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2025 INTERIM RESULTS PRESENTATION 21 August 2025
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2 DISCLAIMER This document (“document”) has been prepared by AIA Group Limited (the “Company”, and together with its subsidiaries, “AIA”, 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 and expectations 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”, “continue”, “could”, “estimate”, “expect”, “going forward”, “intend”, “may”, “ought”, “plan”, “project”, “seek”, “should”, “target”, “will”, “would” 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. Certain statements relating to the capital management policy in this Presentation may constitute forward-looking statements, including but not limited to statements that are predictions of or indicate future events, plans or objectives of the Company. Please take caution that a number of factors may influence actual dividends payable or share buy-back amounts in any given year, including but not limited to the Group’s actual earnings, capital and solvency requirements applicable to the Group, prevailing economic and financial market conditions, as well as unforeseen requirements imposed upon the Company affecting its ability to execute various capital management initiatives, including those initiatives referenced in this Presentation. In addition, the determination of the amount of future dividends or share buy-backs is subject to approval by the Board and the shareholders of the Company. 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.
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3 AGENDA BUSINESS HIGHLIGHTS Lee Yuan Siong, Group Chief Executive and President1 2 AIA CHINA GROWTH STRATEGY Fisher Zhang, Regional Chief Executive https://www.aia.com/en/investor-relations/overview/investor-presentations FINANCIAL RESULTS Garth Jones, Group Chief Financial Officer FEATURE PRESENTATION
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4 Excellent Performance in 1H 2025 VONB UFSG OPAT +14% +10% per share +12% per share $2,838m $3,569m $3,609m RETURNS TO SHAREHOLDERS $3.7b returned to shareholders +10% Interim Dividend per share
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858 1,063 1H24 1H25 AIA Hong Kong: Excellent New Business Growth Balanced Mix Across Customer Segments +24% VONB ($m) +30% MCV +18% Domestic Unrivalled Distribution Platform No. 1 Agency in Hong Kong Profitable Partnerships +35% Agency VONB #1 MDRT in Hong Kong and Macau Long-term Exclusive Bank Partnerships Strong Underlying Drivers 5 +27% Bancassurance VONB 3Q24 4Q24 1Q25 2Q25 VONB +15% New Recruits +9% Active Agents +33% Sustainable Growth in IFA & Broker +3% IFA & Broker VONB in 1H25
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>65% VONB Margin 41% 14% 43% AIA China: High-Quality Growth, Gaining Momentum Notes: VONB growth shown before the effects of economic assumption changes (1) Includes unit-linked and unit-linked hybrid products (2) Bank partners excluding Postal Savings Bank of China Selective Bank Partners Focused on Affluent and HNW Customers >US$23k Average Case Size(2) ~35% VONB Margin +18% New Recruits Highly Professional and Productive #1 MDRT in Mainland China VONB YoY Growth 16% of AIA China VONB 6 Traditional Protection Differentiated Product Mix Tax-incentivised Participating(1) Agency VONB 2Q25 Strong Underlying Performance 2% Others +71% New Agency Leaders Market Leading Premier Agency Differentiated Bancassurance 8% 15% 1Q25 2Q25 $743m VONB in 1H25 Capital efficient, low sensitivity to interest rates A leading provider, targeting affluent customers
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7 Mainland China: AIA’s Unique Growth Opportunity Sichuan Hubei Henan Jiangsu • Shanghai Guangdong • Shenzhen Hebei Shandong Anhui Chongqing Tianjin Beijing Zhejiang Original Footprint 5 Regions established before 20191 New Geographies 9 Regions entered from 20192 NEW GEOGRAPHIES 9 Regions(2) entered from 2019 ORIGINAL FOOTPRINT 5 Regions(1) established pre-2019 Significant Headroom for Growth ~3% Penetration of target customer base >140m Target customers ~200m Target customers ~40% of Mainland China GDP(4) +36% VONB growth to $61m in 1H25 4 new operations(3) launched in 1H25 $682m VONB in 1H25 2030 Ambition 40% VONB CAGR from 2025 to 2030(5) Notes: VONB growth shown before the effects of economic assumption changes Target customers refer to middle -class and above customers, with a post-tax monthly household disposable income over RMB9,500 in 2023, source BCG (1) Beijing, Shanghai, Jiangsu, Guangdong, Shenzhen (2) Tianjin, Hebei, Sichuan, Hubei, Henan, Anhui, Shandong, Chongqing and Zhejiang (3) Anhui, Shandong, Chongqing and Zhejiang (4) Source: National Bureau of Statistics of China; GDP in 2024 (5) VONB from regions entered since 2019, calculated on a constant exchange rate basis and before the effects of economic assumpt ion changes Target 1-2 new regions per year
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ASEAN: The Leading Life and Health Insurer in the Region Group VONB(1) 1H25 Rest of Group 848 1,021 1H24 1H25 +20% Key Driver of AIA’s VONB 34% ASEAN Combined VONB ($m) 8 Unrivalled Distribution Traditional Protection VONB 1H25Unit-linked Par Others 6% 5% 28% 61% #1 MDRT in ASEAN Leading Premier Agency Long-term Strategic Partnerships ~70% VONB Margin in 1H25 +16% Partnership VONB +22% Agency VONB Notes: #1 life and health insurer in ASEAN, in aggregate across six markets (Thailand, Singapore, Malaysia, Vietnam, Indonesia and t he Philippines) by ANP based on latest available regulatory/industry data (1) VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocat ed Group Office expenses, Group Corporate Centre tax and non -controlling interests (2) By sum assured, in aggregate across Thailand, Singapore, Malaysia, Vietnam and Indonesia Advantaged Product Mix #1 Protection in ASEAN(2) 95% from protection and long-term savings products with low or no guarantees
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9 Tata AIA Life: High-Quality Platform Capturing India’s Potential Notes: VONB growth for Jan-Jun 2025 compared with Jan-Jun 2024, as reported by Tata AIA Life (1) Individual weighted new business premiums of private life insurers (Jan to Jun 2025) (2) Among life insurers, based on retail sum assured (Jan to Jun 2025) (3) Based on regulatory disclosures on 13th month persistency of all insurers as of Mar 2025 (4) Based on market intelligence VONB Top 3 Private Life Insurer (1) Jan-Jun 2024 Jan-Jun 2025 +38% Excellent Performance #1 MDRT, >50% of Total VONB High-Quality Bank and Broker Partners #1 wallet share across leading domestic broker partners(4) +15% Active Agents +24% Agency Leaders +40% Partnership VONB Domestic bank partners include: +37% Agency VONB India’s Leading Agency +20% New Recruits Strong Agency Development Profitable Partnerships Focused on Quality #1 Retail Protection (2) #1 Persistency (3)
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10 AIA is Uniquely Placed to Unlock Asia’s Full Potential Insurer of Choice, Asia’s Most Powerful Brand Unrivalled Distribution Innovative Propositions Leading Customer Experience World-class Technology, Digital & AI Proven Management AIA’s Key Competitive Advantages Financial Discipline Sources: Economic and Social Commission for Asia and the Pacific, Swiss Re; Asia’s Most Powerful Brand based on Brand Power r ankings including #1 in Hong Kong, Thailand, Singapore, Malaysia and #3 in Mainland China (1) AIA markets only (2) AIA markets only; Government statistics, 2022 (3) Includes private health schemes (4) Premium equivalent in 2024 Large Health Expenditure Growing Working Age Population 2,590m Age 15-64 in 2030E(1) Favourable Demographics Rapidly Ageing 700m Age 60+ in 2030E(1) >$1.4t Annual healthcare expenditure across Asia ex-Japan(2) ~45% of total healthcare expenditure is out-of-pocket(3) Asia is the Most Attractive Region for Life & Health Insurance Large Protection Gaps(4) >$130b Mortality >$250b Health 4% 4% 6% 8% Japan Western Europe North America Asia ex-Japan Significant Wealth Generation Personal Financial Assets, CAGR 2023-28E $87t 2028E
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2,220 1H22 1H23 1H24 1H25 11 Unrivalled Distribution Driving High-Quality Growth World’s Leading Agency #1 MDRT Globally for 11 consecutive years >96,000 Active Agents 21% CAGR Fast Growing Profitable Partnerships 804 1H22 1H23 1H24 1H25 >20 Years Average Duration Leading Bank Partners Strategic Bancassurance Quality IFA & Broker ✓ Selective Partners ✓ Financial Discipline Long-term Regular Premium Focus 43.3% VONB Margin in 1H25 VONB ($m)VONB ($m) 72.0% VONB Margin in 1H25 >19,000 MDRT agents 36% CAGR Key Driver of Growth, 73% of Group’s VONB Complementary Growth, Focused on Quality
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37% 43% 9% 11% Innovative Propositions, Profitable New Business Growth #1 Pan-Asian Life & Health Insurer 12 Meeting our Customers’ Needs with Relevant Propositions and Professional Advice High-Quality, Attractive New Business Life Protection Health & Medical Long-term Savings Retirement Others Unit- linked Participating Traditional Protection VONB 1H25 ~95% Overall In-force Persistency(2) >2 million New and Repurchasing Customers in 1H25(1) Notes: #1 Pan-Asian Life & Health Insurer by VONB in 2024 (1) Hong Kong, Mainland China, Thailand, Singapore, Malaysia, Vietnam, Indonesia, the Philippines, South Korea and India (2) The percentage of insurance policies remaining in-force from month-to-month in the past 12 months, as measured by premiums Products Ecosystem of Services Professional Advice At the core of our propositions Customer Needs Across Life Stages from protection and fee-based insurance products with low or no guarantees89%
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Excellent Progress in AIA’s Integrated Healthcare Strategy 13 ✓ Personalised and segmented ✓ Modular solutions ✓ Specialist advisors +20% Medical VONB CAGR since 1H23 25% lower claim costs from steerage to preferred clinics, in the Philippines(2) Notes: Market share and ranking based on latest available regulatory data; Medical VONB for Hong Kong, Mainland China, Thailand, Sin gapore and Malaysia (1) Conventional business (2) MediCard in 2024 (3) On an actual exchange rate basis 250 bps improved loss ratio Medical products, 1H25 vs 1H24(3) AI-enabled Health Technology & Analytics Delivering Tangible Results #1 Hong Kong 21% share #1 Singapore 27% share #1 Thailand 35% share #1 Malaysia 25% share(1) #3 Philippines 14% share Making Healthcare More Accessible, Affordable and Effective Product Innovation ✓ Tiered networks ✓ Network management ✓ Selective ownership of clinics ✓ Pre-authorisation ✓ Outpatient treatments ✓ Value-based care Provider Integration Customer Steerage built on one of Asia’s largest standardised, enriched health insurance dataset Payment Integrity Provider Management Risk Profiles Clinical Encoder Analytics COE Tailored solutions offered to AIA business units and external clients #1 Pan-Asian Private Health Insurer
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Deploying Gen AI at Scale to Accelerate Growth Gen AI Delivering Value Across Core Platforms Powering Distribution Leading Customer Experience Seamless Operations >110 Gen AI use cases 14 #1 NPS in 7 markets 91% Service STP Scalable Cloud Infrastructure Best-in-class Digital Platforms Rich, Quality Customer Data ~$1.5b ▪ Customer Needs Analysis ▪ Personalised Recommendations ▪ Leads Generation & Nurturing ▪ Agent Recruitment ▪ Training & Role Player ▪ Proposal Generation ▪ Customer Assistant ▪ Underwriting & Claims ▪ Risk Management & Quality Note: 1H25 data, Gen AI use cases in 2025 Agency ANP from online sales leads
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3,412 3,609 1H24 1H25 15 Profitable New Business Growth Drives Earnings and Cash 2,487 2,838 1H24 1H25 VONB ($m) OPAT ($m) UFSG ($m) Operating ROEOperating ROEV Higher Earnings and ROE Increased Shareholder Returns Generating Sustainable Shareholder Value Compounding New Business Growth +10% Interim dividend per share $3.7b Returned to Shareholders Notes: Growth rates and comparatives are shown on a constant exchange rate basis, except for operating ROEV, operating ROE an d interim dividend per share; Operating ROEV and operating ROE are shown on an annualised basis for 1H25 Cash Returns to Shareholders 14.9% 17.8% FY24 1H25 +290 bps 14.8% 16.2% FY24 1H25 +140 bps +12% +10%+14% per share per share 3,419 3,569 1H24 1H25
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16 AGENDA BUSINESS HIGHLIGHTS Lee Yuan Siong, Group Chief Executive and President FINANCIAL RESULTS Garth Jones, Group Chief Financial Officer2 1
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17 Excellent Performance in 1H 2025 VONB +14% $2,838m Notes: Operating ROEV and operating ROE are shown on an annualised basis for 1H25 and compared against FY24 (1) On an actual exchange rate basis and compared against FY24, before returns to shareholders OPAT $3,609m +12% per share +140 bps 16.2% Operating ROEUFSG +10% per share $3,569m Interim DPS +10% 49.00 HK cents EV Results Capital Management +290 bps 17.8% Operating ROEV $73.7b +8%(1) EV Equity IFRS Results Shareholder Returns $3.7b 219% Shareholder Capital Ratio
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18 FINANCIAL RESULTS EV Results Capital Management IFRS Results
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19 VONB Up 14% to $2.8b, Higher VONB Margin Hong Kong 35% Mainland China 25% Thailand 17% Singapore 9% Malaysia 6% Other Markets 8% Notes: VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocat ed Group Office expenses, Group Corporate Centre tax and non -controlling interests VONB margin comparatives are shown on a constant exchange rate basis 1H25 VONB +14% $2,838m Strong Margins, Increased Further in 1H25 51.1% 54.3% 57.7% 1H23 1H24 1H25 Broad-Based VONB with 13 Markets Delivered Growth VONB Margin +3.4 pps
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37% 43% 9% 11% (699) 2,670 20 High-Quality Profitable New Business with Attractive Returns Strong Cash Generation 3.8x return on capital invested within 10 years in 1H25 3-year Payback Period New Business Investment Future Distributable Earnings in First 10 Years (undiscounted) ($m) Notes: (1) By ANP (2) Average breakeven yield based on guaranteed benefits (3) Fixed income assets only Others Unit- Linked Participating Traditional Protection VONB 1H25 89% from protection and fee-based insurance products with low or no guarantees 0.8% Average Guarantee(2) 4.7% New Money Yield(3) 95% Regular Premium(1) 2,487 2,838 1H24 1H25 >20% IRR on New Business Investment Improved New Business Economics 790 699 1H24 1H25 VONB ($m) New Business Investment (NBI) ($m) $4.1$3.1 VONB per $ of NBI +14%
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48% 9% 43% 5,407 5,893 1H24 1H25 +15% per share 408 512 1H24 1H25 EV Operating Profit up 15% per share, Operating ROEV up to 17.8% 21 EV Operating Profit ($m) EV Operating Variances ($m) 17.8% +290 bps Notes: Operating ROEV is shown on an annualised basis for 1H25 and compared against FY24 (1) Includes finance costs of $285m Operating ROEV 1H25 EV Operating Profit $5,893m VONB Expected Return on EV and Other(1) EV Operating Variances VONB and Improved Operating Variances Drove Higher EV Operating Profit +$104m $4.6b cumulative since IPO
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71.6 77.4 73.7 + 5.9 (1.8) (1.9) (0.1) Group EV Equity End of 2024 EV Operating Profit Investment Return Variances, Exchange Rates and Others Group EV Equity Before Returns to Shareholders Dividend Paid Share Buy-Backs Group EV Equity End of 1H25 EV Equity of $73.7b, up 8% Before Shareholder Returns 22 EV Equity Movement ($b) +13% CER Shareholder Returns$3.7b +8% (1) 17.8% Operating ROEV Notes: Operating ROEV is shown on an annualised basis for 1H25 (1) On an actual exchange rate basis +5% per share(1)
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EV Generates Substantial and Predictable Distributable Earnings $49.6b of Distributable Earnings in next 10 years, to emerge into UFSG (undiscounted) Notes: Due to rounding, numbers presented in the chart may not add up precisely Distributable earnings comparative is shown on an actual exchange rate basis 23 $23.8b Years 1-5 $25.9b Years 6-10 46.6 49.6 End of 2024 End of 1H25 +$3.0b in 1H25 High-Quality In-Force Portfolio (3.8)% sensitivity 50 bps decrease in interest rates Low Sensitivity to interest rates 31% 45% 11% 13% Others Unit- linked Participating Traditional Protection Value of In-force 1H25 from protection and long-term savings products with recurring and resilient earnings87% ($b)
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2,105 676 344 444 3,569 Expected Distributable Earnings from In-force Business Expected Return on Free Surplus and Assets Backing MTNs Diversification Benefit Due to New Business Other Operating Variances and GMT Top-up Tax UFSG 1H25 3,419 3,569 1H24 1H25 24 UFSG up 10% Per Share 1H25 Underlying Free Surplus Generation Composition ($m) +7% +10% per share UFSG ($m) Note: (1) Notional GMT top-up tax in the current period of $136m is calculated on an operating profit basis (1)
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25 FINANCIAL RESULTS EV Results Capital Management IFRS Results
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New Business Growth Driving Higher CSM and CSM Release 26 Contractual Service Margin (CSM) 53.1 56.2 61.4 End of FY23 End of FY24 End of 1H25 +10.3% Notes: Comparatives are shown on an actual exchange rate basis Underlying CSM growth refers to the growth in CSM after the CSM release and before variances and others and the effect of exc hange rate movements, expressed as a percentage of the opening CSM and shown on an annualised basis for half-year results CSM release rate is calculated after variances and others and based on end -of-period exchange rates and shown on an annualised basis for half-year results 3.4 3.8 4.4 1H23 1H24 1H25 New Business CSM Underlying CSM Growth +8.4% +9.1% CSM Release into OPAT 2.6 2.8 3.0 1H23 1H24 1H25 9.4%9.5% 9.5% CSM Release Rate (annualised) +15%+14% +14% YoY Growth ($b) ($b) ($b)
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OPAT up 12% per share; On Track to Achieve Growth Target 27 3,412 3,609 1H24 1H25 +12% per share OPAT ($m) 9% to 11% OPAT per share CAGR(3) from 2023 to 2026 On track to achieve Growth Target 2,803 3,043 1H24 1H25 CSM Release ($m) 153 474 1H24 1H25 Operating Variances, Risk Adjustment Release & Other ($m) 1,725 1,751 1H24 1H25 Operating Expenses ($m) 0 136 1H24 1H25 First-time GMT Top-Up Tax ($m) (2) Higher CSM Release and Proactive In-force Management Drove OPAT Growth +9% +$321m +2% Revenue (1) Expenses Notes: (1) Revenue includes CSM release, operating variances and risk adjustment release and other (2) First-time GMT top-up tax of $136m under the Global Minimum Tax regime (GMT) effective from 1 Jan 2025 and is reflected on an op erating profit basis as a notional tax charge under Pillar Two of BEPS 2.0 (3) Compound annual growth rate (CAGR) from 2023 to 2026 calculated on a constant exchange rate basis and net of the impact from the top-up tax under the GMT
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87.6 92.1 95.8 End of FY24 End of 1H25 28 Notes: Operating ROE in 1H25 is shown on an annualised basis; Comprehensive Equity growth is shown on an actual exchange rate basis 14.8% 16.2% FY24 1H25 Comprehensive Equity ($b) +140 bps Operating ROE $3.7b Shareholder Returns Operating ROE up to 16.2%; Comprehensive Equity of $92.1b +9% before shareholder returns in 1H25 40.551.6 Shareholders’ Equity Net CSM
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29 FINANCIAL RESULTS EV Results Capital Management IFRS Results
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Robust Capital Management Driving Shareholder Value 30 Payout ratio target of 75% of annual net free surplus generation ▪ Prudent, sustainable and progressive regular dividend policy ▪ Share buy-backs to deliver balance of 75% payout ratio target(1) Ongoing commitment to regularly return excess capital 1 2 AIA’s Capital Management Policy Strong, Resilient Balance Sheet Profitable Organic Growth Prudent, Sustainable and Progressive Dividend Disciplined Inorganic Growth Return Excess Capital to Shareholders Note: (1) To be determined at 2025 Annual Results
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Interim Dividend Per Share up 10% 31 2,243 2,430 1,777 FY24 FY25 Net Free Surplus Generation ($m) Note: Net FSG comparative is shown on an actual exchange rate basis 44.50 49.00 1H24 1H25 Interim Dividend Per Share (HK cents) Prudent, Sustainable and Progressive Dividend Policy +10% Payout Ratio Target: 75% of Annual Net Free Surplus Generation 1H 2H 4,020 To be determined at 2025 Annual Results$3.0bShareholder Returns
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32 Disciplined Capital Deployment, $22b Returned since 2022 Free Surplus Movement from End of 2021 to End of 1H25 ($b) Shareholder Capital Ratio 289% 219% End of FY22 End of 1H25 23.2 9.9 17.0 + 14.5 + 0.7 (0.4) (8.6) (13.3) Free Surplus End of 2021 Net FSG Investment Return Variances and Other Non-Operating Items Acquisition and Others Dividend Paid Free Surplus Before Share Buy-Backs Share Buy-Backs Free Surplus End of 1H25
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33 Excellent Financial Performance in 1H 2025 Confident in Our Outlook ▪ 100% focused on Asia, the most attractive region for life & health insurance ▪ Distinct competitive advantages, proven track record of delivery ▪ High-quality profitable new business drives strong growth in earnings and cash ▪ Large in-force business with substantial and predictable cash generation ▪ Very strong capital position and financial flexibility Generating Sustainable Shareholder Value
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DEFINITIONS AND NOTES (1 of 3) ▪ Growth rates and comparatives are shown on a constant exchange rate basis, unless otherwise stated. ▪ Global Minimum Tax regime (GMT) is developed as part of Pillar Two of the Base Erosion and Profit Shifting 2.0 (BEPS 2.0) initiative which became effective in Hong Kong from 1 January 2025. The Group’s financial results are net of the impact from the top-up tax under the GMT up to the end of applicable reporting periods, where applicable. For clarity, the Group has not reflected any potential future top-up tax under the GMT in the Group EV, VONB and projected future distributable earnings. ▪ From 2025 onwards, Group's EV Equity and free surplus results include top-up tax under the GMT with notional GMT top-up tax calculated on an operating profit basis included in EV operating profit and UFSG respectively, while the actual GMT top-up tax incurred is included in EV Equity profit and closing free surplus. The difference between the notional GMT top-up tax calculated on an operating profit basis and the actual GMT top-up tax incurred is included in EV investment return variances and free surplus investment return variances. ▪ Throughout the presentation unless otherwise stated, 1) growth rates and year-on-year changes are shown as 1H25 against 1H24, and 2) comparatives in 2024 (except for those on the movement charts) are shown on a constant exchange rate basis. ▪ 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 2023 unless otherwise stated. Comparatives for balance sheet items are shown against the position as at 31 December 2024 unless otherwise stated. ▪ The financial information from 2022 onwards is presented after the adoption of new IFRS® Accounting Standards for IFRS 9 and IFRS 17, and accordingly application of an election under an amendment to IAS 16, unless otherwise stated. Throughout the entire document, impacts from IFRS 9 and the amendment to IAS 16 are included when referring to IFRS 17 figures. ▪ ANP and VONB for Other Markets include the results from our 49% shareholding in Tata AIA Life Insurance Company Limited (Tata AIA Life). ANP and VONB do not include any contribution from our 24.99% 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. ▪ The results of Tata AIA Life and China Post Life are both reported on a one-quarter-lag basis. The results of Tata AIA Life and China Post Life are both accounted for using the six-month period ended 31 March 2025 and the six-month period ended 31 March 2024 in AIA’s consolidated results for the six-month period ended 30 June 2025 and the six-month period ended 30 June 2024, respectively. ▪ All figures are presented in actual reporting currency (US dollar) unless otherwise stated. Growth rates are shown on a constant exchange rate (CER) basis unless otherwise stated. Change on 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 constant exchange rates. Year-to-date changes in operating ROE and operating ROEV are shown on an actual exchange rate basis. ▪ AIA’s eligible group capital resources and group prescribed capital requirement (GPCR) are calculated based on the Local Capital Summation Method (LCSM). The Group LCSM coverage ratio on the group-wide supervision (GWS) basis is referred to as the “eligible group capital resources coverage ratio” in the GWS framework and is defined as the ratio of the eligible group capital resources to the GPCR. ▪ AIA has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, the Hong Kong SAR, Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, the Macau SAR and a 49% joint venture in India. In addition, AIA has a 24.99% shareholding in China Post Life. ▪ 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. ▪ ASEAN, officially the Association of Southeast Asian Nations, refers to AIA’s operations in Thailand, Singapore, Malaysia, Vietnam, Indonesia, the Philippines, Cambodia, Myanmar and Brunei. 34
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DEFINITIONS AND NOTES (2 of 3) ▪ Average credit rating of the fixed income portfolio represents the credit rating of our bonds, weighted by each bond’s market value. ▪ Composition of investments includes participating funds and other participating business with distinct portfolios, non-par funds and surplus assets. ▪ Comprehensive equity is defined as shareholders’ equity plus net contractual service margin (CSM). ▪ CSM is a component of the carrying amount of the asset or liability for a group of insurance contracts representing the unearned profit the Group will recognise as it provides insurance contract services under the insurance contracts in the group, net of reinsurance unless otherwise stated. End-of-period exchange rates are used to derive the CSM release rate for the first half and the second half of the year respectively, and CSM release rate is calculated after variances and others and based on end-of-period exchange rates and shown on an annualised basis for half-year results. ▪ EV Equity is the total of embedded value, goodwill and other intangible assets attributable to shareholders of the Company, after allowing for taxes. ▪ Expense ratio is measured as operating expenses divided by total weighted premium income (TWPI). ▪ Fair value reserve comprises the cumulative net change in the fair value of debt securities measured at fair value through other comprehensive income and the cumulative related loss allowance recognised in profit or loss. ▪ Free surplus is ANW in excess of the required capital adjusted for certain assets that are not eligible for regulatory capital purposes. Free surplus for AIA is stated after adjustment to reflect consolidated reserving and capital requirements. ▪ IFRS equity is equity position calculated and reported under the IFRS Accounting Standards. ▪ IFRS other non-operating items are other non-operating items in IFRS result ▪ IFRS results are financial results calculated and reported under the IFRS Accounting Standards. ▪ Insurance contract services are the services that the Group provides to a policyholder of an insurance contract: (a) coverage for an insured event (insurance coverage); (b) for insurance contracts without direct participation features, the generation of an investment return for the policyholder, if applicable (investment-return service); and (c) for insurance contracts with direct participation features, the management of underlying items on behalf of the policyholder (investment-related service). ▪ Insurance finance reserve comprises the cumulative insurance finance income or expenses recognised in other comprehensive income. ▪ Insurance service result comprises insurance revenue, insurance service expenses and net expenses from reinsurance contracts held. ▪ Leverage ratio is total borrowings expressed as a percentage of the sum of total borrowings, total equity and CSM net of reinsurance and taxes. ▪ MTNs represents medium-term notes and securities. ▪ Net CSM is the contractual service margin net of reinsurance, taxes and non-controlling interests. ▪ Net investment result comprises investment return, net finance income or expenses from insurance contracts and reinsurance contracts held, movement in investment contract liabilities and movement in third-party interests in consolidated investment funds. ▪ New business contractual service margin (NB CSM) represents the contractual service margin initially recognised in the period. ▪ Net FSG is calculated as UFSG less free surplus used to fund new business, unallocated Group Office expenses, finance costs and other capital movements as shown in the supplementary embedded value information. For clarity, net FSG is calculated before the effect of investment return variances and other items. ▪ Non-participating (non-par) business includes all insurance liabilities under the General Measurement Model (GMM) model, covering traditional protection, unit-linked with significant protection benefits, universal life and other participating business without distinct portfolios. ▪ OPAT per share and UFSG per share shown are basic OPAT per share and basic UFSG per share respectively. ▪ Operating profit includes the expected long-term investment return for equities and real estate. 35
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DEFINITIONS AND NOTES (3 of 3) ▪ 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. It is calculated on an annualised basis for half-year results and movement is shown on an actual exchange rate basis. ▪ Operating ROEV stands for operating return on EV and is calculated as EV operating profit, expressed as a percentage of the opening embedded value. It is calculated on an annualised basis for half- year results and movement is shown on an actual exchange rate basis. ▪ Participating (Par) business refers to participating funds and other participating business with distinct portfolios, with investment experience reflected within insurance contract liabilities, unless otherwise stated. ▪ Per share information is calculated based on number of ordinary shares outstanding. ▪ PVNBP margin refers to margin on a present value of new business premium basis. PVNBP margin by product mix are based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office expenses, Group Corporate Centre tax and non-controlling interests. ▪ Risk adjustment or RA represents the compensation the Group requires for bearing the uncertainty about the amount and timing of the cash flows that arises from non-financial risk as the Group fulfils insurance contracts. ▪ Shareholder capital resources comprise free surplus and required capital on consolidated basis as disclosed in the Supplementary Embedded Value Information and eligible Tier 2 debt capital as used in the Group LCSM solvency position. ▪ Shareholder capital ratio represents shareholder capital resources presented as a percentage of the required capital. Movement is shown on an actual exchange rate basis. ▪ Shareholders’ equity is total equity attributable to shareholders of the Company calculated and reported under the IFRS Accounting Standards. ▪ TWPI consists of 100% of renewal premiums, 100% of first year premiums and 10% of single premiums, before reinsurance ceded. ▪ Underlying CSM growth refers to the growth in CSM after the CSM release and before variances and others and the effect of exchange rate movements, expressed as a percentage of the opening CSM and shown on an annualised basis for half-year results. ▪ Underlying free surplus generation (UFSG), the key operating measure of the Group’s capital and cash generation after tax, represents the 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 calculated after reflecting consolidated reserving and capital requirements. It reflects free surplus generated rather than a measure of holding company cash flow. ▪ 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, the after-tax value of unallocated Group Office expenses and Group Corporate Centre tax. ▪ VONB for the Group is stated after adjustments to reflect consolidated reserving and capital requirements, the after-tax value of unallocated Group Office expenses and Group Corporate Centre tax. 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, Group Corporate Centre tax 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, Group Corporate Centre tax and non-controlling interests. For VONB and PVNBP margin by product mix, participating (par) business refers to participating funds and other participating business with and without distinct portfolios. ▪ 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. 36
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APPENDIX
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38 INDEX B A C E D F AIA China Growth Strategy Business Performance and Strategy Financial – EV Results Financial – IFRS Earnings Financial – Investments Financial – Capital and Others
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39 AIA’s Unique and Powerful Growth Engines Professional Premier Agency Differentiated Bancassurance Geographical Expansion Mainland China Market Potential Remains Strong <2% AIA China’s Penetration of target customer base(3) >550 million Middle-Class and Affluent Population by 2030E(1) >US$140 billion Health Protection Gap(2) >US$60 billion Mortality Protection Gap(2) Notes: (1) Source: BCG; Income level (post-tax monthly household disposable income over RMB9,500) defined as middle-class and above, RMB3,600 to RMB9,500 as mass market (2) Source: Swiss Re, premium equivalent in 2024 (3) Target customers refer to middle -class and above customers, with a post-tax monthly household disposable income over RMB9,500 in 2023, source BCG; combined GDP in 2024 1 2 3 21% → 40% 60+ years old as % of total population 2024 to 2050E >50% of Asia’s Mortality and Health Protection Gap(2) Huge Growth Potential in Mainland China
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40 Best-in-Class Agency is our Key Competitive Advantage High-Quality Premier Agency Delivering Growth in a Challenging Market Most Productive Agency in Mainland China 2024 VONB per agent AIA China Average of Peers 2.9x2.9x >4 Number of policies per active agent per month #1 MDRT in Mainland China for 6 consecutive years Agency VONB 2024 vs 2017 Declined >40% Aggregated Peers +60% AIA China
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Professional Agency and Innovative Propositions: Unlocking Lifetime Customer Value 41 Innovative Propositions Powered by Compelling EcosystemsLifetime Partner & Advisor 100% needs-based selling approach powered by data and AI tools Health & Wellness Retirement ~1,400 Medical Service Providers Health Ecosystem Medical Experts ~480 Retirement Service Providers Retirement Ecosystem Critical Illness 1.0 Critical Illness 2.0 Critical Illness 3.0 All-In-One Products + CI Case Management Health Stewardship+ + Prevention & Early Detection Retirement 1.0 Retirement 2.0 Retirement 3.0 Savings Products + Medical Products Retirement Stewardship+ + Retirement Services Differentiated Product Mix Optimising Lifetime Customer Value >6 policies per customer(2) >90% Agents sold protection 41% 14% 2% 43% Traditional Protection Tax- incentivised Products Agency VONB 2Q25 Par(1) Notes: (1) Includes unit-linked and unit-linked hybrid products (2) Middle-class and above in-force customers, based on annual premium data in 1H25 (3) Net promotor score and customer effort score In-house Case Managers Others #1 NPS & CES for 8 consecutive years Products Ecosystem of Services Professional Advice ▪ Protection gap analysis across customer insurance portfolios from multiple providers ▪ AI-powered needs-based recommendation 24x7 Bilingual Service Centre In-house Case Managers Comprehensive Healthcare System for Retirees
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42 Robust Agency Development Drives Sustainable Growth Recruitment High-standard candidate profiling and rigorous selection Successful New Agent Onboarding, training and development Management Path New Agency Leader Junior Leader Senior Leader Stringent Selection, High-Standard Development Platform ~20x active new agent Leaders Demonstrate Strong Aspirations for Team Growth Focused On Two Crucial Growth Pillars 42.5 years old Average age of leaders >80% First 3-month activity ratio >1,500 Master’s degree or above Success of New Agents Boosts Recruitment Confidence +11% No. of active new agents ~80% Leaders with direct recruitment +71% No. of new agency leaders Million Dollar Round Table Designations(1) TOT COT MDRT Leaders’ Average Monthly Income ~5x active new agent Sales Path ~3x active new agent Note: 1H25 data unless otherwise stated (1) TOT refers to Top of the Table, COT refers to Court of the Table and MDRT refers to Million Dollar Round Table
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Integrated Powered by an AI-Driven Innovative Model 1.1 million Hot leads generation 19% Conversion rate Proactive Leads Nurturing Proposition Selling Large-scale Data Traffic One Experience One-stop Customer Super App Leads Assignment Navigator Integrated Agent Digital Platform Actionable Insights Agency Data Mart Customer Data Mart Agent Referral Cold leads Customer Referral Third-party Platform Existing Customers Activities Health Advice Hook Product & Service Warm leads Hot leads Talent ManagementProspecting Platform CRM >5 million Online customer interactions Gen AI & Data Analytics Privilege & Discount Real-time Behavioural Data 6 per day Actionable alerts generated per leader New agent success driven by leads generation and upselling Leader success driven by precise and predictive team management Early detection for predictive management 43 Note: 1H25 data
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HNW Ecosystem In-house Experts Legal | Tax | Health | Retirement | Insurance Trust Building a Differentiated and Sustainable Bancassurance Model 44 Highly Selective Partners Exclusive Partnership Strategic Partnerships Customer-centric Innovation Flagship Co-build Affluent Customer Engagement Model Strengthen HNW Capabilities HNW Focus 1 3 2 Differentiated Capabilities Strong HNW Capabilities +46% VONB in 1H25 A selected bank partner Health & Wellness Retirement Youth Development Legacy Planning Lifestyle Data-based Customer-driven Approach 9% Conversion Rate in 1H25 A selected bank partnerSegment Analysis Segment-based Industrialised Nurturing Data Mining Propensity Analysis Proposition Selling Data- driven CRM Capability >US$23k Average Case Size(1) 16% Banca VONB as % of AIA China Total ~100% Regular Premium ~35% Banca VONB Margin Notes: HNW refers to high-net-worth customers (1) All banks except for Postal Savings Bank of China Wealth Management
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Accelerating Proven Success Across New Geographies 45 Notes: (1) 5 developing regions include Tianjin, Hebei, Hubei, Sichuan and Henan (2) 4 new regions include Anhui, Shandong, Chongqing and Zhejiang (launched operations in 1H25) (3) VONB from regions entered since 2019, calculated on a constant exchange rate basis and before the effects of economic assumpt ion changes ▪ New organisation structure ▪ Expanding programmes to enrich talent pool ▪ Shared Service Centres ▪ Gen AI adoption acceleration ▪ Professional Premier Agency ▪ Differentiated Bancassurance ▪ New branch acceleration ~100 in Special Talent Programme Future General Managers / Directors of Agency Chief Expansion Officer new dedicated role >90% 1-Day TAT >90% Overall STPScalable Operation Proven Model Strong Talent Pipeline Key Drivers Excellent Progress +46% VONB CAGR 1H22 to 1H25 >1,700 No. of agents 2030 Ambition 40% VONB CAGR from 2025 to 2030(3) Target 1-2 new regions per year 5 Developing Regions(1) 4 New Regions(2) New Geographies $61m VONB from 9 regions in 1H25 8% of AIA China
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46 INDEX B A C E D F AIA China Growth Strategy Business Performance and Strategy Financial – EV Results Financial – IFRS Earnings Financial – Investments Financial – Capital and Others
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Geographical Market Performance 47 Mainland China ($m) 1H25 1H24 CER AER VONB 743 782 (4)% (5)% VONB Margin 58.6% 56.6% +1.9 pps +2.0 pps ANP 1,268 1,382 (7)% (8)% TWPI 6,774 5,985 +14% +13% OPAT 873 827 +7% +6% Thailand ($m) 1H25 1H24 CER AER VONB 522 359 +35% +45% VONB Margin 115.7% 93.1% +22.6 pps +22.6 pps ANP 452 386 +9% +17% TWPI 2,450 2,098 +8% +17% OPAT 621 514 +13% +21% Singapore ($m) 1H25 1H24 CER AER VONB 259 219 +16% +18% VONB Margin 47.4% 52.4% (4.9) pps (5.0) pps ANP 547 417 +28% +31% TWPI 2,616 2,209 +17% +18% OPAT 355 343 +4% +3% Malaysia ($m) 1H25 1H24 CER AER VONB 192 183 (3)% +5% VONB Margin 68.9% 64.2% +4.7 pps +4.7 pps ANP 278 285 (9)% (2)% TWPI 1,526 1,310 +8% +16% OPAT 210 178 +14% +18% Other Markets ($m) 1H25 1H24 CER AER VONB 249 224 +14% +11% VONB Margin 31.5% 27.7% +3.8 pps +3.8 pps ANP 788 804 +1% (2)% TWPI 3,553 3,554 +3% - OPAT 338 292 +17% +16% Hong Kong ($m) 1H25 1H24 CER AER VONB 1,063 858 +24% +24% VONB Margin 65.8% 65.7% +0.1 pps +0.1 pps ANP 1,609 1,272 +26% +26% TWPI 7,017 5,930 +18% +18% OPAT 1,401 1,223 +15% +15% Note: Comparatives in 1H24 are shown on an actual exchange rate basis
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387 522 1H24 1H25 48 AIA Thailand: Consistent Execution, Clear Market Leader Notes: Market rankings source – The Thai Life Assurance Association, as of Jun 2025 based on ANP (1) The first six months of 2025, based on latest available data (2) By assets in 2024 +35% #1 Market Share #1 Unit-linked #1 Health Insurer Excellent New Business Growth VONB ($m) #1 Protection >85 Years of Operating History in Thailand Outstanding Professional Agency +38% Agency VONB #1 MDRT in Thailand since IPO +30% Productivity by VONB +6% Active Agents Market Leading Agency Profitable Partnership with +18% Active Insurance Sellers #1 Bank in Thailand(2) 44% Overall Market Share(1) >50% New Protection Business Market Share(1) Larger Average Case Size
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223 259 1H24 1H25 49 AIA Singapore: Strong Demand in Affluent and HNW Segments Note: #1 Protection by sum assured +16% Growing Multi-Channel Distribution VONB ($m) +14% Agency VONB +23% Partnership VONB Clear Leader in Agency #1 MDRT for 11 Years in Singapore +22% Active Agent Productivity +17% New Recruits >30% Agents are MDRT Profitable New Business 38% 43% 14% 5% Traditional Protection Unit-linked Par Others VONB 1H25 >20% IRR <3 Years Payback Period #1 Health Insurer Capital Efficient #1 Corporate Solutions Strong Sales to Affluent and HNW Customers 2X Offshore VONB #1 Protection
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50 AIA Malaysia: Protection-Focused Profitable New Business 198 192 1H24 1H25 (3)% #1 MDRT for 9 Years in MalaysiaStrong Partnership Performance Offset by Lower Agency VONB Strategic partnership since 2012 Productivity uplift from insurance specialists 1H24 1H25 Partnership VONB ($m) +18% 40% 54% 6% Traditional Protection Unit-linked (>90% with protection) Others VONB 1H25 High-Quality Profitable New Business #1 Corporate Solutions 68.9% VONB Margin VONB ($m) #1 Health Insurer New Recruits 1Q25 2Q25 >30%(16)% Agency VONB in 1H25 Month-on-Month VONB Growth New medical sales in 2Q25 #1 Protection
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51 AIA’s Profitable Growth Strategy Structural Growth Drivers in Asia Unprecedented wealth creation Rapidly shifting consumer mindset Pervasiveness of new technologies Embracing purpose, sustainability and resilience Significant need for private protection Organisation of the Future Simpler, faster, more connected Financial Discipline Sustainable long-term shareholder value driven by clear KPIs World-class technology Customised and digitally-enabled journeys Data and analytics powering everything we do Strategic Priorities Step Change in Technology, Digital and Analytics Unrivalled Distribution Scale capacity and productivity through digitalisation and advice-centric models Compelling Propositions Be the leading provider of personalised advice and innovative solutions Leading Customer Experience Seamless omnichannel customer experience with best-in-class engagement
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52 AIA’s Integrated Healthcare Strategy Personalised Health Insurance Integration with Outpatient Clinics Advanced Healthcare Administration and Management Powered by Health Technology, Digital and Analytics Be the leading provider of personalised health insurance advice and innovative solutions Deliver better health outcomes at lower costs through strategic partnerships with outpatient clinics 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 Provide more effective care management programmes with simpler healthcare journeys Making Healthcare More Accessible More Affordable More Effective
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53 INDEX B A C E D F AIA China Growth Strategy Business Performance and Strategy Financial – EV Results Financial – IFRS Earnings Financial – Investments Financial – Capital and Others
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Hong Kong 35% Mainland China 25% Thailand 17% Singapore 9% Malaysia 6% Other Markets 8% 54 VONB Up 14% to $2.8b Note: VONB by geographical market is based on local statutory reserving and capital requirements, before the deduction of unallocat ed Group Office expenses, Group Corporate Centre tax and non-controlling interests 1H25 VONB +14% $2,838m +16% Singapore (3)% Malaysia +14% Other Markets +24% Hong Kong +35% Thailand $1,063m $259m $192m $522m (4)% $743m Mainland China $249m
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11% 14% 12% 7% 9% 11% 15% 13% 7% 8% Overall Traditional Protection Participating Unit-Linked Others 37% 43% 9% 11% 55 High-Quality Profitable New Business Improved PVNBP Margins 1H251H24 Advantaged Product Mix with Attractive Returns Others Unit-linked Participating Traditional Protection1H25 VONB 3-year Payback Period More Capital Efficient >20% IRR New Business Investment New Business Investment as % of VONB 32% 25% 1H24 1H25 VONB Margin Increased Driven by Product Mix 53.9% 57.7%+2.8 pps +0.1 pps +0.2 pps +0.7 pps 1H24 VONB Margin Product Mix Geographical Mix Channel Mix Others Including Assumption Changes 1H25 VONB Margin
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5.4 + 0.4 + 0.1 + 0.1 (0.1) 5.9 EV Operating Profit 1H24 VONB Expected Return on EV Operating Variances Finance Costs EV Operating Profit 1H25 EV Operating Profit of $5.9b, Up 15% Per Share 56 YoY Changes in EV Operating Profit Components ($b) Operating ROEV 14.9% 17.8% FY24 1H25 +290 bps Operating Variances of $512m ▪ Improved medical claims variances 7.3% Expense Ratio ▪ reduced by 80 bps vs 1H24 +15% per share Note: Operating ROEV is shown on an annualised basis for 1H25 and compared against FY24
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57 1H25 ANW Movement ANW Movement ($b) 30.5 33.8 28.8 + 2.4 (0.0) + 1.2 (0.3) (1.1) (0.5) + 0.3 (1.8) (1.9) ANW End of 2024 Expected Return Contribution to ANW from VONB Operating Experience Variances and Operating Assumption Changes Finance Costs ANW Before Non- operating Variances Investment Return Variances Other Non- operating Variances Exchange Rates and Other Items Dividend Paid Share Buy-backs ANW End of 1H25
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58 1H25 VIF Movement VIF Movement ($b) Note: Due to rounding, numbers presented in the chart may not add up precisely 38.5 41.1 42.1 + 0.4 + 2.9 (0.7) (0.3) + 0.2 + 1.0 VIF End of 2024 Expected Return Contribution to VIF from VONB Operating Experience Variances and Operating Assumption Changes VIF Before Non-operating Variances Investment Return Variances Other Non-operating Variances Exchange Rates VIF End of 1H25
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59 Risk Discount Rate and Risk Premium 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 rat es that reflect the market-derived government bond yield curve. The above disclosure information is therefore not provided for Tata AIA Life (1) Sri Lanka is included since the acquisition completion date of 5 Dec 2012 (2) Weighted average by VIF contribution % As at 30 Nov 2010 As at 30 Jun 2025 Risk Discount Rates Long-term 10-year Govt Bonds Risk Premium Risk Discount Rates Long-term 10-year Govt Bonds Risk Premium Australia 8.75 5.65 3.10 7.92 3.80 4.12 Mainland China 10.00 3.74 6.26 8.33 2.70 5.63 Hong Kong 8.00 3.53 4.47 7.95 3.50 4.45 Indonesia 15.00 7.90 7.10 12.06 7.50 4.56 South Korea 10.50 4.82 5.68 8.43 3.00 5.43 Malaysia 9.00 4.45 4.55 8.16 4.30 3.86 New Zealand 9.00 6.13 2.87 7.54 3.80 3.74 Philippines 13.00 6.00 7.00 11.10 6.00 5.10 Singapore 7.75 2.93 4.82 7.31 3.10 4.21 Sri Lanka(1) n/a n/a n/a 14.70 10.00 4.70 Taiwan (China) 8.00 1.73 6.27 7.61 1.50 6.11 Thailand 9.50 3.87 5.63 7.38 3.40 3.98 Vietnam 16.00 10.20 5.80 9.87 4.00 5.87 Weighted Average(2) 8.95 3.85 5.10 7.96 3.32 4.64
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60 Sensitivity Analysis: Embedded Value Sensitivity of EV as at 30 Jun 2025 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 +4.4% +1.9% +1.6% +8.8% (8.9)% +3.2% (2.8)% +1.3% (1.3)% +0.9% (1.1)% (3.3)% +3.2%
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61 Sensitivity Analysis: VONB Sensitivity of VONB for 1H25 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 +10.3% +1.6% +2.1% +10.2% (10.2)% +5.9% (5.3)% +3.3% (3.3)% (1.9)% +1.0%
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62 INDEX B A C E D F AIA China Growth Strategy Business Performance and Strategy Financial – EV Results Financial – IFRS Earnings Financial – Investments Financial – Capital and Others
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Hong Kong 37% Mainland China 23% Thailand 16% Singapore 9% Malaysia 6% Other Markets 9% 63 OPAT of $3.6b, Up 12% Per Share Note: Group OPAT includes Group Corporate Centre 1H25 OPAT $3,609m +12% per share $355m Singapore $210m Malaysia $338m Other Markets $1,401m Hong Kong $621m Thailand +15% +4% +14% +13% $873m +7% Mainland China +17%
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3,043 231 243 1,536 (351) (274) (819) 3,609 CSM Release Operating Variances Risk Adjustment Release and Other Net Investment Result After Expenses Other Revenue and Expenses Finance Costs Tax OPAT 64 Operating Profit After Tax Up 12% Per Share 1H25 OPAT Composition ($m) Notes: (1) Net of investment management expenses of $98m (2) Net of non-attributable expenses under IFRS 17 of $442m and non -insurance expenses of $135m (3) Includes GMT top-up tax and Bermuda corporate income tax +19% (1) (7)% (1)% $3.5b Insurance Service Result YoY Change (2) +$0.2b vs 1H24 on CER 15.1% Operating Margin 33.94 US cents +12% YoY Growth OPAT per share (3)
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65 Strong Underlying CSM Growth of 10.3% Notes: (1) For the six months ended 30 June 2025, we have reallocated $83m relating to reinsurance transactions on in -force business from “New business CSM” to “Variances and others”, consistent with how we calculate VONB. The closing CSM balance is unchanged (2) Underlying CSM growth refers to the growth in CSM after the CSM release and before variances and others and the effect of exc hange rate movements, expressed as a percentage of the opening CSM on an annualised basis (3) CSM release rate is calculated after variances and others and based on end -of-period exchange rates and shown on an annualised basis CSM Movement, Net of Reinsurance ($b) +10.3% Underlying CSM Growth(2) CSM Release Rate(3) of 9.4% CSM Release +9% 56.2 61.4 + 4.4 + 1.5 (3.0) + 1.0 + 1.3 CSM End of 2024 New Business CSM Expected Return on In-Force CSM Release Variances and Others Exchange Rates CSM End of 1H25 (1) (1)
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66 Operating ROE Up 140 bps; Comprehensive Equity Up 8% Per Share Shareholders’ Allocated Equity Movement ($b) (1) $2.5b Net Profit Notes: Operating ROE is shown on an annualised basis for 1H25 and compared against FY24 (1) Short-term investment and discount rate variances, net of tax Operating ROE +140 bps to 16.2% Shareholder Returns$3.7b 87.6 92.1 End of 2024 End of 1H25 Comprehensive Equity of $92.1b Shareholders’ Equity + Net CSM ($b) +8% per share on AER 44.4 48.2 44.5 + 3.6 (1.1) + 1.3 (1.8) (1.9) Shareholders' Allocated Equity End of 2024 OPAT Investment Return Movements and Other Non-operating Items Exchange Rates, Other Capital Movements and Others Shareholders' Allocated Equity Before Returns to Shareholders Dividend Paid Share Buy-backs Shareholders' Allocated Equity End of 1H25
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67 $1.5b Net Investment Result from Non-Par and Surplus Assets Fixed Income Yield(3) 4.2%4.3% 4.7%4.9% 4.3% 4.8% ▪ Unwind of discount rate on non-par insurance contract liabilities ▪ Rate changes gradually over time with new business ▪ Average insurance contract liabilities balance of $73.6b(2) Notes: Excludes participating funds and other participating business with distinct portfolios, unit -linked contracts and consolidated investment funds; Comparatives are shown on an actual exchange rate basis (1) Primarily represents interest accreted on non -par business liabilities net of investment return relating to unit -linked business with significant protection (2) Primarily net of reinsurance, insurance contract assets and pre -tax insurance finance reserve (3) Interest revenue from fixed income investments, as a percentage of average amortised cost of fixed income investments over th e period, and shown on an annualised basis for half-year results (4) Interest revenue from fixed income investments, cash and cash equivalents and expected long -term investment returns of equities and real estate, as a percentage of average fixed income investments, cash and cash equivalents, equities and real estate ove r the period, and shown on an annualised basis for half-year results 1H24 1H25FY24 Average Fixed Income Investments 100.593.2 95.3 Average Investments 126.8117.4 120.7 Total Investment Return(4) Net Investment Result After Expenses ($m) From Non-par and Surplus Assets Interest revenue on financial assets (1) Expected long-term investment return for equities and real estate 1,536 757 (1,334) (98) Investment Return Insurance Finance Expenses and Others Investment Management Expenses Net Investment Result After Expenses 2,211 2,968 ($b)
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68 Reconciliation of OPAT to Net Profit $m 1H25 1H24 YoY CER OPAT 3,609 3,412 +6% Short-term investment and discount rate variances, net of tax (754) (317) +138% Reclassification of revaluation losses/(gains) for property held for own use, net of tax 35 (111) n/m Other non-operating items, net of tax (356) 355 n/m Net Profit 2,534 3,339 (24)%
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69 Global Minimum Tax Regime (GMT) Treatment Operating Profit ($m) 1H25 1H24 Operating Profit Before Tax 4,428 3,946 Operating Tax (819) (560) Tax other than GMT top-up tax(1) (683) (560) GMT Top-up Tax (136) - Operating Profit After Tax (OPAT) 3,609 3,386 Effective Tax Rate 18% 14% Net Profit ($m) 1H25 1H24 Profit Before Tax 3,105 3,842 Tax (556) (522) Tax other than GMT Top-up tax (505) (522) GMT Top-up Tax (51) - Net Profit 2,549 3,320 Variance GMT Top-up Tax +85 Notional Operating Profit Basis $(136)m included in ▪ OPAT ▪ Expected return on EV ▪ EV Operating Profit ▪ UFSG Actual GMT Top-up Tax $(51)m included in ▪ Net Profit ▪ Total EV Equity Profit ▪ Closing EV Equity ▪ Closing Free Surplus Variance Between Actual and Operating +$85m included in ▪ IFRS other non-operating items ▪ EV investment return variances ▪ Free surplus investment return variances = - Note: (1) Includes Bermuda corporate income tax $31m
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2.8 4.4 VONB New Business CSM (Net of Reinsurance) 70 Comprehensive Equity of $92.1b; Confirms AIA’s Prudent EV VONB to New Business CSM ($b) 1H25 EV Equity to Comprehensive Equity ($b) As at 30 Jun 2025 73.7 92.1 EV Equity Comprehensive Equity Shareholders’ Equity Net CSM Small Sensitivities for Comprehensive Equity Impact on Comprehensive Equity(1) +4.2% (3.7)% (2.4)% +2.3% Equity Prices Interest Rates 10% Decrease 10% Increase 50 bps Decrease 50 bps Increase HK$55 per share HK$69 per share Note: (1) The percentage impact is calculated before the effects of taxation and deduction of non -controlling interests
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71 IFRS 17 Discount Rates and Illiquidity Premium % 1 year 5 years 10 years 15 years 20 years Risk free With illiquidity premium Risk free With illiquidity premium Risk free With illiquidity premium Risk free With illiquidity premium Risk free With illiquidity premium USD 3.92 4.43 3.80 4.52 4.31 5.19 4.74 5.64 5.00 5.89 HKD 2.47 2.99 2.59 3.31 2.90 3.78 3.10 4.00 3.36 4.25 CNY 1.34 1.68 1.52 1.83 1.66 1.99 1.90 2.31 2.17 2.69 SGD 1.80 2.74 1.84 3.10 2.23 3.03 2.33 3.02 2.31 3.03 MYR 3.01 3.58 3.20 3.67 3.50 3.83 3.76 4.14 3.91 4.39 THB 1.47 1.74 1.41 1.83 1.61 2.12 1.73 2.34 1.97 2.68 Spot Rates as at 30 Jun 2025
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72 Other Sensitivity Analysis Note: Calculated based on position as at 30 Jun 2025 for CSM (net of reinsurance) and shareholders’ allocated equity 10% Fall 10% Rise 50 bps Decrease 50 bps Increase Equity Prices Interest Rates CSM (Net of Reinsurance) Shareholders’ Allocated Equity +3.3% (3.3)% (1.3)% +1.4% +1.6% (1.6)% (0.9)% +0.9%
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73 INDEX B A C E D F AIA China Growth Strategy Business Performance and Strategy Financial – EV Results Financial – IFRS Earnings Financial – Investments Financial – Capital and Others
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74 Total Invested Assets of $273.3b Real Estate 4% Others(2) 4% Total Invested Assets $273.3b Equities(1) 23% Fixed Income 69% 18% Par(3) Notes: As of 30 June 2025; Due to rounding, numbers presented in the table may not add up precisely (1) Includes equity shares, interests in investment funds and exchangeable loan notes (2) Cash and cash equivalents and derivative financial instruments used for risk management purposes (3) Including participating funds and other participating business with distinct portfolios ($b) Par (3) Business Non-par and Surplus Assets Total Government & Government Agency Bonds 30.4 80.8 111.1 Corporate Bonds 39.9 28.3 68.2 Structured Securities 0.4 3.4 3.8 Loans and Deposits 0.8 4.0 4.8 Fixed Income 71.4 116.5 187.9 Equities(1) 50.7 15.8 66.4 Real Estate 3.6 4.8 8.4 Others(2) 4.3 6.2 10.5 Total Invested Assets 129.9 143.3 273.3 % of Total Invested Assets 48% 52% 100% Notes: As of 30 Jun 2025; Due to rounding, numbers presented in the table may not add up precisely (1) Includes equity shares, interests in investment funds and exchangeable loan notes (2) Cash and cash equivalents and derivative financial instruments used for risk management purposes (3) Including participating funds and other participating business with distinct portfolios
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<1% 7% 47% 40% 5% Corporate Bonds By Credit Rating $28.3b BB & below(3) High-Quality, Diversified and Resilient Investment Portfolio Notes: As of 30 Jun 2025 (1) Includes equity shares, interests in investment funds and exchangeable loan notes (2) Cash and cash equivalents and derivative financial instruments used for risk management purposes (3) Including not rated bonds ($b) Non-par and Surplus Assets Government & Government Agency Bonds 80.8 Corporate Bonds 28.3 Structured Securities 3.4 Loans and Deposits 4.0 Fixed Income 116.5 Interests in investment funds & exchangeable loan notes 11.3 Equity shares 4.5 Equities(1) 15.8 Real Estate 4.8 Others(2) 6.2 Total Invested Assets 143.3 % of Total Invested Assets 52% AA A BBB ▪ Majority investment grade portfolio ▪ Average rating A- ▪ >1,400 issuers, diversified across sectors and geography ▪ Average holding size of $20m Total expected credit loss (ECL) provision of $0.3b, 0.3% of total fixed income(4) AIA Group’s Mainland China Exposure ▪ $1.5b in real estate bonds and equities(5) ▪ $1.5b in local government financing vehicles (LGFVs) AIA China’s Prudent Investment Portfolio ▪ >90% of AIA China’s fixed income portfolio in government bonds(6) 75 AAA (4) Excludes bonds measured at fair value through profit or loss (5) Excludes LGFVs (6) Government and government agency bonds
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>10 Years & No Fixed Maturity >5 - 10 Years >1 - 5 Years ≤1 Year Government & Government Agency Bonds Corporate Bonds Structured Securities Loans and Deposits 76 Fixed Income Portfolio Note: As of 30 Jun 2025 Total Fixed Income by Type Total Fixed Income by Maturity Total Fixed Income $187.9b 59% 36% 2% 3% 74% 10% 12% 4% Total Fixed Income $187.9b
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Non-Par and Surplus Assets (FVOCI) Par Business (FVTPL) Non-Par and Surplus Assets (FVTPL) Non-Par and Surplus Assets (AC) 77 Total Bonds by Accounting Classification Notes: As of 30 Jun 2025 (1) Including participating funds and other participating business with distinct portfolios Total Bonds by Accounting Classification 58% 39% 2% 1% (1) ($b) Par (1) Business Non-par and Surplus Assets Total Fair Value Through Other Comprehensive Income (FVOCI) - 106.1 106.1 Fair Value Through Profit or Loss (FVTPL) 70.6 3.9 74.5 Amortised Cost (AC) - 2.6 2.6 Total Bonds 70.6 112.5 183.2 Total Bonds $183.2b Notes: As of 30 Jun 2025; Due to rounding, numbers presented in the table may not add up precisely (1) Including participating funds and other participating business with distinct portfolios
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AAA AA A BBB BB & below 1H25 Government Agency Bonds(2) $14.9b 78 Government and Government Agency Bond Portfolio Government Bonds(1) by Geography Government Agency(2) Bonds by Rating Notes: As of 30 Jun 2025 (1) Government bonds include bonds issued in local or foreign currencies by either the government of the jurisdiction in which th e respective business unit operates or other governments (2) Government agency bonds comprise bonds issued by government-sponsored institutions such as national, provincial and municipal authorities; government-related entities; multilateral development banks and supranational organisations (3) Including not rated bonds Government Bonds(1) $96.3b Average Rating FY24 A+ 20% 18% 44% 17% 1% FY24 45% 18% 11% 7% 7% 3% 2% 7% 23% 16% 42% 18% 1% 1H25 (3) 44% 20% 11% 7% 6% 3% 2% 7% A+ Mainland China Thailand US Singapore South Korea Malaysia Philippines Others
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79 Corporate Bond Portfolio by Rating Corporate Bonds by Rating Corporate Bonds $68.2b Rating ($b) Par(1) Business Non-par and Surplus Assets Total AAA 0.4 0.1 0.5 AA 3.0 2.1 5.0 A 19.7 13.3 33.0 BBB 16.2 11.4 27.7 BB and below(2) 0.5 1.4 1.9 Total 39.9 28.3 68.2 Average Rating FY24 A- 1% 8% 48% 40% 3% (2) 1H25 A- 1% 7% 48% 41% 3% Notes: As of 30 Jun 2025; Due to rounding, numbers presented in the table may not add up precisely (1) Including participating funds and other participating business with distinct portfolios (2) Including not rated bonds BBB+ 4.6 BBB 4.7 BBB- 2.2 Total 11.4 AAA AA A BBB BB and below
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80 Corporate Bond Portfolio (Non-Par and Surplus Assets) Notes: As of 30 Jun 2025; Due to rounding, numbers presented in the tables may not add up precisely Corporate Bonds by Geography Non-par and Surplus Assets $b % of total Asia Pacific 19.3 68% United States 5.0 18% Other 4.1 14% Total 28.3 100% Corporate Bonds by Sector Non-par and Surplus Assets $b % of total Energy 2.7 9% Materials 1.3 5% Industrials 3.6 13% Consumer Discretionary 1.3 5% Consumer Staples 0.9 3% Healthcare 0.8 3% Financials – Banks 5.3 19% Financials – Financial Services 4.1 15% Financials – Insurance 0.9 3% Real Estate 2.4 8% Information Technology 1.0 3% Communication Services 2.0 7% Utilities 2.0 7% Total 28.3 100% 77% 12% 11% Corporate Bonds Financials and Real Estate Sector by Geography $12.7b US Other Asia Pacific
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AAA AA A BBB BB and below 81 Structured Security Portfolio Structured Securities by RatingRating ($b) Par (1) Business Non-par and Surplus Assets Total AAA 0.01 0.5 0.5 AA 0.01 0.5 0.5 A 0.1 1.1 1.2 BBB 0.2 1.3 1.4 BB and below(2) 0.1 0.1 0.1 Total 0.4 3.4 3.8 Average Rating FY24 A- (2) 11% 11% 37% 36% 5% Structured Securities $3.8b 1H25 A- 13% 13% 33% 38% 3% Notes: As of 30 Jun 2025; Due to rounding, numbers presented in the table may not add up precisely (1) Including participating funds and other participating business with distinct portfolios (2) Including not rated bonds
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AIA China: Prudent Investment Portfolio ▪ Asset allocation driven by liability cash flow matching in local currency ▪ 83% of invested assets in fixed income ▪ >90% of fixed income portfolio in government and government agency bonds ▪ Bond portfolio average international rating A ▪ Asset portfolio well diversified with insignificant alternative assets Prudent ALM Approach AIA China Invested Assets Non-par and Surplus Assets Government & Government Agency Bonds 77% Corporate Bonds(1) Equities(2) 13% Other 2% Real Estate 2% Notes: As of 30 Jun 2025 (1) Including ~1% in loans and deposits (2) Includes equity shares, interests in investment funds and exchangeable loan notes 82 6%
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83 INDEX B A C E D F AIA China Growth Strategy Business Performance and Strategy Financial – EV Results Financial – IFRS Earnings Financial – Investments Financial – Capital and Others
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13.6 9.9 12.6 + 3.6 (0.7) (0.1) (0.3) (0.5) (0.9) (1.8) (1.9) Free Surplus End of 2024 UFSG New Business Investment Unallocated Group Office Expenses Finance Costs and Others Investment Return Variances Other Non-operating Items and Exchanges Rates Free Surplus Before Returns to Shareholders Dividend Paid Share Buy-backs Free Surplus End of 1H25 84 Free Surplus Up 8% Before Shareholder Returns Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Includes $390m related to the additional growth capital provided to China Post Life and the acquisition of New Medical Centre Holding Limited in Hong Kong, $210m from foreign exchange translation and $169m following a local regulatory reserving change i n Thailand $2.4b Net Free Surplus Generation Shareholder Returns Free Surplus Movement ($b) $3.7b +8% on AER (1)
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85 Strong Shareholder Capital Ratio of 219% After $3.7b Returned Required Capital(2) ($b) Shareholder Capital Ratio End of 2024 In-Force Business Capital Generation(1) Finance Costs Investment Variances and Others(1) Shareholder Capital Ratio Before Returns to Shareholders Dividend Paid Share Buy-Backs End of 1H25 236% 219%239% (10) pps (11) pps (4) pps (2) pps +19 pps Shareholder Capital Resources ($b) New Business Investment (10) pps 17.2 +0.1 +0.7 - +0.1 18.1 - - 18.1 End of 2024 End of 1H25 40.4 +3.6 (0.03) (0.3) (0.5) 43.2 (1.8) (1.9) 39.5 End of 2024 End of 1H25 Notes: Due to rounding, numbers presented in the chart may not add up precisely (1) Shareholder capital ratio and resources include a notional GMT top-up tax calculated on an operating profit basis, which is incl uded in in-force business capital generation, while the actual GMT top -up tax incurred is included in closing shareholder capital ratio and resources. The difference between the notional GMT top-up tax calculated on an operating profit basis and the actual GMT top -up tax incurred is included in investment variances and others (2) Required capital as used in our embedded value calculations. For clarity, the required capital shown here does not include el igible Tier 2 debt capital
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86 Disciplined Financial Leverage Composition of Borrowings ($b) Notes: As of 30 Jun 2025 (1) Leverage ratio defined as total borrowings / (total borrowings + total equity + CSM net of reinsurance and taxes) (2) Grandfathered senior notes are senior notes issued before designation that have been approved by the HKIA as capital. Prior t o maturity, the approved senior notes receive full capital credit until 14 May 2031, after which the capital credit reduces at t he rate of 20% per annum until 14 May 2036 Group Total Leverage ($b) $14.3b Borrowings Grandfathered Senior Notes(2) 4.4 Subordinated Tier 2 Securities 7.113.4% Leverage Ratio (1) Total Equity 40.9 Borrowings 14.3 CSM Net of Reinsurance and Taxes 51.8 Other Senior Notes 2.8