Corporate Bond Portfolio and Investment Analysis

IFRS 17 Reinforces Prudence in AIA's Embedded Value Net CSM (1) Comprehensive Equity to EV Equity ($b) Shareholders' Equity New Business CSM to VONB ($b) + 2.9 (4.3) 83.2 (11.2) 3.4 (0.6) 70.6 + 0.2 (0.2) (0.8) Comprehensive Equity End of 1H23 Risk Adjustment (2) Cost of Capital in EV Valuation Differences EV Equity End of 1H23 1H23 New Business Tax CSM (Net of Notes: (1) After allowing for reinsurance, taxes and net of non-controlling interests (2) Risk adjustment is net of reinsurance Reinsurance) Risk Adjustment (2) ALA 2.0 Cost of Capital Valuation Differences 1H23 VONB in VONB 50 50

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