#1HEALTHIER, LONGER, AIR BETTER LIVES 2022 ANNUAL RESULTS PRESENTATION 10 March 2023#2Disclaimer AIA This document ("document") has been prepared by AIA Group Limited (the "Company", and together with its subsidiaries, "AIA" or the "Group" or "AIA Group") 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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Throughout this document, in the context of our reportable segments, Hong Kong refers to operations in the Hong Kong Special Administrative Region and the Macau Special Administrative Region; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Cambodia, India, Indonesia, Myanmar, New Zealand, 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 & OUTLOOK Lee Yuan Siong, Group Chief Executive and President אור 3#4Business Highlights Lee Yuan Siong Group Chief Executive and President AIA HEALTHIER, LONGER, BETTER LIVES#52022 Resilient Financial Performance, VONB up 6% in 2H Growth Earnings Capital & Dividends +7% (3) AIA Free Surplus Before Shareholder Returns $23.7b +$6.7b VONB OPAT UFSG $3,092m $6,370m $6,039m (5)% +5%(¹) EV Equity Before Shareholder Returns $77.0b +6% Operating ROE 13.2% +40 bps(2) Total Dividend Per Share 153.68 HK cents +5.3% Share Buy-Back Over 3 years $10.0b $3.6b in FY22 Notes: (1) OPAT growth rate is shown on a per share basis (2) Operating ROE growth rate is shown on an actual exchange rate basis (3) UFSG growth rate on a comparable per share basis before the effects from the early adoption of the Hong Kong Risk-based Capital (HKRBC) regime and the release of additional resilience margins 5#6AIA China: Strong VONB Momentum as Restrictions Eased AIA AIA China VONB YOY Growth Stringent Movement Restrictions Gradual Easing of Restrictions Omicron Peak Reopening Agent Headcount Double-digit YoY Growth Positive YoY Growth 1Q22 2Q22 3Q22 Oct 22 Nov 22 Dec 22 Jan 23 Feb 23 Notes: Growth rates for FY22 are year-on-year, unless otherwise stated New operations refer to Tianjin, Shijiazhuang, Sichuan province and Hubei province Differentiated Premier Agency Well-Positioned to Capture Future Growth +6% Average Income per Active Agent +6% Jan 22 Dec 22 FY21 FY22 #1 MDRT in Mainland China and Globally +12% New Agent Productivity 2H22 vs 2H21 Excellent Progress in New Operations +50% +31% Agency VONB Active Agents New province launch in Hubei (Wuhan) Second centre opened in Hankou District (Wuhan) Tianjin and Shijiazhuang status upgraded New branch preparations in Henan at an advanced stage 6#7AIA Hong Kong: VONB Growth from All Channels AIA Hong Kong VONB up 4% in FY22 Building Strong Momentum through 2H 2022 VONB Mainland Chinese Visitor (MCV) Business Excellent VONB Growth via Macau Branch MCV VONB MCV VONB as % of AIA HK +32% VONB Growth i across Agency and Partnership Distribution FY22 vs FY21 1Q 2Q 3Q 4Q >3x FY21 FY22 -10% FY22 AIA Premier Agency Market Leader in Agency Distribution 2022 New Recruits #1 MDRT in Hong Kong and Macau +11% New Recruits YoY Growth 4Q22 Partnership Distribution Excellent Bancassurance Performance Partnership VONB +21% 焱 BEA東亞銀行 citi >2m Bank customers +18% Insurance specialists in 2H 1Q 2Q 3Q 4Q 44 FY21 FY22 7#8ASEAN: Major Driver of VONB Growth Return to Strong Growth in 2H22 #1 Ranked in ASEAN (¹) VONB +13% Powerful Multi-Channel Distribution Platform Premier Agency 2022 VONB YoY Growth +14% Omicron Impact +10% Long-Term Strategic Partnerships Partnership VONB +16% 1Q 2Q 3Q 4Q 2H21 2H21 2H22 Significant Contributor to VONB +15% Rest of 56% Group % of 2H22 VONB 44% ASEAN +9% MDRT members Active new agents 4Q22 vs 1Q22 #1 MDRT across ASEAN (1) Notes: All figures are for Thailand, Singapore, Malaysia, Vietnam, Indonesia, the Philippines, Cambodia, Myanmar and Brunei in aggregate unless otherwise stated In aggregate across six markets (Thailand, Singapore, Malaysia, Indonesia, the Philippines and Vietnam) by ANP based on latest available regulatory data Bangkok Bank in Thailand, BCA in Indonesia, BPI in the Philippines, Public Bank in Malaysia, VPBank in Vietnam, AYA Bank in Myanmar and Amret in Cambodia (2) 2H22 65m Potential customers from leading domestic bank partners(2) >50m Active users across key strategic digital platform partners Digital Lead Generation Activity Management AIA Proposition Innovation 8#9India: Excellent Performance by Tata AIA Life Superior Growth in FY22 VONB +52% High-Quality Leading Player #1 Retail Protection Player(¹) #3 Private Life Insurer(2) #1 Persistency(3) Multi-Channel Distribution Strategy Leading Premier Agency AIA Digitally-Enabled Partnerships +52% 6 high-quality bank partners: >150m accessible customers >5,000 insurance specialists Key broker partners: #1 share of wallet (4) #1 MDRT life insurer +52% +33% MDRT qualifiers VONB growth VONB growth FY21 FY22 2x New recruits Notes: FY22 YoY growth rates, unless otherwise stated (1) (2) (3) (4) Among private insurers, based on retail sum assured as at end of 2022 Individual weighted new business premium of private life insurers for Apr to Dec 2022 Based on regulatory disclosures on 13th month persistency of all insurers at the end of December 2022 AIA estimates based on market insights, Dec 2022 9#10Technology, Digital and Analytics Transforming AIA Industry-Leading Cloud Adoption 15% Jun 20 72% >5X increase Cloud Adoption Dec 21 86% TDA powering our unrivalled distribution and achieving the best outcomes for customers 4.7 Enhancing Premier Agency Rating across agency tools Dec 22 ~$280m Agency ANP from digitally- sourced leads >75% AIA Active agents using social media marketing, +14 pps YoY Improved Customer Experience with Straight-Through Processing 35% Jun 20 58% 2X Straight-Through Processing Dec 21 70% Digitally- Enabled Partnerships >4.6m Digital leads from bank partners ~$220m Bancassurance ANP from digitally- sourced leads >1m Customers through digital platform partners Dec 22 Leading Customer Experience 4+ >15m Online registered customers App store rating of AIA service app Top 3 NPS in 9 markets Analytics Powering Everything We Do Al and analytics use cases >230 implemented across the Group as of FY22 since launch of TDA Digital Insurer of the Year InsuranceAsia News, 2021 and 2022 Enterprise Architecture Award Forrester Asia Pacific Technology Awards 2022 Note: For FY22 unless otherwise stated 10#11Accelerating AIA's Profitable Growth Strategy Through Health AIA is Uniquely Positioned to Address Asia's Healthcare Demands Profitable at Scale >40% VONB from products with health-related benefits (1) >14m health customers >160,000 corporate customers Leading Market Presence #1 Hong Kong (25% share) #1 Singapore (24% share) #1 Thailand (31% share) #1 Malaysia (23% share(2)) Differentiated Health and Wellness Services AIA Vitality Launched in 12 AIA markets >$2.5b integrated product VONB(3) AIA Making Healthcare More Accessible, More Affordable and More Effective Integration with Outpatient Clinics Healthcare Admin & Management Powered by Health Technology, Digital and Analytics amplifyhealth World-class digital health technology across the entire healthcare value chain >30 years proven Health Tech IP >200 cutting-edge technology assets ~270 full-time employees AIA's Integrated Health Strategy Personalised Health Insurance Advancing Capabilities Blue Cross 藍十字 An AIA Company 友邦保險成員公司 Completed in Aug 2022 Leading health insurance products provider in Hong Kong ☐ High-quality provider network with own clinics MediCard Completed in Mar 2023 Leading HMO (4) in the Philippines • >1,000 network hospitals and 26 own clinics Notes: (1) For FY22; includes medical coverages and traditional protection products such as critical illness, disability income that have fixed benefits payable on a health condition diagnosis, but excludes death and accident benefits (2) Excludes non-profit medical schemes (3) AIA Vitality integrated VONB, cumulative since 2018 (4) Health Maintenance Organisation 11#12ESG: AIA is Committed to Achieving Net-Zero AIA Health and Wellness More than $2 trillion total sums assured $16 billion in total benefits and claims AIA One Billion rolled out to 18 markets, engaged 258m people Sustainable Investment 1st Sustainable Multi-Thematic fund launched by AIA Singapore Over $10 billion investments in Healthcare sector and ESG bonds ESG Rating Scorecard fully implemented across directly-managed fixed income and equity asset classes Sustainable Operations 87% Digital Submissions achieved from our buy, service and claims transactions 100% of all new buildings and redevelopments are green certified Fortune's Change The World List top ten ranked companies globally People and Culture Gallup Exceptional Workplace Award top quartile in employee engagement score for the 6th consecutive year 42% Women in senior management roles Bloomberg Gender-Equality index inclusion in 2023 Effective Governance Top Rated ESG Performer by Sustainalytics in insurance industry and Asia AA in MSCI ESG ratings 100% of Group Board non-executives are independent and all Group Board committees are chaired by INEDS Note: For FY22 unless otherwise stated Helping People Live Healthier, Longer, Better Lives 12#13Strong Momentum in 2H22, Well-Positioned for Growth Multiple Growth Engines ■ MAINLAND CHINA ■ HONG KONG ASEAN INDIA Double-digit VONB growth pre-Omicron (1) VONB growth YoY in Jan-Feb 23 Unique advantage to capture full growth potential VONB growth in 2022, building momentum #1 in Agency and gaining market share Well-positioned for sustained MCV business ■ 13% VONB growth in 2H22 #1 in ASEAN, major driver of 2H VONB growth #1 Premier Agency, leading domestic partners 52% VONB growth in 2022 # 3 private life insurer, #1 retail protection Fastest growing life insurer Unmatched Financial Flexibility STRONG, RESILIENT BALANCE SHEET $17.9b free surplus, up in 2022 283% Group LCSM cover ratio GROWING FREE SURPLUS GENERATION ATTRACTIVE NEW BUSINESS RETURNS CONSISTENT CASH GENERATION SUPERIOR SHAREHOLDER RETURNS |: |: AIA $6.0b UFSG in 2022 $60.8b free surplus generation since IPO >20% IRR on new business investment 3-year payback period $4.3b capital flows to Group in 2022 $10.7b Holding Co. financial resources Total DPS up 5.3% to 153.68 HK cents $10.0b share buy-back programme Note: (1) Jul to Nov 2022 YoY VONB growth 13#14Financial Results Garth Jones Group Chief Financial Officer AIA HEALTHIER, LONGER, BETTER LIVES#15HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#16Strong VONB Growth Momentum in 2H22 Total Group VONB ($m) 2H22 VONB Growth Across 5 Largest Markets $353m +3% Hong Kong $464m +5% Thailand $325m +19% 1,556 Mainland China 1,465 +6% 2H21 2H22 Singapore Malaysia Other Markets $188m $147m +7% +26% $213m (8)% Note: Comparatives are shown on a constant exchange rate basis. VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests AIA 16#17High-Quality New Business Delivering Attractive Returns VONB ($m) 1,556 1,465 +6% VONB Margin Movement 59.6% (1.0) pps (0.4) pps +0.7 pps 58.8% (0.1) pps AIA 2H21 Product Mix 2H22 2H21 VONB Margin Product Mix Geographical Mix Channel Others Including Mix Assumption Changes 2H22 VONB Margin PVNBP Margin by Product Others 16% 14% 13% 10% 9% Unit-linked 15% VONB 2H22 48% Traditional Protection 21% Participating Overall Traditional Protection 2H21 2H22 9% 9% 9% 9% 8% 7% Participating Unit-linked Others 17 Note: VONB comparative is shown on a constant exchange rate basis; Product mix are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests#18EV Equity of $77.0b before $5.8b Shareholder Returns 2022 EV Equity Movement ($b) +13% Shareholder Returns $5.8b AIA + 0.2 + 3.1 (0.4) 84.9 (5.4) + 3.9 1H (0.3) (2.2) + 3.1 2H 77.0 (2.3) 75.0 (3.6) 71.2 EV Operating Profit $6.8b Expected VONB Adoption, Release of Return on EV Operating Variances Finance Costs Group EV Equity Before Investment Return Variances Economic Assumption Changes Group EV Equity End of 2021 HKRBC Early Additional Resilience Margins and Acquisition Note: Due to rounding, numbers presented in the chart may not add up precisely Non-operating Variances Other Non-operating Items and Exchange Rates Group EV Equity Before Returns to Shareholders Dividend Paid Share Buy-back Group EV Equity End of 2022 18#19EV Sensitivity to Interest Rates Remains Small 5% 4% 3% 2% 1% AIA Long-Term Assumptions vs Market Rates Weighted Average by Geography(1) Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Nov-15 10 Year Market Forward (10-year Govt Bond) Nov-16 Dec-17 Dec-18 Dec-19 Jun-20 Dec-20 Dec-21 Jun-22 Dec-22 AIA Long-Term Assumption (10-year Govt Bond) Note: (1) Weighted average interest rates by VIF of Mainland China, Hong Kong, Thailand, Singapore and Malaysia EV and VONB Sensitivities to Interest Rates Includes Mark-To-Market Asset Impacts and Long-Term Assumption Changes 50 bps Increase: VONB +2.1% EV No increase in risk discount rates +1.0% EV Including increased risk discount rates (1.8)% 50 bps Decrease: VONB EV No decrease in risk discount rates EV Including decreased risk discount rates (2.6)% (1.2)% +2.0% AIA 19#20Prudent Operating Assumptions Added $3.9b to EV Since IPO Cumulative Claims Experience Variances ($m) Cumulative EV Operating Variances ($m) 2,277 2,162 1,941 1,557 1,345 1,112 905 705 541 417 301 149 AIA 3,891 3,648 3,211 2,662 2,028 1,425 1,129 735 487 379 255 144 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Note: 2017 figures cover a 13-month period from 1 Dec 2016 to 31 Dec 2017 due to a change in Group's financial year end 20 20#21EV Equity 2.9x Since IPO; Track Record of Profitable Growth EV Equity ($b) 24.9 2.9x + 68.4 71.2 2010 2022 24.9 EV Equity Movement Since IPO ($b) Group EV Equity End of 2010 Expected Return on EV and VONB Net of Finance Costs (3.2) (0.1) 90.0 (18.8) Variances and Economic Assumption Changes Exchange Rates and Other Items Group EV Equity Before Returns to Shareholders Returns to Shareholders AIA 71.2 Group EV Equity End of 2022 21 21#22HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#23Group OPAT of $6.4b Up 5% Per Share Malaysia Other Markets 13% 6% FY22 OPAT Hong Kong 35% Singapore 12% $6,370m +5% Thailand 12% Mainland China 22% Growing In-Force Portfolio of High-Quality Business Hong Kong $2,226m +4% Thailand Mainland China $1,425m +8% $782m (10)% Note: Group OPAT includes Group Corporate Centre. Group OPAT growth rate is shown on a per share basis Singapore Malaysia $742m $393m +6% +6% AIA Other Markets $804m +11% 23 23#24$50.6b Shareholders' Allocated Equity before Shareholder Returns AIA IFRS Shareholders' Allocated Equity Movement ($b) Shareholder Returns $5.8b + 6.4 (2.3) (3.8) 52.1 (1.7) 50.6 (2.3) (3.6) 44.8 24 24 Allocated Equity End of 2021 Operating Profit After Tax Investment Return Movements(1) Other Non-operating Items Exchange Rates and Others Allocated Equity Before Dividend Paid Share Buy-back Allocated Equity End of 2022 Returns to Shareholders 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#25High-Quality, Diversified and Resilient Investment Portfolio AIA Structured Securities 1% Loans and Deposits 4% Real Estate 4% Equities (1) 15% Others(2) 4% Total Invested Assets Corporate Bonds 35% $216.0b BBB 45% Government & Government Agency Bonds 37% ALM investment strategy High-quality, defensively positioned portfolio Total impairments of $105m since IPO in 2010 2% in Mainland China real estate, banks and LGFVs bonds and equities 60% of equities and real estate are held within Par funds Notes: As of 31 Dec 2022 (1) (2) (3) Includes equity shares, interests in investment funds and exchangeable loan notes Cash and cash equivalents and derivative financial instruments used for risk management hedging purposes Including not rated bonds BB and below (3) AAA 1% 3% ' AA 7% Corporate Bonds By Credit Rating $75.8b A 44% Investment grade corporate bond portfolio ■ Average rating unchanged at A- ■ >1,900 issuers Average holding size of $40m Prudent assumptions with low default experience 0.48% downgraded to below investment grade in FY22 25#26Moving to IFRS 9 and 17 ■ ■ IFRS 9 and 17 Update No impact on the economics of the business, including VONB and EV, cash generation, solvency and capital Unchanged strategic priorities, capital management framework and dividend policy OPAT and shareholders' allocated equity retained as key reporting metrics AIA ■ ■ 2022 Reporting under IFRS 4 2023 Today Jun 2023 Aug Mar 2023 2024 Reporting under IFRS 9 and 17 Transition date Effective date 1 Jan 2022 1 Jan 2023 FY22 Results (IFRS 4) IFRS 9 and 17 Update 1H22 & FY22 Comparative Financial Information (IFRS 9 and 17) 1H23 Results (IFRS 9 and 17) FY23 Results (IFRS 9 and 17) Today: Update on IFRS 9 and 17 expected impacts on key reporting metrics Jun 2023: Release IFRS 9 and 17 comparative financial information for 1H22 and FY22 including key notes Aug 2023: 1H23 results will be reported on IFRS 9 and 17, including 1H22 comparative financial statements 26 26#27Overall Positive Outcome From Adoption of IFRS 9 and 17 IFRS 9 and 17 Update אור Minimal effect on OPAT and significant uplift in net profit ■ IFRS 17 OPAT for 2022 expected to be within 5% of IFRS 4 OPAT Net profit for 2022 expected to be at least $2b higher than IFRS 4 net profit - and less volatile going forward ― Accounting treatment of hedge derivatives for Par business aligned to underlying economics $2b of fair value losses on hedge derivatives reported for Par business under IFRS 4 net profit are offset by the corresponding change in liabilities under IFRS 17 Shareholders' allocated equity higher under IFRS 17 at the end of 2022 Contractual service margin (CSM) of $55b on transition (1 Jan 2022), reflecting the profitability of the in-force business On transition (1 Jan 2022) shareholders' allocated equity is lower by 2% and shareholders' equity lower by 7% At end 2022, shareholders' allocated equity and shareholders' equity expected to be higher under IFRS 17 than IFRS 4 27#28Comprehensive Equity Over $100b; Leverage Ratio Reduced IFRS 9 and 17 Update AIA Leverage Ratio (¹) as at 1 Jan 2022 Note: (1) Comprehensive Equity ($b) As at 1 Jan 2022 101 60 60 1.7x Current IFRS IFRS 9 and 17 13.6% 8.6% Net CSM Shareholders' Equity Comprehensive equity >$100b as at transition Comprehensive equity defined as shareholders' equity plus net CSM Net CSM is after allowing for reinsurance and taxes Leverage ratio reduces by 5 pps Inclusion of net CSM in financial leverage ratio calculation Leverage ratio(1) reduces to 8.6% as at 1 Jan 2022 Expected to be at least 5 pps lower than IFRS 4 basis as at end of 2022 Under IFRS 4, leverage ratio defined as total borrowings (total borrowings + total equity); Under IFRS 17, leverage ratio defined as total borrowings / (total borrowings + total equity + CSM net of reinsurance and taxes) 28#29AIA IFRS 17 Reinforces Prudence in AIA's Embedded Value IFRS 9 and 17 Update Reconciliation of IFRS 17 Comprehensive Equity to EV Equity ($b) As at 1 Jan 2022 Net CSM Shareholders' Equity 1.3x +3 (7) 101 (19) 78 IFRS17 Comprehensive Equity Risk Adjustment (1) Capital in EV Cost of Valuation Differences EV Equity(2) Notes: (1) Risk adjustment is net of reinsurance (2) After HKRBC early adoption and release of additional resilience margins IFRS 17 comprehensive equity and EV Equity represent the value of historical and future profits on different bases Valuation differences primarily driven by higher discount rates As at 1 Jan 2022, IFRS 17 comprehensive equity was 1.3x EV Equity Expect to observe a similar ratio of new business CSM to VONB 29 29#30HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#31Very Strong and Resilient Solvency Position Very Strong Capital Position Group LCSM Cover Ratio Prescribed Capital Requirement (PCR) Basis ☐ 291% I 296% -(13)% From share buy-back 283% As at 31 Dec 2021 Pro forma(1) As at 31 Dec 2022 Group LCSM cover ratio up year-on-year before share buy-back PCR basis since 1 Jan 2022 Group LCSM cover ratio at 552% on MCR basis as at 31 Dec 2022 All key markets are shown on a risk-based regulatory basis Notes: MCR refers to minimum capital requirement basis (1) Pro forma assuming early adoption of HKRBC, introduction of C-ROSS II and release of additional resilience margins AIA Resilient to Market Volatility Sensitivities of Group LCSM Cover Ratio to Changes in Interest Rates and Equity Markets LCSM Cover Ratio as of 31 Dec 2022 Impact on 283% Group LCSM Cover Ratio 10% increase in equity prices 287% +4 pps 10% decrease in equity prices 278% (5) pps 50 bps increase in interest rates 277% (6) pps 50 bps decrease in interest rates 288% +5 pps Sensitivities to interest rates and equity markets remain small Strong resilience to volatile market environment Significant buffer to capitalise on growth opportunities 31#32Free Surplus up to $23.7b before $5.8b Shareholder Returns Free Surplus Movement ($b) 17.0 Free Surplus End of 2021 + 7.6 +$11.7b + 6.0 (1.3) (0.3) (0.4) 28.8 (5.1) 1H- 2H HKRBC Early Adoption, Release of Additional Resilience Margins and Acquisition Underlying Free Surplus Generation +$4.1b Shareholder Returns $5.8b AIA 23.7 (2.3) (3.6) 17.9 New Business Investment Unallocated Group Office Expenses Finance Costs and Others Free Surplus Before Investment Return Variances and Returns to Investment Return Variances and Other Non-operating Free Surplus Before Returns to Shareholders Dividend Paid Share Buy-back Free Surplus End of 2022 Items Note: Due to rounding, numbers presented in the chart may not add up precisely Shareholders 32 32#33Financial Discipline Driving Free Surplus Generation 65.8 (17.5) Cumulative >20% IRR New Free Surplus +60.8 Business Generation (1) Investment Use of Free Surplus Since IPO ($b) (15.3) Free Surplus End of 2010 5.0 New Business Investment Dividend Paid AIA Free Surplus ($b) (3.6) (6.4) (3.5) (1.7) 17.9 5.0 Share Buy-back To Date Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Includes $7.8b from HKRBC early adoption and release of additional resilience margins Acquisitions 3.6x 17.9 Investment Return Variances Free Surplus 2010 2022 End of 2022 Unallocated Group Office Expenses, Finance Costs and Other and Other 33 33#34Progressive Returns to Shareholders; Total Dividend up 5.3% Prudent, Sustainable and Progressive Dividend Policy Total Dividend Per Share (HK cents) AIA Ongoing $10.0b Share Buy-Back Enhancing Shareholder Returns Returns to Shareholders ($m) Note: 153.68 146.00 +5.3% 2021 (1) Including special dividend payment of $146m 5,829 3,570 Share Buy-Back 1,961 1,997 2,147 2,259 Dividend 1,589 1,376 Paid 1,124 530 595 689 814 170 2022 2011 2012 2013 2014 2015 2016 2017 2018 2019 (1) 2020 2021 2022 34#35Profitable Growth Strategy Driving Shareholder Value AIA Strong VONB growth momentum in 2H22 Robust cash generation with increased Free Surplus ■ $5.8b of capital returned to shareholders in 2022 Prudent, sustainable and progressive total dividend up 5.3% ■ Ongoing $10.0b buy-back programme enhancing shareholder returns Unmatched financial flexibility to capture profitable new business growth 55 35#36STRATEGIC PRIORITIES & OUTLOOK Lee Yuan Siong Group Chief Executive and President HEALTHIER, LONGER, AIA BETTER LIVES#37Asia is the Most Attractive Region for Life and Health Insurance Unparalleled Opportunities Growing Population +30 million p.a. Asia adds to its population from 2020 to 2030E Increasing Wealth 50% of global GDP growth over 2020 to 2030E will come from Asia ex-Japan Material and Fast-Growing Health Market High Disease Burden >60% of the global disease burden caused by major chronic respiratory diseases occurs in Asia Greater Focus on Health 64% AIA of Asian consumers are more concerned about personal health and protection post COVID-19 Rising Middle Class (1) 2.6 billion Ageing Society 850 million above 60 years of age >$4 trillion annual healthcare expenditure across AIA's markets in 2030E 34% of total healthcare expenditure is out-of-pocket 1.5 2020 +1.1b 2.6 2030E Notes: Sources: IHS, McKinsey, Swiss Re, WHO, AIA estimates (1) $22,000 net income or higher, on purchasing power parity (PPP) basis 510 +340m 850 1.4 >10% p.a. 4.2 15% 11% 34% 2015 2030E 2020 2030E US EU Asia 37 40#38Capturing Full Growth Potential of Chinese Life Insurance Market Structural Growth Drivers AIA Group's Unique Growth Advantage in Mainland China Full exposure to the large and highly attractive life and health insurance market Complementary strategy across distribution channels and customer segments 1.4 billion Total Population >900 million Middle Class and Affluent Population by 2030E ~2.4% Life Insurance Penetration AIA AIA China: 100% Ownership ☐ Targeting fast-growing middle class and affluent market segment ☐ 5x increase of target market potential through geographical expansion ■ High-quality and differentiated Premier Agency strategy ☐ Value-focused bancassurance model Comprehensive needs-based protection and long-term savings propositions >$160 billion Potential additional annual life insurance premium required to close the mortality protection gap in Mainland China >$2.8 trillion Annual Healthcare Expenditure Forecast 2030E 中邮保险 CHINA POST INSURANCE China Post Life: 24.99% Equity Strategic Investment ☐ AIA Targeting underpenetrated mass market segment Unmatched scale and reach leveraging PSBC's distribution network Access to ~40,000 retail financial outlets and more than 600m retail customers ☐ Strategic shift to longer-term savings and protection products ☐ Value creation via dedicated joint Technical Assistance Advisory team 38#39AIA AIA China: Unique Opportunity, Differentiated Strategy Significant Headroom for Growth Middle Class and Affluent Population (million people) >600m ■ 300 Geographical Expansion 10 additional target provinces and municipalities in focus ■ Access to $7t GDP 100% Proven High-Quality Premier Agency Model Total Agents (4) +22% Agency Leaders 2022 vs 2019 #1 MDRT in Mainland China for 3 consecutive years +58% VONB per Agent(4) Industry 4x AIA China Average Income vs Working Population (5) >2x Notes: 120 2020 5x 101 226 2030E Recently Established (1) ■ ~10% of total new recruits ■ 70% agents are university graduates Existing Footprint (pre-2020)(2) Top 3 market share in major cities ■ 3% penetration of existing target customer base (3) AIA China Industry MDRT members FY19 1H22 2022 vs 2019 Working Population AIA China 中国邮政储蓄银行 POSTAL SAVINGS BANK OF CHINA New Strategic Bancassurance Partnerships Targeting PSBC's emerging mass-affluent segment Supporting PSBC wealth management initiative BEA東亞銀行 ■Top 3 foreign bank by branch network ■ Distribution partnership launched in 2H21 ■ Comprehensive product suite with focus on protection ■Launched in 2022 in 8 of AIA China's regions (1) Tianjin, Hebei province, Sichuan province and Hubei province (2) Including Beijing, Shanghai, Shenzhen, Guangdong province and Jiangsu province (3) AIA China existing customers at the end of 2022 as a percentage of target customer segment in established provinces as of 2020 (4) For 1H22; industry statistics based on latest company reports (5) Average Income for AIA Agents vs Working Population; Source: National Bureau of Statistics 39#40AIA China Post Life: Capturing Additional Growth in Mainland China Significant Value Uplift Since AIA's 24.99% Investment Announcement Largest Financial Distribution Network Through PSBC Retail Customer Base 637m Fast-Growing New Business # of Retail Financial Outlets(1) VONB Shift to Longer-Term, Higher-Margin Products FY22 Regular Premium as % of Total New Premium Market-Leading Efficiency Administrative Expense Ratio (3) ~40,000 23,000 33,000 (2) 16,000 >$1b 3.8x PSBC No. 2 No. 3 FY20 FY21 FY22 22 provinces 296 1,690 cities counties 22% Regular Premium 78% 1/3 Listed Peers Average Bank-affiliated Peers CPL Value creation via dedicated joint Technical Assistance Advisory team Supporting strategic priorities across product development, distribution, technology, investment, risk and capital management Notes: Source: China Post Life, Postal Savings Bank of China (PSBC), China Post Group and company annual reports. All figures are as of end 2021 unless otherwise stated (1) Retail financial outlets refers to bank branches and other outlets of PSBC that distribute life insurance. Retail financial outlets for peers refers to bank branches. Numbers shown are rounded to the nearest thousand (2) Refers to retail financial outlets that currently distribute China Post Life insurance products (3) Refers to latest available administrative expenses divided by gross written premium; Source: Company annual reports and industry estimations 40 40#41Unparalleled Position in Hong Kong to Capture Growth Structural Growth Drivers ~$7 billion Annual Private Out of Pocket Health Expenditure in HK Market-Leading Premier Agency #1 Agency in Hong Kong and Macau by ANP(2) #1 MDRT in Hong Kong and Macau Market Outperformance 3Q22 YTD Agency ANP YOY Growth vs Industry Total (3) Uniquely Positioned for MCV MCV-Focused Agents Stable and Remain Active AIA MCV-Focused Agents >6,800 >$2 trillion Personal Financial Assets in HK(1) 67 million Middle Class and Affluent Population by 2030 across GBA >75% Contracted before 2020 +4% 67% Active in domestic ΑΙΑ #2 #3 #4 (4)% (5)% and MCV customers Past MDRT -50% members (7)% 3.7% Insurance Penetration across GBA $23k GDP Per Capita across GBA in 2021 Unrivalled Platform in GBA 100% ownership across all GBA cities BEA東亞銀行 #3 Agency in Guangdong GBA cities Exclusive Partnership, presence in all GBA cities Notes: For 2022 unless otherwise stated (1) In 2020; Source: McKinsey Wealth Pools (2) Sources: HK Insurance Authority, 3Q22 Total Market ANP (3) Rankings of non-bank life insurers Domestic 40% 2018 2022 MCV VONB FY18 AIA HK VONB >3x $1.7b MCV 60% FY21 FY22 41#42Diversified Growth Platform in ASEAN with Proven Execution AIA Structural Growth Drivers >500 million Middle Class and Affluent Population by 2030E ASEAN 0.5 billion people Rest of 2.1 AIA Footprint ~2.7% Insurance Penetration >$35 billion ANP Opportunity from Mortality Protection Gap >$225 billion Annual Health Protection Gap Leading Platform #1 Ranked in ASEAN By ANP(1) Multi-Channel Distribution Platform FY22 ANP Partnerships 33% Agency 67% #1 Health Insurer in ASEAN #1 Thailand (31% share) #1 Singapore (24% share) #1 Malaysia (23% share(2)) Notes: All figures are for Thailand, Singapore, Malaysia, Vietnam, Indonesia, the Philippines, Cambodia, Myanmar and Brunei in aggregate In aggregate across six markets (Thailand, Singapore, Malaysia, Indonesia, the Philippines and Vietnam) by ANP based on latest available regulatory data Excludes non-profit medical schemes (1) (2) (3) VONB from Bangkok Bank in Thailand, BCA in Indonesia, BPI in the Philippines, Public Bank in Malaysia and VPBank in Vietnam Unrivalled Distribution Premier Agency Growing Scale and Productivity >20% +39% New Recruits FY22 vs FY19 MDRT FY22 vs FY19 #1 MDRT across ASEAN Industry-Leading Bancassurance Top 3 ranked domestic banca partners Access to 65m bank customers VONB above Pre-COVID-19 Levels (3) Bangkok Bank VPBank b BCA BPI PUBLIC BANK AYA Bank citi Amret. capodan Your Trusted Partner FY19 FY22 Digital Platform Partnerships Touch NGO 4.5x increase in customer no. eWallet TİKİ truedigital ~1.3m policies in FY22 42 42#43Delivering India's Potential through Tata AIA Life Structural Growth Drivers Proven Execution, Focus on Quality 1 billion Middle Class and Affluent Population by 2030E India 1.0 billion people 1.6 Rest of AIA Footprint VONB 3.5x AIA #1 Leadership in Retail Protection Retail Sum Assured (Private Life Insurers) Tata AIA Life Retail Protection Player(²) #2 #3 #4 Digitally-Enabled Multi-Channel Platform 1.9x Fastest -3.2% Differentiated Growing G20 Economy Insurance Penetration FY18 FY19 FY20 FY21 FY22 Premier Agency >$350 billion Annual Health Protection Gap 6th Largest Insurance Market in the World by 2030E Fastest Growing Life Insurer New Business Premium Growth, Top 5 Insurers 3.2x 1.7x FY18 - FY22(1) Leading Bancassurance Brokers and Digital Partners #1 MDRT life insurer in India #1 agency productivity(3) 6 bank partners, 15,000 branches Access to >150m bank customers #1 Wallet Share(4) Leading domestic brokers policy bazaar Compare. Buy. Save. 3x ANP FY19-FY22 com Tata AIA Life #2 #3 #4 #5 Notes: VONB is 100% of the results from Tata AIA Life and gross of withholding tax in local currency (1) Individual weighted new business premium, based on fiscal year Apr to Mar (2) Among private life insurers, based on retail sum assured as at end of 2022 (3) (4) Apr 2022 to Jan 2023, internal estimates and market data, using individual weighted new business premium / average agents AIA estimates based on market insights, Dec 2022 43#44Strong Track Record of Delivering Shareholder Value Growth Earnings Cumulative VONB $31.4b since IPO EV Equity ($b) Cumulative OPAT $53.1b since IPO Shareholders' Allocated Equity ($b) 24.9 2.9x 71.2 2010 2022 17.6 2.5x 44.8 Capital & Dividends Cumulative Free Surplus Generation $60.8b since IPO AIP Share Buy-Back $3.6b in FY22 Total DPS (HK cents) 33.00 4.7x 153.68 2010 2022 2011 2022 Note: Cumulative free surplus generation includes $7.8b from HKRBC early adoption and release of additional resilience margins $10.0b Share Buy-Back Over 3 years 44#45AIA: Unique Advantage to Capture Full Growth Potential Multiple Growth Engines ■ MAINLAND CHINA ■ HONG KONG ASEAN INDIA Double-digit VONB growth pre-Omicron (1) VONB growth YoY in Jan-Feb 23 Unique advantage to capture full growth potential VONB growth in 2022, building momentum #1 in Agency and gaining market share Well-positioned for sustained MCV business ■ 13% VONB growth in 2H22 #1 in ASEAN, major driver of 2H VONB growth #1 Premier Agency, leading domestic partners 52% VONB growth in 2022 # 3 private life insurer, #1 retail protection Fastest growing life insurer Unmatched Financial Flexibility STRONG, RESILIENT BALANCE SHEET $17.9b free surplus, up in 2022 283% Group LCSM cover ratio GROWING FREE SURPLUS GENERATION ATTRACTIVE NEW BUSINESS RETURNS CONSISTENT CASH GENERATION SUPERIOR SHAREHOLDER RETURNS |: |: AIA $6.0b UFSG in 2022 $60.8b free surplus generation since IPO >20% IRR on new business investment 3-year payback period $4.3b capital flows to Group in 2022 $10.7b Holding Co. financial resources Total DPS up 5.3% to 153.68 HK cents $10.0b share buy-back programme Note: (1) Jul to Nov 2022 YoY VONB growth 45#46HEALTHIER, LONGER, AIA BETTER LIVES AIA AIA AIA כון AIA 10#47Definitions and Notes AIA In the context of our reportable segments, Hong Kong refers to operations in the Hong Kong Special Administrative Region (SAR) and the Macau SAR; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Cambodia, India, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam. The financial information from 2017 onwards is presented on the 31 December financial year-end basis, and the financial information from 2016 and before is presented on the 30 November financial year-end basis. Growth rates are shown against the corresponding period of 2021 unless otherwise stated. Comparatives for balance sheet items are shown against the position as at 31 December 2021 unless otherwise stated. ANP and VONB for Other Markets include the results from our 49 per cent shareholding in Tata AIA Life Insurance Company Limited (Tata AIA Life). ANP and VONB do not include any contribution from our 24.99 per cent shareholding in China Post Life Insurance Co., Ltd. (China Post Life). The IFRS results of Tata AIA Life and China Post Life are accounted for using the equity method in Other Markets and Group Corporate Centre, respectively. For clarity, TWPI does not include any contribution from Tata AIA Life and China Post Life. Both the results of Tata AIA Life and China Post Life are reported on a one-quarter-lag basis. The results of Tata AIA Life are accounted for the twelve-month period ended 30 September 2022 and the twelve-month period ended 30 September 2021 in AIA's consolidated results for the year ended 31 December 2022 and the year ended 31 December 2021 respectively. The results of China Post Life starting from the completion of the investment on 11 January 2022 are accounted for in AIA's consolidated results for the year ended 31 December 2022. The financial information from 2019 onwards is presented after the change in AIA's IFRS accounting treatment for the recognition and measurement of insurance contract liabilities of other participating business with distinct portfolios. The financial information from 2018 and before is presented before the above-mentioned changes. 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's group available capital, group prescribed capital requirement (GPCR) and group minimum capital requirement (GMCR) are calculated based on the Local Capital Summation Method (LCSM). From 1 January 2022, the Group LCSM surplus is calculated as the excess of group available capital over GPCR and the Group LCSM cover ratio is calculated as the ratio of group available capital to GPCR on the new prescribed capital requirement (PCR) basis. Prior to 1 January 2022, the Group LCSM surplus and the Group LCSM cover ratio were calculated using the GMCR on the previously reported minimum capital requirement (MCR) basis. AIA has a presence in 18 markets - wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR and a 49% joint venture in India. ANP represents 100% of annualised first year premiums and 10% of single premiums, before reinsurance ceded. ANW is the market value of assets in excess of the assets backing the policy reserves and other liabilities of the life (and similar) business of AIA, plus the IFRS equity value of other activities, such as general insurance business, less the value of intangible assets. It excludes any amounts not attributable to shareholders of AIA Group Limited. ANW for AIA is stated after adjustment to reflect consolidated reserving requirements. ANW by market is stated before adjustment to reflect consolidated reserving requirements, and presented on a local statutory basis. BEA refers to The Bank of East Asia, Limited. Contractual service margin (CSM) is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit the entity will recognise as it provides insurance contract services under the insurance contracts in the group. EV Equity is the total of embedded value, goodwill and other intangible assets attributable to shareholders of the Company, after allowing for taxes. 47#48Definitions and Notes (Cont.) Fair value reserve comprises the cumulative net change in the fair value of available for sale securities held at the end of the reporting period. AIA 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, required capital and adjustment for certain assets not eligible for regulatory capital purposes. Holding company financial resources represent the debt and equity securities, deposits, cash and cash equivalents and dividends paid but not settled by subsidiaries, net of obligations under repurchase agreements, at the Group's listed holding company, AIA Group Limited. 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, unless otherwise stated. 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 own use. 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. Operating ROE stands for operating return on shareholders' allocated equity and is calculated 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. PVNBP margin refers to margin on a present value of new business premium basis. Shareholders' allocated equity is total equity attributable to shareholders of the Company less fair value reserve. TWPI consists of 100% of renewal premiums, 100% of first year premiums and 10% of single premiums, before reinsurance ceded. Underlying free surplus generation (UFSG) represents free surplus generated from the in-force business, adjusted for certain non-recurring items, and before free surplus used to fund new business, unallocated Group Office expenses, finance costs, investment return variances and other non-operating items. The underlying free surplus generation is also calculated after reflecting consolidated reserving and capital requirements. VIF is the present value of projected after-tax statutory profits by Business Units emerging in the future from the current in-force business less the cost arising from holding the required capital (CoC) to support the in-force business. VIF for AIA is stated after adjustments to reflect consolidated reserving and capital requirements and the after-tax value of unallocated Group Office expenses. 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 excludes VONB attributable to non-controlling interests. 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 the 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 the deduction of non-controlling interests to be consistent with the definition of ANP. 48#49HEALTHIER, LONGER, AIR BETTER LIVES APPENDIX#50Accelerating AIA's Profitable Growth Strategy 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 World-class technology Step Change in Technology, Digital and Analytics | Customised and digitally-enabled journeys | Data and analytics powering everything we do Organisation of the Future Financial Discipline Simpler, faster, more connected 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 50#51AIA's Integrated Health Strategy Personalised Health Insurance Be the leading provider of personalised health insurance advice and innovative solutions Integration with Outpatient Clinics Deliver better health outcomes at lower costs through strategic partnerships with outpatient clinics Advanced Healthcare Administration and Management Provide more effective care management programmes with simpler healthcare journeys Powered by Health Technology, Digital and Analytics Apply world-class digital health technology across the entire health insurance and healthcare value chain resulting in more efficient pricing, best-in-class claims and risk management and advanced value-based care capabilities More Accessible Making Healthcare More Affordable amplifyhealth More Effective AIA 51#52Embedding 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 Sustainable Investment Deepen engagement with investee companies Augment knowledge and capacity on ESG ■ Enhance portfolio exclusions/inclusions ■ Carbon footprint our portfolio Sustainable Operations ■ Increase digitalisation and automation ☐ Encourage good ESG practice among vendors ■ Adhere to green building standards ■ Reduce our carbon footprint 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 52 52#53Geographical Market Performance AIA Mainland China ($m) 2022 2021 CER AER Singapore ($m) 2022 2021 CER VONB 916 1,108 (15)% (17)% VONB 349 356 +1% AER (2)% VONB Margin 69.5% 78.9% (9.6) pps (9.4) pps VONB Margin 65.7% 64.7% +0.8 pps +1.0 pps ANP 1,319 1,404 (4)% (6)% ANP 531 549 (1)% (3)% TWPI OPAT 7,592 6,999 +12% +8% TWPI 3,577 3,433 +7% +4% 1,425 1,371 +8% +4% OPAT 742 723 +6% +3% Hong Kong ($m) 2022 2021 CER AER Malaysia ($m) 2022 2021 CER AER VONB 787 756 +4% +4% VONB 308 283 +15% +9% VONB Margin 69.5% 64.0% +5.5 pps +5.5 pps VONB Margin 69.9% 57.3% +12.4 pps +12.6 pps ANP 1,078 1,106 (3)% (3)% ANP 440 491 (5)% (10)% TWPI 11,237 11,904 (6)% (6)% TWPI 2,464 2,479 +6% (1)% OPAT 2,226 2,143 +4% +4% OPAT 393 392 +6% Thailand ($m) 2022 2021 CER AER Other Markets ($m) 2022 2021 CER AER VONB 585 609 +5% (4)% VONB 420 511 (12)% (18)% VONB Margin 89.1% 90.0% (0.9) pps (0.9) pps VONB Margin 30.2% 35.9% (5.6) pps (5.7) pps ANP 655 677 +6% (3)% ANP 1,384 1,420 +5% (3)% TWPI 4,166 4,428 +3% (6)% TWPI 7,140 7,616 +2% (6)% OPAT 782 960 (10)% (19)% OPAT 804 784 +11% +3% 53#54Strong VONB Growth Momentum in 2H22 Total Group VONB ($m) 1,556 1,465 +6% 2H21 2H22 VONB ($m) AIA Mainland China Hong Kong Thailand 464 343 353 443 325 +3% +5% 273 +19% 2H21 Singapore 2H22 2H21 2H22 2H21 2H22 Malaysia Other Markets 147 231 188 176 117 +7% +26% 2H21 2H22 2H21 2H22 213 (8)% 2H21 2H22 Notes: Comparatives are shown on a constant exchange rate basis. VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests 54#55Unparalleled Growth Platform Malaysia 9% Singapore 10% Geographical Mix % of 2022 VONB Other Markets 13% Mainland China 27% Thailand 17% Hong Kong 24% Distribution Mix % of 2022 VONB Partnerships 20% Agency 80% Note: Based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests. Distribution mix excludes pension business Unit-linked 14% Product Mix % of 2022 VONB Others 19% Participating 19% AIA Traditional Protection 48% 55 59#562022 ANW Movement 33.3 + 10.4 ANW Movement ($b) AIA + 4.8 (0.2) + 0.2 (0.4) 48.2 (5.9) (1.5) (1.2) (2.3) (3.6) 33.8 ANW End of 2021 HKRBC Early Adoption, Release of Expected Return Additional Resilience Margins and Acquisition Contribution to ANW from VONB Note: Due to rounding, numbers presented in the chart may not add up precisely Operating Variances Finance Costs ANW Before Non- operating Variances Investment Return Variances and Economic Assumption Changes Other Non-operating Variances Exchange Rates and Other Items Dividend Paid Share Buy-back ANW End of 2022 56 99#572022 VIF Movement VIF Movement ($b) 39.7 (7.3) + 3.3 + 0.1 +1.3 (1.1) 34.7 + 0.2 35.1 (1.0) VIF End of 2021 HKRBC Early Adoption and Expected Return Contribution to VIF Operating Variances Release of from VONB VIF Before Non-operating Variances Additional Resilience Margins Note: Due to rounding, numbers presented in the chart may not add up precisely Investment Return Variances and Economic Assumption Changes Other Non-operating Variances Exchange Rates and Other Items VIF End of 2022 54 57 AIA#58IFRS Shareholders' Equity and ANW Reconciliation of IFRS Shareholders' Equity to ANW ($b) 38.1 (1.2) +0.1 Shareholders' Equity End of 2022 Difference between IFRS and Local Statutory Policy Liabilities Mark-to-market Adjustment for Property, Mortgage Loan and Other Investments Note: Due to rounding, numbers presented in the chart may not add up precisely +2.7 (3.3) +0.1 36.5 (2.8) 33.8 Deferred Tax Impacts Elimination of Intangible Assets Non-controlling Interests Impacts ANW (Business Unit) End of 2022 Adjustment to Reflect Consolidated Reserving Requirements, Net of Tax AIA ANW (Consolidated) End of 2022 58#59Long-Term, Sustainable and Diversified Sources of Earnings TWPI by Premium Type 1% 12% 99% Regular Premiums Sources of IFRS Operating Profit(") 21% AIA Renewal Premiums First Year Premiums High-Quality Earnings Mix Insurance and Fee-based Participating and Spread 10% Single Premiums 56% Return on Net Worth 23% 87% Notes: For FY22 (1) Operating profit before tax and before Group Corporate Centre expenses 59 59#60Free Surplus vs Group LCSM Surplus Reconciliation of Free Surplus to Group LCSM Surplus ($b) + 5.5 23.4 17.9 + 7.4 + 5.6 + 9.4 45.7 Free Surplus on Consolidated Basis End of 2022 Adjustment to Reflect Consolidated Reserving and Capital Requirements Free Surplus on Business Unit Basis End of 2022 Reflecting Shareholders' View of Capital(1) Different Capital Requirements Under EV for AIA China(2) Eligible Other Than Tier 1 Debt Capital Group LCSM Surplus End of 2022 Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) (2) Reflects change from EV required capital to group prescribed capital requirement (GPCR) and the inclusion of participating fund surplus Adjustment from China Association of Actuaries (CAA) EV basis to C-ROSS solvency basis in line with local requirements AIA 60 60#61Holding Company Financial Resources 13.1 Holding Company Financial Resources Movement ($b) AIA + 4.3 (2.5) + 1.0 (0.4) (0.8) +1.7 16.5 (2.3) (3.6) Holding Co. Financial Resources End of 2021 Capital Flows from Subsidiaries Corporate Activity Including Acquisitions 10.7 Increase in Decrease in Borrowings (1) Intercompany Interest Payments on Investment Income, MTM Loans Receivable Borrowings (1) Movements in Holding Co. Financial Resources Dividend Paid Share Buy-back Holding Co. Financial Resources Debt Securities Before Returns and Others to Shareholders End of 2022 Notes: 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 amounts outstanding, if any, from the holding company's $2,290m unsecured committed credit facilities 61#62Limited Impact of IFRS 9 compared to IAS 39 Total Invested Assets ($b) 290 As at 1 Jan 2022 290 IFRS 9 and 17 Update AIA Equity 71 71 Fixed Income 206 206 Other Invested Assets 13 IAS 39 13 IFRS 9 Notes: Excludes policy loans as these are included in insurance contract liabilities under IFRS 17 Includes policyholder and shareholder fund, unit-linked contracts and consolidated investment funds Invested asset values are unchanged as the vast majority were measured on a mark-to-market basis under IAS 39 and continue to be so under IFRS 9 ■ Equity asset valuations are unchanged as they continue to be accounted for using fair value through P&L approach ◉ Fixed income valuations are unchanged as they largely continue to be valued on a mark-to-market basis either through FVOCI or FVTPL 62 62#63IFRS 9 and 17 Update IFRS 17 Insurance Contract Liabilities are Largely Unchanged AIA IFRS 4 Insurance Contract Liabilities Total Insurance Contract Liabilities ($b) 239 1 Elimination of DAC IFRS 4 Insurance As at 1 Jan 2022 211 214 Best Estimate Liabilities 155 239 (BEL) Contract Liabilities net 211 of DAC IFRS 4 IFRS 4 Risk Adjustment 4 (RA) CSM 55 IFRS 17 IFRS 17 Insurance Contract Liabilities ☐ ☐ Deferred Acquisition Costs (DAC) is eliminated for comparison with IFRS 17 as acquisition costs are accounted for within the Insurance Contract Liabilities under IFRS 17 Insurance Contract Liabilities (net of DAC) are stable between IFRS 4 and IFRS 17 Best Estimate Liabilities (BEL) represent the present value of best estimate cashflows using the IFRS 17 discount rates Risk Adjustment (RA) is an explicit add-on for non-financial risk over and above the best estimate assumptions Contractual Service Margin (CSM) of $55b represents the stock of future profits within the balance sheet Note: IFRS 17 insurance contract liabilities are presented net of insurance contract assets and assets for insurance acquisition cash flows to be consistent with IFRS 4 insurance contract liabilities net of DAC 63#64Balance Sheet Comparison IAS 39 and IFRS 4 DAC and Other Assets IFRS 9 and 17 Update IFRS 9 and IFRS 17 AIA Total Shareholders' Allocated Equity Shareholders' Equity Other Assets Total Shareholders' OCI(1) Allocated Equity Other Liabilities OCI(1) Other Liabilities Invested Assets Insurance Contract Liabilities Invested Assets Contractual Service Margin (CSM) Risk Adjustment (RA) Note: (1) OCI balances from fair value reserve under both IAS 39 and IFRS 9, insurance finance reserve under IFRS 17 Best Estimate Liabilities (BEL) Shareholders' Equity Insurance Contract Liabilities 64#65Discipline Around Financial Leverage Group Total Leverage ($b) Composition of Borrowings ($b) Subordinated (Hybrid)(2) 1.2 Total Equity 38.6 FY22 Subordinated Leverage Ratio (1) Borrowings 22.5% 2.5 FY22 Borrowings 11.2 $11.2b Senior Notes 7.5 Notes: (1) Leverage ratio defined as total borrowings/ (total borrowings + total equity) (2) Hybrid capital instruments meet requirements from one or more rating agencies for ratings capital credit and/or equity content for purposes of calculating financial leverage AIA 59 65#66Reconciliation of OPAT to Net Profit Total Investments by Type Total Invested Assets $216.0b Real Estate Others (3) 4% Equities (1) 15% 10% Par(2) 4% Notes: Total invested assets as of 31 Dec 2022 (1) (2) (3) (4) (5) Includes equity shares, interests in investment funds and exchangeable loan notes Including participating funds and other participating business with distinct portfolios Cash and cash equivalents and derivative financial instruments Short-term fluctuations in investment return related to equities and real estate Other non-operating investment return and other items AIA Reconciliation of OPAT to Net Profit ($m) FY21 FY22 OPAT 6,409 6,370 Short-term fluctuations (4) in Par(2) Equities (357) (1,673) Others 81 (641) Fixed Income 77% Total (276) (2,314) Other items (5) 1,294 (3,774) Net Profit 7,427 282 66 99#67Total Invested Assets ($m) Par(1) Funds Other Policyholder and Shareholder Total 67,656 100,217 167,873 Total Invested Assets $216.0b AIA Fixed Income Equities (¹) 22,635 10,341 32,976 Real Estate 1,100 5,778 6,878 Par(3) Funds 43% 57% Other Policyholder and Others (2) 2,251 5,984 8,235 Total Invested Assets 93,642 122,320 215,962 Notes: As of 31 Dec 2022 (1) (2) (3) Includes equity shares, interests in investment funds and exchangeable loan notes Cash and cash equivalents and derivative financial instruments Including participating funds and other participating business with distinct portfolios Shareholder 67 40#68Prudent Investment Portfolio Summary IFRS Operating Profit Investment Return ($m) Total Bond Portfolio of $159.5b 11,181 10,282 Expected Return 3,560 for Equities and 3,018 Real Estate Interest Income 7,264 7,621 FY21 FY22 Corporate Bonds 48% Fixed Income Yield(1) 4.2% 4.2% (1H22: 4.1%) Actual Investment Return 4.4% 1.1% (1H22: (0.5)%) Structured Securities 1% Notes: IFRS operating profit investment return comparatives are shown on a constant exchange rate basis; Fixed income yield and actual investment return of 1H22 are on an annualised basis; Total bond portfolio as of 31 Dec 2022 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 (1) 51% AIA Government & Government Agency Bonds 68#69Prudent and High-Quality Fixed Income Portfolio Total Fixed Income by Type Total $167.9b Note: As of 31 Dec 2022 ■ Government & Government 49% Agency Bonds ■ Corporate Bonds 45% ■ Structured Securities 1% ■Loans and Deposits 5% Total Fixed Income by Maturity Total $167.9b AIA ■>10 Years & 71% No Fixed Maturity ■ 5-10 Years 11% ■ 1 - 5 Years 12% ■≤1 Year 6% 59 69#70Prudent and High-Quality Fixed Income Portfolio ($m) Par(1) Funds Other Policyholder and Shareholder Total Available For Sale (AFS) 37,003 92,278 129,281 Fair Value Through Profit or Loss (FVTPL) 28,053 2,207 30,260 Total Bonds AIA Total Bonds by Accounting Classification Total $159.5b ■ Other Policyholder & Shareholder (AFS) 58% ■ Par Funds (AFS) 23% ■ Par Funds (FVTPL) 18% 65,056 94,485 159,541 ■ Other Policyholder & Shareholder (FVTPL) 1% Notes: As of 31 Dec 2022 (1) Including participating funds and other participating business with distinct portfolios 70#71Government Bond Portfolio Government Bonds() by Geography AIA Other Government (2) and Agency Bonds by Rating Total $54.3b FY22 FY21 ■ Mainland China 43% 39% Total $27.4b FY22 FY21 Average Rating AA- A+ ■ AAA 34% 21% ■ Thailand 22% 25% ■ South Korea 11% 13% ■ AA 15% 16% ■ Singapore 11% 9% ΤΑ 36% 45% Philippines 3% 4% ■ BBB 14% 17% ■ Malaysia 4% 4% ■ BB & below (3) 1% 1% ■ Others 6% 6% Notes: As of 31 Dec 2022 unless otherwise stated (1) (2) (3) Government bonds comprise bonds issued in local or foreign currencies by the government of any country where AIA's respective business units operate Other government bonds comprise all other bonds issued by governments not included in (1) Including not rated bonds 71 14#72Corporate Bond Portfolio Corporate Bonds by Rating Rating Total ($m) Total $75.8b AAA 759 AIA FY22 FY21 AA 5,065 A 33,752 Average Rating A- A- ■ AAA 1% 1% ■ AA 7% 7% BBB 33,863 A 44% 44% BB and below (1) ■ BBB 45% 45% 2,383 ■ BB and below (1) 3% 3% Total 75,822 Notes: As of 31 Dec 2022 unless otherwise stated (1) Including not rated bonds 72#73Structured Security Portfolio Structured Securities by Rating AIA Rating Total ($m) Total $2.0b FY22 FY21 AAA 146 Average Rating BBB BBB AA 243 A 607 ■ AAA 7% 10% ■ AA 12% 9% BBB 721 ■ A 30% 34% BB and below (1) 303 ■ BBB 36% 33% Total ■ BB and below(¹) 2,020 15% 14% Notes: As of 31 Dec 2022 unless otherwise stated (1) Including not rated bonds 73#74AIA China: Prudent Investment Portfolio Note: As of 31 Dec 2022 AIA China Invested Asset Mix Cash & Cash Equivalents 2% Equities 14% Fixed Income 84% AIA ☐ ☐ Prudent ALM Approach Asset allocation driven by liability cash flow matching in local currency ~80% of earnings from insurance and fee-based 84% of invested assets in fixed income 92% of bond portfolio in government and government agency bonds Bond portfolio average international rating A- Asset portfolio well diversified with insignificant alternative assets 74#75Risk Discount Rate and Risk Premium As at 30 Nov 2010 As at 31 Dec 2022 Risk Discount Long-term 10-year Risk Rates Premium Risk Discount Rates Long-term 10-year Risk Premium % Govt Bonds Govt Bonds Australia 8.75 5.65 3.10 7.43 3.30 4.13 Mainland China 10.00 3.74 6.26 9.69 3.70 5.99 Hong Kong 8.00 3.53 4.47 7.46 3.00 4.46 Indonesia 15.00 7.90 7.10 13.09 7.50 5.59 South Korea 10.50 4.82 5.68 8.91 3.00 5.91 Malaysia 9.00 4.45 4.55 8.92 4.50 4.42 New Zealand 9.00 6.13 2.87 7.43 3.30 4.13 Philippines 13.00 6.00 7.00 12.10 5.80 6.30 Singapore 7.75 2.93 4.82 7.27 2.90 4.37 Sri Lanka (1) n/a n/a n/a 21.00 10.00 11.00 Taiwan (China) 8.00 1.73 6.27 7.67 1.50 6.17 Thailand 9.50 3.87 5.63 8.09 3.20 4.89 Vietnam 16.00 10.20 5.80 9.57 4.00 5.57 Weighted Average (2) 8.95 3.85 5.10 8.37 3.36 5.01 AIA 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) (2) Sri Lanka is included since the acquisition completion date of 5 Dec 2012 Weighted average by VIF contribution 75#76Sensitivity Analysis - Allocated Equity and LCSM Cover Ratio Shareholders' Allocated Equity(¹) Equity Prices 10% Fall (3.3)% 10% Rise Interest Rates 50 bps Decrease 50 bps Increase (1.8)% Group LCSM Cover Ratio (²) Equity Prices 10% Fall (5) pps +4 pps +3.3% 10% Rise Interest Rates +1.9% 50 bps Decrease 50 bps Increase (6) pps Notes: (1) Calculated based on shareholders' allocated equity as at 31 Dec 2022 (2) Calculated based on Group LCSM cover ratio on prescribed capital requirement (PCR) basis as at 31 Dec 2022 +5 pps AIA 76#77Sensitivity Analysis - EV Sensitivity of EV as at 31 Dec 2022 Equity prices +10% Equity prices -10% Interest rates +50 bps +2.6% (2.6)% (1.8)% Interest rates -50 bps +2.0% Presentation currency 5% appreciation (3.0)% Presentation currency 5% depreciation +3.0% Lapse/discontinuance rates +10% (2.2)% Lapse/discontinuance rates -10% +2.5% Mortality/morbidity rates +10% (6.8)% Mortality/morbidity rates -10% Maintenance expenses -10% Expense inflation set to 0% Equity and property returns and risk discount rates -100 bps +6.6% +1.3% +1.4% +3.0% AIA 77#78Sensitivity Analysis - VONB Interest rates +50 bps Interest rates -50 bps AIA Sensitivity of VONB for the Year Ended 31 Dec 2022 Presentation currency 5% appreciation Presentation currency 5% depreciation Lapse/discontinuance rates +10% Lapse/discontinuance rates -10% Mortality/morbidity rates +10% (13.2)% Mortality/morbidity rates -10% Maintenance expenses -10% Expense inflation set to 0% Equity and property returns and risk discount rates -100 bps +2.1% (2.6)% (4.2)% +4.2% (6.2)% +3.2% +2.3% +7.8% +14.1% +10.8% 78