IFRS 17 Adoption & Financial Impact Overview

OPAT Higher Under IFRS 17 vs IFRS 4 in 2022 1,900 OPAT ($m) CAGR +11% OPAT Sources of Earnings 6,370 6,421 Return on Net Worth (¹) 15% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 IFRS 4 IFRS 17 2022 AIA Spread 11% IFRS 17 FY22 OPBT 58% Non-par and Fee- based 74% Insurance Contract Services 16% Par ☐ OPAT better reflects underlying earnings vs net profit ■ IFRS 17 provides a clearer understanding of the drivers of OPAT High-quality earnings driven by insurance contract services Note: (1) Net of finance costs, non-attributable expenses under IFRS 17 and non-insurance expenses excluding the investment contract related expenses 60

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