Operational Capital Generation and Market Analysis

Drivers 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

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