Healthier, Longer, Better Lives

Shift in Product Mix; Stable Protection Margin Higher demand for long-term savings products; Successful upselling to existing customers in Mainland China and Hong Kong VONB Margin Movement PVNBP Margin by Product AIA 62.9% (5.8) pps (0.5) pps +0.5 pps (4.5) pps 52.6% 11% (2.5) pps 9% Acquisition Expense Overruns 16% 15% 10% 8% 8% 7% 7% 6% Participating 2019 VONB Margin Product Mix Geographical Channel Mix Mix Others Including Assumption 2020 VONB Margin Overall Traditional Protection Changes 2019 Unit-linked Others 2020 51

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