Investor Presentaiton

Definitions and Notes AIA " " In the context of our reportable market segments, Hong Kong refers to operations in Hong Kong Special Administrative Region and Macau Special Administrative Region; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia (including New Zealand), Cambodia, India, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam. The financial information in this presentation covers a twelve-month period from 1 January 2019 to 31 December 2019 for the current period and a twelve-month period from 1 January 2018 to 31 December 2018 for the prior period, unless otherwise stated. The financial information from 2010 to 2016 is presented on the 30 November financial year-end basis. The results of Tata AIA Life are accounted for the twelve-month periods ended 30 September 2019 and 30 September 2018 in AIA's consolidated results for the twelve-month periods ended 31 December 2019 and 31 December 2018 respectively. In 2019, VONB and ANP for Other Markets include 49% of the results from Tata AIA Life to reflect our shareholding. The reported VONB and ANP for 2018 have not been restated and do not include any contribution from Tata AIA Life. The IFRS results of Tata AIA Life are accounted for using the equity method. For clarity, TWPI does not include any contribution from Tata AIA Life. All figures are presented in actual reporting currency (US dollar) unless otherwise stated. Change on constant exchange rates (CER) is calculated for all figures for the current period and for the prior period, using constant average exchange rates, other than for balance sheet items as at the end of the current period and as at the end of the prior year, which is translated using the CER. Actual investment return is the interest income from fixed income investments and actual investment returns of equities and real estate, as a percentage of average fixed income investments, equities and real estate over the period. This excludes unit-linked contracts and consolidated investment funds. AIA has a presence in 18 markets in Asia-Pacific - wholly-owned branches and subsidiaries in Hong Kong Special Administrative Region, Thailand, Singapore, Malaysia, Mainland China, South Korea, the Philippines, Australia, Indonesia, Taiwan (China), Vietnam, New Zealand, Macau Special Administrative Region, Brunei, Cambodia, Myanmar, a 99% subsidiary in Sri Lanka, and a 49% joint venture in India. Annualised new premiums (ANP) excludes pension business. CBA refers to Commonwealth Bank of Australia. CMLA refers to The Colonial Mutual Life Assurance Society Limited (including its affiliated companies), one of the largest life insurance providers in Australia. EV Equity is the total of embedded value, goodwill and other intangible assets attributable to shareholders of the Company. Expense ratio is calculated as operating expenses divided by TWPI. Fixed income yield is the interest income from fixed income investments, as a percentage of average fixed income investments measured at amortised cost over the period. This excludes unit-linked contracts and consolidated investment funds. Financial investment disclosure is enhanced to align with internal credit risk assessment. As a result of the enhancement, the presentation of government bonds has been refined. Free surplus is the excess of the market value of AIA's assets over the sum of the statutory liabilities and required capital. IFRS operating profit includes the expected long-term investment return for equities and real estate. Investment return and composition of investments exclude unit-linked contracts and consolidated investment funds. Investment return is defined as investment income with the addition of realised and unrealised gains and losses as a percentage of average investments excluding property held for own use. Investments include financial investments, investment property, property held for own use, and cash and cash equivalents. Investment property and property held for own use are at fair value. PVNBP margin refers to margin on a present value of new business premium basis. Operating profit after tax (OPAT), net profit, IFRS shareholders' allocated equity and IFRS shareholders' equity are shown post non-controlling interests. Operating ROE stands for operating return on shareholders' allocated equity and is calculated as operating profit after tax attributable to shareholders of the Company, expressed as a percentage of the simple average of opening and closing shareholders' allocated equity. Operating ROEV stands for operating return on EV and is calculated as EV operating profit, expressed as a percentage of the opening embedded value. Shareholders' allocated equity is total equity attributable to shareholders of the Company less fair value reserve. Tata AIA Life refers to Tata AIA Life Insurance Company Limited. TWPI consists of 100% of renewal premiums, 100% of first year premiums and 10% of single premiums, before reinsurance ceded. VONB for the Group is after unallocated Group Office expenses and the adjustment to reflect consolidated reserving and capital requirements. The total reported VONB for the Group in 2019 excludes the VONB attributable to non- controlling interests of $32m. VONB for 2018 has not been restated and is reported before deducting the amount attributable to non-controlling interests of $27m, as previously disclosed in our Annual Report 2018. VONB and VONB margin by distribution channel are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and exclude pension business. VONB and VONB margin by geographical market are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses. VONB includes pension business. ANP and VONB margin exclude pension business and are before deduction of non-controlling interests. VONB margin is calculated as VONB divided by ANP. VONB for the margin calculations excludes pension business and is before deduction of non-controlling interests to be consistent with the definition of ANP. 53

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