HY23 Interim Results Announcement

Bank of Ireland Wealth and Insurance¹. - IFRS 17 application and restatement of H122 H1 2022 H1 2022 H1 2023 (€m IFRS 4) (€m IFRS 17) (€m IFRS 17) Income 123 76 162 Expenses (82) (45) (107) Operating contribution 41 32 55 Investment valuation movement (102) (77) 22 Underlying contribution (61) (44) 77 Dec 2022 AUM (€bn) Jun 2023 (€bn) Davy 18 20 NIAC 21 22 Total AUM 39 42 • • • • • 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 Davy, the economic value created from the Wealth and Insurance division or the ability of the Group to upstream dividends from the NIAC subsidiary. Cash flows and capital generation from the W&l business remain unchanged Embedded value of Wealth division (excluding Davy) increased to €1.24bn in H123 from €1.17bn in Dec 2022 Following the application of IFRS 17, Wealth and Insurance income for H122 has been restated to €76m (from €123m under IFRS 4) and operating expenses have been restated to €44m (from €82m under IFRS 4) H123 growth in operating income and operating expenses reflect six months contribution from Davy (vs one month in H122), as well as underlying business momentum; market movements have resulted in a positive investment valuation movement of €22m for H123 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 €8m to €561m during H1 2023. There was a c.€38m increase in CSM driven by new business, positive persistency, and positive market movements. €30 million CSM was released to the income statement for insurance services provided 1 Includes New Ireland and Davy 42

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