Operational Capital Generation and Market Analysis

C-ROSS Solvency framework Core vs comprehensive Solvency Comprehensive capital = Core capital Supplementary capital (mainly from future profits) capped to 100% Core => Comprehensive capital ≤ 2X Core capital Recognition of future profits Cap lowered from 50% of core capital in 2022 to 40% Taiping Life applies transitional measures: 45% in 2023 40% as from 2024 C-ROSS vs Solvency II Both are risk-based models but with different risk charge factors C-ROSS assets & liabilities not fully marked-to-market: HTM bonds at amortised costs / liabilities discounted with 750-day VIR curve ageas. 19

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