Bank of Ireland Financial Overview

Wealth and Insurance - IFRS 17 application FY 20221 (€m) FY 2023 (€m) Income Expenses 230 325 (146) (228) Operating contribution 84 97 Investment valuation movement (97) 36 Underlying contribution (13) 133 CSM 563 589 Bank of Ireland • On 1 Jan 2023, the IFRS 17 accounting standard related to insurance contracts became effective, replacing IFRS 4. This has a material impact on the recognition, measurement, presentation and disclosure of the insurance business in the Group's financial statements. The application of IFRS 17 does not impact on the economic value created from the Wealth and Insurance division or the ability of the Group to upstream dividends from its NIAC life assurance subsidiary FY23 growth in operating income and operating expenses reflect a full year contribution from Davy (vs seven months in FY22), as well as underlying business momentum within NIAC; market movements have resulted in a positive investment valuation movement within NIAC of €36m for FY23 Embedded value within the Wealth and Insurance division (excluding Davy) was €1.3bn at 31 Dec 2023 (+11% y/y) The impact of the introduction of IFRS 17 on shareholders' equity was €371m at the transition date of 1 Jan 2022 and €410m at the application date of 1 Jan 2023 IFRS 17 has introduced contractual service margin (CSM) which represents the unearned profit of a group of insurance and reinsurance contracts which is released in line with insurance service provided. The CSM of the Group increased by €36m to €589m during FY23 Dec 2022 AUM² Davy NIAC (€bn) Dec 2023 (€bn) • 19 24 • 20 22 39 46 Total AUM . 1 Restated for impact of IFRS 17 2 NIAC and Davy AUM movements include impact of c.€0.95bn of client fund migration from NIAC to Davy in 2023 57

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