Corporate Bond Portfolio and Investment Analysis

Free Surplus vs Group LCSM Surplus Reconciliation of Free Surplus to Group LCSM Surplus ($b) Notes: (1) (2) 16.3 + 4.9 + 5.2 + 6.9 23.2 Free Surplus on Consolidated Basis End of 1H23 Adjustment to Reflect Consolidated Reserving and Capital Requirements Free Surplus on Business Unit Basis End of 1H23 + 8.9 42.2 Reflecting Shareholders' View of Capital (1) Different Capital Requirements Under EV for AIA China (2) Eligible Tier 2 Debt Capital Mainly reflects the inclusion of par business surplus Adjustment from China Association of Actuaries (CAA) EV basis to C-ROSS solvency basis in line with local requirements AIA Group LCSM Surplus End of 1H23 551

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