Corporate Bond Portfolio and Investment Analysis
Operating Profit After Tax Up 4% Per Share
1H23 OPAT Composition ($m)
YoY Change
in CER
($m)
AIA
Operating
Margin
OPAT Per Share
(US cents)
+ 1,721
(413)
28.19
(226)
17.0%
(616)
$2.8b Insurance Service Result
27.15
+4%
3,272
+ 119
2,618
+ 69
CSM
Release
Operating
Variances (1)
Risk Adjustment
Release
and Other
Net
Investment
Result
After
Other Revenue
and Expenses (3)
Finance
Costs
Tax
OPAT
1H22
1H23
Expenses (2)
+113
(90)
(28)
+144
+59
(50)
(142)
+6
Notes: OPAT per share comparative is shown on a constant exchange rate basis
(1)
Includes claims, expenses and others but excludes persistency
(2)
Net of investment management expenses of $97m
(3)
Net of non-attributable expenses under IFRS 17 of $438m and non-insurance expenses of $192m
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