2021 VONB Performance and Strategic Highlights

Government Bond Portfolio Government Bonds (1) by Geography Total $56.0b AIA Other Government (2) and Agency Bonds by Rating FY2021 FY2020 Total $30.7b FY2021 FY2020 Average Rating A+ A+ ■Mainland China 39% 32% ■ AAA 21% 30% ■ Thailand 25% 29% ■South Korea 13% 15% ■ AA 16% 18% ■ Singapore 9% 9% ΤΑ 45% 30% Philippines 4% 5% ■ BBB 17% 20% ■ Malaysia 4% 4% ■ Others ■ BB & below (3) 1% 2% 6% 6% Notes: As of 31 December 2021 unless otherwise stated (1) (2) (3) Government bonds include bonds issued in local or foreign currencies by the government of the country where respective business unit operates Other government bonds comprise other bonds issued by government Including not rated bonds 59 65

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