Slide 1: 2024 Annual Results Presentation
2024 ANNUAL RESULTS PRESENTATION 14 March 2025
Slide 2: Disclaimer
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”). Ref
Slide 3: Agenda
AGENDA 1 BUSINESS HIGHLIGHTS Lee Yuan Siong, Group Chief Executive and President 2 FINANCIAL RESULTS Garth Jones, Group Chief Financial Officer 3
Slide 4: Excellent Results in 2024
Excellent Results in 2024 VONB EV Equity OPAT per share UFSG per share +18% +9% per share +12% +10% $4,712m $71.6b 59.70 US cents 57.19 US cents RETURNS TO SHAREHOLDERS +10% Final Dividend per share $1.6b New Share Buy-back 4
Slide 5: The World's Leading Agency, 74% of Group VONB
The World’s Leading Agency, 74% of Group VONB Agency VONB ($m) Differentiated Strategy Driving Profitable Growth 3,707 3,192 +16% AIA’s Premier Agency Professional agency, End-to-end digitally #1 MDRT Globally focused on personalised advice enabled and powered by AI for 10 consecutive years Middle-C
Slide 6: Fast Growing Profitable Partnerships
Fast Growing Profitable Partnerships Partnership VONB ($m) Proven Bancassurance Model 1,301 Bancassurance VONB ✓ Leading Bank Partners more than doubled over 3 years +28% 1,019 ✓ Long-term Strategic Relationships >2x ✓ Digital and Analytics Integration ✓ Segment-targeted Propositions ✓ Professional
Slide 7: AIA Hong Kong: Excellent Growth and Record VONB of $1.8b
AIA Hong Kong: Excellent Growth and Record VONB of $1.8b Unrivalled Distribution Platform Strong Demand and Balanced Contribution Across Segments Strong MCV Momentum VONB ($m) #1 MDRT AGENCY MCV VONB(1) in Hong Kong +23% #1 Agency in +23% and Macau Hong Kong Agency 1,764 VONB +16% New Recruits 1,430
Slide 8: AIA China: Successful Execution of Differentiated Strategy
AIA China: Successful Execution of Differentiated Strategy Growth Driven by High-Quality New Business Growth From Leading Premier Agency Higher Volumes and Profitability #1 MDRT Globally Professional Premier Agency VONB ($m) Full-time, end-to-end digitally enabled +9% +18% Active Agents New Recruits
Slide 9: AIA China: Premier Agency Driving High-Quality New Business
AIA China: Premier Agency Driving High-Quality New Business Differentiated Product Mix 1 ▪ Provide diversified sources of earnings +26% TRADITIONAL ▪ >95% of agents sold a protection policy in FY24 VONB via agency PROTECTION in FY24 2 Tax-incentivised Products 19% Agency 1 Traditional Protection 46%
Slide 10: AIA China: Significant Headroom for Growth in Mainland China
AIA China: Significant Headroom for Growth in Mainland China Large Opportunity Across AIA China’s Footprint Original Footprint 1 Original Footprint – 5 Regions (pre 2019) 2 Recently Established – 5 Regions (2019-2023) 1 Beijing, Shanghai, Jiangsu, Guangdong, Shenzhen DEEPEN >140 million ~3% Penetrat
Slide 11: ASEAN: The Leading Life and Health Insurer in the Region
ASEAN: The Leading Life and Health Insurer in the Region Key Driver of AIA’s VONB #1 Life Insurer and #1 Health Insurer Across ASEAN (2) (3) VONB Growth #1 Agency #1 Health Insurer Thailand by MDRT #1 Protection +15% Rest of Group 34% Group VONB(1) ASEAN #1 Agency #1 Health Insurer Singapore by MDRT
Slide 12: Tata AIA Life: Agency-Led Platform to Capture India's Potential
Tata AIA Life: Agency-Led Platform to Capture India’s Potential Returned to Very Strong Leading Agency, >50% of Total VONB Top 3 Private Insurers in India(2) Growth from Apr 2024 Individual Weighted New Business Premiums VONB #1 #1 Agency >25% Productivity (1) by MDRT Agency VONB Growth +20% +20% >2
Slide 13: Clear Strategy Delivering Profitable New Business Growth
Clear Strategy Delivering Profitable New Business Growth Growing New Customers, Compelling Propositions Unrivalled Distribution Increasing Loyalty to Meet Customer Needs Powered by TDA >2 million Professional Record VONB New Customers, +7%(1) Advice $4.7b, +18% Ecosystem Building Long-term Relations
Slide 14: Market Leader in the Use of Technology, Digital and Analytics
Market Leader in the Use of Technology, Digital and Analytics Digital and AI-Powered Platform Enabling AIA’s Growth Strategy Modern Efficient Analytics-Enabled Technology Operations Business Unrivalled +61% 100% >90% 85% TDA-Enabled ANP from End-to-end >330 Cloud Straight-through Analytics and AI Di
Slide 15: Deploying Gen AI at Scale to Accelerate Growth
Deploying Gen AI at Scale to Accelerate Growth Selected Gen AI Use Cases Distribution Customer Operations Technology 53 Gen AI Role Play Training for Agents Contact Centre Copilot Document Summarisation Engine AI-Driven Application Development Gen AI Chat with Copilot Use Cases >4,400 >5,000 55% >3,
Slide 16: Profitable New Business Growth Drives Earnings and Cash
Profitable New Business Growth Drives Earnings and Cash Compounding New Business Growth Higher Earnings and ROE Increased Shareholder Returns VONB ($m) OPAT Per Share (US cents) UFSG Per Share (US cents) 4,712 59.70 57.19 3,995 53.45 51.88 +18% +12% +10% 2023 2024 2023 2024 2023 2024 Operating ROEV
Slide 17: Agenda
AGENDA 1 BUSINESS HIGHLIGHTS Lee Yuan Siong, Group Chief Executive and President 2 FINANCIAL RESULTS Garth Jones, Group Chief Financial Officer 17
Slide 18: Excellent Financial Results in 2024
Excellent Financial Results in 2024 $m, unless otherwise stated 2024 2023 YoY VONB 4,712 4,034 +18% EV Operating Profit 10,025 8,890 +19% per share GROWTH Operating ROEV 14.9% 12.9% +200 bps EV Equity 71,626 70,153 +9% per share Operating Profit After Tax (OPAT) per share (US cents) 59.70 53.94 +12%
Slide 19: Financial Results: Growth
FINANCIAL RESULTS Growth Earnings Capital & Cash 19
Slide 20: Excellent VONB Growth of 18% to $4.7b
Excellent VONB Growth of 18% to $4.7b Other Double-Digit Growth Across All Reportable Segments Markets 9% Malaysia 7% Hong Kong Mainland China Thailand VONB Hong Kong Singapore 9% 35% +23% +20% +15% +18% $1,764m $1,217m $816m $4,712m Thailand Singapore Malaysia Other Markets 16% Mainland China +15%
Slide 21: High-Quality Profitable New Business
High-Quality Profitable New Business Advantaged Product Mix with Attractive Returns Improved PVNBP Margins 15% Others 14% 2023 2024 17% 12% >20% IRR 10% 11% 11% Unit-linked 39% Traditional New Business Investment 10% 8% 8% VONB Protection 7% 7% 3-year Payback Period 34% Participating Overall Traditi
Slide 22: EV Operating Profit of $10.0b, Up 19% Per Share
EV Operating Profit of $10.0b, Up 19% Per Share YoY Changes in EV Operating Profit Components ($b) EV Operating Variances ($m) +19% per share + 0.2 (0.1) + 0.4 10.0 +$171m 188 + 0.7 8.8 17 2023 2024 ▪ 8.8% expense ratio, reduced by 60 bps EV VONB Expected Operating Finance Costs EV ▪ Improved persis
Slide 23: EV Equity of $71.6b, Up 9% Per Share
EV Equity of $71.6b, Up 9% Per Share EV Equity Movement ($b) +13% on CER +13% CER + 10.0 (0.1) (0.8) (1.2) +9% 78.1 (2.3) per share (4.2) 71.6 70.2 Operating ROEV Shareholder $6.5b Returns +200 bps to 14.9% Group EV Investment Others Exchange Group Dividend Share Group EV Equity Operating Profit Ret
Slide 24: EV Sensitivity to Market Movements Remains Small
EV Sensitivity to Market Movements Remains Small AIA China: Prudent EV Methodology and Assumptions Resilient to Interest Rate and Equity Market Volatility Impact on EV as at 31 Dec 2024 Existing Project actual yields to Fixed Income >30 Years average term to maturity Group Group Investments maturity
Slide 25: Financial Results: Earnings
FINANCIAL RESULTS Growth Earnings Capital & Cash 25
Slide 26: Operating Profit After Tax Up 12% Per Share
Operating Profit After Tax Up 12% Per Share 2024 OPAT Composition ($m) YoY +12% +6%(1) +1% OPAT Per Share Change (US cents) $5.7b 3,303 (781) 16.0% 59.70 Insurance Service Result (489) Operating (1,119) Margin 53.45 +12% 6,605 5,625 (56) +122 +$172m vs 2023 on CER CSM Operating Risk Adjustment Net I
Slide 27: Strong Underlying CSM Growth of 9.1%
Strong Underlying CSM Growth of 9.1% CSM Movement, Net of Reinsurance ($b) Underlying CSM Growth(1) + 2.8 (5.6) + 7.7 (1.0) (0.8) 56.2 +9.1% 53.1 CSM Release +7% CSM Release Rate(2) of 9.4% CSM New Business Expected CSM Variances Exchange CSM End of 2023 CSM Return on Release and Others Rates End of
Slide 28: Operating ROE Up 130 bps; Comprehensive Equity Up 10% Per Share
Operating ROE Up 130 bps; Comprehensive Equity Up 10% Per Share Shareholders’ Allocated Equity Movement ($b) Comprehensive Equity of $87.6b $6.8b Net Profit Shareholders’ Equity + Net CSM ($b) + 6.6 0.3 ++0.2 (0.7) 87.6 (2.3) +10% (4.2) per share 84.0 44.8 44.4 Operating ROE $6.5b Shareholder +130 b
Slide 29: Confidence in Delivering Our Earnings Target
Confidence in Delivering Our Earnings Target CSM ($b) Insurance Service Result ($b) OPAT Per Share (US cents) 9.1% Underlying CSM Growth(1) 74% of OPBT 9% to 11% Growth Target(2) CAGR from 2023 to 2026 56.2 5.7 53.1 +$3.1b 5.1 +12% +12% 59.70 53.45 2023 2024 2023 2024 2023 2024 2025 2026 Notes: CSM
Slide 30: Financial Results: Capital & Cash
FINANCIAL RESULTS Growth Earnings Capital & Cash 30
Slide 31: UFSG Up 10% Per Share
UFSG Up 10% Per Share 2024 Underlying Free Surplus Generation Components ($b) UFSG Per Share (US cents) 0.8 (0.1) 57.19 6.3 1.4 51.88 +10% +$355m vs 2023 on CER 4.3 Expected Distributable Expected Interest Expected Returnon… Diversification Operating Variances Other Underlying Free 2023 2024 Earning
Slide 32: Strong UFSG from In-Force, Profitable New Business Drives Growth
Strong UFSG from In-Force, Profitable New Business Drives Growth Compounding Profitable New Business Grows UFSG 10 Year Undiscounted Distributable Earnings Underlying Free Surplus Generation Illustration from In-Force Business(1) ($b) +$3.7b 46.6 in 2024 42.9 Year 1 Year 2 Year 3 Year 4 Year 5 Year
Slide 33: Free Surplus Up 19% Before Shareholder Returns
Free Surplus Up 19% Before Shareholder Returns Free Surplus Movement ($b) +19% CER Shareholder $6.5b Returns + 6.3 (1.5) (0.3) (0.5) (1.3) 19.0 (2.3) (4.2) 16.3 12.6 $4.0b Net Free Surplus Generation Free Surplus Underlying New Business Unallocated Finance Costs Investment Free Surplus Dividend Shar
Slide 34: Capital Management Policy Returning $4.0b to Shareholders
Capital Management Policy Returning $4.0b to Shareholders $3.0b payout as follows: Payout Ratio Target: 1 75% of Annual ▪ $2.4b total dividends following 10% increase in final dividend per share Net Free Surplus Generation ▪ $0.6b remainder through share buy-back Ongoing Regular Review and 2 Return
Slide 35: Shareholders' View of Group Capital
Shareholders’ View of Group Capital Pro Forma Free Surplus ($b) Shareholders’ View of Capital ($b) 38.2 12.6 (0.7) Pro Forma (1.6) Free Surplus 10.3 10.3 [ Shareholder 223% Capital Ratio Eligible Pro Forma Tier 2 Debt 10.7 Required Capital (1) 17.2 17.2 Free Surplus Share Buy-Back New Share Pro Form
Slide 36: Strong Track Record of Cash Returns to Shareholders
Strong Track Record of Cash Returns to Shareholders Prudent, Sustainable and Progressive Dividend Policy $18.2b Returned Over 3 Years $12.0b share buy-back completed in Feb 2025 Total Dividend Per Share (HK cents) Dividends Paid and Share Buy-back ($b) 175.48 6.5 5.8 5.9 33.00 2011 2012 2013 2014 20
Slide 37: Excellent 2024 Financial Performance, Confidence in Outlook
Excellent 2024 Financial Performance Confidence in Outlook ▪ Double-digit growth in key metrics for new business, earnings and cash generation ▪ Resilient EV Equity of $71.6b, up 9% per share ▪ Operating ROEV up 200 bps to 14.9%, and operating ROE up 130 bps to 14.8% ▪ OPAT per share up 12% and conf
Slide 38: Definitions and Notes (1 of 3)
DEFINITIONS AND NOTES (1 of 3) ▪ Throughout the presentation unless otherwise stated, 1) growth rates and year-on-year changes are shown as 2024 against 2023, and 2) comparatives in 2023 (except for those on the movement charts) are shown on a constant exchange rate basis ▪ The financial information
Slide 39: Definitions and Notes (2 of 3)
DEFINITIONS AND NOTES (2 of 3) ▪ Composition of investments includes participating funds and other participating business with distinct portfolios, non-par funds and surplus assets. ▪ Comprehensive equity is defined as shareholders’ equity plus net contractual service margin (CSM). ▪ CSM is a compon
Slide 40: Definitions and Notes (3 of 3)
DEFINITIONS AND NOTES (3 of 3) ▪ Operating ROE stands for operating return on shareholders’ allocated equity and is calculated as operating profit after tax attributable to shareholders of the Company, expressed as a percentage of the simple average of opening and closing shareholders’ allocated equ
Slide 41: Appendix
aN HEALTHIER, LONGER, BETTER LIVES Ae APPENDIX
Slide 42: Strong Growth Across Key Metrics in 2024
Strong Growth Across Key Metrics in 2024 VONB ($m) UFSG per share (US cents) 4,712 57.19 17.54 667 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 COVID-19 COVID-19 OPAT per share (US cents) Total D
Slide 43: Unparalleled Growth Platform
Unparalleled Growth Platform Geographical Mix Distribution Mix Product Mix By VONB By VONB By VONB Other Markets 9% Others Malaysia 17% 7% Partnerships 26% Hong Kong Singapore 35% Unit-linked Traditional 9% Protection 10% 39% Thailand 16% Agency 74% Mainland China Participating 24% 34% 43 Note: By 2
Slide 44: Geographical Market Performance
Geographical Market Performance Hong Kong ($m) 2024 2023 CER AER Singapore ($m) 2024 2023 CER AER VONB 1,764 1,430 +23% +23% VONB 454 394 +15% +15% VONB Margin 65.5% 57.5% +8.0 pps +8.0 pps VONB Margin 50.5% 67.2% (16.8) pps (16.7) pps ANP 2,609 2,407 +8% +8% ANP 897 586 +52% +53% TWPI 12,456 11,554
Slide 45: AIA China Quarterly VONB Trend
AIA China Quarterly VONB Trend AIA China VONB 10-Year Chinese Government Bond (Spot) Yield % 2023 2024 3.0 +38% 2.5 2.0 1.83% 12 Mar 2025 1.5 1Q 2025 VONB calculated based on 1.68% 1.0 1Q 2Q 3Q 4Q 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 45
Slide 46: AIA Thailand: Consistent Execution, Clear Market Leader
AIA Thailand: Consistent Execution, Clear Market Leader Strong New Business Growth Outstanding Professional Agency Profitable Partnerships VONB ($m) 816 +17% +6% +10% #1 MDRT Agency Active Productivity in Thailand 708 +15% VONB Agents by VONB since IPO +18% VONB Continued Success with Financial Advi
Slide 47: AIA Singapore: Strong Demand in Affluent and HNW Segments
AIA Singapore: Strong Demand in Affluent and HNW Segments Growing Multi-Channel Clear Leader in Agency in Singapore Distribution #1 MDRT +6% +9% +15% VONB ($m) for 10 Years in Singapore Active Agents Agent Productivity Active New Agents by VONB 454 396 +15% Differentiated Propositions Profitable New
Slide 48: AIA Malaysia: Protection-Focused Profitable New Business Growth
AIA Malaysia: Protection-Focused Profitable New Business Growth Strong VONB Growth Driven by Bancassurance High-Quality Profitable New Business VONB ($m) #1 MDRT VONB Growth for 8 Years in Malaysia Premier Agency 349 Others 317 6% Traditional +10% Protection 36% VONB VONB ($m) 58% Unit-linked (>90%
Slide 49: 2024 ANW Movement
2024 ANW Movement ANW Movement ($b) (0.2) +0.5 (0.5) +1.4 (0.6) (0.6) +5.2 36.9 (2.3) (4.2) 32.0 30.5 ANW Expected Contribution Operating Finance ANW Investment Other Exchange Dividend Share ANW End of 2023 Return to Experience Costs Before Return Non- Rates and Paid Buy-Back End of 2024 ANW from Va
Slide 50: 2024 VIF Movement
2024 VIF Movement VIF Movement ($b) +5.0 (0.3) 40.6 (1.4) (0.2) (0.5) 38.5 35.4 + 0.4 VIF Expected Contribution Operating VIF Investment Other Exchange VIF End of 2023 Return to VIF Experience Before Return Non-operating Rates End of 2024 from VONB Variances Non-operating Variances and Variances and
Slide 51: Shareholders' IFRS Equity and ANW
Shareholders’ IFRS Equity and ANW Reconciliation of Shareholders’ IFRS Equity to ANW ($b) + 2.6 (0.05) (0.9) (3.5) 40.5 +0.1 38.7 (8.2) 30.5 Shareholders' Difference Mark-to-market Deferred Elimination Non-controlling ANW Adjustment to ANW Equity between Adjustment for Tax Impacts of Intangible Inte
Slide 52: 2024 OPAT of $6.6b, Up 12% Per Share
2024 OPAT of $6.6b, Up 12% Per Share Other Markets Hong Kong Mainland China Thailand Malaysia 8% 5% Singapore $2,499m $1,597m $1,019m 10% OPAT Hong Kong +15% +5% +9% 38% $6,605m Singapore Malaysia Other Markets Thailand +7% 15% $669m $331m $507m +1% +10% (5)% Mainland China 24% Note: Group OPAT incl
Slide 53: $3.3b Net Investment Result from Non-Par and Surplus Assets
$3.3b Net Investment Result from Non-Par and Surplus Assets Net Investment Result After Expenses ($m) From Non-par and Surplus Assets 5,816 (2,288) Expected long-term investment return for FY23 1H24 FY24 1,384 equities and real estate (225) 3,303 Fixed Income Yield(3) 4.3% 4.3% 4.3% Interest revenue
Slide 54: Net Profit of $6.8b
Net Profit of $6.8b Reconciliation of OPAT to Net Profit $m 2024 2023 YoY OPAT 6,605 6,156 +7% Short-term investment and (427) (2,027) (79)% discount rate variances, net of tax Reclassification of revaluation gains (155) (8) 1,838% for property held for own use, net of tax Other non-operating items,
Slide 55: Comprehensive Equity of $87.6b; Confirms AIA's Prudent EV
Comprehensive Equity of $87.6b; Confirms AIA’s Prudent EV Small Sensitivities for VONB to EV Equity to Comprehensive Equity New Business CSM ($b) Comprehensive Equity ($b) Impact on 2024 As at 31 Dec 2024 Comprehensive Equity(1) 7.7 87.6 Interest Rates 71.6 Net CSM 50 bps Decrease +3.7% 4.7 50 bps I
Slide 56: Shareholders' View of Group Capital Position
Shareholders’ View of Group Capital Position Reconciliation of Group LCSM Surplus to Free Surplus ($b) 47.5 (8.7) (3.3) (12.2) (10.7) 12.6 Group Removal of Different Capital Consolidated Additional Eligible Free Surplus LCSM Surplus Par Surplus Requirements Reserving and Capital Tier 2 End of 2024 E
Slide 57: Strong Shareholder Capital Ratio of 236% After $6.5b Returned
Strong Shareholder Capital Ratio of 236% After $6.5b Returned +5.7 (0.2) (0.5) +1.2 46.9 (2.3) (4.2) 40.8 40.4 Shareholder Capital Resources ($b) End of 2023 End of 2024 269% +46 (27) (3) (12) 274% (14) (24) 236% pps pps pps pps pps pps Shareholder End of 2023 In-Force New Finance Investment Shareho
Slide 58: Discipline Around Financial Leverage
Discipline Around Financial Leverage Group Total Leverage ($b) Composition of Borrowings ($b) Other Loans 0.1 CSM Net of Reinsurance and Taxes 47.3 Leverage Ratio(1) Borrowings Subordinated Borrowings Senior Tier 2 Notes 13.1% 13.3 Securities 6.3 $13.3b 6.9 Total Equity 40.8 Notes: As of 31 Dec 2024
Slide 59: Total Invested Assets of $255.3b
Total Invested Assets of $255.3b (3) Non-par Par and Surplus Total Others(2) Business Assets Real Estate 4% ($b) 3% Government & Government Agency Bonds 28.9 73.4 102.3 Corporate Bonds 39.2 28.7 67.9 Equities(1) 24% Structured Securities 0.3 1.8 2.1 Loans and Deposits 0.4 3.6 4.0 18% Total Par(3) Fi
Slide 60: High-Quality, Diversified and Resilient Investment Portfolio
High-Quality, Diversified and Resilient Investment Portfolio AAA Non-par BB & below(3) <1% and Surplus AA ($b) Assets 6% 8% Investment grade corporate bond portfolio Government & Government Agency Bonds 73.4 Corporate ▪ Average rating A- BBB Bonds Corporate Bonds 28.7 38% By Credit Rating A ▪ >1,600
Slide 61: Fixed Income Portfolio
Fixed Income Portfolio Total Fixed Income by Type Total Fixed Income by Maturity Government & Government 58% >10 Years & 72% Agency Bonds No Fixed Maturity Corporate Bonds 39% >5 - 10 Years 10% Total Fixed Total Fixed Income Income $176.3b Structured Securities 1% $176.3b >1 - 5 Years 13% Loans and
Slide 62: Total Bonds by Accounting Classification
Total Bonds by Accounting Classification Non-par Par (1) and Surplus Total Total Bonds by Accounting Classification Business ($b) Assets Fair Value Through Other Non-Par and Surplus Assets 57% - 97.8 97.8 Comprehensive Income (FVOCI) (FVOCI) (1) Fair Value Through Profit Par Business (FVTPL) 40% 68.
Slide 63: Government and Government Agency Bond Portfolio
Government and Government Agency Bond Portfolio Government Bonds(1) by Geography Government Agency(2) Bonds by Rating 2024 2023 2024 2023 Mainland China 45% 41% Average Rating A+ A+ Thailand 18% 17% AAA 20% 21% US 11% 9% AA 18% 20% Government South Korea 7% 9% Government Bonds(1) Agency A 44% 41% Si
Slide 64: Corporate Bond Portfolio by Rating
Corporate Bond Portfolio by Rating Non-par Par(1) Rating ($b) and Surplus Total Business Assets Corporate Bonds by Rating 2024 2023 AAA 0.5 0.1 0.6 Average Rating A- A- AA 2.9 2.4 5.3 AAA 1% 1% A 19.0 13.5 32.5 AA 8% 7% Corporate Bonds 48% 45% BBB 16.4 11.0 27.3 A $67.9b BBB 40% 43% BB and below(2)
Slide 65: Corporate Bond Portfolio (Non-Par and Surplus Assets)
Corporate Bond Portfolio (Non-Par and Surplus Assets) Corporate Bonds by Geography Corporate Bonds by Sector Non-par and Surplus Assets Non-par and Surplus Assets $b % of total $b % of total Asia Pacific 19.3 67% Energy 2.5 9% United States 5.7 20% Materials 1.2 4% Other 3.8 13% Industrials 3.6 12%
Slide 66: Structured Security Portfolio
Structured Security Portfolio (1) Non-par Rating ($b) Par and Surplus Total Structured Securities by Rating Business Assets Total $2b 2024 2023 AAA - 0.2 0.2 Average Rating A- A- AA 0.004 0.2 0.2 AAA 11% 7% A 0.1 0.7 0.8 AA 11% 14% Structured BBB 0.2 0.6 0.8 Securities A 37% 32% $2.1b BBB 36% 40% BB
Slide 67: AIA China: Prudent Investment Portfolio
AIA China: Prudent Investment Portfolio Real Estate Other 2% 3% Equities(2) Prudent ALM Approach 12% Corporate Bonds(1) ▪ Asset allocation driven by liability cash flow matching in local currency 6% AIA China Invested Assets ▪ 83% of invested assets in fixed income Non-par and Surplus Assets ▪ >90%
Slide 68: Risk Discount Rate and Risk Premium
Risk Discount Rate and Risk Premium As at 30 Nov 2010 As at 31 Dec 2024 Long-term Long-term Risk Discount Risk Risk Discount Risk 10-year 10-year Rates Premium Rates Premium % Govt Bonds Govt Bonds Australia 8.75 5.65 3.10 7.92 3.80 4.12 Mainland China 10.00 3.74 6.26 8.36 2.70 5.66 Hong Kong 8.00 3
Slide 69: IFRS 17 Discount Rates and Illiquidity Premium
IFRS 17 Discount Rates and Illiquidity Premium Spot Rates as at 31 Dec 2024 1 year 5 years 10 years 15 years 20 years With With With With With Risk free illiquidity Risk free illiquidity Risk free illiquidity Risk free illiquidity Risk free illiquidity premium premium premium premium premium % USD 4
Slide 70: Sensitivity Analysis: Embedded Value
Sensitivity Analysis: Embedded Value Sensitivity of EV as at 31 Dec 2024 Equity prices +10% +3.2% Equity prices -10% (3.3)% Interest rates +50 bps (0.8)% Interest rates -50 bps +0.7% Presentation currency 5% appreciation (1.7)% Presentation currency 5% depreciation +1.7% Lapse/discontinuance rates +
Slide 71: Sensitivity Analysis: VONB
Sensitivity Analysis: VONB Sensitivity of VONB for 2024 Interest rates +50 bps +2.0% Interest rates -50 bps (2.5)% Presentation currency 5% appreciation (3.4)% Presentation currency 5% depreciation +3.4% Lapse/discontinuance rates +10% (5.6)% Lapse/discontinuance rates -10% +6.2% Mortality/morbidity
Slide 72: Other Sensitivity Analysis
Other Sensitivity Analysis CSM Shareholders’ Group LCSM (Net of Reinsurance) Allocated Equity Coverage Ratio Equity Prices 10% Fall (1.6)% (3.3)% - pps 10% Rise +1.6% +3.3% - pps Interest Rates 50 bps Decrease +0.8% +1.5% +10 pps 50 bps Increase (0.7)% (1.4)% (10) pps Note: Calculated based on posit
Slide 73: AIA's Profitable Growth Strategy
AIA’s Profitable Growth Strategy Strategic Priorities Leading Customer Experience Unrivalled Distribution Compelling Propositions Seamless omnichannel customer Scale capacity and productivity through Be the leading provider of personalised experience with best-in-class engagement digitalisation and
Slide 74: AIA's Integrated Healthcare Strategy
AIA’s Integrated Healthcare Strategy Personalised Integration with Advanced Healthcare Health Insurance Outpatient Clinics Administration and Management Be the leading provider of Deliver better health outcomes Provide more effective personalised health insurance at lower costs through strategic car
Slide 75: Embedding ESG in Our Business
Embedding ESG in Our Business AIA’s To be a global industry leader in ESG, shaping a more sustainable future for the communities Ambition we serve and creating long-term value for all our stakeholders ESG Strategy Health and Wellness Sustainable Investment Sustainable Operations ▪ Engage and inspire
Slide 76: ESG: Helping People Live Healthier, Longer, Better Lives
ESG: Helping People Live Healthier, Longer, Better Lives Healthier Planet, Health and Wellness Sustainable Investment Healthier Communities AIA’s Purpose is to help people live Healthier, Longer, >$2 trillion CFA ESG Better Lives. It underpins everything we do. total sums assured AIA One Billion $6.