IFRS 17 Update

2. Net Investment Result $3.3b Net Investment Result from Non-Par and Surplus Assets 5.3 FY22 Net Investment Result ($b) From Non-Par and Surplus Assets (1.8) Non-Par and Surplus Assets By Asset Type AIA Expected Return for Equities and 1.2 Real Estate Interest Revenue 4.2 Investment Return Insurance Finance Expenses (3) Cash & Others Real Estate Equities 5% 3% (0.3) 3.3 10% Investment Management Expenses Net Investment Result $115.2b Fixed As of 31 Dec 2022 82% Income Fixed Income 4.2% As of 31 Dec 2022 ($b) Yield(1) Unwind of discount rate on non-par insurance contract liabilities Uses a level discount rate locked-in at contract issue Non-par and surplus assets 115.2 53% Total Investment 4.5% Return(2) Average insurance contract liabilities (4) balance of $63.0b in 2022 Rate changes gradually over time with new business Par business 103.1 47% Invested Assets 218.3 100% (1) Notes: Excludes participating funds and other participating business with distinct portfolios, unit-linked contracts and consolidated investment funds. Due to rounding, numbers presented in the chart may not add up precisely Interest revenue from fixed income investments, as a percentage of average amortised cost of fixed income investments over the period (2) (3) Interest revenue from fixed income investments and expected long-term returns of equities and real estate, as a percentage of fixed income investments, equities and real estate over the period Represents interest accreted on non-par business liabilities net of investment return relating to unit-linked business with significant protection (4) Net of reinsurance, insurance contract asset and insurance finance reserve 10

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