Corporate Bond Portfolio and Investment Analysis

Excellent VONB Growth in 1H 2023 Other Markets 10% Malaysia 8% Singapore 8% Thailand 15% 1H23 VONB $2,029m +37% Hong Kong 31% Growth in All Reportable Segments Hong Kong $681m +111% Mainland China $601m +14% Singapore $173m Malaysia $170m +5% +10% Mainland China 28% Thailand $327m +28% Other Markets $212m +8% Note: VONB growth rates are shown on a constant exchange rate basis. VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests ALA 19

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