#1ageas R China - Continued growth potential Investor Day 2023#2Taiping Life Partnership with Ageas since 2001 中国太平 CHINA TAIPING State-owned enterprise, a State Council owned insurance group 24.90% stake in Taiping Life Number 6 Life insurer in China 320,000 agents 75,000 bancassurance outlets 1,400 branches and sale offices 15 million customers ageas. 2#3Update on Taiping Life Commercial performance ageas. 3#4Commercial performance +9% Inflows 102.2 93.3 In RMB bn @100% 20.7 Life Liabilities In RMB bn @100% +43% 29.5 6M 2022 6M 2023 6M 2022 6M 2023 +10% +28% 3,646 796.1 722.3 2,838 New Business inflows In RMB bn @100% New Business Value In RMB mio @100% ageas. FY 2022 6M 2023 6M 2022 6M 2023 4#5Product mix & re-pricing action Breakdown of FY 2022 Reserves In % Change in Pricing rates From To 14% ■ Participating products Participating products 2.5% 2.5% 59% 27% ■Non participating products Non-Participating products 3.5% 3.0% Critical Illness ageas. 5#6Strong top line growth Inflows In RMB bn @100% -7% +11% 34.8 32.4 137.6 124.1 37% 10% 7% 17% 20.9 39% 16.2 10% 21% 14.7 15.2 12.2 12.4 11.4 10.6 8.1 10.7 7.7 6.7 5% 8.9 9.8 14.2 14.9 9M 2022 9M 2023 Jan Feb Mar Apr May Jun Jul Aug Sep 2022 ■2023 ageas. 6#7Driven by high New business volume ahead of regulatory changes in July ageas. New Business In RMB bn @100% -34% 9.9 +41% 38.5 27.4 185% 7.8 76% 6.6 82% 97% 96% 120% 4.6 4.1 18% 4.1 3.6 2.9 2.6 2.7 1.6 1.8 2.1 1.8 1.9 2.3 9M 2022 9M 2023 Jan Feb Mar Apr May Jun Jul Aug 2022 2023 -6% 2.9 2.7 Sep 7#8Through agency, bancassurance and direct sales A diversified distribution channel Breakdown of 6M 2023 New Business Inflows per distribution channel In % 6% 41% 53% Agency ■ Bancassurance Others, including digital ageas. 8#9Agency: focus on productivity Number of agents Number of agents with FYRP* over RMB 1 mio Monthly regular premium per agent In RMB '000 391,069 -18% +57% +33% 2,673 182 320,260 137 1,702 6M 2022 6M 2023 6M 2022 6M 2023 6M 2022 6M 2023 *Full year Regular Premium ageas. 9#10Banca: focus on high-quality development Regular Premium of Bancassurance In RMB 100 mio Number of banca agents with FYRP* over RMB 1 mio Monthly regular premium per banca agent In RMB '000 65.5 +81% 118.9 6M 2022 6M 2023 +88% 4,097 98 2,183 6M 2022 *Full year Regular Premium +83% 180 6M 2023 6M 2022 6M 2023 ageas. 10#11And supported by renewals thanks to high persistency Persistency ratios steadily at the forefront of the industry 13th month persistency ratios 98.1% 97.0% 96.7% 96.3% 95.1% 95.0% 93.0% 96.1% 2020 2021 2022 H1 2023 Agency 13th month Banca 13th month ageas. 11#12Growing liabilities backed by a relatively conservative asset portfolio Life Liabilities Investment Portfolio In RMB bn @100% at 30 September 2023, in % ■ +13% 813.9 722.3 22.8% FY 2022 9M 2023 2.5% 0.2% 15.1% 31.3% ■ Government bonds ■ Others fixed income Real Estate 28.1% 82% invested in fixed income ■ ■ ■ 100% government and corporate bonds domestic - 99.6% AAA rated under local rating standards 25% of investment portfolio is regional government bonds, mostly issued by provinces with strong economic fundamentals Other fixed income includes policy loans, debt fund, deposits and non-standard fixed income Less than 3% is invested in local government financing vehicles 15% in Equity to match long-term liabilities Including 7% of listed stocks, of which 2 to 3% long-term high-dividend stocks Other equity includes equity funds, balanced funds, Insurance Asset Management Plans and private equity Very limited exposure to direct investment properties (<3%) ■Corporate bonds Equity ■ Cash Direct investment property exposure are mainly for own use and office building investment in top tier cities ageas. 12#13Strong increase in NBV largely driven by higher margins agency New Business Value* In RMB mio @100% +28% 3,646 13.5% 2,838 -1 pp 12.2% New Business margin In % of APE 6M 2022 6M 2023 6M 2022 6M 2023 Margin 17.3% 18.6% 6.0% 3.6% +32% New Business Value* Agency In RMB mio @100% 2,290 3,023 6M 2022 6M 2023 * +8% 395 428 6M 2022 6M 2023 New Business Value based on the China local framework New Business Value* Banca In RMB mio @100% ageas. 13#14A CSM New business highly positive despite low interest rates A CSM value of EUR 6.1 bn @ageas'share CSM Roll-forward In RMB bn@100% 9.1 4.1 192.1 194.7 -7.7 -2.9 YE 2022 Time value New business Release Mvt on portfolio 6M 2023 ageas. 14#15Update on Taiping Life Financial performance ageas. 15#16Financial performance KPIs Net Operating Result In EUR mio @ageas' share www www wwww wwww www www www www MAN www wwww wwww wwwww Comprehensive Solvency In % 383 194% 162% 81 Net Result 9M 2022 (IFRS 4) mo Net underlying result* 9M 2022 9M 2023 (IFRS 17) * IFRS 4 net result excluding discount rate impact (VIR), capital gains & related changes in profit sharing FY 2022 9M 2023 ageas. 16#17Impact of lower interest rates China 10-year government bond In % 3.6 3.4 3.2 3 2.8 2.6 2.4 09-11-20 09-05-21 09-11-21 09-05-22 09-11-22 09-05-23 Net Operating Result In EUR mio @ageas' share 376 383 81 Net Result 9M 2022 (IFRS 4) Net underlying result* 9M 2022 9M 2023 ☐ (IFRS 17) IFRS 4 & China Accounting standards Non-participating liabilities discounted based on the 750-day average VIR curve Change reflected in P&L. Unwind on discount based on 750-Day average. IFRS 17 Non-participating liabilities(BBA) discounted based on current interest rates Change reflected in OCI. ageas. 17#18A solvency above regulatory requirement that can be further strengthened Solvency At 9M 2023 50% Levers to strengthen the solvency 100% 81% Core Solvency 162% Comprehensive Solvency Regulatory compliance requirement Products optimization Focus on high-value New business Reduction of expense overrun Product re-pricing Capital optimization Launching a supplementary capital Debt issuance (RMB 20 bn in 2 tranches) Reduction of the risk consumption (asset mix, ALM) ageas. 18#19C-ROSS Solvency framework Core vs comprehensive Solvency Comprehensive capital = Core capital Supplementary capital (mainly from future profits) capped to 100% Core => Comprehensive capital ≤ 2X Core capital Recognition of future profits Cap lowered from 50% of core capital in 2022 to 40% Taiping Life applies transitional measures: 45% in 2023 40% as from 2024 C-ROSS vs Solvency II Both are risk-based models but with different risk charge factors C-ROSS assets & liabilities not fully marked-to-market: HTM bonds at amortised costs / liabilities discounted with 750-day VIR curve ageas. 19#20Operational Capital Generation in Asia ageas. Operational Capital Generation In EUR mio @ageas' share Operational Capital Consumption In EUR mio @ageas' share Operational Free Capital Generation In EUR mio @ageas' share 1,002 634 348 286 210 9M 2022 9M 2023 9M 2022 9M 2023 9M 2022 9M 2023 849 20 20#21Outlook on the Life insurance market in China ageas. 21#22Drivers of the Life insurance market in China Growth in Life Insurance premium uncorrelated to GDP growth 70% 60% 50% Life premium growth versus real GDP growth in China over 2000 – 2020 In % 40% " 30% 10%。 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -10% -20% Life premium growth Real GDP Growth Source: CBIRC ageas. 22#23A regulatory environment supporting sustainable profitability for the sector ageas. Measures Lowering pricing interest rate Bancassurance expenses and commissions New product disclosure guidelines Oversight of New Year commercial campaigns Improvement of pricing practices for Short-term Health Insurance products Details Timing Cap on Non-participating pricing July 2023 rate lowered from 3.5% to 3.0% Consistency between actual expenditure and pricing assumption Cap on bank commissions Higher disclosure requirements throughout the product launch, sale and post-sale Reduce unsound practices relating to the opening campaign & adopt a scientific approach to budgeting Ensure scientific and reasonable pricing Ongoing June 2023 October 2023 Expected impact Support margins over volumes Improve expense efficiency in bancassurance channel Improved transparency to customers Promote disciplined approach and improve the quality of business sold November 2023 Improved protection of customers by preventing aggressive and non- transparent sales practices. 23#24Drivers of the Life insurance market in China Strong macro drivers 1. Emerging middle class Share of population with annual disposal income ≥ EUR 6K In % 2. High saving rate Household savings In RMB tn 73% 2016 76% 2018 86% 2025e 14 12 10 8 மNO 2 0 6 4 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3. Need for alternative wealth management products Growth rate of Investment in Real Estate Development In % 4. Low penetration rate Life insurance penetration rate In % at year-end 2022 -8.0 -8.8 -5.7 -5.8 -6.2 -7.2 -7.9 -8.5 -8.8 -9.1 2.83% 9.8 -10.0 09/22 10/22 11/22 12/22 02/23 03/23 04/23 05/23 06/23 07/23 08/23 09/23 Sources: International Monetary Fund, National Bureau of Statistics in China, CBIRC 24 ageas.#25Drivers of the Pension market in China AGING POPULATION Projection of Chinese population structures in 2030 In % 100+ Male 0.0% 0.0% Female 95-99 0.0% 0.1% 90-94 0.1% 0.2% 85-89 0.3% 0.4% 80-84 0.7% 1.0% 75-79 1.6% 2.0% 70-74 2.1% 2.3% 65-69 3.0% 3.1% 60-64 4.0% 4.0% 55-59 4.0% 3.9% 50-54 3.3% 3.2% 45-49 3.4% 3.3% 40-44 4.5% 4.2% 35-39 3.5% 3.1% 30-34 3.1% 2.8% 25-29 3.0% 2.6% 20-24 3.1% 2.6% 15-19 3.1% 2.7% 10-14 3.0% 2.7% 5-9 2.7% 2.5% 0-4 2.5% 2.3% 10% 8% 6% 4% 2% 0% 2% 4% 6% 8% 10% Source: UN Population Division (UNPD). ONE CHILD POLICY PUBLIC PRIORITY Central financial work conference, Beijing, October 2023 November 2022 Launch of the pilot of China Private pension ageas. 25#26Potential of the pension market Taiping Group's scope of operations Newly launched Pillar 1 Public Pension Pillar 2 Occupational Pension (Corporate) Pillar 3 Private Pension (Retail) Enterprise Annuity Occupational Annuity Voluntary program Mandatory program for corporates for public institutions Tax deductible contribution Individual Retirement Commercial Pension Account (IRA) Voluntary program Voluntary program for employees for individuals Available to withdraw only upon retirement, disability, or emigration by month, instalment or lump sum Taiping Pension Taiping Pension Taiping Pension Taiping Life Taiping Pension ageas. 26#27Conclusions ageas. 27#28Conclusions Sustainable operational value & capital generation Excellent top line growth with sound margins ■ Focus on Quality over Quantity in distribution development ■ New Business Value and New Business CSM supportive of future profits High IFRS 17 results and operational capital generation reflecting a strong operational performance ■ Cyclical pressure on Solvency manageable without shareholder capital injection Significant potential of the Life, Health and Pension market ageas. 28