Corporate Bond Portfolio and Investment Analysis

Structured Security Portfolio Par (1) Rating ($b) Non-Par and Surplus Total Business Assets AAA 0.1 0.1 0.2 AA 0.1 0.2 0.2 Structured Securities by Rating AIA 1H23 FY22 Average Rating BBB BBB - ААА 8% 7% A 0.1 0.6 0.7 ■ AA 10% 11% Structured Securities A 30% 28% BBB 0.1 0.7 0.8 $2.2b ■ BBB 37% 37% BB and below (2) 0.1 0.3 0.3 ■BB and below (2) 15% 17% Total 0.4 1.8 2.2 Notes: As of 30 Jun 2023; Due to rounding, numbers presented in the chart may not add up precisely (1) (2) Including participating funds and other participating business with distinct portfolios Including not rated bonds 19 61

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