Aia Group Limited · HKEX:1299
Aia — H1 2019 Earnings Presentation
68 slides from Aia's earnings presentation, Aug 23, 2019
Slide 1: 2019 Interim Results Presentation
2019 INTERIM RESULTS PRESENTATION 23 August 2019 AIA confidential and proprietary information. Not for distribution.
Slide 2: Disclaimer
Disclaimer This document (“document”) has been prepared by AIA Group Limited (the “Company”) and its advisers solely for use at the presentation held in connection with the announcement of the Company’s financial results (the “Presentation”). References to “document” in this disclaimer shall be cons
Slide 3: Agenda
Agenda 01 KEY BUSINESS HIGHLIGHTS Ng Keng Hooi, Group Chief Executive 02 FINANCIAL RESULTS Garth Jones, Group Chief Financial Officer 03 STRATEGIC PRIORITIES Ng Keng Hooi, Group Chief Executive 04 Q&A Ng Keng Hooi, Group Chief Executive Garth Jones, Group Chief Financial Officer Bill Lisle, Regional
Slide 4: Ng Keng Hooi
Value of New Business $2,275m +20% Operating Profit After Tax $2,898m +12% Underlying Free Surplus Generation $2,804m +15% Ng Keng Hooi Interim Dividend Per Share Group Chief Executive 33.30 HK cents +14%
Slide 5: 1H2019 Excellent Delivery Across All Key Metrics
1H2019 Excellent Delivery Across All Key Metrics Growth Earnings Capital & Dividends Value of New Business Operating Profit After Tax Underlying Free Surplus Gen $2,275m $2,898m $2,804m +20% +12% +15% EV Equity(1) Operating ROE(2) Interim Dividend Per Share $61.4b 14.6% 33.30 HK cents +$5.2b +70 bps
Slide 6: Uniquely Diversified Growth Platform
Uniquely Diversified Growth Platform Distribution Mix Product Mix Geographical Mix % of VONB % of VONB % of VONB 5% Others 6% Malaysia 8% 7% Singapore Unit-linked 28% Partnerships 9% Thailand 9% Other Markets 42% Participating 29% China 72% Agency Traditional 45% Protection 40% Hong Kong 1H2019 1H20
Slide 7: Distribution and Product Strength
Distribution and Product Strength Unrivalled Distribution Product Innovation Agency VONB ($m) >12,000 1,708 Registered MDRT members 1,417 +21% +22% YOY Life Critical Medical Long-term 2.0x 2.9x Protection Illness & Heath Savings Active Agents VONB per Active Agent 1H2018 1H2019 since IPO since IPO ▪
Slide 8: Market Highlights
Market Highlights Hong Kong China Thailand VONB ($m) VONB ($m) VONB ($m) 945 796 702 +19% 523 +34% 205 215 +5% 1H2018 1H2019 1H2018 1H2019 1H2018 1H2019 ▪ Very strong agency VONB growth ▪ Strong double-digit active agent growth ▪ FA(2) represented 15% of total agents; driven by quality recruitment c
Slide 9: Market Highlights (cont.)
Market Highlights (cont.) Singapore Malaysia Other Markets VONB ($m) VONB ($m) VONB ($m) 224 +17% 173 0% 173 192 130 118 +10% 1H2018 1H2019 1H2018 1H2019 1H2018 1H2019 ▪ Lower sales volumes of single ▪ Double-digit agency VONB growth ▪ Excellent VONB growth in Vietnam premium business ▪ Half of new
Slide 10: Consistent Execution Driving Growth, Earnings and Cash
Consistent Execution Driving Growth, Earnings and Cash VONB ($m) OPAT ($m) 2,275 2,898 2,653 7.5x 1,954 3.0x 2,233 1,605 1,956 1,798 1,260 1,615 1,428 959 1,119 1,220 792 969 645 512 303 399 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19 EV Equity
Slide 11: Garth Jones
Garth Jones Group Chief Financial Officer
Slide 12: Excellent Financial Results
Excellent Financial Results 22 ($m) 1H2019 1H2018 CER AER VONB 2,275 1,954 20% 16% EV Operating Profit 4,523 4,152 11% 9% Growth Operating ROEV(1) 17.3% 17.0% 0.3 pps 0.3 pps EV Equity(2) 61,418 56,203 8% 9% Operating Profit After Tax 2,898 2,653 12% 9% IFRS Operating ROE(1) 14.6% 14.2% 0.7 pps 0.4
Slide 13: Growth
Growth Earnings Capital and Dividends 13
Slide 14: Strong and Broad-based Profitability
Strong and Broad-based Profitability VONB ($m) VONB Margin Movement 2,275 +3.9 pps +1.8 pps (0.6) pps +20% +1.0 pps 1,902 65.6% 59.5% 1H2018 Product Geographical Channel Others Including 1H2019 1H2018 1H2019 VONB Mix Mix Mix Assumption VONB Margin Changes Margin ANP ($m) PVNBP Margin by Product 15%
Slide 15: EV Operating Profit up 11% – EV Equity of $61.4b
EV Operating Profit up 11% – EV Equity of $61.4b 1H2019 EV Equity Movement ($m) 1,576 564 (1,448) 2,275 343 (103) 2,008 EV Operating Profit 60,726 61,418 56,203 $4.5b (1) +11% Group Expected VONB Operating Finance Group Investment Exchange Dividend Group EV Equity Return on EV Variances Costs EV Equ
Slide 16: Value Creation from Quality Operating Performances
Value Creation from Quality Operating Performances Mortality and Morbidity Claims Experience Variances ($m) Cumulative EV Operating Variances ($m) 2,371 158 2,028 141 120 110 1,425 97 87 1,129 83 79 69 735 487 379 255 144 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19 2011 2012 2013 2014 2015 2016 201
Slide 17: Interest Rates and EV Sensitivity
Interest Rates and EV Sensitivity AIA Long-term Assumptions vs Market Rates Sensitivity of EV Weighted Average by Geography(1) As at 30 Jun 2019 4.5% 59,746 (1.4)% (0.7)% 0.2% 1.4% 4.0% 10% fall in 50 basis 50 basis 10% rise 3.5% equity points points in equity prices decrease increase prices in inte
Slide 18: Earnings
Growth Earnings Capital and Dividends 18
Slide 19: Operating Profit After Tax up 12%
Operating Profit After Tax up 12% TWPI ($m) OPAT ($m) 16,405 14,057 +17% 2,898 +12% 2,587 1H2018 1H2019 Expense Ratio 7.1% 0 pps 7.1% 1H2018 1H2019 1H2018 1H2019 Note: Comparatives are shown on a constant exchange rate basis 19
Slide 20: Diversified OPAT Growth Across the Region
Diversified OPAT Growth Across the Region 1H2019 OPAT Hong Kong China 1H2019 OPAT by Market Segment $997m $537m +8% +32% Other Markets 14% Thailand Singapore Malaysia 6% Hong Kong $528m $281m 34% Singapore +8% +5% 10% Malaysia Other Markets $167m $414m Thailand 18% China 18% +10% +11% 20
Slide 21: IFRS Shareholders’ Allocated Equity of $40.3b
IFRS Shareholders’ Allocated Equity of $40.3b IFRS Shareholders’ Allocated Equity Movement ($m) +11% 1,173 (207) (1,448) 1,060 2,898 40,659 40,271 36,795 Allocated Equity Operating Profit Investment Return Other Dividend Paid Other Capital Allocated Equity End of 2018 After Tax Movements(1) Non-oper
Slide 22: Strong ROEV and ROE Progression
Strong ROEV and ROE Progression Profitable Growth Driving EV and ROEV Earnings Growth Delivering Increased ROE EV Equity ($b) Shareholders’ Allocated Equity ($b) 2.8x 61.4 2.1x 40.3 53.6 36.3 48.6 32.7 40.5 41.7 27.6 28.2 36.9 25.0 33.3 23.4 27.6 29.1 19.3 20.0 22.2 1H10 1H11 1H12 1H13 1H14 1H15 1H1
Slide 23: Capital and Dividends
Growth Earnings Capital and Dividends 23
Slide 24: Self-financed Growth at Attractive Returns
Self-financed Growth at Attractive Returns Free Surplus(1) of $16.1b ($m) +$1.9b 2,804 (750) 848 (1,448) (115) (13) $1b CBA Transaction(2) 16,677 14,751 16,077 Free Surplus Underlying New Business Unallocated Finance Cost Free Surplus Investment Return Dividend Free Surplus End of 2018 Free Surplus
Slide 25: Changing Capital Framework
Changing Capital Framework 2018 2019 2020 2021 2022 HK RBC HK RBC HK RBC GWS HK RBC QIS1 QIS2 QIS3 Effective Effective (estimated) (estimated) Group-wide Supervision (GWS) Hong Kong Risk-Based Capital (HK RBC) ▪ HKIA as Group-wide Supervisor with minimum and ▪ HKIA will replace current HKIO basis wi
Slide 26: Disciplined Financial Management
Disciplined Financial Management Growth Earnings Capital & Dividends VONB ($m) OPAT ($m) Underlying Free Surplus Generation ($m) 2,898 2,804 2,275 2,653 2,497 1,954 2,290 2,233 1,605 1H2017 1H2018 1H2019 1H2017 1H2018 1H2019 1H2017 1H2018 1H2019 26
Slide 27: Interim Dividend Increase of 14%
Interim Dividend Increase of 14% Interim Dividend Per Share (HK cents) 33.30 3.0x 29.20 25.62 21.90 18.72 16.00 13.93 12.33 11.00 1H2011 1H2012 1H2013 1H2014 1H2015 1H2016 1H2017 1H2018 1H2019 27
Slide 28: Financial Discipline and Consistent Execution
Financial Discipline and Consistent Execution ▪ Excellent growth in profitable new business Growth ▪ Strong and diversified pan-regional growth portfolio ▪ VONB growth delivered increased ROEV at scale ▪ Strong growth in IFRS operating profit Earnings ▪ Balanced sources of earnings ▪ Increased ROE o
Slide 29: Ng Keng Hooi
Ng Ng Keng Keng Hooi Hooi Group Group Chief Chief Executive Executive
Slide 30: Asia’s Middle Class Growth Opportunity
Asia’s Middle Class Growth Opportunity Superior Economic Growth Asia is Under-Protected Asia-Pacific (ex-Japan) Mortality Protection Gap 8% India 6% China GDP Growth 2020E $73 trillion US$73 trillion ASEAN 4% 2010 $34 trillion US$34 trillion 2% US Euro Area UK Total Sum Assured Total Savings Protect
Slide 31: Emerging Opportunities for our Next Century
Emerging Opportunities for our Next Century China Expansion Emerging ASEAN India Potential Acceleration in China’s Opening Indonesia, Philippines, Vietnam Strategic Multi-distribution Model $13.4t GDP (2018) $1.6t GDP (2018) $2.7t GDP (2018) Structural Demand Drivers ▪ AIA China already 100% owned 1
Slide 32: Healthier, Longer, Better Lives
Healthier, Longer, Better Lives ▪ Purpose-led brand promise improving customer health and well-being ▪ AIA-Spurs partnership extended to 2027 ▪ David Beckham events and media campaigns in AIA markets 32
Slide 33: Customer-centric Journey: from “Payer” to “Partner”
Customer-centric Journey: from “Payer” to “Partner” Differentiated Health & Well-being Strategic Framework PREDICT PREVENT DIAGNOSE TREAT RECOVER Regional exclusive strategic partnership providing personal medical case management 15m times members achieved 12 Markets weekly target Service Initiation
Slide 34: AIA Group – Delivering Sustainable Shareholder Value
AIA Group – Delivering Sustainable Shareholder Value ▪ Unprecedented long-term growth opportunities ▪ Significant and sustainable competitive advantages ▪ Clear and aligned growth strategy ▪ Experienced and proven management team ▪ Disciplined and consistent execution 34
Slide 35: Q&A Session
I 5 CELEBRATING ANIM aN HEALT! BETTER 4 108 a= | Il iil ce] &A Session as HEALTHIER LONGER,
Slide 36: Definitions and Notes
Definitions and Notes ▪ In the context of our reportable market segments, Hong Kong refers to operations in Hong Kong Special Administrative Region and Macau Special Administrative Region; Singapore refers to operations in Singapore and Brunei; China refers to operations in Mainland China; and Other
Slide 37: Appendix
APPENDIX CELEBRATING 100 Sy HEALTHIER, LONGER, SQ] PS BETTER Lives
Slide 38: Regional Chief Executive Organisation
Regional Chief Executive Organisation Ng Keng Hooi Group Chief Executive and President Regional Chief Executives Bill Lisle Jacky Chan John Cai Tan Hak Leh ▪ Thailand ▪ Hong Kong and Macau ▪ China ▪ Singapore and Brunei ▪ Australia and New Zealand ▪ Indonesia ▪ Taiwan ▪ Malaysia ▪ India ▪ Philippine
Slide 39: Delivering Through Market Cycles
Delivering Through Market Cycles 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 ▪ Anaemic ▪ US sovereign ▪ Expansionary ▪ Strengthening ▪ Lower for ▪ US interest ▪ China ▪ Positive ▪ Trade tensions ▪ Trade tensions GFC downgrade policy; US recovery longer rate increase slowdown China ▪ China ▪ Ho
Slide 40: AIA’s Competitive Advantages and Strategic Priorities
AIA’s Competitive Advantages and Strategic Priorities Structural Drivers of Growth Rapid Increasing Low insurance Ageing population Understanding urbanisation prevalence of penetration and and growing need consumer and significant lifestyle-related limited social for retirement preferences and wealt
Slide 41: Strong and Resilient Growth Portfolio
Strong and Resilient Growth Portfolio 1H2019 VONB Hong Kong China 1H2019 VONB by Market Segment $945m $702m Other +19% +34% Markets 9% Malaysia 6% Thailand Singapore Singapore $215m $173m 7% Hong Kong +5% 0% 40% Thailand 9% Malaysia Other Markets $130m $224m China +10% +17% 29% 41
Slide 42: Balanced Product Mix and Diversified Earnings
Balanced Product Mix and Diversified Earnings Sources of IFRS Operating Profit(1) OPAT by Market Segment Return on Other Markets Net Worth 14% 15% Malaysia 6% Hong Kong 34% Participating Singapore Insurance and 10% and Spread Fee-based 24% 61% Thailand 18% China 18% Notes: For 1H2019 (1) Operating p
Slide 43: Geographical Market Performance
Geographical Market Performance Hong Kong ($m) 1H2019 1H2018 CER AER Singapore ($m) 1H2019 1H2018 CER AER VONB 945 796 +19% +19% VONB 173 178 0% (3)% VONB Margin 68.0% 62.2% +5.8pps +5.8pps VONB Margin 64.8% 61.4% +3.4pps +3.4pps ANP 1,367 1,252 +9% +9% ANP 267 290 (6)% (8)% TWPI 6,104 5,075 +20% +2
Slide 44: AIA China: Unique Proposition
AIA China: Unique Proposition ▪ AIA was founded in Shanghai in 1919 ▪ Re-established presence in China in 1992 ▪ Only wholly-owned, foreign life insurer covering seven geographical areas: ▪ Beijing ▪ Guangdong Province ▪ Shanghai ▪ Jiangsu Province ▪ Shenzhen ▪ Shijiazhuang, Hebei Province ▪ Tianjin
Slide 45: AIA China: Differentiated Strategy and Execution
AIA China: Differentiated Strategy and Execution Premier Agency Strategy Digital Enablement Sustained Outperformance VONB per Agent(1) VONB ($m) Digital AIA China vs. Industry 4.7x Adoption 100% 702 556 3.8x 23.4x 377 <5 seconds ~30 minutes 187 278 120 Online Case closing time 60 76 30 44 underwriti
Slide 46: Uses of Underlying Free Surplus Generation
Uses of Underlying Free Surplus Generation Maintain Strong Balance Sheet Reinvest Capital in Pay Prudent, Sustainable through Capital Market Stress Profitable New Business Growth and Progressive Dividend Free Surplus ($m) New Business Investment ($m) Interim Dividend Declared ($m) 16,077 $1b CBA Tra
Slide 47: Resilient Working Capital Position
Resilient Working Capital Position Working Capital Movement ($m) 797 (24) (1,448) Resilient Position 1,853 557 ▪ Working capital of $12.0b ▪ Net funds remitted of $1.9b ▪ China remitted $572m; up from $440m in 1H2018 12,031 10,296 ▪ Leverage ratio of 10.4% Working Net Funds Increase in Purchase of C
Slide 48: Capital Fungibility
Capital Fungibility Net Funds Remitted to Group ($m) Group Working Capital ($m) 12,031 1,853 10,647 9,138 8,268 1,188 7,077 1,169 972 1,018 993 5,908 964 5,383 844 782 4,290 3,088 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19 48
Slide 49: 1H2019 ANW Movement
1H2019 ANW Movement ANW Movement ($m) 1,484 83 80 (1,448) 2,506 (339) 238 (103) 26,939 27,138 24,637 ANW Expected Contribution Operating Finance ANW Investment Other Non- Exchange Dividend ANW End of 2018 Return to Variances Costs Before Return operating Rates and Paid End of 1H2019 ANW from Non- Va
Slide 50: 1H2019 VIF Movement
1H2019 VIF Movement VIF Movement ($m) 478 105 92 (63) 2,614 (498) 32,101 32,608 29,880 VIF Expected Contribution to Operating VIF Investment Return Other Exchange VIF End of 2018 Return VIF from VONB Variances Before Variances Non-operating Rates and End of 1H2019 Non-operating Variances Other Items
Slide 51: 1H2019 IFRS Shareholders’ Equity and ANW
1H2019 IFRS Shareholders’ Equity and ANW Reconciliation of IFRS Shareholders’ Equity to ANW ($m) (16,498) 2,595 (1,953) (13) 69 (6,940) 49,878 34,078 27,138 Shareholders' Difference Mark-to-market Deferred Tax Elimination of Non-controlling ANW Adjustment to ANW Equity Between IFRS and Adjustment fo
Slide 52: Solvency Ratio of 415% for AIA Co.
Solvency Ratio of 415% for AIA Co. Solvency Ratio on the HKIO Basis for AIA Co. 500% Resilient Solvency Position 421% 415% ▪ AIA Co. is the Group’s principal operating company 400% ▪ Strong growth in earnings 300% ▪ Offset by dividends upstream to AIA Group Limited ▪ S&P rating of AA-, Moody’s ratin
Slide 53: Robust Capital Structure
Robust Capital Structure Solvency Ratio AIA Capital Structure on the HKIO Basis for AIA Co. 1H2019 Leverage Ratio(1) 10.4% 446% 433% 427% 428% 421% 415% 404% 337% 353% 311% Borrowings $5,817m 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H2019 Solvency Ratio on the HKIO Basis for AIA International 3
Slide 54: Reconciliation of OPAT to Net Profit
Reconciliation of OPAT to Net Profit Total Investments by Type Reconciliation of OPAT to Net Profit Total Invested Assets $192.1b Real Estate ($m) 1H2018 1H2019 4% Others(2) Equities 1% 12% OPAT 2,653 2,898 Short-term fluctuations(3) in Par Equities (680) 780 Others 5 393 Total (675) 1,173 Fixed Inc
Slide 55: Total Invested Assets
Total Invested Assets Other Total Invested Assets $192.1b Policyholder Par(1) Funds Total and ($m) Shareholder Fixed Income 53,061 105,530 158,591 Equities 17,316 6,632 23,948 Par(1) Funds 38% Real Estate 1,035 5,779 6,814 Other Policyholder and Others(2) 718 1,982 2,700 Shareholder 62% Total Invest
Slide 56: Prudent Investment Portfolio Summary
Prudent Investment Portfolio Summary IFRS Operating Profit Investment Return ($m) Total Bond Portfolio of $151.1b 4,325 Structured 3,902 Securities Expected 1,102 1% Return for 960 Equities and Real Estate Interest 3,223 2,942 Government & Income Government Agency Bonds Corporate 46% Bonds 53% 1H201
Slide 57: Prudent and High-quality Fixed Income Portfolio
Prudent and High-quality Fixed Income Portfolio Total Fixed Income by Type Total Fixed Income by Maturity Total $158.6b Total $158.6b Government & Government 44% >10 Years & No 66% Agency Bonds Fixed Maturity Corporate Bonds 50% 5 - 10 Years 20% Structured Securities 1% 1 - 5 Years 12% Loans and Dep
Slide 58: Prudent and High-quality Fixed Income Portfolio
Prudent and High-quality Fixed Income Portfolio Total Bonds by Accounting Classification Other Total $151.1b (1) Policyholder Par Funds Total and ($m) Shareholder 66% Other policyholder & shareholder (AFS) Available For Sale (AFS) 27,236 99,403 126,639 Par (1) Funds (AFS) 18% Fair Value Through Prof
Slide 59: Government Bond Portfolio
Government Bond Portfolio Government Bonds(1) Other Government(2) and by Geography Agency Bonds by Rating Total $46.5b Total $22.8b Average Rating AA- Thailand 32% AAA 31% China 29% Korea 15% AA 21% Singapore 9% A 28% Philippines 5% BBB 19% Malaysia 4% Others 6% (3) 1% BB & below Notes: As of 30 Jun
Slide 60: Corporate Bond Portfolio
Corporate Bond Portfolio Rating Total ($m) Corporate Bonds by Rating AAA 674 Total $80.7b Average Rating A- AA 4,432 AAA 1% A 36,282 AA 5% BBB 37,033 A 45% BBB 46% BB and below(1) 2,265 (1) BB and below 3% Total 80,686 Notes: As of 30 June 2019 (1) Including not rated bonds 60
Slide 61: Structured Security Portfolio
Structured Security Portfolio Rating Total ($m) Structured Securities by Rating AAA 13 Total $1.1b Average Rating A- AA 150 AAA 1% A 438 AA 14% A 40% BBB 453 BBB 41% BB and below(1) 45 (1) BB and below 4% Total 1,099 Notes: As of 30 June 2019 (1) Including not rated bonds 61
Slide 62: AIA China – Prudent Investment Portfolio
AIA China – Prudent Investment Portfolio AIA China Invested Asset Mix Prudent ALM Approach Equities Cash & Cash Equivalents 9% 1% ▪ Asset allocation driven by liability cash flow matching in local currency ▪ Over 80% of earnings from insurance and fees ▪ 90% of invested assets in fixed income ▪ 90%
Slide 63: Impairment Experience During Global Financial Crisis
Impairment Experience During Global Financial Crisis AIA Impairments on Invested Assets ($m) 2008 Impairment Charges as % of Invested Assets 5.6% 142 67 1.8% 1.5% 1.5% 0.3% - 1 - 2007 2008 2009 2010 2011 Co. A Co. B Co. C Co. D 63
Slide 64: Risk Discount Rate and Risk Premium
Risk Discount Rate and Risk Premium As at 30 November 2010 As at 30 June 2019 Long-term Long-term Risk Discount Risk Risk Discount Risk 10-year 10-year % Rates Premium Rates Premium Govt Bonds Govt Bonds Australia(1) 8.75 5.65 3.10 7.35 3.00 4.35 China 10.00 3.74 6.26 9.75 3.70 6.05 Hong Kong 8.00 3
Slide 65: Sensitivity Analysis – Shareholders’ Allocated Equity
Sensitivity Analysis – Shareholders’ Allocated Equity Interest Rates ($m) Equities ($m) 40,271 40,271 0.7% (0.7)% (4.2)% 4.2% 50 basis points 50 basis 10% fall in 10% rise in decrease in points equity prices equity prices interest rates increase in interest rates 1,697 285 1H2019 1H2019 1H2019 1
Slide 66: Sensitivity Analysis – EV
Sensitivity Analysis – EV Sensitivity of EV as at 30 June 2019 Equity prices +10% 1.4% Equity prices -10% (1.4)% Interest rates +50 bps 0.2% Interest rates -50 bps (0.7)% Presentation currency 5% appreciation (3.1)% Presentation currency 5% depreciation 3.1% Lapse/discontinuance rates +10% (1.5)% La
Slide 67: Sensitivity Analysis – VONB
Sensitivity Analysis – VONB Sensitivity of VONB for the six months ended 30 June 2019 Interest rates +50 bps 3.5% Interest rates -50 bps (4.7)% Presentation currency 5% appreciation (3.0)% Presentation currency 5% depreciation 3.0% Lapse/discontinuance +10% (4.7)% Lapse/discontinuance -10% 5.1% Mort
Slide 68: Currency Sensitivity
Currency Sensitivity EV ($m) VONB ($m) (3.1)% 59,746 3.1% (3.0)% 2,275 3.0% 5% fall in 5% rise in 5% fall in 5% rise in local market local market local market local market currencies vs currencies vs currencies vs currencies vs US dollar US dollar US dollar US dollar 1,860 68 1H2019 (68) 1H2019