b) 17.6 3x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 48.0 Cumulative UFSG $40.5b since IPO Total Dividend Per Share (HK cents) 33.00 4x 2011 2012 2013 2014 2015 2016 2017 2018 (7) 2019 2020 135.30 40#41AIA Group - Delivering Sustainable Shareholder Value 100% focus on Asia to capture structural growth opportunities Leverage unique Mainland China opportunity to access 4X larger market Clear and ambitious corporate strategy to best serve our customers Transform technology, digital and analytics to drive growth and efficiency Shape a more sustainable future for our communities Build on substantial competitive advantages and strong track record of growth Maintain financial discipline to deliver shareholder value AIA 41#42HEALTHIER, LONGER, AIP BETTER LIVES AIA Q&A Session#43Definitions and Notes AIA In the context of our reportable market segments, Hong Kong refers to operations in Hong Kong Special Administrative Region and Macau Special Administrative Region; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia (including New Zealand), Cambodia, India, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam. ■ The financial information from 2017 to 2020 is presented on the 31 December financial year-end basis, and the financial information from 2010 to 2016 is presented on the 30 November financial year-end basis. ■ The results of Tata AIA Life are accounted for the twelve-month period ended 30 September 2020 and the twelve-month period ended 30 September 2019 in AIA's consolidated results for the year ended 31 December 2020 and the year ended 31 December 2019 respectively. VONB and ANP for Other Markets included the results from our 49% in Tata AIA Life. IFRS results of Tata AIA Life are accounted for using the equity method. For clarity, TWPI does not include any contribution from Tata AIA Life. ■ AIA's IFRS accounting treatment for the recognition and measurement of insurance contract liabilities of Hong Kong participating business has been refined to reflect expected changes to policyholder bonuses. Comparative information has been adjusted for 2019. Comparative information for 2018 and prior years has not been restated. Prior to 2020, the Group reflected the withholding tax charge under Group Corporate Centre. Starting from 2020, the Group has enhanced the segment information to present the withholding tax charge in the operating segment where the withholding tax arises. Comparative information has been adjusted to conform to current year presentation. ☐ All figures are presented in actual reporting currency (US dollar) unless otherwise stated. Change on constant exchange rates (CER) is calculated for all figures for the current period and for the prior period, using constant average exchange rates, other than for balance sheet items as at the end of the current period and as at the end of the prior year, which is translated using the CER. Actual investment return is the interest income from fixed income investments and actual investment returns of equities and real estate, as a percentage of average fixed income investments, equities and real estate over the period. This excludes unit-linked contracts and consolidated investment funds. AIA has a presence in 18 markets - wholly-owned branches and subsidiaries in Mainland China, Hong Kong Special Administrative Region, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau Special Administrative Region, New Zealand and a 49% joint venture in India. ANP represents 100% of annualised first year premiums and 10% of single premiums, before reinsurance ceded. EV Equity is the total of embedded value, goodwill and other intangible assets attributable to shareholders of the Company. Fixed income yield is the interest income from fixed income investments, as a percentage of average fixed income investments measured at amortised cost over the period. This excludes unit-linked contracts and consolidated investment funds. Free surplus is the excess of the market value of AIA's assets over the sum of the statutory liabilities and required capital. The Hong Kong Insurance Authority (HKIA) is introducing a group-wide capital framework for monitoring insurance groups under its supervision. The cover ratio of group available capital to group minimum capital requirement (MCR) under the Local Capital Summation Method (LCSM) is based on our current understanding of the framework as it applies to the Group. 43#44Definitions and Notes (Cont.) AIA IFRS operating profit includes the expected long-term investment return for equities and real estate. ■ Investment return and composition of investments exclude unit-linked contracts and consolidated investment funds. ☐ ■ ☐ own use. Investment return is defined as investment income with the addition of realised and unrealised gains and losses as a percentage of average investments excluding property held for Investments include financial investments, investment property, property held for own use, and cash and cash equivalents. Investment property and property held for own use are at fair value. Persistency is the proportion of the total business, as measured by annualised premiums, that is retained over the previous 12 months without being lapsed or surrendered. PVNBP margin refers to margin on a present value of new business premium basis. Operating ROE stands for operating return on shareholders' allocated equity and is as operating profit after tax attributable to shareholders of the Company, expressed as a percentage of the simple average of opening and closing shareholders' allocated equity. Operating ROEV stands for operating return on EV and is calculated as EV operating profit, expressed as a percentage of the opening embedded value. Shareholders' allocated equity is total equity attributable to shareholders of the Company less fair value reserve. Tata AIA Life refers to Tata AIA Life Insurance Company Limited. TWPI consists of 100% of renewal premiums, 100% of first year premiums and 10% of single premiums, before reinsurance ceded. VONB for the Group is after unallocated Group Office expenses and the adjustment to reflect consolidated reserving and capital requirements. The total reported VONB for the Group in 2020 and 2019 exclude VONB attributable to non-controlling interests of $24m and $32m respectively. VONB and VONB margin by distribution channel are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non- controlling interests and exclude pension business. VONB and VONB margin by product mix and geographical market are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests. VONB includes pension business. ANP and VONB margin exclude pension business and are before deduction of non-controlling interests. ■ VONB margin is calculated as VONB divided by ANP. VONB for the margin calculations excludes pension business and is before deduction of non-controlling interests to be consistent with the definition of ANP. 44#45HEALTHIER, LONGER, AIA BETTER LIVES ור APPENDIX#46Embedding ESG in Our Business AIA AIA'S Ambition Health and Wellness To be a global industry leader in ESG, shaping a more sustainable future for the communities we serve and creating long-term value for all our stakeholders Engage and inspire healthy living ■ Provide greater access to quality care Champion financial inclusion and reduce the burden of medical expenses ■ Deliver better health outcomes (1) ESG Strategy Green Operations ■ Increase digitalisation and automation Encourage good ESG practice among vendors ■ Adhere to green building standards ■ Reduce our carbon footprint Sustainable Investment ☐ ☐ Deepen engagement with investee companies Augment knowledge and capacity on ESG ■ Enhance portfolio exclusions/inclusions ■ Carbon footprint our portfolio People and Culture ■ Foster a learning culture that supports employee development ■ Promote workplace diversity, innovation and inclusion ■ Embed a culture of ethical decision-making and risk management Ensure fair and equitable processes Effective Governance ■ Maintain a corporate governance programme consistent with international best practice Effectively manage ESG risks and opportunities ■ Lead the promotion of ESG best practice ■ Establish AIA as a global leader on key ESG indices and ratings Note: (1) Number of people recording an improvement in health outcomes across the AIA Health and Wellness ecosystem 46 46#472020 Summary of Financial Results AIA ($m) 2020 2019 CER AER VONB EV Operating Profit Growth Operating ROEV(1) 2.765 4,154 (33)% (33)% 7,243 8,685 (17)% (17)% 11.7% 15.9% (4.1) pps (4.2) pps EV Equity 67,185 63,905 +3% +5% Operating Profit After Tax 5.942 5,689 +5% +4% IFRS Operating ROE(2) 13.0% 14.0% (0.8) pps (1.0) pps Earnings Shareholders' Allocated Equity 48,030 43,278 +9% +11% Underlying Free Surplus Generation 5,843 5,501 +7% +6% AIA Co. HKIO Solvency Ratio 489% 362% n/a +127 pps Capital & Group LCSM Cover Ratio(3) 374% 366% n/a +8 pps Dividends Final Dividend Per Share (HK cents) 100.30 93.30 n/a +7.5% Total Dividend Per Share (HK cents) 135.30 126.60 n/a +6.9% Notes: (1) EV operating profit expressed as a percentage of the opening embedded value (2) OPAT expressed as a percentage of the simple average of opening and closing shareholders' allocated equity (3) AIA estimated basis of Local Capital Summation Method (LCSM); including $1.7b of subordinated securities under the GMTN programme that we expect to become eligible Tier 2 debt capital 47 12#48Geographical Market Performance AIA Mainland China ($m) 2020 2019 CER AER Singapore ($m) 2020 2019 CER AER VONB 968 1,167 (17)% (17)% VONB 330 352 (5)% (6)% VONB Margin 80.9% 93.5% (12.7) pps (12.6) pps VONB Margin 63.4% 65.5% (2.2) pps (2.1) pps ANP 1,197 1,248 (4)% (4)% ANP 520 538 (2)% (3)% TWPI 5,622 4,804 +17% +17% TWPI 3,088 2,916 +7% +6% OPAT 1,220 1,061 +14% +15% OPAT 621 583 +8% +7% Hong Kong ($m) 2020 2019 CER AER Malaysia ($m) 2020 2019 CER AER VONB 550 1,621 (66)% (66)% VONB 222 258 (13)% (14)% VONB Margin 44.7% 66.1% (21.4) pps (21.4) pps VONB Margin 59.9% 63.1% (3.1) pps (3.2) pps ANP 1,138 2,393 (52)% (52)% ANP 369 406 (8)% (9)% TWPI 13,042 13,107 TWPI 2,216 2,142 +5% +3% OPAT 2,059 1,879 +10% +10% OPAT 326 333 (2)% (2)% Thailand ($m) 2020 2019 CER AER Other Markets ($m) 2020 2019 CER AER VONB 469 494 (4)% (5)% VONB 514 535 (4)% (4)% VONB Margin 71.0% 67.7% +3.2 pps +3.3 pps VONB Margin 38.4% 41.9% (3.7) pps (3.5) pps ANP 661 729 (9)% (9)% ANP 1,334 1,271 +5% +5% TWPI 4,462 4,352 +3% +3% TWPI 6,978 6,681 +5% +4% OPAT 987 1,064 (7)% (7)% OPAT 687 772 (11)% (11)% 48#49Uniquely Diversified Platform Distribution Mix % of VONB 22% Partnerships Product Mix % of VONB Geographical Mix % of VONB AIA 8% Others 10% Unit-linked 7% Malaysia 11% Singapore 15% Thailand 25% Participating 17% Other Markets 78% Agency 18% Hong Kong 57% Traditional Protection 32% Mainland China 2020 2020 Distribution mix is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests and exclude pension business. Product and geographical mix are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests Notes: 2020 49 49#50Balanced Product Mix and Diversified Earnings Sources of IFRS Operating Profit (1) Return on Net Worth 13% OPAT by Market Segment AIA Malaysia 5% Singapore 10% Insurance Participating and Spread 26% and Fee-based 61% Notes: For 2020 (1) Operating profit before tax and before Group Corporate Centre expenses Other Markets 12% Thailand 17% Mainland China 21% Hong Kong 35% 50 50#51Shift in Product Mix; Stable Protection Margin Higher demand for long-term savings products; Successful upselling to existing customers in Mainland China and Hong Kong VONB Margin Movement PVNBP Margin by Product AIA 62.9% (5.8) pps (0.5) pps +0.5 pps (4.5) pps 52.6% 11% (2.5) pps 9% Acquisition Expense Overruns 16% 15% 10% 8% 8% 7% 7% 6% Participating 2019 VONB Margin Product Mix Geographical Channel Mix Mix Others Including Assumption 2020 VONB Margin Overall Traditional Protection Changes 2019 Unit-linked Others 2020 51#522020 ANW Movement 28.2 ANW End of 2019 ANW Movement ($b) + 5.6 (0.7) + 0.5 (0.2) 33.4 (3.4) + 0.2 + 0.4 (2.0) 28.5 AIA Expected Contribution Return to ANW from VONB Operating Variances Finance Costs ANW Before Investment Return Other Non- operating Non- Variances Variances Exchange Rates and Other Items Dividend Paid ANW End of 2020 operating and Economic Variances Assumption Note: Due to rounding, numbers presented in the chart may not add up precisely Changes 52 52#532020 VIF Movement 33.7 I VIF Movement ($b) + 0.8 36.7 + 0.5 (0.5) + 3.5 + 0.04 35.9 (1.4) VIF End of 2019 Expected Return Contribution to VIF from VONB Operating Variances Note: Due to rounding, numbers presented in the chart may not add up precisely VIF Before Non-operating Variances Investment Return Variances and Economic Assumption Changes Other Non-operating Variances Exchange Rates and Other Items VIF End of 2020 53 53 AIA#542020 IFRS Shareholders' Equity and ANW Reconciliation of IFRS Shareholders' Equity to ANW ($b) AIA 63.2 (28.9) Shareholders' Equity End of 2020 Difference between IFRS and Local Statutory Policy Liabilities Note: Due to rounding, numbers presented in the chart may not add up precisely + 3.7 (2.6) + 0.1 35.6 (7.1) 28.5 Deferred Tax Impacts Elimination of Intangible Assets Non-controlling Interests Impacts ANW (Business Unit) End of 2020 Adjustment to Reflect Consolidated Reserving Requirements, Net of Tax ANW (Consolidated) End of 2020 54 ...#55Free Surplus vs Group LCSM Surplus Reconciliation of Free Surplus to Group LCSM Surplus ($b) 13.5 + 10.6 24.1 + 10.3 +1.7 43.8 + 7.7 Free Surplus on Consolidated Basis End of 2020 Adjustment of Consolidated Reserving and Capital Requirements Free Surplus on Business Unit Basis End of 2020 Adjustments of Shareholders' View of Capital (1) AIA China Adjustment (2) Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) (2) Reflects change from EV required capital to Group minimum capital requirement and the inclusion of Par fund surplus Adjustment from CAA EV basis to C-ROSS solvency basis in line with local requirements Adjustment for Eligible Tier 2 Debt Capital Group LCSM Surplus End of 2020 55 59 AIA#56Reconciliation of OPAT to Net Profit Total Investments by Type Total Invested Assets $247.4b Real Estate Equities 13% 10% Par(1) 2% Notes: Total invested assets as of 31 Dec 2020 Including Participating funds and Hong Kong participating business Cash and cash equivalents and derivatives (1) (2) (3) (4) Other non-operating investment return and other items Short-term fluctuations in investment return related to equities and real estate Others (2) 2% AIA Reconciliation of OPAT to Net Profit ($m) 2019 2020 OPAT 5,689 5,942 Short-term fluctuations (3) in Par Equities 367 549 Fixed Income 83% Others (62) (955) Total 305 (406) Other items (4) (15) 243 Net Profit 5,979 5,779 56 99#57Total Invested Assets ($m) Fixed Income Equities Real Estate Others (2) Par (1) Funds Other Policyholder and Shareholder Total 78,491 125,927 204,418 23,892 7,058 30,950 Total Invested Assets $247.4b AIA Other Policyholder and Shareholder 58% 1,054 5,570 6,624 Par(1) Funds 42% 900 4,516 5.416 Total Invested Assets 104,337 143,071 247,408 Notes: As of 31 Dec 2020 Including Participating funds and Hong Kong participating business (1) (2) Cash and cash equivalents and derivatives 54 57#58Prudent Investment Portfolio Summary IFRS Operating Profit Investment Return ($m) Total Bond Portfolio of $195.5b 9,398 8,874 Expected Return for 2,347 Equities and 2,261 Real Estate 7,051 6,613 Interest Income Corporate Bonds 55% 2019 2020 Fixed Income Yield (1) 4.6% 4.4% (1H20: 4.4%) Actual Investment Return 5.9% Notes: 5.3% (1H20: 1.8%) Structured Securities 1% IFRS operating profit investment return comparatives are shown on a constant exchange rate basis Total bond portfolio as of 31 Dec 2020 (1) Interest income from fixed income investments, as a percentage of average fixed income investments measured at amortised cost over the period. This excludes unit-linked contracts and consolidated investment funds AIA Government & Government Agency Bonds 44% 58#59Prudent and High-Quality Fixed Income Portfolio Note: Total Fixed Income by Type Total $204.4b As of 31 Dec 2020 ■ Government & Government 43% Agency Bonds ■Corporate Bonds 52% ■Structured Securities 1% Total Fixed Income by Maturity Total $204.4b AIA ■>10 Years & 71% No Fixed Maturity ■5-10 Years 15% ■ 1 - 5 Years 11% ■ ≤1 Year 3% ■Loans and Deposits 4% 59 59#60Prudent and High-Quality Fixed Income Portfolio Par (1) Funds Other Policyholder and Shareholder Total ($m) Available For Sale (AFS) 47,602 117,504 165,106 AIA Total Bonds by Accounting Classification. Total $195.5b ■ Other policyholder & 60% shareholder (AFS) ■Par Funds (AFS) 24% Fair Value Through Profit 28,370 2,002 30,372 or Loss (FVTPL) ■ Par (1) Funds (FVTPL) 15% Total Bonds 75,972 119,506 195,478 ■ Other policyholder & shareholder (FVTPL) 1% Notes: As of 31 Dec 2020 (1) Including participating funds and Hong Kong participating business 60 60#61Notes: Government Bond Portfolio Government Bonds (1) by Geography Total $56.3b • AIA Other Government (2) and Agency Bonds by Rating 2020 2019 Total $30.6b 2020 2019 Average Rating A+ A+ ■Mainland China 32% 29% ■ AAA 30% 30% ■ Thailand 29% 32% ■South Korea 15% 15% ■ AA 18% 19% ■ Singapore 9% 9% ■ A 30% 29% Philippines 5% 5% ■ BBB 20% 21% ■ Malaysia 4% 4% ■ Others 6% 6% ■BB & below (3) 2% 1% As of 31 Dec 2020 unless otherwise stated (1) Government bonds include bonds issued in local or foreign currencies by the government of the country where respective business unit operates Including not rated bonds (2) Other government bonds comprise other bonds issued by government (3) 19 61#62Corporate Bond Portfolio Corporate Bonds by Rating AIA Rating Total ($m) Total $106.8b 2020 2019 AAA 964 Average Rating A- A- AA 5,812 A 46,292 ■ AAA 1% 1% ■ AA 5% 5% BBB 50,839 ΠΑ 43% 45% BB and below (1) ■ BBB 48% 46% 2,922 ■ BB and below (1) 3% 3% Total 106,829 Notes: As of 31 Dec 2020 unless otherwise stated (1) Including not rated bonds 62 62#63Structured Security Portfolio Structured Securities by Rating AIA Rating Total ($m) Total $1.8b 2020 2019 AAA 310 Average Rating BBB BBB AA 176 ■ AAA 18% 12% A 571 BBB 376 BB and below (1) 334 Total Notes: As of 31 Dec 2020 unless otherwise stated (1) Including not rated bonds 1,767 ■ AA 10% 12% ΠΑ 32% 32% ■ BBB 21% 27% ■BB and below (1) 19% 17% 63#64AIA China - Prudent Investment Portfolio Note: As of 31 Dec 2020 AIA China Invested Asset Mix Cash & Cash Equivalents 1% Equities 13% Fixed Income 86% Prudent ALM Approach Asset allocation driven by liability cash flow matching in local currency ■ ~80% of earnings from insurance and fees ■ 86% of invested assets in fixed income 92% of bond portfolio in government and government agency bonds Bond portfolio average international rating A AIA Asset portfolio well diversified with insignificant alternative assets 64#65Impairment Experience During Global Financial Crisis AIA AIA Impairments on Invested Assets ($m) 2008 Impairment Charges as % of Invested Assets 142 67 5.6% 1.8% 1.5% 1.5% 0.3% 1 2007 2008 2009 2010 2011 Co. A Co. B Co. C Co. D IK 65 59#66Risk Discount Rate and Risk Premium As at 30 November 2010 As at 31 December 2020 Risk Discount Long-term 10-year Rates Risk Premium Risk Discount Long-term 10-year Rates Risk Premium % Govt Bonds Govt Bonds Australia (1) 8.75 5.65 3.10 6.45 2.30 4.15 Mainland China 10.00 3.74 6.26 9.75 3.70 6.05 Hong Kong 8.00 3.53 4.47 7.00 2.20 4.80 Indonesia 15.00 7.90 7.10 13.00 7.50 5.50 South Korea 10.50 4.82 5.68 8.10 2.20 5.90 Malaysia 9.00 4.45 4.55 8.55 4.00 4.55 New Zealand 9.00 6.13 2.87 6.55 2.30 4.25 Philippines 13.00 6.00 7.00 11.80 5.30 6.50 Singapore 7.75 2.93 4.82 6.60 2.20 4.40 Sri Lanka (2) 15.70 10.00 5.70 Taiwan (China) 8.00 1.73 6.27 7.25 1.00 6.25 Thailand 9.50 3.87 5.63 7.80 2.70 5.10 Vietnam 16.00 10.20 5.80 9.80 4.00 5.80 Weighted Average (3) 8.95 3.85 5.10 8.06 2.90 5.16 Notes: For Tata AIA Life, the Group uses the Indian EV methodology as defined in Actuarial Practice Standard 10 issued by the Institute of Actuaries of India for determining its EV and VONB. This methodology uses investment returns and risk discount rates that reflect the market-derived government bond yield curve. The above disclosure information is therefore not provided for Tata AIA Life (1) Excluding New Zealand 23 (2) Sri Lanka is included since the acquisition completion date of 5 Dec 2012 (3) Weighted average by VIF contribution AIA 66#67Sensitivity Analysis – Shareholders' Allocated Equity - - 1.2% Interest Rates ($m) 48,030 (1.1)% (2.3)% 50 basis points decrease in interest rates 50 basis points increase in interest rates 10% fall in equity prices 584 2020 Shareholders' Allocated Equity (550) (1,091) Equities ($m) 48,030 2020 Shareholders' Allocated Equity 2.3% 10% rise in equity prices 1,091 AIA 67#68Sensitivity Analysis - EV Sensitivity of EV as at 31 December 2020 Equity prices +10% 1.7% Equity prices -10% (1.7)% Interest rates +50 bps 1.0% Interest rates -50 bps (2.0)% Presentation currency 5% appreciation (2.9)% Presentation currency 5% depreciation Lapse/discontinuance rates +10% Lapse/discontinuance rates -10% (1.4)% 1.6% Mortality/morbidity rates +10% (7.0)% Mortality/morbidity rates -10% Maintenance expenses -10% Expense inflation set to 0% 2.9% 1.4% 1.6% 7.1% AIA 68#69Sensitivity Analysis - VONB Sensitivity of VONB for the twelve months ended 31 December 2020 Interest rates +50 bps 7.0% Interest rates -50 bps (10.8)% Presentation currency 5% appreciation (4.2)% Presentation currency 5% depreciation 4.2% Lapse/discontinuance rates +10% (6.4)% Lapse/discontinuance rates -10% Mortality/morbidity rates +10% (12.9)% Mortality/morbidity rates -10% Maintenance expenses -10% Expense inflation set to 0% 3.2% 2.0% 6.6% 12.2% AIA 59 69