Operational Capital Generation and Market Analysis

Growing liabilities backed by a relatively conservative asset portfolio Life Liabilities Investment Portfolio In RMB bn @100% at 30 September 2023, in % ■ +13% 813.9 722.3 22.8% FY 2022 9M 2023 2.5% 0.2% 15.1% 31.3% ■ Government bonds ■ Others fixed income Real Estate 28.1% 82% invested in fixed income ■ ■ ■ 100% government and corporate bonds domestic - 99.6% AAA rated under local rating standards 25% of investment portfolio is regional government bonds, mostly issued by provinces with strong economic fundamentals Other fixed income includes policy loans, debt fund, deposits and non-standard fixed income Less than 3% is invested in local government financing vehicles 15% in Equity to match long-term liabilities Including 7% of listed stocks, of which 2 to 3% long-term high-dividend stocks Other equity includes equity funds, balanced funds, Insurance Asset Management Plans and private equity Very limited exposure to direct investment properties (<3%) ■Corporate bonds Equity ■ Cash Direct investment property exposure are mainly for own use and office building investment in top tier cities ageas. 12

View entire presentation