Investor Presentaiton

Accounting policies and methodological choices - IFRS 17 (cont'd) Legal & General Measurement models (PAA, GMM, VFA) Discount rate curve OCI option for insurance finance income/expense GMM for all business ► Top-down approach starting from an appropriate asset portfolio with economic deductions M&G GMM for annuities and other insurance contracts VFA for "with-profits" (incl. PruFund) and unit- linked business ►Top-down approach for GMM Bottom-up approach (risk free + illiquidity premium) for VFA Intend to use OCI for vast majority of liabilities within its protection business Not commented Manulife ► Not commented ► GMM (30%) PAA (56%) all P&C ► VFA (14%) Munich Re NN Group PAA for P&C GMM for traditional life VFA for unit linked Not commented Interest rate impacts and hedge ineffectiveness recorded in OCI and CSM ► Bottom-up approach in accordance with Solvency II parameters ►Separation of the effect of changes in discount rates between income statement and OCI ► Methodology similar to SII Parameters used for IFRS 17: last liquid point at 30y, long-term forward rate at 3.35%, ILP derived from own assets ► Applied disaggregation approach 33 Market updates on impact of IFRS 17 and IFRS 9 EY

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