Corporate Bond Portfolio and Investment Analysis

Discipline Around Financial Leverage Notes: (1) (2) Group Total Leverage ($b) CSM Net of Reinsurance and Taxes 41.6 1H23 Leverage Ratio (1) 11.9% Total Equity 42.3 Composition of Borrowings ($b) Subordinated (Hybrid)(2) 1.2 Subordinated 2.5 1H23 Borrowings Borrowings 11.3 $11.3b Senior Notes 7.6 Leverage ratio defined as total borrowings / (total borrowings + total equity + CSM net of reinsurance and taxes) 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 ALA 54 54

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