Corporate Bond Portfolio and Investment Analysis
Definitions and Notes
AIA
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The Group adopted International Financial Reporting Standards (IFRS) 9, Financial instruments, IFRS 17, Insurance Contracts and Amendment to International Accounting Standard (IAS) 16, Property,
Plant and Equipment from 1 January 2023. The comparative financial information for the six months ended 30 June 2022 and the year ended 31 December 2022 have been restated under IFRS 9, IFRS 17
and Amendment to IAS 16, unless otherwise stated. Throughout the entire document, the impact from adopting IFRS 9 and the amendment to IAS 16 are included when referring to IFRS 17 figures.
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 2022 unless otherwise stated. Comparatives for balance sheet items are shown against the position as at 31 December 2022 unless
otherwise stated.
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 are accounted for using the six-month period ended 31 March 2023 and the six-
month period ended 31 March 2022 in AIA's consolidated results for the six-month period ended 30 June 2023 and the six-month period ended 30 June 2022, respectively. The results of China Post Life
are accounted for using the six-month period ended 31 March 2023 and the period from the completion of the investment on 11 January 2022 to 31 March 2022 in AIA's consolidated results for the six-
month period ended 30 June 2023 and the six-month period ended 30 June 2022, respectively.
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.
From 31 December 2022 onwards, the Group enhanced the presentation to further split and allocate the underlying assets held by consolidated investment funds to the respective fund segments of the
asset-backing liabilities. Where consolidated investment funds are held by third-party unit holders, these continue to be classified under consolidated investment funds. The financial information for 30 June
2022 and prior periods is presented before the above-mentioned change and the adoption of new accounting standards for IFRS 9 and IFRS 17.
All figures are presented in actual reporting currency (US dollar) unless otherwise stated. Growth rates are shown on a constant exchange rates (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 CER.
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 is referred
to as the "eligible group capital resources coverage ratio" in the group-wide supervision (GWS) framework and is calculated as the ratio of the eligible group capital resources to the GPCR on the prescribed
capital requirement (PCR) 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. 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.
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