Corporate Bond Portfolio and Investment Analysis

Financial Discipline Driving Free Surplus Generation Underlying Free Surplus Generation ($m) (18.2) Use of Free Surplus Since IPO ($b) Note: (1) 1,094 3.0x 3,288 (16.9) Cumulative >20% IRR Free Surplus +64.1 Generation (1) New Business Investment AIA (5.5) (6.7) (3.9) (1.6) 16.3 Free Surplus End of 2010 5.0 1H10 1H23 New Business Investment Dividend Paid Share Buy-back Acquisitions Includes $7.8b from HKRBC early adoption and release of additional resilience margins at 1 Jan 2022 Unallocated Group Office Expenses, Finance Costs and Other Investment Return Variances and Other Items Free Surplus End of 1H23 52 52

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