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Maintaining a Strong, Resilient Balance Sheet

Discipline Around Financial Leverage Group Total Leverage ($b) Total Equity 60.9 Composition of Borrowings ($b) Subordinated (Hybrid)(2) 1.2 2021 Borrowings 9.6 Subordinated 2.6 $9.6b 2021 Leverage Ratio (1) Borrowings 13.6% Notes: For 2021 (1) (2) Leverage ratio defined as Borrowings (Borrowings + Total Equity) Hybrid capital instruments meet requirements from one or more rating agencies for ratings capital credit and/or equity content for purposes of calculating financial leverage Senior Debt 5.8 AIA 59 59

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