Corporate Bond Portfolio and Investment Analysis

Strong Underlying CSM Growth Driven by New Business CSM Movement, Net of Reinsurance ($b) AIA + 3.4 50.2 +19.3% Annualised + 1.2 54.9 (1.4) (1.1) 52.4 CSM End of 2022 New Business CSM Expected Return on In-force Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Calculated after variances and others and exchange rates CSM Before Variances and Others, Exchange Rates and Release 9.7% Annualised (1) (2.6) 49.7 Variances and Others Exchange Rates Closing CSM Before Release CSM Release CSM End of 1H23 Underlying +$2.0b CSM Growth in 1 H23 24

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