#1HEALTHIER, LONGER, AIR BETTER LIVES 2021 ANNUAL RESULTS PRESENTATION 11 March 2022#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 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, 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 4 Q&A אור 3#4HEALTHIER, LONGER, AIA BETTER LIVES Business Highlights Lee Yuan Siong Group Chief Executive and President#52021 Very Strong Performance; Initiating Share Buy-Back Note: (1) Growth Earnings AIA Capital & Dividends Free Surplus™ VONB OPAT UFSG $3,366m $6,409m $6,451m +18% +6% +8% EV Equity $75.0b +13% Pro forma assuming adoption of HKRBC and release of existing additional resilience margins $24.8b +$11.4b Shareholders' Allocated Equity $52.1b +11% Total Dividend Per Share 146.00 HK cents +8% Share Buy-back Programme $10.0b over 3 years 5#6Broad-Based VONB Growth Across All Segments Total Group VONB ($m) Mainland China (¹) VONB ($m) Hong Kong 1,166 756 Withholding Tax +37% 550 1,060 3,366 +10% 2,849 +18% 1,039 1,108 2020 2021 2020 Singapore 2021 2020 Malaysia Thailand AIA 609 455 +34% 2021 2020 2021 Other Markets (2) 283 506 356 224 337 +26% +6% +1% 2020 2021 2020 2021 511 2020 2021 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 Growth rate before the impact of 5% withholding tax applied to VONB in AIA China since July 2020 Excluding one-off contribution to VONB in Australia in 1Q2020, as previously disclosed (1) (2) 6#7Technology, Digital and Analytics Transforming AIA Industry-leading Cloud Adoption >70% AIA Delivering Leading Customer Experience through Digital 15% >4x increase Cloud Adoption Dec 2021 Jun 2020 Improved Customer Experience with Straight-Through Processing 35% Jun 2020 More than half of customer transactions processed straight-through with no human intervention 58% Dec 2021 Buy Service Claim >95% Policies issued electronically >90% New policies with digital payment >9.2m Online registered customers App Store Rating of AIA Service App 4+ CN, HK, TH, SG, MY 75% Claims submitted digitally 100% Claims paid digitally CN, MY, VN, ID, AU, NZ, KR Analytics Powering Everything We Do >100 analytics use cases across the Group delivering VONB, claims and persistency benefits Digital Insurer of the Year InsuranceAsia News, 2021 Asia's Leader in Infrastructure Modernisation International Data Corporation (IDC), 2021 ☐ 2021 InsurTech Initiative of the Year (CN) Digital and Emerging Technologies Category (HK) Best Digital Transformation Life Insurance Company 2021 (TH) Digital Experience of the Year Award for Financial Services (SG) Best in Future of Digital Innovation (MY) Note: For Dec 2021 unless otherwise stated#8TDA Empowering Premier Agency Value Chain 100% Digital onboarding capabilities Recruit and Train 96% Digital training adoption Social Media Integration in Digital Platforms >2m Leads generated Prospect $280m ANP generated 100% Remote digital sales capabilities Sell 97% Adoption of Point-of-Sale Platform 97% Digital new business submissions AIA Delivering Increasing Scale and Productivity Agency VONB ($m) 2,877 2,397 +20% 2020 2021 +10% Active Agents Productivity(1) +25% MDRT Members +8% Total Agency Leaders Notes: Recruit and Train, and Sell are Dec 2021 figures, others are for 2021; growth rates against 2020 unless otherwise stated; VONB comparative is shown on a constant exchange rate basis (1) ANP per active agent, comparative based on an actual exchange rate basis 80#9AIA China - Strong Growth, Accelerating Expansion Pre-COVID Differentiated Premier Agency AIA China VONB ($m) +>20% Productivity Accelerating Geographical Expansion AIA 2019 1,166 1,060 (ANP per Active Agent) +10% Withholding Tax JUL 2020 JUL 2021 NOV MAR JUN OCT 2022 JAN FEB 1,039 2020 1,108 2021 +7 pps Activity Ratio +11% Active Agent Income Recruitment Returned to Growth in 2H Total Agents +7% Jan 20 Jan 21 Jul 21 Dec 21 Tianjin and Shijiazhuang launch AIA China subsidiarisation Sichuan Sichuan Hubei Hubei preparation launch preparation launch approval Shijiazhuang Tianjin upgrade upgrade Excellent Progress in New Operations New Recruits Agency VONB Proven expansion model Tianjin, Shijiazhuang and Sichuan Province 1H21 +16% 2H21 2019 2020 +74% 2021 Notes: VONB growth rate before the impact of 5% withholding tax applied to VONB in AIA China since July 2020; VONB comparatives are shown on a constant exchange rate basis; growth rates against 2020 unless otherwise stated Active agents up 88% Sichuan new agent activity ratio above AIA China average Hubei operation: - 400 agents recruited - 95% college graduates 6#10Investing to Capture Additional Growth Opportunities ■ Bank of East Asia BEA 15-Year Exclusive Bancassurance Partnership in Hong Kong and Mainland China Leading Hong Kong bank with >1.2m domestic customers Top 3 foreign bank by branch network in Mainland China Distribution partnership launched in July 2021 China Post Life € 中邮 保险 CHINA POST INSURANCE 24.99% Equity Stake in China Post Life Access to largest retail financial distribution network Transaction completed in January 2022 • Value uplift potential via AIA Technical Assistance Advisory ■ Amplify Health amplifyhealth New Health InsurTech Business in Partnership with Discovery AIA Significant opportunity from Asia's growing health market Wholly-owned AIA entity for Mainland China, HK, Macau JV with 75% AIA ownership for rest of Asia ■ Blue Cross Blue Cross 藍十字 Member of BEA Group Acquisition of Blue Cross (Asia-Pacific) Insurance Personal lines general insurer, accident and health focus Accelerate AIA's health and wellness strategy Deepen existing BEA bancassurance partnership Postal Savings Bank of China 春中国邮政储蓄银行 POSTAL SAVINGS BANK OF CHINA Distribution Agreement with AIA China Digital Platforms Long-term Strategic Partnership TNG Digital Life and health product Largest nationwide retail distribution network Open architecture model TİKİ.VN ■ Initial focus on tailored products in select regions distribution in Malaysia >16m registered users Exclusive Distribution Agreement 10-year partnership on life and health products in Vietnam 20m registered users 10#11Transforming Healthcare Delivery Across Asia amplifyhealth Right Time to Transform Healthcare AIA Leading digital health technology and integrated solutions business, improving the health and wellness outcomes of patients and communities across Asia Unique Combination of Capabilities Significant Value Creation for AIA $4t Total healthcare expenditure across AIA's markets in 2030 AIA ☐ Unrivalled distribution platform and brand Accelerates AIA's Health and Wellness Strategy Substantial Opportunity from Third-Party Clients 2/3 of the global disease burden caused by major chronic respiratory diseases are in Asia ■ Leading pan-Asian private medical insurer 80% of consumers actively engaged in health maintenance and lifestyle changes ☐ 70% -90% of consumers expect to use more technology to improve their health and wellness of physicians expect to use more digital health services Discovery Powerful health insurance, wellness and health management capabilities Leading end-to-end health technology assets, process and analytics capabilities AIA Vitality ■ AIA-Discovery partnership since 2013 ■ 10 markets, $2b cumulative VONB last 4 years Benefits for Stakeholders across the Healthcare Value Chain Individuals: Access to right providers at the right cost with improved health outcomes Payors and Corporates: Health insurance and wellness products, claims and risk management and operating efficiencies Healthcare providers: Transformed patient experience Pharma and MedTech: Improved clinical programmes 11#12ESG: Sustaining Healthier, Longer, Better Lives AIP Strategic Pillars Health and Wellness Sustainable Operations Net-Zero pledged to reach Net-Zero greenhouse gas emissions by 2050 Key ESG Achievements in 2021 SBTi committed to the Science Based Targets initiative (SBTi) to set ambitious emissions reduction targets in line with the latest climate science Coal Divestment completed divestment from coal in directly-managed listed equity and fixed income exposure, 7 years ahead of schedule Sustainable Investment Top 5 Globally(1) by Sustainalytics in insurance industry for ESG Upgraded to AA in MSCI ESG ratings, previously rated A Forbes "World's Best Employers" award received for 3rd consecutive year שםם ☑People and Culture Effective Governance $2 trillion total sum assured provided Over $16 billion paid in total benefits and claims $8.6 billion investments in healthcare sector Note: (1) As of 9 March 2022 12#13AIA HEALTHIER, LONGER, BETTER LIVES Financial Results Garth Jones Group Chief Financial Officer#14HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#15All Segments Grew VONB on Comparable Basis Malaysia Other Markets 14% 8% 2021 VONB Singapore 10% $3,366m +18% Thailand 17% Mainland China 30% Group ex-Hong Kong above 2019 level (¹) Mainland China $1,108m +10%(¹) Hong Kong $756m +37% Thailand $609m +34% Singapore Malaysia Other Markets $356m $283m Hong Kong 21% +6% +26% $511m (2) +1%2 Notes: VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests (1) Before the impact of 5% withholding tax applied to VONB in AIA China since July 2020 (2) Growth rate excluding one-off contribution to VONB in Australia in 1Q2020, as previously disclosed AIA 15#16High-Quality New Business Growth Delivering Attractive Returns AIA VONB ($m) 3,366 2,849 +18% 2020 VONB Margin Movement +2.9 pps 59.3% +1.3 pps +2.0 pps +0.2 pps +0.3 pps 52.6% 2021 2020 VONB Margin Product Mix Geographical Mix Channel Mix Reduced Acquisition Expense Others 2021 VONB Margin Overruns VONB by Product Mix(1) Others Unit-linked 14% 10% 57% Traditional Protection 19% Participating Notes: VONB comparative is shown on a constant exchange rate basis (1) Product mix for 2021 reflects minor changes to product categorisation compared to 2020 10% 9% PVNBP Margin by Product(1) 15% 14% 2020 2021 8% 8% 7% 7% 7% 6% Overall Traditional Protection Participating Unit-linked Others 16#17EV Equity of $77.1b before Dividend 67.2 Group EV Equity End of 2020 2021 EV Equity Movement ($b) AIA + 0.3 77.1 + 1.3 + 0.4 (2.1) + 3.4 + 0.4 (0.3) 75.1 75.0 + 4.4 EV Operating Profit $7.9b Expected Return on EV VONB Operating Variances Finance Costs Group EV Equity Before Non-operating Variances Investment Return Variances Economic Assumption Changes Exchange Rates and Other Items Group EV Equity Before Dividend Paid Dividend Group EV Equity End of 2021 17#18Prudent Operating Assumptions Added $3.6b to EV Since IPO Mortality and Morbidity Claims Experience Variances ($m) Cumulative EV Operating Variances ($m) 384 233 212 221 200 193 164 149 152 116 124 2,028 1,425 1,129 735 487 379 255 144 AIA 3,648 3,211 2,662 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2011 2012 2013 2014 2015 2016 2017(1) 2018 2019 2020 2021 Note: (1) 2017 figure covers a 13-month period from 1 December 2016 to 31 December 2017 18#19Notes: (2) (3) eso (1) EV Sensitivity to Interest Rates Remains Small EV and VONB Sensitivities 10% Fall (2.6)% Equity Prices on EV(1) 10% Rise 50 bps Decrease Interest Rates on EV(1) 50 bps Increase (0.5)% 50 bps Decrease (3.2)% Interest Rates on VONB(2) 50 bps Increase Calculated based on EV as at 31 December 2021 Calculated based on 2021 VONB Weighted average interest rates by VIF of Mainland China, Hong Kong, Thailand, Singapore and Malaysia 4.5% +2.6% 4.0% 3.5% +0.4% 3.0% +2.2% 2.5% AIA Long-term Assumptions vs Market Rates Weighted Average by Geography (3) AIA 2.0% Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 10 Year Market Forward (10-year Govt Bond) Nov-15 Nov-16 Nov-17 Dec-17 Dec-18 Dec-19 AIA Long-term Assumption (10-year Govt Bond) Apr-20 Dec-20 Dec-21 19#20HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#21Growing In-Force Portfolio of High-Quality Business Malaysia Other Markets 12% 6% Hong Kong 34% 2021 OPAT Singapore 11% Thailand 15% $6,409m +6% Group Underlying OPAT up 9%" (1) Hong Kong $2,143m +4% Mainland China $1,371m +4% Thailand Malaysia $960m $392m Mainland China 22% (1)% +17% Notes: Group OPAT includes Group Corporate Centre (1) Group OPAT growth adjusted for exceptional claims experience during the COVID-19 pandemic and the effect of 5% withholding tax to AIA China following subsidiarisation Singapore $723m +13% AIA Other Markets $784m +10% 21 221#22Shareholders' Allocated Equity Increased to $52.1b Shareholders' Allocated Equity ($b) AIA Shareholders' Allocated Equity Movement Since IPO ($b) Net Profit +$46.8b 52.1 48.0 CAGR 43.3 + 46.7 (0.5) + 0.7 (13.0) 10% 36.4 36.8 + 0.6 52.1 29.6 26.4 26.7 23.9 22.0 19.2 17.6 17.6 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Allocated Equity End of 2010 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 Operating Profit After Tax Investment Return Movements (1) operating Other Non- Dividend Paid Exchange Rates and Others Items Allocated Equity End of 2021 22 22#23Moving to IFRS 17 in 2023 2020 IASB finalised standards 2021 Reporting under IFRS 4 2022 2023 Transition Date Effective date 1 Jan 2022 1 Jan 2023 Reporting under IFRS 17 1H2023 Results FY2023 Results IFRS 17 will replace IFRS 4 for insurance contracts from 1 January 2023 AIA will continue to report OPAT and shareholders' allocated equity under IFRS 17 No impact on capital and cash generation or EV and VONB Aim to provide further details of reporting changes in late 2022 AIA 23#24HEALTHIER, LONGER, AIA BETTER LIVES Growth Earnings Capital & Dividends#25Very Strong and Resilient Solvency Position Group LCSM Cover Ratio 374% 399% 2020 2021 Note: Before HKRBC and C-ROSS II impact Consolidated view of the Group's capital position Group LCSM based on minimum required capital Senior debt grandfathered under Group Wide Supervision framework Includes policyholder funds Resilient to equity market and interest rate volatility AIA 25 25#26Free Surplus Increased to $17.0b Free Surplus Movement ($b) (2.4) 11.0 13.5 ויו Free Surplus Acquisition End of 2020 (1) Free Surplus after Acquisition +$4.2b + 6.5 (1.7) (0.3) (0.3) 15.2 Underlying Free Surplus Generation AIA + 4.0 19.2 (2.1) 17.0 New Business Investment Unallocated Group Office Expenses Finance Costs Free Surplus and Others before Investment Return Variances and Dividend and Other Non-operating Items Investment Return Variances Free Surplus before Dividend Dividend Paid Free Surplus End of 2021 (2) Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Including acquisition of AIA Everest, the BEA upfront payment and the investment in China Post Life (2) Before adoption of HKRBC and release of existing additional resilience margins 26 26#27Regulatory Clarity 2021 MAY 2021 DEC 2022 JAN Group Wide Supervision GWS adopted in May 2021 Confirmed approach on local solvency and debt treatment HKRBC Technical specifications confirmed, effective from 2024 HKIA confirmed that companies can early adopt if sufficiently prepared C-ROSS II Applies from 1Q 2022 to AIA China AIA China remains financially very strong Provides certainty on group regulatory capital adequacy requirements All key markets on a risk-based regulatory basis More closely aligned to economic view of risk IFRS metrics not impacted AIA 27 27#28Moving to a Risk-Based Capital Balance Sheet in Hong Kong ($b) 2021 Pro Forma Group EV Metrics Reported Pro forma Impact Free Surplus 17.0 24.8 7.8 ☐ Description $4.4b uplift from HKRBC adoption as liabilities reduce $3.4b uplift from release of existing additional resilience margins Increases as it moves from a simple Required Capital 14.4 17.2 2.8 in HKRBC formulaic approach to a risk-based basis Increases as a result of: AIA EV Calculation (Hong Kong Business) Historical HKIO Solvency I Basis FS ANW RC Future HKRBC Basis ANW FS RC ANW(1) 33.3 43.9 10.6 Liabilities reduced from shift to best estimate basis Assets Asset values unchanged at market value VIF 39.7 32.3 (7.4) Reduced liabilities accelerate future distributable earnings EV 73.0 76.3 3.3 ☐ VIF plus ANW No impact on IFRS metrics Liabilities: Traditional approach Assets Liabilities: Best Estimate Basis Notes: Due to rounding, numbers presented in the table may not add up precisely (1) Includes $1.9b investment in China Post Life which is not included in Free Surplus or Required Capital as it does not contribute to the eligible asset value for regulatory capital purposes under both the Group LCSM and the HKIO bases but is included as an asset within IFRS consolidated financial statements 28#29Robust Capital Management Driving Shareholder Value AIA 1 2 3 4 5 Strong, Resilient Balance Sheet Profitable Organic Growth Prudent, Sustainable and Progressive Dividend Disciplined Inorganic Growth Return Excess Capital to Shareholders 29 29#30Maintain Strong, Resilient Balance Sheet Strong, Resilient Balance Sheet Financial Discipline AIA Profitable Organic Growth Prudent, Sustainable and Progressive Dividend Disciplined Inorganic Growth Return Excess Capital to Shareholders ■ Value driven approach to growth Diversification through products, risks and markets Asset-liability-matching driven investment strategy ■ In-force business with strong cash generation Shareholders' view of capital Free Surplus ■ Absorbs stress scenarios ■ Reflective of balance sheet size and risk Supports future organic and inorganic growth Free Surplus and Required Capital ($b) Free Surplus >400% Pro forma Group LCSM Cover Ratio(1) AA Financial Strength Rating(2) Required Capital $13.1b Holding Company 13.6% Leverage Ratio(3) Financial Resources Notes: For 2021 unless otherwise stated (1) (2) Pro forma assuming adoption of HKRBC and release of existing additional resilience margins Moody's (Aa2), Fitch (AA) and S&P (AA-) for AIA Co. (3) Leverage ratio defined as Borrowings / (Borrowings + Total Equity) 15 13 15 13 25 25 17 13 15 8 10 2017 2018 2019 2020 2021 Pro forma (1) As % of IFRS Total 12% 13% 12% 11% 15% Liabilities 30 50#31Reinvest Capital in Profitable Organic Growth Note: (1) Strong, Resilient Balance Sheet 667 Profitable Organic Growth Prudent, Sustainable and Progressive Dividend VONB ($m) 3,366 5x Disciplined Inorganic Growth AIA Return Excess Capital to Shareholders New Business Investment as % of VONB 144% (93) pps 51% 2010 2021 2021 VONB by Product Mix(1) 2010 2021 Underlying Free Surplus Generation ($m) Others 10% Unit-linked 14% 3x 2,113 57% Traditional Protection 19% Participating Product mix for 2021 reflects minor changes to product categorisation compared to 2020 6,451 2010 2021 31#32Pay Prudent, Sustainable and Progressive Dividend Strong, Resilient Balance Sheet Profitable Organic Growth Prudent, Sustainable and Progressive Dividend Disciplined Inorganic Growth Total Dividend Declared ($m) 2,260 2,103 1,965 4.4x 1,751 1,533 1,321 1,075 772 657 571 509 AIA Return Excess Capital to Shareholders Total Dividend Per Share (HK cents) 135.30 +8% 146.00 2011 2012 2013 2014 2015 2016 2017 2018 (1) 2019 2020 2021 2020 2021 Note: (1) Excluding special dividend declared in 2018 32 32#33Disciplined Approach to Inorganic Growth Strong, Resilient Balance Sheet Profitable Organic Growth 59.8 (16.2) Accumulated Free Surplus + 54.8 (Pro forma)(1) Free Surplus Prudent, Sustainable and Progressive Dividend Disciplined Inorganic Growth Uses of Free Surplus Since IPO ($b) (13.0) End of 2010 5.0 New Business Investment Dividend Paid (6.2) + 0.5 24.8 Acquisitions (2) Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) (2) (3) Including cumulative UFSG of $47.0b and $7.8b 2021 pro forma impacts assuming adoption of HKRBC and release of existing additional resilience margins Including M&A and major bancassurance agreements and $1.9b investment in China Post Life Including unallocated Group Office expenses, finance costs and other capital movements (4) Pro forma assuming adoption of HKRBC and release of existing additional resilience margins AIA Return Excess Capital to Shareholders Investment Return Variances and Other Items (3) Free Surplus End of 2021 (Pro forma)(4) 33 33#34Optimise Shareholder Returns Strong, Resilient Balance Sheet Profitable Organic Growth Prudent, Sustainable and Progressive Dividend Disciplined Inorganic Growth ■ Return $10.0b to shareholders: - Executed via on-market share buy-back over 3 years AIA Return Excess Capital to Shareholders - Represents free surplus accumulated over time from strong cash flow generation - Expected to be ROE and EPS accretive Periodically review Group's ongoing capital needs Superior Profitable Growth Free Surplus Generation Cash Returns for Shareholders 34#35Profitable Growth Strategy Driving Shareholder Value AIA ■ Very strong results across all key financial metrics Substantial cash and capital generation with strong balance sheet Disciplined approach to inorganic opportunities creating additional value Prudent, sustainable and progressive dividend policy $10.0b return of accumulated free surplus to optimise shareholder returns Enormous potential for profitable new business growth 55 35#36HEALTHIER, LONGER, AIA BETTER LIVES Strategic Priorities & Outlook Lee Yuan Siong Group Chief Executive and President#37Asia's Unprecedented Growth Opportunities Unprecedented Wealth Creation and Need for Private Protection Middle Class and Affluent Population(1) across AIA Footprint (billion) 2.6 +1.1 1.5 2020 HK and Others(3) 2030E 0.1 ASEAN(2) 0.5 0.9 Mainland China 2.6 billion population 1.0 India 2030E $275 billion Additional annual life insurance premium in 2030 required to close the estimated $110t mortality protection gap across Asia ex-Japan >$4 trillion Annual healthcare spend across AIA's markets by 2030 ~850 million People 60+ years of age in Asia by 2030 Rapidly Shifting Consumer Preferences and Pervasiveness of New Technology AIA Vitality Integrated Product VONB 2020 +45% 2021 Product Mix(4) by VONB Par, Unit- linked & Others 43% 57% Traditional Protection +72% Increase in unit-linked VONB >$1b 66% of consumers want to improve their health 76% track at least 1 type of health and wellness indicator 70% more conscious of their mental health ~70% say that insurance is AIA more important to meet long-term savings and protection needs 2 million members (5) AIA Vitality Agency ANP using remote capabilities 65% Service requests submitted digitally (5) Includes AIA China Wellness (1) (2) Notes: Due to rounding, numbers presented in the pie chart may not add up precisely; sources: IHS, McKinsey, Swiss Re estimates $22,000 net income or higher, on purchasing power parity basis (PPP) Thailand, Singapore, Malaysia, Vietnam, Indonesia, the Philippines, Cambodia, Myanmar and Brunei (3) (4) Hong Kong SAR, Macau SAR, Australia, New Zealand, South Korea, Taiwan (China) and Sri Lanka Product mix for 2021 reflects minor changes to product categorisation compared to 2020 37 37#38The Leading Platform in ASEAN with Proven Execution Structural Growth Drivers >500 million Middle Class and Affluent Population by 2030E 17% VONB Growth in 2021 and #1 ranking across 6 markets(1) combined Scaling Premier Agency Digitally-led Partnerships AIA ASEAN 0.5 billion people Rest of 2.1 AIA Footprint Agency VONB Top 5 domestic bank partners (2) Growing Scale +8% Active Agents +>20% +9% Active New Agents Increasing Productivity +12% VONB per active agent +7% MDRT members 2020 2021 2020 VONB +>15% 2021 >48m Bank customers 100% Virtual and remote sales capability 10% ANP from digitally- augmented leads ~2.7% Insurance Penetration >$35b ANP Opportunity from Mortality Protection Gap >$225b Annual Health Protection Gap Al-enabled Recruitment Better selection and productivity uplift in Thailand Social Media Leads Generation ~850k Leads Generated >8% Conversion in Malaysia >60% Cloud Adoption Digital and Analytics Enabled Business Remote Face -to-face Sales Capacities across all markets and channels >45% adoption during peak COVID-19 wave (3) Customer Acquisition through Partners 200k new customers through scenario- based products with TNG Digital in Malaysia Modern Technology Architecture ~90% Modern Applications Leading Digital Experience >4 average App Store Rating Al Claims (4) -100% claims assessed by Al >55% of minor claims paid within 24 hours ~2x Increase in STP(5) Notes: All AIA figures are for Thailand, Singapore, Malaysia, Indonesia, the Philippines and Vietnam; growth rates against 2020 unless otherwise stated In aggregate across the six markets by ANP in 3Q 2021, based on regulatory data Top 5 domestic bank partners - Bangkok Bank in Thailand, BCA in Indonesia, BPI in the Philippines, Public Bank in Malaysia and VPBank in Vietnam Case completed remotely in August 2021 (1) (2) (3) (4) AIA HealthShield electronically-submitted claims in Singapore (5) September 2020 to December 2021 38#39Accessing India's Potential through Tata AIA Life Structural Growth Drivers Industry Leader with Excellent Growth through COVID-19 Differentiated Multi-Channel Distribution 1 billion Middle Class and Affluent Population by 2030E India 1.0 billion people 1.6 Rest of AIA Footprint 2018 VONB 2.8x 2021 Leading Agency Productivity +39% Active agent productivity growth (2018-2021) AIA 100+ New digitally-enabled agency offices established in 2021 100% Digital new business submission in 2021 ~3.2% Insurance Penetration #1 Retail Protection Player(1) Digitally- Enabled Bancassurance >100m bank customers across 5 leading partners 2.7x Partnership ANP growth (2018-2021) 4.1x Partnership VONB growth (2018-2021) >$75b ANP Opportunity from Mortality Protection Gap >$350b Annual Health Protection Gap 89% 13-month persistency in 2021 Growing Digital Platforms and Partners ⚫practo⚫ ~170 million users served in 2021 policybazaar.com 14% of Tata AIA Life new policies in 2021 Notes: For 2021 unless otherwise stated; growth rates against 2020 unless otherwise stated (1) Based on retail sum assured for 2021 sourced from publicly available information and market intelligence 99 39#40AIA's Unparalleled Position in Hong Kong and GBA AIA Structural Growth Drivers The Leading Premier Agency Uniquely Positioned to Capture the Opportunities ~$7b Annual Private Out of Pocket Health Expenditure >$2t Wealth Management AUM, >20% of Asia ex-Japan (1) Highest life expectancy in the world: 29% #1 Agency Growing Quality Agency agents are MDRT by ANP(2) No. of Agency Leaders +4% >40% #1 MDRT MDRT member growth company in the world +17% 85 years 34% Estimated population 65+ years of age by 2049 Unrivalled Platform in GBA 2020 2021 Active Agents +3 pps New Agent Active Ratio +8% Agent Incomes(3) in 2H21 >2x MCV ANP in Macau 40 40 67 million Middle Class and Affluent Population by 2030 across Greater Bay Area $23k GDP per Capita in 2020 3.7% Insurance Penetration 100% ownership #1 Agency in Hong Kong and Macau #3 Agency in Guangdong GBA cities Exclusive Partnership with BEA with presence in all GBA Cities BEA Partnership: Hong Kong and Mainland China Top 3 foreign bank in Mainland China operating across 22 provinces Launched in July 2021 1.2m domestic customers in Hong Kong Strong Performance VONB in 2H21 Notes: For 2021 unless otherwise stated Sources: HKIA, 3Q 2021 Total Market ANP (1) As of 2019 (2) (3) Hong Kong agents focused on domestic customer segment pre-pandemic#41AIA's Unique Opportunity in Mainland China Structural Growth Drivers >900 million in Target Segment Middle Class and Affluent Population by 2030E 5x Target Opportunity by 2030 Middle Class and Affluent Population (million) 627 Mainland China 0.9 billion people 1.6 ~2.4% Life Insurance Penetration in 2020 Rest of AIA Footprint >$160b Potential additional annual life insurance premium required to close the mortality protection gap in Mainland China >$2.8t Annual Healthcare expenditure forecast 2030 5x 300 10 new provinces and municipalities in focus Proven Expansion Model High-Quality Management Experienced team Strong track record Clear expansion strategy AIA Scalable Operations 74% cloud adoption with scalable infrastructure 100% digital adoption across agency value chain VONB per Agent(4) 101 Recently established (1) 226 ΑΙΑ established footprint(2) 120 2020 2030E 3% AIA China Penetration of Target Customer Segment in Established Provinces (3) Tianjin, Hebei province, Sichuan province and Hubei province Including Beijing, Shanghai, Shenzhen, Guangdong province and Jiangsu province Notes: (1) (2) (3) As of 2020 (4) (5) For 1H2021; industry statistics based on latest company reports Average income for AIA agents in 2021 vs working population; Source: National Bureau of Statistics 5x Differentiated Premier Agency Full-time professional model Long-term career development Entrepreneurial culture >1,000 recruits in recently established provinces >85% of recruits are college graduates or higher 2.6x Average income AIA agents vs working population (5) Industry AIA China 41#4224.9 2010 2011 Financial Discipline Delivering Sustainable Shareholder Value AIA Growth Earnings Capital & Cash Cumulative VONB Cumulative OPAT $28.3b since IPO $46.7b since IPO Cumulative UFSG $47.0b since IPO Increase in Free Surplus $19.8b since IPO (1) EV Equity ($b) Shareholders' Allocated Equity ($b) Cumulative Dividends Paid ($b) 75.0 52.1 3x 17.6 3x 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2012 2013 2014 2015 2016 Note: (1) Pro forma assuming adoption of HKRBC and release of existing additional resilience margins 2017 2018 2019 2020 2021 0.2 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 13.0 $10.0b Share buy-back 42 42#43AIA AIP Q&A AIA HEALTHIER, LONGER, BETTER LIVES D#44Definitions 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, 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. The results of Tata AIA Life are accounted for the twelve-month period ended 30 September 2021 and the twelve-month period ended 30 September 2020 in AIA's consolidated results for the year ended 31 December 2021 and the year ended 31 December 2020 respectively. VONB and ANP for Other Markets included the results from our 49% shareholding in Tata AIA Life. The 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. 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 Hong Kong participating business. 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 Everest refers to AIA Everest Life Company Limited, a subsidiary of AIA Co. acquired from The Bank of East Asia, Limited. 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, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau Special Administrative Region 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. China Post Life refers China Post Life Insurance Co., Ltd. EV Equity is the total of embedded value, goodwill and other intangible assets attributable to shareholders of the Company, after allowing for taxes. 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 the investment in China Post Life at cost. 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. 44#45Definitions and Notes (Cont.) AIA ■ In 2021, the Hong Kong Insurance Authority (HKIA) implemented the new group-wide supervision (GWS) framework. On 14 May 2021, AIA Group Limited became a designated insurance holding company and is therefore subject to the GWS framework in Hong Kong including the Insurance (Group Capital) Rules. The Group LCSM surplus is the difference between the group available capital and the group minimum capital requirement, and the Group LCSM cover ratio is the ratio of group available capital to group minimum capital requirement based on the Local Capital Summation Method (LCSM). The comparative figure as at 31 December 2020, as previously disclosed in our Annual Report 2020, was based on our understanding of the likely application of the GWS framework to the Group at the time. The 2020 figure excluded $5,822m of senior notes which was not approved at the time as contributing to Group available capital. Investment return and composition of investments exclude unit-linked contracts and consolidated investment funds. 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. 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. 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. VIF by market is stated before adjustments to reflect consolidated reserving and capital requirements and unallocated Group Office expenses, and presented on a local statutory basis. 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. 45#46HEALTHIER, LONGER, AIR BETTER LIVES APPENDIX#47Our 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 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 47#48Embedding ESG in Our Business 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 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 48 48 AIA#49Geographical Market Performance AIA Mainland China ($m) 2021 2020 CER AER Singapore ($m) 2021 2020 CER AER VONB 1,108 968 +7% +14% VONB 356 330 +6% +8% VONB Margin 78.9% 80.9% (1.9) pps (2.0) pps VONB Margin 64.7% 63.4% +1.4 pps +1.3 pps ANP 1,404 1,197 +9% +17% ANP 549 520 +3% +6% TWPI OPAT 6,999 5,622 +16% +24% TWPI 3,433 3,088 +8% +11% 1,371 1,220 +4% +12% OPAT 723 621 +13% +16% Hong Kong ($m) 2021 2020 CER AER Malaysia ($m) 2021 2020 CER AER VONB 756 550 +37% +37% VONB 283 222 +26% +27% VONB Margin 64.0% 44.7% +19.3 pps +19.3 pps VONB Margin 57.3% 59.9% (2.5) pps (2.6) pps ANP 1,106 1,138 (3)% (3)% ANP 491 369 +32% +33% TWPI 11,904 13,042 (9)% (9)% TWPI 2,479 2,216 +10% +12% OPAT 2,143 2,059 +4% +4% OPAT 392 326 +17% +20% Thailand ($m) 2021 2020 CER AER VONB 609 469 +34% +30% Other Markets ($m) VONB 2021 2020 CER AER 511 514 (4)% (1)% VONB Margin 90.0% 71.0% +19.4 pps +19.0 pps VONB Margin 35.9% 38.4% (2.9) pps (2.5) pps ANP 677 661 +5% +2% ANP 1,420 1,334 +4% +6% TWPI 4,428 4,462 +2% (1)% TWPI 7,616 6,978 +4% +9% OPAT 960 987 (1)% (3)% OPAT 784 687 +10% +14% 49#50Uniquely Diversified Platform Distribution Mix % of VONB 19% Partnerships Product Mix(¹) % of VONB Geographical Mix % of VONB AIA 8% 10% Others 14% Unit-linked Malaysia 10% Singapore 14% Other Markets 19% Participating 17% Thailand 21% 81% Agency Hong Kong 57% Traditional Protection 30% Mainland China 2021 2021 Distribution mix is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests and exclude pension business Product and geographical mix are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests (1) Product mix for 2021 reflects minor changes to product categorisation compared to 2020 Notes: 2021 50 50#512021 ANW Movement 28.5 (0.4) 28.1 ANW Movement ($b) AIA +1.2 (0.2) (2.1) +1.6 + 5.2 (0.8) + 0.7 33.3 (0.3) 32.8 ANW End of 2020 Acquisition (1) ANW after Acquisition to ANW from VONB Expected Contribution Operating Return Variances Finance Costs ANW Investment Before Return Non- Variances operating and Variances Economic Other Non- operating Variances Exchange Rates and Other Items Dividend Paid ANW End of 2021 Assumption Changes Notes: Due to rounding, numbers presented in the chart may not add up precisely Including acquisition of AIA Everest and the BEA upfront payment (1) 51#522021 VIF Movement VIF Movement ($b) AIA + 4.2 (0.3) + 0.1 40.2 + 0.04 (0.6) 39.7 36.7 + 0.3 37.0 (0.8) VIF End of 2020 Acquisition VIF after Acquisition 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 2021 52 52#53$54.2b Shareholders' Allocated Equity before Dividend 48.0 IFRS Shareholders' Allocated Equity Movement ($b) + 6.4 (0.3) +13% (1.3) +1.3 54.2 (2.1) 52.1 AIA Allocated Equity End of 2020 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 2021(2) Notes: Due to rounding, numbers presented in the chart may not add up precisely (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 $8.4b as at 31 December 2021 and Others 53 33#54IFRS Shareholders' Equity and ANW 60.5 (24.3) Reconciliation of IFRS Shareholders' Equity to ANW ($b) AIA + 3.4 (2.9) + 0.3 + 0.1 37.0 (3.7) 33.3 Shareholders' Equity End of 2021 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 Deferred Tax Impacts Elimination of Intangible Assets Non-controlling Interests Impacts ANW (Business Unit) End of 2021 Adjustment to Reflect Consolidated Reserving Requirements, Net of Tax ANW (Consolidated) End of 2021 54#55High-Quality Diversified Earnings Driving 12% CAGR in OPAT 2% TWPI by Premium Type 12% Renewal Premiums 98% Regular Premiums First Year Premiums 86% 10% Single Premiums Sources of IFRS Operating Profit¹¹) 15% Insurance and Fee-based High-Quality Earnings Mix 59% Participating and Spread 26% Return on Net Worth Notes: For 2021 (1) Operating profit before tax and before Group Corporate Centre expenses OPAT ($m) 6,409 CAGR 5,942 5,689 5,298 12% 4,635 3,981 3,556 3,248 2,839 2,244 2,441 1,900 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 55 59 אור#56Growth from Quality In-Force into UFSG Value of In-Force Business ($b) 39.7 36.7 33.7 2.6x 29.8 29.9 25.6 23.0 21.8 20.4 18.2 16.3 15.2 Underlying Free Surplus Generation ($m) 6,451 5,843 5,501 3.1x 4,945 4,568 4,024 3,552 3,719 2,933 2,489 2,565 2,113 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 56 99 AIA#57Free Surplus vs Group LCSM Surplus Reconciliation of Free Surplus to Group LCSM Surplus ($b) 17.0 23.4 + 6.4 Free Surplus on Consolidated Basis End of 2021 (1) Adjustment to Reflect Consolidated Reserving and Capital Requirements Free Surplus on Business Unit Basis End of 2021 + 9.9 + 7.7 + 9.6 50.7 Reflecting Shareholders' View of Capital (2) Different Capital Requirements Under EV for AIA China (3) Eligible Debt Capital Group LCSM Surplus End of 2021 Notes: Due to rounding, numbers presented in the chart may not add up precisely Before adoption of HKRBC and release of existing additional resilience margins Reflects change from EV required capital to Group minimum capital requirement and the inclusion of participating fund surplus Adjustment from CAA EV basis to C-ROSS solvency basis in line with local requirements €23 (1) (2) (3) 57 54 AIA#58Holding Company Financial Resources 12.4 Holding Company Financial Resources Movement ($b) AIA + 1.1 (0.3) + 0.02 17.1 (2.1) + 4.0 15.0 (1.9) 13.1 Holding Co. Financial Resources End of 2020 Capital Flows Increase in Borrowings (1) from Subsidiaries Interest Payments on Borrowings (1) Investment Income, MTM Movements in Debt Securities and Others Holding Co. Financial Resources Before Dividend Dividend Paid Holding Co. Financial Resources Before Investment in China Post Life 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 $2,290m unsecured committed credit facilities Investment in China Post Life Holding Co. Financial Resources End of 2021 58#59Discipline Around Financial Leverage Group Total Leverage ($b) Total Equity 60.9 Composition of Borrowings ($b) Subordinated (Hybrid)(2) 1.2 2021 Borrowings 9.6 Subordinated 2.6 $9.6b 2021 Leverage Ratio (1) Borrowings 13.6% Notes: For 2021 (1) (2) Leverage ratio defined as Borrowings (Borrowings + Total Equity) 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 Senior Debt 5.8 AIA 59 59#60Reconciliation of OPAT to Net Profit Total Investments by Type Total Invested Assets $253.6b Real Estate Equities 16% 12% Par(1) 2% Others(2) 2% AIA Reconciliation of OPAT to Net Profit ($m) 2020 2021 OPAT 5,942 6,409 Short-term fluctuations (3) in Par Equities 549 (357) Others (955) 81 Total (406) (276) Other items (4) 243 1,294 5,779 7,427 Fixed Income 80% Net Profit Notes: Total invested assets as of 31 December 2021 (1) (2) (3) (4) Including participating funds and Hong Kong participating business Cash and cash equivalents and derivatives Short-term fluctuations in investment return related to equities and real estate Other non-operating investment return and other items 60 60#61Total Invested Assets ($m) Fixed Income Equities Real Estate Others (2) Par(1) Funds Other Policyholder and Shareholder Total 80,860 121,506 202,366 Total Invested Assets $253.6b 29,185 9,923 39,108 Par(1) Funds 45% 55% 1,081 5,698 6,779 2,507 2,825 5,332 Total Invested Assets 113,633 139,952 253,585 Notes: As of 31 December 2021 (1) Including participating funds and Hong Kong participating business (2) Cash and cash equivalents and derivatives AIA Other Policyholder and Shareholder 19 61#62Prudent Investment Portfolio Summary IFRS Operating Profit Investment Return ($m) Total Bond Portfolio of $193.4b 10,631 9,529 Expected Return for 3,095 2,375 Equities and Real Estate Interest Income 7,154 7,536 Structured Securities 1% 2020 2021 Corporate Bonds 54% Fixed Income Yield(1) 4.4% 4.2% (1H21: 4.2%) Actual Investment Return 5.3% 4.4% (1H21: 5.4%) 45% Notes: IFRS operating profit investment return comparatives are shown on a constant exchange rate basis; Fixed income yield and actual investment return of 1H21 are on an annualised basis; Total bond portfolio as of 31 December 2021 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) AIA Government & Government Agency Bonds 62 62#63Prudent and High-Quality Fixed Income Portfolio Total Fixed Income by Type Total Fixed Income by Maturity Total $202.4b ■ Government & Government 43% Agency Bonds ■ Corporate Bonds 52% Total $202.4b Note: As of 31 December 2021 ■ Structured Securities 1% ■Loans and Deposits 4% 0 ■>10 Years & 72% No Fixed Maturity ■5-10 Years 14% ■ 1 - 5 Years 11% ■ ≤1 Year 3% AIA 63#64Prudent and High-Quality Fixed Income Portfolio ($m) Par(1) Funds Other Policyholder and Shareholder Total Available For Sale (AFS) 49,713 111,374 161,087 Fair Value Through Profit or Loss (FVTPL) 28,448 3,885 32,333 Total Bonds AIA Total Bonds by Accounting Classification Total $193.4b ■ Other Policyholder & Shareholder (AFS) 58% ■ Par (1) Funds (AFS) 25% ■ Par (1) Funds (FVTPL) 15% 78,161 115,259 193,420 ■ Other Policyholder & Shareholder (FVTPL) 2% Notes: As of 31 December 2021 (1) Including participating funds and Hong Kong participating business - 64#65Government Bond Portfolio Government Bonds (1) by Geography AIA Other Government (2) and Agency Bonds by Rating Total $56.0b FY2021 FY2020 Total $30.7b FY2021 FY2020 Average Rating A+ A+ ■ Mainland China 39% 32% ■ AAA 21% 30% ■ Thailand 25% 29% ■South Korea 13% 15% - АА 16% 18% Singapore 9% 9% ■ A 45% 30% Philippines 4% 5% ■ BBB 17% 20% ■ Malaysia 4% 4% ■ Others ■ BB & below (3) 1% 2% 6% 6% Notes: As of 31 December 2021 unless otherwise stated (1) (2) (3) Government bonds include bonds issued in local or foreign currencies by the government of the country where respective business unit operates Other government bonds comprise other bonds issued by government Including not rated bonds 59 65#66Corporate Bond Portfolio Rating Total ($m) Total $104.7b AAA 986 Corporate Bonds by Rating AIA FY2021 FY2020 AA 6,973 Average Rating A- A- ■ AAA 1% 1% A 46,090 -АА BBB 47,259 7% 5% ■ A 44% 43% BB and below (1) ■ BBB 45% 48% 3,392 ■ BB and below (¹) 3% 3% Total 104,700 Notes: As of 31 December 2021 unless otherwise stated (1) Including not rated bonds 66 99#67Structured Security Portfolio Structured Securities by Rating AIA Rating Total ($m) Total $2.0b FY2021 FY2020 AAA 202 Average Rating BBB BBB AA 173 ■ AAA 10% 18% A 694 BBB 666 BB and below (1) 275 Total Notes: As of 31 December 2021 unless otherwise stated (1) Including not rated bonds AA 9% 10% ■ A 34% 32% ■ BBB 33% 21% 2,010 ■ BB and below (¹) 14% 19% 67 20#68AIA China: Prudent Investment Portfolio AIA China Invested Asset Mix Cash & Cash Equivalents 1% Note: As of 31 December 2021 Equities 15% Fixed Income 84% Prudent ALM Approach Asset allocation driven by liability cash flow matching in local currency ~80% of earnings from insurance and fees 84% of invested assets in fixed income 94% of bond portfolio in government and government agency bonds. Bond portfolio average international rating A Asset portfolio well diversified with insignificant alternative assets AIA 68#69Risk Discount Rate and Risk Premium As at 30 November 2010 As at 31 December 2021 Risk Discount Long-term 10-year Rates Risk Premium Risk Discount Long-term 10-year Rates Risk Premium % Govt Bonds Govt Bonds Australia 8.75 5.65 3.10 6.41 2.30 4.11 Mainland China 10.00 3.74 6.26 9.72 3.70 6.02 Hong Kong 8.00 3.53 4.47 6.98 2.20 4.78 Indonesia 15.00 7.90 7.10 12.98 7.50 5.48 South Korea 10.50 4.82 5.68 8.10 2.20 5.90 Malaysia 9.00 4.45 4.55 8.56 4.00 4.56 New Zealand 9.00 6.13 2.87 6.53 2.30 4.23 Philippines 13.00 6.00 7.00 11.80 5.30 6.50 Singapore 7.75 2.93 4.82 6.59 2.20 4.39 Sri Lanka (1) n/a n/a n/a 14.70 9.00 5.70 Taiwan (China) 8.00 1.73 6.27 7.25 1.00 6.25 Thailand 9.50 3.87 5.63 7.69 2.70 4.99 Vietnam 16.00 10.20 5.80 9.16 3.50 5.66 Weighted Average (2) 8.95 3.85 5.10 7.89 2.81 5.08 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 AIA 69#70Sensitivity Analysis - Allocated Equity and LCSM Cover Ratio Shareholders' Allocated Equity(¹) Equity Prices 10% Fall (3.1)% 10% Rise Interest Rates 50 bps Decrease 50 bps Increase (2.2)% Notes: (1) Calculated based on Shareholders' Allocated Equity as at 31 December 2021 (2) Calculated based on Group LCSM Cover Ratio as at 31 December 2021 Group LCSM Cover Ratio(2) Equity Prices 10% Fall (4) pps +4 pps +3.1% 10% Rise AIA Interest Rates +2.3% 50 bps Decrease (6) pps 50 bps Increase +12 pps 70 10#71Sensitivity Analysis - EV Equity prices +10% Sensitivity of EV as at 31 December 2021 +2.6% (2.6)% (0.5)% +0.4% +5.3% Equity prices -10% Interest rates +50 bps Interest rates -50 bps Equity and property returns and risk discount rates -100 bps Presentation currency 5% appreciation (3.0)% Presentation currency 5% depreciation Lapse/discontinuance rates +10% Lapse/discontinuance rates -10% Mortality/morbidity rates +10% (6.7)% Mortality/morbidity rates -10% Maintenance expenses -10% Expense inflation set to 0% +3.0% (1.6)% +1.8% +6.5% +1.2% +1.4% AIA 71#72Sensitivity Analysis - VONB AIA Sensitivity of VONB for the twelve months ended 31 December 2021 Interest rates +50 bps +2.2% Interest rates -50 bps (3.2)% Equity and property returns and risk discount rates -100 bps Presentation currency 5% appreciation (4.2)% Presentation currency 5% depreciation +4.2% Lapse/discontinuance rates +10% (6.7)% Lapse/discontinuance rates -10% Mortality/morbidity rates +10% (13.0)% Mortality/morbidity rates -10% Maintenance expenses -10% Expense inflation set to 0% +7.5% +12.2% +3.0% +2.2% +13.0% 72 22