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Investor Presentaiton

AIA IFRS 17 Reinforces Prudence in AIA's Embedded Value IFRS 9 and 17 Update Reconciliation of IFRS 17 Comprehensive Equity to EV Equity ($b) As at 1 Jan 2022 Net CSM Shareholders' Equity 1.3x +3 (7) 101 (19) 78 IFRS17 Comprehensive Equity Risk Adjustment (1) Capital in EV Cost of Valuation Differences EV Equity(2) Notes: (1) Risk adjustment is net of reinsurance (2) After HKRBC early adoption and release of additional resilience margins IFRS 17 comprehensive equity and EV Equity represent the value of historical and future profits on different bases Valuation differences primarily driven by higher discount rates As at 1 Jan 2022, IFRS 17 comprehensive equity was 1.3x EV Equity Expect to observe a similar ratio of new business CSM to VONB 29 29
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