2022 ANNUAL RESULTS PRESENTATION

10 March 2023

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This document (“document”) has been prepared by AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA” or the “Group” or “AIA Group”) solely for use at the presentation held in connection with the announcement of the Company’s financial results (the “Presentation”). References to “document” in this disclaimer shall be construed to include any oral commentary, statements, questions, answers and responses at the Presentation.

No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information and opinions contained herein are subject to change without notice. The accuracy of the information and opinions contained in this document is not guaranteed. None of the Company nor any of its affiliates or any of their directors, officers, employees, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any information contained or presented in this document or otherwise arising in connection with this document.

This document contains certain forward-looking statements relating to the Company that are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. These forward-looking statements are, by their nature, subject to significant risks and uncertainties. When used in this document, the words “anticipate”, “believe”, “could”, “estimate”, “expect”, “going forward”, “intend”, “may”, “ought” and similar expressions, as they relate to the Company or the Company’s management, are intended to identify forward-looking statements. These forward-looking statements reflect the Company’s views as of the date of the Presentation with respect to future events and are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Actual results and events may differ materially from information contained in the forward-looking statements. The Company assumes no obligation to update or otherwise revise these forward-looking statements for new information, events or circumstances that occur subsequent to the date of the Presentation.

This document does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. No securities of the Company may be sold in the United States or to U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. In Hong Kong, no shares of the Company may be offered by the Company to the public unless a prospectus in connection with the offering for sale or subscription of such shares has been authorised by The Stock Exchange of Hong Kong Limited for registration by the Registrar of Companies under the provisions of the Companies Ordinance and has been so registered.

The information herein is given to you solely for your own use and information, and no part of this document may be copied or reproduced, or redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organisation/firm) in any manner or published, in whole or in part, for any purpose. The distribution of this document may be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions.

Throughout this document, in the context of our reportable segments, Hong Kong refers to operations in the Hong Kong Special Administrative Region and the Macau Special Administrative Region; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Cambodia, India, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam.

BUSINESS HIGHLIGHTS

Lee Yuan Siong, Group Chief Executive and President

FINANCIAL RESULTS

Garth Jones, Group Chief Financial Officer

STRATEGIC PRIORITIES & OUTLOOK

Lee Yuan Siong, Group Chief Executive and President

Business Highlights

Lee Yuan Siong Group Chief Executive and President

AIA China VONB YoY Growth

Differentiated Premier Agency Well-Positioned to Capture Future Growth

Agent Headcount

Average Income per Active Agent

#1 MDRT

in Mainland China and Globally

+12%

New Agent Productivity 2H22 vs 2H21

Excellent Progress in New Operations

+50%

Agency VONB

+31%

▪ New province launch in Hubei (Wuhan)

Active Agents

Second centre opened in Hankou District (Wuhan)

▪ Tianjin and Shijiazhuang status upgraded

▪ New branch preparations in Henan at an advanced stage

AIA Hong Kong VONB up 4% in FY22 Building Strong Momentum through 2H

VONB Growth

across Agency and Partnership Distribution FY22 vs FY21

Premier Agency Market Leader in Agency Distribution

#1 MDRT

in Hong Kong and Macau

+11%

New Recruits YoY Growth 4Q22

Mainland Chinese Visitor (MCV) Business Excellent VONB Growth via Macau Branch

Partnership Distribution Excellent Bancassurance Performance

Partnership VONB

BEA東亞銀行 citi

2m Bank customers +18% Insurance specialists in 2H

Powerful Multi-Channel Distribution Platform

Return to Strong Growth in 2H22

1 Ranked in ASEAN(1)

Significant Contributor to VONB
Premier Agency
2022 VONB YoY Growth

Long-Term Strategic Partnerships

MDRT members

Active new agents 4Q22 vs 1Q22

#1 MDRT across ASEAN

65m

Potential customers from leading domestic bank partners(2)

Digital Lead Generation

>50m

Active users across key strategic digital platform partners

Activity Management

Proposition Innovation

Superior Growth in FY22

High-Quality Leading Player

1

Retail Protection
Player(1)

3 Private Life Insurer(2)

1 Persistency(3)

Multi-Channel Distribution Strategy

Leading Premier Agency

Digitally-Enabled Partnerships

+52% VONB growth

1 MDRT life insurer +33% MDRT qualifiers 2x New recruits

+52% VONB growth

6 high-quality bank partners: >150m accessible customers >5,000 insurance specialists

1 share of wallet(4)

Analytics Powering Everything We Do

Industry-Leading Cloud Adoption

Improved Customer Experience with Straight-Through Processing

Enhancing Premier Agency

Digitally-
Enabled
Partnerships

Leading Customer Experience

TDA powering our unrivalled distribution and achieving the best outcomes for customers

4.7

Rating across agency tools

\~\$280m

Agency ANP from digitallysourced leads

>75%

Active agents using social media marketing, +14 pps YoY

>4.6m

Digital leads from bank partners

15m
Online registered
customers

\~\$220m

Bancassurance ANP from digitallysourced leads

4+ App store rating of AIA service app

>1m

Customers through
digital platform
partners

Top 3 NPS in 9 markets

AI and analytics use cases implemented across the Group as of FY22 since launch of TDA

Digital Insurer of the Year InsuranceAsia News, 2021 and 2022

Enterprise Architecture Award Forrester Asia Pacific Technology Awards 2022

AIA is Uniquely Positioned to Address Asia’s Healthcare Demands

Profitable at Scale

>40% VONB

from products with health-related benefits(1)

>160,000

health customers

corporate customers

Leading Market Presence

1 Hong Kong (25% share)

1 Singapore (24% share)

1 Thailand (31% share)

Differentiated Health and Wellness Services

\$2.5b integrated product VONB(3)

Making Healthcare More Accessible, More Affordable and More Effective

AIA’s Integrated Health Strategy

Personalised Health Insurance

Integration with Outpatient Clinics

Healthcare Admin & Management

ii amplifyheath

World-class digital health technology across the entire healthcare value chain

>30 years proven HealthTech IP

>200 cutting-edge technology assets

\~270 full-time employees

Blue Cross 藍十字

An AIA Company友邦保險成員公司

Completed in Aug 2022

Completed in Mar 2023

Advancing Capabilities

Leading health insurance products provider in Hong Kong

High-quality provider network with own clinics

▪ Leading HMO(4) in the Philippines

1,000 network hospitals and 26 own clinics

Health and Wellness

More than\$2 trilliontotal sums assured

Sustainable Investment

1st Sustainable Multi-Thematic fund launched by AIA Singapore

Sustainable Operations

87% Digital Submissions

achieved from our buy, service and claims transactions

People and Culture

Gallup Exceptional Workplace Award

top quartile in employee engagement score for the 6th consecutive year

Effective Governance

Top Rated ESG Performer

by Sustainalytics in insurance industry and Asia

\$16 billion

in total benefits and claims

AIA One Billion

Over \$10 billion

rolled out to 18 markets, engaged 258m people

investments in Healthcare sector and ESG bonds

ESG Rating Scorecard

fully implemented across directly-managed fixed income and equity asset classes

of all new buildings and redevelopments are green certified

Fortune’s Change The World List top ten ranked companies globally

42% Women in senior management roles

Bloomberg Gender-Equality index inclusion in 2023

AA in MSCI ESG ratings

100%

of Group Board non-executives are independent and all Group Board committees are chaired by INEDs

Helping People Live Healthier, Longer, Better Lives

Multiple Growth Engines

MAINLAND CHINA

Double-digit VONB growth pre-Omicron(1)

VONB growth YoY in Jan-Feb 23

Unique advantage to capture full growth potential

HONGKONG

VONB growth in 2022, building momentum

1 in Agency and gaining market share

Well-positioned for sustained MCV business

13% VONB growth in 2H22

Unmatched Financial Flexibility

ASEAN

1 in ASEAN, major driver of 2H VONB growth

1 Premier Agency, leading domestic partners

52% VONB growth in 2022

INDIA

3 private life insurer, #1 retail protection

Fastest growing life insurer

STRONG, RESILIENT BALANCE SHEET

\$17.9b free surplus, up in 2022

283% Group LCSM cover ratio

GROWING FREE SURPLUS GENERATION

\$6.0b UFSG in 2022

\$60.8b free surplus generation since IPO

ATTRACTIVE NEW BUSINESS RETURNS

20% IRR on new business investment

3-year payback period

CONSISTENT CASH GENERATION

\$4.3b capital flows to Group in 2022

\$10.7b Holding Co. financial resources

SUPERIOR SHAREHOLDER RETURNS

Total DPS up 5.3% to 153.68 HK cents

\$10.0b share buy-back programme

Financial Results

Garth Jones

Group Chief Financial Officer

Growth

Earnings

Capital & Dividends

Total Group VONB (\$m)

2H22 VONB Growth Across 5 Largest Markets

Mainland China \$353m +3%

Singapore \$188m +7%

Hong Kong \$464m +5%

Malaysia \$147m +26%

Thailand \$325m +19%

Other Markets \$213m (8)%

VONB (\$m)

Product Mix

VONB Margin Movement

PVNBP Margin by Product

2022 EV Equity Movement (\$b)

Note: Due to rounding, numbers presented in the chart may not add up precisely

AIA Long-Term Assumptions vs Market Rates

EV and VONB Sensitivities to Interest Rates

Includes Mark-To-Market Asset Impacts and Long-Term Assumption Changes

50 bps Increase:

Cumulative Claims Experience Variances (\$m)

Cumulative EV Operating Variances (\$m)

EV Equity (\$b)

EV Equity Movement Since IPO (\$b)

Growth

Earnings

Capital & Dividends

Growing In-Force Portfolio of High-Quality Business

Hong Kong \$2,226m +4%

Singapore \$742m +6%

Mainland China \$1,425m +8%

Malaysia \$393m +6%

Thailand
\$782m
(10)%

Other Markets \$804m +11%

IFRS Shareholders’ Allocated Equity Movement (\$b)

Notes: Due to rounding, numbers presented in the chart may not add up precisely

ALM investment strategy

High-quality, defensively positioned portfolio

Total impairments of \$105m since IPO in 2010

▪ 2% in Mainland China real estate, banks and LGFVs bonds and equities

▪ 60% of equities and real estate are held within Par funds

▪ Investment grade corporate bond portfolio

Average rating unchanged at A-

1,900 issuers

Average holding size of \$40m

Prudent assumptions with low default experience

▪ 0.48% downgraded to below investment grade in FY22

No impact on the economics of the business, including VONB and EV, cash generation, solvency and capital

▪ Unchanged strategic priorities, capital management framework and dividend policy

▪ OPAT and shareholders’ allocated equity retained as key reporting metrics

▪ Today: Update on IFRS 9 and 17 expected impacts on key reporting metrics

▪ Jun 2023: Release IFRS 9 and 17 comparative financial information for 1H22 and FY22 including key notes

▪ Aug 2023: 1H23 results will be reported on IFRS 9 and 17, including 1H22 comparative financial statements

Minimal effect on OPAT and significant uplift in net profit

IFRS 17 OPAT for 2022 expected to be within 5% of IFRS 4 OPAT

Net profit for 2022 expected to be at least \$2b higher than IFRS 4 net profit – and less volatile going forward

Accounting treatment of hedge derivatives for Par business aligned to underlying economics

\$2b of fair value losses on hedge derivatives reported for Par business under IFRS 4 net profit are offset by the corresponding change in liabilities under IFRS 17

Shareholders’ allocated equity higher under IFRS 17 at the end of 2022

Contractual service margin (CSM) of \$55b on transition (1 Jan 2022), reflecting the profitability of the in-force business

▪ On transition (1 Jan 2022) shareholders’ allocated equity is lower by 2% and shareholders’ equity lower by 7%

▪ At end 2022, shareholders’ allocated equity and shareholders’ equity expected to be higher under IFRS 17 than IFRS 4

Comprehensive Equity (\$b)

Comprehensive equity >\$100b as at transition

Comprehensive equity defined as shareholders’ equity plus net CSM

▪ Net CSM is after allowing for reinsurance and taxes

Leverage ratio reduces by 5 pps

Inclusion of net CSM in financial leverage ratio calculation

▪ Leverage ratio(1) reduces to 8.6% as at 1 Jan 2022

Expected to be at least 5 pps lower than IFRS 4 basis as at end of 2022

Reconciliation of IFRS 17 Comprehensive Equity to EV Equity (\$b)

(1) Risk adjustment is net of reinsurance

▪ IFRS 17 comprehensive equity and EV Equity represent the value of historical and future profits on different bases

▪ Valuation differences primarily driven by higher discount rates

▪ As at 1 Jan 2022, IFRS 17 comprehensive equity was 1.3x EV Equity

▪ Expect to observe a similar ratio of new business CSM to VONB

Growth

Earnings

Capital & Dividends

Very Strong Capital Position

Group LCSM Cover Ratio Prescribed Capital Requirement (PCR) Basis

▪ Group LCSM cover ratio up year-on-year before share buy-back

PCR basis since 1 Jan 2022

▪ Group LCSM cover ratio at 552% on MCR basis as at 31 Dec 2022

▪ All key markets are shown on a risk-based regulatory basis

Resilient to Market Volatility

Sensitivities of Group LCSM Cover Ratio to Changes in Interest Rates and Equity Markets

▪ Sensitivities to interest rates and equity markets remain small

Strong resilience to volatile market environment

▪ Significant buffer to capitalise on growth opportunities

Note: Due to rounding, numbers presented in the chart may not add up precisely

Use of Free Surplus Since IPO (\$b)

Free Surplus (\$b)

Prudent, Sustainable and Progressive Dividend Policy

Total Dividend Per Share (HK cents)

Ongoing \$10.0b Share Buy-Back Enhancing Shareholder Returns
Returns to Shareholders (\$m)

Strong VONB growth momentum in 2H22

Robust cash generation with increased Free Surplus

\$5.8b of capital returned to shareholders in 2022

Prudent, sustainable and progressive total dividend up 5.3%

▪ Ongoing \$10.0b buy-back programme enhancing shareholder returns

▪ Unmatched financial flexibility to capture profitable new business growth

STRATEGIC PRIORITIES & OUTLOOK

Lee Yuan Siong Group Chief Executive and President

Unparalleled Opportunities

Growing Population

Material and Fast-Growing Health Market

+30 million p.a.

Asia adds to its population from 2020 to 2030E

Increasing Wealth

50%
of global GDP growth over
2020 to 2030E will come
from Asia ex-Japan

Rising Middle Class(1) 2.6 billion

Ageing Society

850 million above 60 years of age

High Disease Burden

>60%

of the global disease burden caused by major chronic respiratory diseases occurs in Asia

>\$4 trillion

annual healthcare expenditure across AIA’s markets in 2030E

Greater Focus on Health

64%

of Asian consumers are more concerned about personal health and protection post COVID-19

34%

of total healthcare expenditure is out-of-pocket

Structural Growth Drivers

1.4 billion

Total Population

>900 million

Middle Class and Affluent Population by 2030E

\~2.4%

Life Insurance Penetration

>\$160 billion

Potential additional annual life insurance premium required to close the mortality protection gap in Mainland China

>\$2.8 trillion

Annual Healthcare Expenditure Forecast 2030E

AIA Group’s Unique Growth Advantage in Mainland China

Full exposure to the large and highly attractive life and health insurance market Complementary strategy across distribution channels and customer segments

Targeting fast-growing middle class and affluent market segment

▪ 5x increase of target market potential through geographical expansion

AIA China: 100% Ownership

▪ High-quality and differentiated Premier Agency strategy

Value-focused bancassurance model

Comprehensive needs-based protection and long-term savings propositions

鼎中邮保险 CHINA POST INSURANCE

Targeting underpenetrated mass market segment

▪ Unmatched scale and reach leveraging PSBC’s distribution network

China Post Life: 24.99% Equity Strategic Investment

Access to \~40,000 retail financial outlets and more than 600m retail customers

▪ Strategic shift to longer-term savings and protection products

Value creation via dedicated joint Technical Assistance Advisory team

Average Income vs Working Population(5)

Significant Headroom for Growth

Middle Class and Affluent Population (million people)

Proven High-Quality Premier Agency Model

+22%

Agency Leaders 2022 vs 2019

1 MDRT in Mainland China for 3 consecutive years

+58% MDRT members 2022 vs 2019

New Strategic Bancassurance Partnerships

▪ Launched in 2022 in 8 of AIA China’s regions

▪ Targeting PSBC’s emerging mass-affluent segment

Supporting PSBC wealth management initiative

BEA東亞銀行

Top 3 foreign bank by branch network

Distribution partnership launched in 2H21

Comprehensive product suite with focus on protection

Notes:

Largest Financial Distribution Network Through PSBC

Significant Value Uplift Since AIA’s 24.99% Investment Announcement

Retail Customer Base 637m

# of Retail Financial Outlets(1)

Fast-Growing New Business
Shift to Longer-Term, Higher-Margin Products

Market-Leading Efficiency
FY22 Regular Premium as % of Total New Premium

Administrative Expense Ratio(3)

▪ Value creation via dedicated joint Technical Assistance Advisory team

Supporting strategic priorities across product development, distribution, technology, investment, risk and capital management

Structural Growth Drivers

\~\$7 billion

Annual Private Out of Pocket Health Expenditure in HK

>\$2 trillion

Personal Financial Assets in HK(1)

67 million

Middle Class and Affluent Population by 2030 across GBA

3.7%

Insurance Penetration across GBA

\$23k

GDP Per Capita across GBA in 2021

Market-Leading Premier Agency

#1 Agency

in Hong Kong and Macau by ANP(2)

#1 MDRT

in Hong Kong and Macau

Market Outperformance 3Q22 YTD Agency ANP YoY Growth vs Industry Total(3)

Unrivalled Platform in GBA

100% ownership across all GBA cities

3 Agency in Guangdong GBA cities

Exclusive Partnership, presence in all GBA cities

Uniquely Positioned for MCV

MCV-Focused Agents Stable and Remain Active

75% Contracted before 2020

MCV-Focused Agents

67% Active in domestic and MCV customers

\~50% Past MDRTmembers

1 Malaysia (23% share(2))

Structural Growth Drivers

500 million Middle Class and Affluent Population by 2030E

\~2.7% Insurance Penetration

Multi-Channel Distribution Platform

Leading Platform Leading Platform

#1 Ranked in ASEAN By ANP(1)

>\$35 billion

ANP Opportunity from Mortality Protection Gap

>\$225 billion

Annual Health Protection Gap

1 Thailand (31% share)

1 Singapore (24% share)

ighUnrivalled Distribution -quality Premier Age

Premier Agency Growing Scale and Productivity

20% +39% #1 MDRT New Recruits MDRT across FY22 vs FY19 FY22 vs FY19 ASEAN

Industry-Leading Bancassurance

Top 3 ranked domestic banca partners Access to 65m bank customers

VONB above Pre-COVID-19 Levels(3)

Digital Platform Partnerships

4.5x increase in customer no.

\~1.3m policies in FY22

Structural Growth Drivers

1 billion Middle Class and Affluent Population by 2030E

Fastest

\~3.2%

Growing G20 Economy

Insurance Penetration

Proven Execution, Focus on Quality

>\$350 billion

Annual Health Protection Gap

6th Largest

Insurance Market in the World by 2030E

Fastest Growing Life Insurer New Business Premium Growth, Top 5 Insurers FY18 – FY22(1)

(1) Individual weighted new business premium, based on fiscal year Apr to Mar

Leadership in Retail Protection

Digitally-Enabled Multi-Channel Platform

Differentiated Premier Agency

1 MDRT life insurer in India #1 agency productivity(3)

Leading Bancassurance

6 bank partners, 15,000 branches Access to >150m bank customers

Brokers and Digital Partners

1 Wallet Share(4) Leading domestic brokers

policybazaar

3x ANP FY19-FY22

Growth

Cumulative VONB \$31.4b since IPO

Earnings

Cumulative OPAT \$53.1b since IPO

Shareholders’ Allocated Equity (\$b)

Capital & Dividends

Cumulative Free Surplus Generation \$60.8b since IPO

Share Buy-Back \$3.6b in FY22

Total DPS (HK cents)

Multiple Growth Engines

MAINLAND CHINA

Double-digit VONB growth pre-Omicron(1)

VONB growth YoY in Jan-Feb 23

Unique advantage to capture full growth potential

HONGKONG

VONB growth in 2022, building momentum

1 in Agency and gaining market share

Well-positioned for sustained MCV business

13% VONB growth in 2H22

ASEAN

1 in ASEAN, major driver of 2H VONB growth

1 Premier Agency, leading domestic partners

52% VONB growth in 2022

INDIA

3 private life insurer, #1 retail protection

Fastest growing life insurer

Unmatched Financial Flexibility

STRONG, RESILIENT BALANCE SHEET

\$17.9b free surplus, up in 2022

283% Group LCSM cover ratio

GROWING FREE SURPLUS GENERATION

\$6.0b UFSG in 2022

\$60.8b free surplus generation since IPO

ATTRACTIVE NEW BUSINESS RETURNS

20% IRR on new business investment

3-year payback period

CONSISTENT CASH GENERATION

\$4.3b capital flows to Group in 2022

\$10.7b Holding Co. financial resources

SUPERIOR SHAREHOLDER RETURNS

Total DPS up 5.3% to 153.68 HK cents

\$10.0b share buy-back programme

In the context of our reportable segments, Hong Kong refers to operations in the Hong Kong Special Administrative Region (SAR) and the Macau SAR; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Cambodia, India, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam.

The financial information from 2017 onwards is presented on the 31 December financial year-end basis, and the financial information from 2016 and before is presented on the 30 November financial year-end basis. Growth rates are shown against the corresponding period of 2021 unless otherwise stated. Comparatives for balance sheet items are shown against the position as at 31 December 2021 unless otherwise stated.

▪ ANP and VONB for Other Markets include the results from our 49 per cent shareholding in Tata AIA Life Insurance Company Limited (Tata AIA Life). ANP and VONB do not include any contribution from our 24.99 per cent shareholding in China Post Life Insurance Co., Ltd. (China Post Life). The IFRS results of Tata AIA Life and China Post Life are accounted for using the equity method in Other Markets and Group Corporate Centre, respectively. For clarity, TWPI does not include any contribution from Tata AIA Life and China Post Life.

Both the results of Tata AIA Life and China Post Life are reported on a one-quarter-lag basis. The results of Tata AIA Life are accounted for the twelve-month period ended 30 September 2022 and the twelve-month period ended 30 September 2021 in AIA’s consolidated results for the year ended 31 December 2022 and the year ended 31 December 2021 respectively. The results of China Post Life starting from the completion of the investment on 11 January 2022 are accounted for in AIA’s consolidated results for the year ended 31 December 2022.

The financial information from 2019 onwards is presented after the change in AIA’s IFRS accounting treatment for the recognition and measurement of insurance contract liabilities of other participating business with distinct portfolios. The financial information from 2018 and before is presented before the above-mentioned changes.

All figures are presented in actual reporting currency (US dollar) unless otherwise stated. Change on constant exchange rates (CER) is calculated for all figures for the current period and for the prior period, using constant average exchange rates, other than for balance sheet items as at the end of the current period and as at the end of the prior year, which is translated using the CER.

Actual investment return is the interest income from fixed income investments and actual investment returns of equities and real estate, as a percentage of average fixed income investments, equities and real estate over the period. This excludes unit-linked contracts and consolidated investment funds.

AIA’s group available capital, group prescribed capital requirement (GPCR) and group minimum capital requirement (GMCR) are calculated based on the Local Capital Summation Method (LCSM). From 1 January 2022, the Group LCSM surplus is calculated as the excess of group available capital over GPCR and the Group LCSM cover ratio is calculated as the ratio of group available capital to GPCR on the new prescribed capital requirement (PCR) basis. Prior to 1 January 2022, the Group LCSM surplus and the Group LCSM cover ratio were calculated using the GMCR on the previously reported minimum capital requirement (MCR) basis.

AIA has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR and a 49% joint venture in India.

▪ ANP represents 100% of annualised first year premiums and 10% of single premiums, before reinsurance ceded.

ANW is the market value of assets in excess of the assets backing the policy reserves and other liabilities of the life (and similar) business of AIA, plus the IFRS equity value of other activities, such as general insurance business, less the value of intangible assets. It excludes any amounts not attributable to shareholders of AIA Group Limited. ANW for AIA is stated after adjustment to reflect consolidated reserving requirements. ANW by market is stated before adjustment to reflect consolidated reserving requirements, and presented on a local statutory basis.

BEA refers to The Bank of East Asia, Limited.

Contractual service margin (CSM) is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit the entity will recognise as it provides insurance contract services under the insurance contracts in the group.

▪ EV Equity is the total of embedded value, goodwill and other intangible assets attributable to shareholders of the Company, after allowing for taxes.

▪ Fair value reserve comprises the cumulative net change in the fair value of available for sale securities held at the end of the reporting period.

Fixed income yield is the interest income from fixed income investments, as a percentage of average fixed income investments measured at amortised cost over the period. This excludes unitlinked contracts and consolidated investment funds.

Free surplus is the excess of the market value of AIA’s assets over the sum of the statutory liabilities, required capital and adjustment for certain assets not eligible for regulatory capital purposes.

Holding company financial resources represent the debt and equity securities, deposits, cash and cash equivalents and dividends paid but not settled by subsidiaries, net of obligations under repurchase agreements, at the Group’s listed holding company, AIA Group Limited.

IFRS operating profit includes the expected long-term investment return for equities and real estate.

Investment return and composition of investments exclude unit-linked contracts and consolidated investment funds, unless otherwise stated.

▪ Investment return is defined as investment income with the addition of realised and unrealised gains and losses as a percentage of average investments excluding property held for own use.

▪ Investments include financial investments, investment property, property held for own use, and cash and cash equivalents. Investment property and property held for own use are at fair value.

Operating ROE stands for operating return on shareholders’ allocated equity and is calculated as operating profit after tax attributable to shareholders of the Company, expressed as a percentage of the simple average of opening and closing shareholders’ allocated equity.

▪ Operating ROEV stands for operating return on EV and is calculated as EV operating profit, expressed as a percentage of the opening embedded value.

PVNBP margin refers to margin on a present value of new business premium basis.

Shareholders’ allocated equity is total equity attributable to shareholders of the Company less fair value reserve.

TWPI consists of 100% of renewal premiums, 100% of first year premiums and 10% of single premiums, before reinsurance ceded.

Underlying free surplus generation (UFSG) represents free surplus generated from the in-force business, adjusted for certain non-recurring items, and before free surplus used to fund new business, unallocated Group Office expenses, finance costs, investment return variances and other non-operating items. The underlying free surplus generation is also calculated after reflecting consolidated reserving and capital requirements.

▪ VIF is the present value of projected after-tax statutory profits by Business Units emerging in the future from the current in-force business less the cost arising from holding the required capital (CoC) to support the in-force business. VIF for AIA is stated after adjustments to reflect consolidated reserving and capital requirements and the after-tax value of unallocated Group Office expenses.

VONB for the Group is after unallocated Group Office expenses and the adjustment to reflect consolidated reserving and capital requirements. The total reported VONB for the Group excludes VONB attributable to non-controlling interests.

VONB and VONB margin by distribution channel are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests and exclude pension business.

VONB and VONB margin by product mix and geographical market are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses and non-controlling interests.

▪ VONB includes pension business. ANP and VONB margin exclude pension business and are before the deduction of non-controlling interests.

VONB margin is calculated as VONB divided by ANP. VONB for the margin calculations excludes pension business and is before the deduction of non-controlling interests to be consistent with the definition of ANP. 48

Strategic Priorities

Leading Customer Experience

Seamless omnichannel customer experience with best-in-class engagement

Unrivalled Distribution

Scale capacity and productivity through digitalisation and advice-centric models

Compelling Propositions

Be the leading provider of personalised advice and innovative solutions

Step Change in Technology, Digital and Analytics

World-class technology

Customised and digitally-enabled journeys

Data and analytics powering everything we do

Organisation of the Future

Simpler, faster, more connected

Financial Discipline

Sustainable long-term shareholder value driven by clear KPIs

Structural Growth Drivers in Asia

Embracing purpose, sustainability and resilience

Personalised Health Insurance

Be the leading provider of personalised health insurance advice and innovative solutions

Integration with Outpatient Clinics

Deliver better health outcomes at lower costs through strategic partnerships with outpatient clinics

Advanced Healthcare Administration and Management

Provide more effective care management programmes with simpler healthcare journeys

Apply world-class digital health technology across the entire health insurance and healthcare value chain resulting in more efficient pricing, best-in-class claims and risk management and advanced value-based care capabilities

ii amplifyhealth

Making Healthcare

More Accessible

More Affordable

More Effective

AIA’s Ambition

To be a global industry leader in ESG, shaping a more sustainable future for the communities we serve and creating long-term value for all our stakeholders

ESG Strategy

Health and Wellness

Engage and inspire healthy living

Provide greater access to quality care

▪ Champion financial inclusion and reduce the burden of medical expenses

Deliver better health outcomes(1)

Sustainable Investment

▪ Deepen engagement with investee companies

▪ Augment knowledge and capacity on ESG

Enhance portfolio exclusions/inclusions

Carbon footprint our portfolio

Sustainable Operations

Increase digitalisation and automation

Encourage good ESG practice among vendors

Adhere to green building standards

Reduce our carbon footprint

People and Culture

Foster a learning culture that supports employee development

Promote workplace diversity, innovation and inclusion

1 Embed a culture of ethical decision-making and risk management

Ensure fair and equitable processes

Effective Governance

Maintain a corporate governance programme consistent with international best practice

Effectively manage ESG risks and opportunities

Lead the promotion of ESG best practice

▪ Establish AIA as a global leader on key ESG indices and ratings

Mainland China ($m)	2022	2021	CER	AER
VONB	916	1,108	(15)%	(17)%
VONB Margin	69.5%	78.9%	(9.6) pps	(9.4) pps
ANP	1,319	1,404	(4)%	(6)%
TWPI	7,592	6,999	+12%	+8%
OPAT	1,425	1,371	+8%	+4%

Hong Kong ($m)	2022	2021	CER	AER
VONB	787	756	+4%	+4%
VONB Margin	69.5%	64.0%	+5.5 pps	+5.5 pps
ANP	1,078	1,106	(3)%	(3)%
TWPI	11,237	11,904	(6)%	(6)%
OPAT	2,226	2,143	+4%	+4%

Thailand ($m)	2022	2021	CER	AER
VONB	585	609	+5%	(4)%
VONB Margin	89.1%	90.0%	(0.9) pps	(0.9) pps
ANP	655	677	+6%	(3)%
TWPI	4,166	4,428	+3%	(6)%
OPAT	782	960	(10)%	(19)%

Singapore ($m)	2022	2021	CER	AER
VONB	349	356	+1%	(2)%
VONB Margin	65.7%	64.7%	+0.8 pps	+1.0 pps
ANP	531	549	(1)%	(3)%
TWPI	3.577	3,433	+7%	+4%
OPAT	742	723	+6%	+3%

Malaysia ($m)	2022	2021	CER	AER
VONB	308	283	+15%	+9%
VONB Margin	69.9%	57.3%	+12.4 pps	+12.6 pps
ANP	440	491	(5)%	(10)%
TWPI	2.464	2,479	+6%	(1)%
OPAT	393	392	+6%	-

Other Markets ($m)	2022	2021	CER	AER
VONB	420	511	(12)%	(18)%
VONB Margin	30.2%	35.9%	(5.6) pps	(5.7) pps
ANP	1,384	1,420	+5%	(3)%
TWPI	7,140	7,616	+2%	(6)%
OPAT	804	784	+11%	+3%

Total Group VONB (\$m)

Mainland China

VONB (\$m)

Malaysia
Thailand

Other Markets

Geographical Mix

% of 2022 VONB

Distribution Mix

% of 2022 VONB

Product Mix

% of 2022 VONB

ANW Movement (\$b)

VIF Movement (\$b)

Reconciliation of IFRS Shareholders’ Equity to ANW (\$b)

TWPI by Premium Type

Sources of IFRS Operating Profit(1)

Reconciliation of Free Surplus to Group LCSM Surplus (\$b)

Notes: Due to rounding, numbers presented in the chart may not add up precisely

(2) Adjustment from China Association of Actuaries (CAA) EV basis to C-ROSS solvency basis in line with local requirements

Holding Company Financial Resources Movement (\$b)

Total Invested Assets (\$b)

▪ Invested asset values are unchanged as the vast majority were measured on a mark-to-market basis under IAS 39 and continue to be so under IFRS 9

▪ Equity asset valuations are unchanged as they continue to be accounted for using fair value through P&L approach

Fixed income valuations are unchanged as they largely continue to be valued on a mark-to-market basis either through FVOCI or FVTPL

Total Insurance Contract Liabilities (\$b)

As at 1 Jan 2022

Deferred Acquisition Costs (DAC) is eliminated for comparison with IFRS 17 as acquisition costs are accounted for within the Insurance Contract Liabilities under IFRS 17

▪ Insurance Contract Liabilities (net of DAC) are stable between IFRS 4 and IFRS 17

Best Estimate Liabilities (BEL) represent the present value of best estimate cashflows using the IFRS 17 discount rates

Risk Adjustment (RA) is an explicit add-on for non-financial risk over and above the best estimate assumptions

Contractual Service Margin (CSM) of \$55b represents the stock of future profits within the balance sheet

IAS 39 and IFRS 4

DAC and Other Assets

Shareholders’ Allocated Equity

OCI(1)

Other Liabilities

Total
Shareholders’
Equity

Invested Assets

Insurance Contract Liabilities

IFRS 9 and IFRS 17

Other Assets

Shareholders’ Allocated Equity

OCI(1)

Other Liabilities

Total
Shareholders’
Equity

Contractual Service Margin (CSM)

Risk Adjustment (RA)

Invested Assets

Best Estimate Liabilities (BEL)

Insurance Contract Liabilities

Group Total Leverage (\$b)

Composition of Borrowings (\$b)

Total Investments by Type

Total Invested Assets \$216.0b

Reconciliation of OPAT to Net Profit

($m)	FY21	FY22
OPAT	6,409	6,370
Short-term fluctuations(4) in Par(2) Equities	(357)	(1,673)

Others Total	81	(641)
Other items(5)	(276)	(2,314)
	1,294	(3,774)
Net Profit	7,427	282

($m)	Par(1) Funds	OtherPolicyholderandShareholder	Total
Fixed Income	67,656	100,217	167,873
Equities(1)	22,635	10,341	32,976
Real Estate	1,100	5,778	6,878
Others(2)	2,251	5,984	8,235
Total Invested Assets	93,642	122,320	215,962

Total Invested Assets \$216.0b

IFRS Operating Profit Investment Return (\$m)

Total Bond Portfolio of \$159.5b

Notes: IFRS operating profit investment return comparatives are shown on a constant exchange rate basis; Fixed income yield and actual investment return of 1H22 are on an annualised basis; Total bond portfolio as of 31 Dec 2022 (1) Interest income from fixed income investments, as a percentage of average fixed income investments measured at amortised cost over the period. This excludes unit-linked contracts and consolidated investment funds

Total Fixed Income by Type

Total Fixed Income by Maturity

($m)
($m)	Par(1) Funds	OtherPolicyholderandShareholder	Total
Available For Sale (AFS)	37,003	92,278	129,281
Fair Value Through Profitor Loss (FVTPL)	28,053	2,207	30,260
Total Bonds	65,056	94,485	159,541

Total Bonds by Accounting Classification

Government Bonds(1) by Geography

Other Government(2) and Agency Bonds by Rating

Rating	Total ($m)
AAA	759
AA	5,065
A	33,752
BBB	33,863
BB and below(1)	2,383
Total	75,822

Corporate Bonds by Rating

Rating	Total ($m)
AAA	146
AA	243
A	607
BBB	721
BB and below(1)	303
Total	2,020

Structured Securities by Rating

AIA China Invested Asset Mix

Prudent ALM Approach

▪ Asset allocation driven by liability cash flow matching in local currency

▪ \~80% of earnings from insurance and fee-based

84% of invested assets in fixed income

92% of bond portfolio in government and government agency bonds

Bond portfolio average international rating A-

▪ Asset portfolio well diversified with insignificant alternative assets

%
	As at 30 Nov 2010			As at 31 Dec 2022
	Risk DiscountRates	Long-term10-yearGovt Bonds	RiskPremium	Risk DiscountRates	Long-term10-yearGovt Bonds	RiskPremium
Australia	8.75	5.65	3.10	7.43	3.30	4.13
Mainland China	10.00	3.74	6.26	9.69	3.70	5.99
Hong Kong	8.00	3.53	4.47	7.46	3.00	4.46
Indonesia	15.00	7.90	7.10	13.09	7.50	5.59
South Korea	10.50	4.82	5.68	8.91	3.00	5.91
Malaysia	9.00	4.45	4.55	8.92	4.50	4.42
New Zealand	9.00	6.13	2.87	7.43	3.30	4.13
Philippines	13.00	6.00	7.00	12.10	5.80	6.30
Singapore	7.75	2.93	4.82	7.27	2.90	4.37
Sri Lanka(1)	n/a	n/a	n/a	21.00	10.00	11.00
Taiwan (China)	8.00	1.73	6.27	7.67	1.50	6.17
Thailand	9.50	3.87	5.63	8.09	3.20	4.89
Vietnam	16.00	10.20	5.80	9.57	4.00	5.57
Weighted Average(2)	8.95	3.85	5.10	8.37	3.36	5.01

(1) Sri Lanka is included since the acquisition completion date of 5 Dec 2012

Notes: For Tata AIA Life, the Group uses the Indian EV methodology as defined in Actuarial Practice Standard 10 issued by the Institute of Actuaries of India for determining its EV and VONB. This methodology uses investment returns and risk discount rates that reflect the market-derived government bond yield curve. The above disclosure information is therefore not provided for Tata AIA Life

Shareholders’ Allocated Equity(1)

Group LCSM Cover Ratio(2)

Sensitivity of EV as at 31 Dec 2022

Equity prices +10%

Equity prices -10%

Interest rates +50 bps

Interest rates -50 bps

Presentation currency 5% appreciation

Presentation currency 5% depreciation

Lapse/discontinuance rates +10%

Lapse/discontinuance rates -10%

Mortality/morbidity rates +10%

Mortality/morbidity rates -10%

Maintenance expenses -10%

Expense inflation set to 0%

Equity and property returns and risk discount rates -100 bps

Sensitivity of VONB for the Year Ended 31 Dec 2022

Interest rates +50 bps

Interest rates -50 bps

Presentation currency 5% appreciation

Presentation currency 5% depreciation

Lapse/discontinuance rates +10%

Lapse/discontinuance rates -10%

Mortality/morbidity rates +10%

Mortality/morbidity rates -10%

Maintenance expenses -10%

Expense inflation set to 0%

Equity and property returns and risk discount rates -100 bps

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AIA Group 2022 Annual Results Presentation