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Investor Presentaiton

Life Assurance Embedded Value Recovery Supported by Investments EV records recovery achieving an annualized growth of 6.6 Percent Britam With you every step of the way 16,129 1,021 107 664 (389) 1,157 636 (2,127) 17,199 1 2 3 4 LO Total EV -Dec-20 Expected Return Value of New Operating Operating Economic Economic business Experience Assumption Experience Assumption Variance Change Variance Change Exceptional items Total EV - Dec-21 1 ■ Positive EV earnings from expected releases in margins in the reserves. 3 ■ Actual operating experience worse than anticipated mainly the impact of lapses. 2 ■ Positive value of new business from profitable business written. 4 ■Improvement in investment experience. 50 Exceptional items result from opening adjustments to reserves and PVFP to account for a change in tax application on annuity benefit payments; change in inflation risk premium from 4% to 1.5% to reflect experience; and a change in the PVFP yield curve from yield to maturity curve to a derived spot curve. One-off costs were also incorporated. 23
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