#1Investor Discussion Presentation November 2021 TAL David Lees - CFO of TAL#2Overview . People • Growth Strategy • Customer and industry leadership Market dynamics TAL has performed strongly in a challenging business environment COVID-19 • Strengthening the ○ Interest rates business • M&A integration О Regulatory environment • Financial performance O Competitor movement 2 TAL Presentation Market conditions stabilising Performance • . TAL continues to deliver strong and sustainable financial performance TAL has a diversified business model and a leading position in all industry distribution channels Looking ahead Completion of Westpac Life acquisition Collaboration with Dai-ichi Life to execute Mid-term Management Plan Industry leadership TAL#3Strategy TAL#4STRATEGY TAL's Strategy 4 Our Purpose Everyday we work to help Australians live a life filled with choices, options and freedoms, no matter what happens. Our Priorities హ Customer & industry leadership Leading the industry by getting it right for our customers, partners and our community. People Growth Building a culture that is high performing, confident and creates exciting opportunities for our people. Building on our existing business and finding new ways to help our customers and partners for the future. Strengthening the business Strengthening and simplifying what we do to be a more resilient business. Integration Financial performance Bringing TAL and Westpac Life together to build a stronger and better business for the future. Delivering long- term, sustainable financial performance so that we will be here to deliver on our Purpose and Ambition. TAL Presentation TAL#5Market Dynamics COVID-19 impacts Interest rates and inflation Regulatory environment Competitive dynamics TAL#6MARKET DYNAMICS Recent economic conditions have proven to be disruptive, however TAL has responded well Economic conditions Australian GDP1 AUD bn, 2016-2021 Australian cash rate² and consumer price index¹ %, 2016-2021 (1.1% 520 4% 500 +2.4% 3% 480 2% 460 COVID-19 1% 440 0% 420 COVID-19 400 -1% 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 Target Cash Rate Inflation • Consistent economic growth • • COVID-19 impacted growth, however the Australian government responded well • Expect growth to return within 2-4% in the near future² . Low interest rate environment impacting investment revenue • Increased volatility in inflation due to COVID-19 • Interest rate rises are likely to occur in late 2022 or 2023, dependent on inflation outlook and wages growth ¹Australian Bureau of Statistics. Australian GDP - chain volume measures, seasonally adjusted 2Reserve Bank of Australia 6 TAL Presentation TAL#7MARKET DYNAMICS TAL has successfully achieved a sustainable leadership position in a highly regulated and consolidating market The evolution of Australia's life insurance regulatory environment Pre- 2016 2017 2018 2019 2020 2021+ Australian Securities & Investments Commission (ASIC) Review of Retail Life Advice (Oct 2014) Trowbridge Report ASIC Claims Review ASIC Data Project (Lapse surveillance) Life Insurance Framework (LIF) Financial Adviser Standards and Ethics Authority (FASEA) ASIC Direct Review Royal Commission hearings commenced ASIC Direct Insurance Review Report LIF takes effect Royal Commission Report Protecting Your Super (PYS) Product Design and Distribution Obligations legislated Consultation on Royal Commission recommendations and legislation introduced into Parliament Putting Members' Interests First (PMIF) Disability Insurance Reforms Royal Commission legislation commences and implementation of recommendations (Oct 2021) Review of Life Insurance Framework Capital Level Reviews Product design and distribution obligations commence APRA IDII product measures APRA 5-year term implementation (2022) Regulation and changing market conditions have been a catalyst for consolidation, enabling TAL to grow its inforce market share from 16% to 27%. 7 TAL Presentation TAL#8MARKET DYNAMICS The Australian life insurance market has experienced significant consolidation over the past 5 years Globalisation of the Australian Life Insurance Market Inforce premium by manufacturer 1,2 AUD bn, as at 30 Jun 2017 IFA Group Direct Bank Direct Bank Advice 2017 Inforce premium by manufacturer 1,2 AUD bn, as at 30 Jun 2021 IFA Group Direct Bank Direct Bank Advice 2021 • • 4.6. 1.5 3.2 2.8 1.2 2.4 0.7 2.3 1.9 1.9 1.8 0.6 1.7 1.6 2.5 1.7 1.4 0.9 1.7 1.3 0.4 0.8 1.1 1.6 1.3 0.8 0.9 0.9 1.7 0.3 0.7 0.7 0.7 1.1 0.6 0.4 0.3 0.5 0.6 0.6 0.6 0.6 0.5 0.4 0.4 TAL 0.5 0.3 0.3 AIA MLC AMP ONE COM WBC SUN ZUR MET TAL ΑΙΑ ZUR MLC AMP WBC MET Competitive landscape was made up of Banks being vertically integrated with life insurance offerings. TAL's inforce premium was $2.8bn (2017) 1NMG Consulting 2Excludes smaller providers 8 TAL Presentation In 2021, the top four life insurers (all foreign owned) now control 71% (76% post TAL's acquisition of Westpac Life) of the market. • TAL's inforce premium is $4.6bn (2021) TAL#9MARKET DYNAMICS Momentum is shifting in growth and profitability, and TAL is in a strong position to take advantage of this Life insurance market dynamics Historical market growth: inforce premium by channel¹ AUD bn, Q2 2016-21 +0.2% 16.9 17.2 17.4 16.0 16.1 Sustainability (Net Income for risk products)² AUD bn, FY 2016 - FY 2021 +5.4% 3 1.38 2 17.0 0.82 0.99 7.7 8.0 8.1 7.4 8.2 8.5 2.0 2.1 2.0 1.9 1.9 1.9 -1 -0.02 -0.39 6.6 7.1 7.1 7.3 6.1 6.5 -2 -3 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 -1.46 2020 2021 • Retail Partnership & Direct Group Growth profile impacted by sustained regulatory change • Active industry consolidation • Growth expected to return¹ 1NMG Consulting 2Australian Prudential Regulation Authority Quarterly Life Insurance Performance Statistics (June 2021) TAL Presentation 9 Individual Lump Sum Individual DII Group Lump Sum Group DII Industry losses, primarily from Individual Disability Income Insurance (IDII) • Regulatory reforms implemented • New IDII products launched TAL#10MARKET DYNAMICS TAL has a strong, diversified market leadership position across its distribution channels Competitive dynamics Individual life new business sales (current)¹ AUD mn, Rolling 12 months as at Q2 2021 Inforce premium¹ Retail AUD bn, As at Q2 2021 Partnership & Direct 72 73 74 4.6 69 3.2 Retail Partnership & Direct Group To be integrated into TAL 44 2.4 1.8 20 23 16 0.9 0.6 0.5 0.3 TAL AIA ZUR MLC WBC NOB GRE CLE TAL ΑΙΑ ZUR MLC WBC MET GRE CLE Annualized net inforce premium² AUD bn, FY 2015-2021 Retail Partnership & Direct Group 4.6 35% • 2.3 11% 28% 13% 54% 60% 1NMG Consulting 2TAL 10 FY 2015 TAL Presentation FY 2021 • TAL delivered strong performance doubling its inforce premium creating a market leadership position • • TAL has delivered a diversified set of distribution channels through both inorganic and organic means. TAL is focused on obtaining new customers through the acquisition of new distribution channels, ensuring we retain our competitive position in the Australian market. Compared to our largest 3 peers in the Australian market, TAL has performed strongly. TAL#11Performance TAL#12PERFORMANCE TAL Highlights 4.5m customers $ $4.6bn $2.7bn claims paid in 2020 to ~37,000 customers and their families 95% inforce premium 098,000+ advisers and staff educated via TAL Risk Academy No.1 5,300 position in the market adviser partners 150 YEARS of received claims accepted of experience 15 major superannuation partners $43m in individual life new business sales FY2021 2Q(YTD) $ Launching new retirement propositions 6 core strategic alliance partners 12 TAL Presentation TAL#13PERFORMANCE TAL's focus on customers, distribution channels, products and digital capabilities delivers a competitive advantage Focus on the customer Strong track record of paying claims ($2.7 billion in 2020) Improving the customer experience through digital to address consumer needs Customer feedback embedded in KPIs; touchpoint NPS right through the value chain Diversified channels Multi-channel capabilities across direct, retail, group and bancassurance Westpac deal set to secure TAL'S market leadership positions in all distribution channels Lifebroker - leading aggregator platform $ Products Accelerated Protection - award winning retail product Launch of new IDII products 13 TAL Presentation • . Digital capabilities Large ongoing investments in CX/DX Claims Assist - digital claims tool CoverBuilder - digital cover builder capability TAL Risk Academy - adviser education Leadership and execution Well established and strong leadership team with broad, and in- depth experience in insurance, banking and wealth management Strong relationship with Dai-ichi Life TAL#14PERFORMANCE 2021 Financial Performance Underlying profit of $152m increased by 130% o Strong individual and group channel performance o Additional one-time contribution from Asteron Life after insurance liabilities valuation model change Net income of AU$37m 。 Significant interest rates change (flattening of the yield curve) impacting the market valuation of expected future premium and claims cash flows in the distant future Following the completion of Asteron Life's integration process, its assets and liabilities have been transferred to TAL as of October 2021. FY2020 2Q FY2021 2Q (AUD in millions) Change (%) Commentary: (YTD) (YTD) Premium and other income 2,899 3,112 +213 +7% Underlying profit (after tax) 66 152 Individual 62 79 Group (22) 35 +86 +16 + 58 +130% + 27% Asteron Life 41 65 +24 + 60% Other underlying items (14) (28) (13) Non-underlying items (after tax) (3) (115) (111) Interest rate impact on A&L 33 (53) (87) VOBA/VIF amortisation 12 (22) RPS, sub notes costs (8) + O Intragroup reinsurance (15) (19) (3) Others (25) (24) +1 Net Income (Loss) 63 37 (25) (40%) Net income (loss) year on year change AUD mn 24 (13) 75 63 Change in underlying profit +86 (87) (22) 37 (2) -(41%)· Net Income FY2020 2Q (YTD) (TAL) Individual Asteron Life Group Other underlying items Interest rate impact VOBA/VIF amortisation 14 TAL Presentation Intragroup reinsurance, others, etc. Net Income FY2021 2Q (YTD) TAL#15PERFORMANCE TAL will leverage its proven capability in translating acquisitions into value and future performance Asteron Life Metric IRR Synergies delivered What have we achieved 10%+ $75m Integration delivery duration Completed within 30 months, $40m below budget Cash contribution $100m (in FY2021) Westpac Life Metric IRR Promised 10%+ Synergies targeted Integration delivery duration Cash contribution $70m+ (by 2025) 24 months $135m (from FY 2024) Strategic objectives Enhances scale and capability and opens up important new distribution channels Provides a strong base for continued growth Strategic objectives Continue to diversify products and distribution channels Future growth opportunities through 20-year distribution arrangement Access to Westpac Bank's 13 million customers Aligned to Dai-ichi Life's mid-term management plan Exceeding the cost of capital and financial hurdle rates We have a disciplined financial approach to M&A and proven integration capability which has delivered on our strategic objectives. We have the same leadership and execution team dedicated to the integration, and have a strong partnership through Westpac. 15 TAL Presentation TAL#16PERFORMANCE TAL is focused on delivering strong cash flows and returns to Dai- ichi Life as part of the mid-term management plan TAL's commitment to Dai-ichi Life Capital allocation • • • TAL's execution of inorganic and organic growth objectives means we are and will continue to be a cash flow positive provider to Dai-ichi Life over the next 10 years. TAL is also actively pursuing a number of ROE and intragroup reinsurance initiatives, with an intention to increase and recycle capital through to Dai-ichi Life. TAL's financial position has proven to be strong and resilient, ensuring our ability to generate sustainable profit and cash flow. These will be up streamed to Dai-ichi Life as part of the capital management strategy. 16 TAL Presentation Cash circulation Group (Holdings) Capital circulation management focused on improvement of capital efficiency Balanced capital allocation and substantial financial measures that contribute to sustainable growth (emphasis on cash flow and economic value) Reaffirmation of cost of capital/business portfolio management (expanding / exploring)/risk transfer (utilization of reinsurance) / circulation of surplus capital Growth investments/shareholder returns / reinforcement of financial soundness Free cash flow Growth investment (capital, investment, etc.) Operating Companies TAL#17Looking Ahead TAL#1818 тва LOOKING AHEAD Good progress, positive outlook Focus areas ✓ Executing on Westpac Life deal for TAL and Dai-ichi Life 00 Working closely with Dai-ichi Life on key aspects of the mid-term management plan, including capital efficiency As a leader in the market, we will continue to work closely with the market and regulators. Focused on growing and building out our distribution channels to ensure future sustainable growth for TAL (growing and remaining #1) TAL Presentation TAL#19Historical information, Forecasts and Projections Any information about historical performance in this presentation is not and should not be considered a reliable indication of the likely future performance of the Company. This presentation contains estimates, forecasts or projections or other forward-looking statements ("Projections"). The Company makes no representation or warranty about the validity, certainty, completeness or reliability of any Projection or assumptions underlying a Projection or that any Projection will be achieved or that any assumptions are valid. Projections are necessarily based on estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, many of which are beyond the Company's control and many of which are subject to change. The assumptions may also involve subjective judgements which may not prove to be correct or appropriate. Accordingly, actual results are likely to be different from those forecast or projected because events and circumstances frequently do not occur as expected, and those differences may be material. Any forward- looking statements reflect the Company's views and assumptions as of the date of this Presentation and the Company disclaims any obligation to update forward-looking information. The Company accepts no duty of care or liability to anyone who relies on a Projection. Additional information regarding the Company is available at www.tal.com.au 19 TAL Presentation TAL