Corporate Bond Portfolio and Investment Analysis

Government and Government Agency Bond Portfolio Government Bonds (1) by Geography Government Bonds (1) $71.2b Government Agency (2) Bonds by Rating AIA 1H23 FY22 ■Mainland China 38% 39% ■ Thailand 18% 18% 1H23 FY22 Average Rating A+ A+ ■ AAA 21% 21% ■ US 12% 9% ■ AA 20% 18% ■South Korea Government 8% 9% Singapore 8% 9% Philippines Agency Bonds (2) $14.4b A 42% 43% 3% 3% ■ BBB 15% 16% ■ Malaysia 3% 3% ■BB & below (3) 2% 2% ■ Others 10% 10% Government bonds include bonds issued in local or foreign currencies by either the government where the respective business unit operates or other governments Notes: As of 30 Jun 2023 (1) (2) (3) Including not rated bonds. 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 58

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