Corporate Bond Portfolio and Investment Analysis

High-Quality New Business Delivering Attractive Returns VONB ($m) 2,029 VONB Margin Movement 55.2% (5.1) pps (0.1) pps (1.4) pps +2.2 pps 50.8% 1,482 +37% 1H22 Product Mix Others 21% 1H23 1H22 VONB Margin Product Mix Geographical Channel Mix Mix Others Including Assumption Changes 1H23 VONB Margin PVNBP Margin by Product 13.2% 13.4% 1H22 1H23 9.7% 9.6% 10.5% 9.3% 9.6% 7.1% 7.2% 7.7% Unit-linked 10% 1H23 VONB 40% Traditional Protection 29% Participating Overall Traditional Protection Participating AIA Unit-linked Others 20 20 Note: VONB comparative is shown on a constant exchange rate basis; Product mix is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests

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