IFRS 17 Update

Invested Assets Better Aligned to Insurance Contract Liabilities AIA DAC Total Assets ($b) As at 1 Jan 2022 28.5 Invested Assets (1) By Line of Business Invested Assets Classification Fixed Income Equities & Real Estate (2) 71.0 Equity 71.1 Non-par IFRS 17 FVOCI FVTPL and Surplus Assets 47% IFRS 4 FVOCI FVTPL Invested Assets (1) $290.0b 205.8 Fixed Income 205.7 Par and IFRS 17 FVTPL FVTPL Unit- linked 53% IFRS 4 FVTPL / FVOCI (3) FVTPL Reinsurance Other 5.0 13.2 16.4 Other 13.2 6.4 14.8 IFRS 4 IFRS 17 IFRS 17 Deferred acquisition costs (DAC) eliminated ■ Goodwill and intangibles unchanged Invested asset values largely unchanged, >95% continue on mark-to-market basis ■ Classification of invested assets aligned to insurance contract liability measurement model Non-participating and surplus assets ■ FVOCI for fixed income (4) ■ FVTPL for equities and real estate Participating and unit-linked assets (5) are mostly fair value through P&L (FVTPL) Includes policyholder and shareholder fund, unit-linked contracts and consolidated investment funds. Excludes policy loans as these are included in insurance contract liabilities under IFRS 17 The classification of real estate under IFRS 17 in the table represents investment properties and certain properties held for own use for participating contracts. Classification of properties held for own use generally follows IAS 16. The classification of real estate under IFRS 4 in the table represents investment properties only FVTPL for participating funds, FVOCI for Hong Kong participating business Notes: (1) (2) (3) (4) Includes $4.6b of fixed income assets that are classified under amortised cost and FVTPL (5) Includes consolidated investment funds 23 23

View entire presentation