Investor Presentaiton

Insurance manufacturing Strategy 2023 results Appendix Insurance manufacturing* Reported CSM liability walk, $bn Income statement, $m 1H23 1H22 Δ +17% Revenue 780 556 40% Of which: NII 155 187 (17)% (0.5) 10.6 1.3 CSM unwind 524 431 22% 9.1 0.7 ANP and NB CSM, $m +25% +44% 1,890 Onerous contracts 13 (104) >100% Net investment returns (128) 100% 1,314 599 ANP 747 NB CSM ECL (3) (4) 25% Operating expenses (270) (250) (8)% FY22 Associates 28 3 > 100% NB CSM Profit before tax 535 305 75% Other incl. CSM share of FV unwind /assumption changes 1H23 1H22 1H23 Memo: Insurance equity + CSM 16.3 14.7 11% liability (net of tax), $bn 1H23 NB CSM to VNB walk, $m Hong Kong reopening 37 1H23 highlights: 1H23 revenue of $0.8bn, up $0.2bn (40%) vs. 1H22, primarily due to higher CSM unwind, onerous contract loss reversals and higher net investment return 1H23 ANP up 44% and 1H23 new business (NB) CSM up 25%, supported by border reopening in Hong Kong Further growth in insurance distribution: c.1,400 Personal Wealth Planners in Pinnacle, expansion of agency in Singapore and the introduction of an insurance specialist model in Mexico c.260k member registrations on our digital health and wellness platforms in Hong Kong vs. c.50k at FY21 Insurance manufacturing results are presented for all global businesses 792 740 Monthly mainland visitor arrivals, '000s HK onshore ANP, $bn HK offshore ANP, $bn 6,000 (143) 195 1.7 5,000 1.4 4,000 0.6 1.2 1.1 1.0 1.0 0.4 3,000 0.9 23 0.1 0.8 0.6 2,000 1.2 1,000 0.8 0.9 0.8 1.0 0.9 1.0 0.6 0 NB CSM Non- and loss attributable component expenses Long term asset VNB 1H19 1H20 1H21 1H22 1H23 spreads 31

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