Operational Capital Generation and Market Analysis

Drivers of the Life insurance market in China Growth in Life Insurance premium uncorrelated to GDP growth 70% 60% 50% Life premium growth versus real GDP growth in China over 2000 – 2020 In % 40% " 30% 10%。 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 -10% -20% Life premium growth Real GDP Growth Source: CBIRC ageas. 22

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