Slide 1: 2026 Interim Results Presentation
2026 INTERIM RESULTS PRESENTATION 20 AUGUST 2026
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 01. OVERVIEW AND BUSINESS HIGHLIGHTS Lee Yuan Siong, Group Chief Executive and President 02. FINANCIAL PERFORMANCE Garth Jones, Group Chief Financial Officer
Slide 4: Strong 1H 2026 Results, Confident in the Outlook
Strong 1H 2026 Results, Confident in the Outlook Value of New Business (VONB) Record VONB with growth across all distribution channels VONB growth of 14% excluding Thailand $3.2b +10% Operating Profit After Tax (OPAT) Strong earnings drive record Operating ROE of 17.5% $4.2b +13% per share Expect to
Slide 5: AIA is Uniquely Positioned to Capture Growth Across Asia
AIA is Uniquely Positioned to Capture Growth Across Asia Attractive Fundamentals Tangible Competitive Advantages Proven Track Record of Execution Asia’s Most Powerful Insurance Brand(2) Group VONB Growing Affluent >400 million Leading $3.2b Population Increase in mass affluent Pan-Asia 18 >45m and a
Slide 6: Taking Agency Performance to the Next Level
Taking Agency Performance to the Next Level World’s Leading Agency Excellent Track Record Future-Proofing the Agency +11% 68.3% +19% +24% Agency VONB VONB Margin New Leaders New Recruits 72% VONB Partnerships ex-Thailand Agency 1H26 Driven by Expanding Scale Significant Investment and Higher Product
Slide 7: Quality Partnership Distribution, VONB Up 18% to $965m
Quality Partnership Distribution, VONB Up 18% to $965m Bancassurance IFA and Broker Proven Bancassurance Model High-quality IFA and Broker Partners VONB VONB 27% CAGR 20% CAGR +21% +15% 1H23 1H24 1H25 1H26 1H23 1H24 1H25 1H26 Higher profitability >45% VONB Margin ▪ Disciplined engagement with high-q
Slide 8: Step-Up in OPAT Growth; Operating ROE Up 200 bps to 17.5%
Step-Up in OPAT Growth; Operating ROE Up 200 bps to 17.5% OPAT Per Share Growth 13% 12% 12% Additional Very strong 13% OPAT per share growth reflecting 2% on per share basis sustained flows of attractive new business 5% 5% Higher profits and disciplined capital management 11% OPAT driving a record O
Slide 9: Business Highlights
@ BUSINESS HIGHLIGHTS
Slide 10: AIA China: VONB Up 20% to $937m; Best-in-Class Agency
GROWTH ENGINES AIA China: VONB Up 20% to $937m; Best-in-Class Agency VONB ($m) Differentiated, Professional Agency: 87% of VONB 937 +20% High-quality Product Mix Agency VONB ($m) with Attractive Returns 818 <1% Others Tax- +24% incentivised 8% 35% Protection Agency VONB 1H26 57% Par Savings(1) 1H25
Slide 11: AIA Hong Kong: Record 1H VONB of $1.2b
GROWTH ENGINES AIA Hong Kong: Record 1H VONB of $1.2b Premier Agency Partnership Distribution VONB ($m) Market Leading Agency Bancassurance 1,168 +10% #1 Agency #1 MDRT ▪ Tailored affluent and HNW propositions in Hong Kong ~30% of agents ▪ +21% active insurance seller productivity and Macau are memb
Slide 12: AIA Hong Kong: Strong Fundamentals Across Customer Segments
GROWTH ENGINES AIA Hong Kong: Strong Fundamentals Across Customer Segments Domestic Chinese Mainland Visitor (CMV) Excellent Growth Structural Demand Remained Strong Domestic VONB Chinese Mainland Visitor VONB >60% +23% VONB from ▪ 1H26 VONB Existing Customer broadly stable YoY ▪ 2Q26 VONB higher +1
Slide 13: ASEAN: 32% of VONB; Strengthening Growth Momentum in 2Q
GROWTH ENGINES ASEAN: 32% of VONB; Strengthening Growth Momentum in 2Q AIA Thailand AIA Singapore AIA Malaysia Clear Market Leader Strong Trajectory Improving Momentum over 1H26 Return to Strong Growth in 2Q Growing Wealth Propositions Growth in Agency and Partnerships VONB ($m) VONB ($m) VONB ($m)
Slide 14: India: Excellent VONB Growth through Tata AIA Life
GROWTH ENGINES India: Excellent VONB Growth through Tata AIA Life VONB Premier Agency: 55% of VONB Partnership Distribution: 45% of VONB +31% India’s Leading Quality Agency High-Quality Partnerships +38% +23% Agency VONB Partnership VONB 1H25 1H26 Continued Investment in Broad-based Sales Growth Age
Slide 15: Sustained Growth Driving Strong Financial Track Record
Sustained Growth Driving Strong Financial Track Record VONB ($m) UFSG per share (US cents) 3,212 37.76 $3.2b $3.9b Value of COVID-19 Underlying New Free Surplus Business Generation OPAT per share (US cents) Interim dividend per share (HK cents) 39.95 $26.6b 53.90 Total Shareholder Returns since 2022
Slide 16: Financial Performance
@ FINANCIAL PERFORMANCE
Slide 17: Strong Performance Across Key Financial Metrics
Strong Performance Across Key Financial Metrics EV Results IFRS Results Capital Management VONB EV Equity OPAT Shareholder Returns +10% $83.4b +13% per share $3.6b $3,212m +6% per share(1) $4,163m 210% Shareholder Capital Ratio Operating ROEV UFSG Operating ROE Interim DPS 18.0% +10% per share 17.5%
Slide 18: Attractive New Business Profile
EV RESULTS Attractive New Business Profile Quality Mix of New Business Capital Efficient with Attractive Returns 4.0x return on capital invested within 10 years Distribution Mix Product Mix 4.0x ($m) 2,928 Others Unit-linked 4% 10% Traditional 33% Protection Agency 72% VONB 28% Partnerships VONB 1H2
Slide 19: EV Equity Up 6% Per Share over 1H26
EV RESULTS EV Equity Up 6% Per Share over 1H26 EV Equity Movement ($b) Higher VONB, expected return from in-force and operating variances +9% in 1H26(1) + 6.6 + 1.0 ( 0.3 ) 87.1 ( 1.9 ) EV Operating Profit +12% ( 1.7 ) per share 83.4 79.7 High-quality business and Shareholder $3.6b Returns focused o
Slide 20: High-Quality, Prudent EV; Small Sensitivity to Market Movements
EV RESULTS High-Quality, Prudent EV; Small Sensitivity to Market Movements Active In-Force Management Small EV Sensitivities to High-Quality In-Force Portfolio and Prudent Assumptions Interest Rates and Equity Prices Changes in EV Operating Variances ($m) 1H26 Group EV Others +$220m 742 Interest Rat
Slide 21: Compounding New Business to Drive Future Earnings Growth
IFRS RESULTS Compounding New Business to Drive Future Earnings Growth CSM Movement, Net of Reinsurance in 1H26 ($b) $17.5b Cumulative CSM Added since IFRS 17 Adoption ($b) +9.5 (20.5) +1.7 (3.4) +4.9 +28.6 (0.3) 67.8 64.9 67.8 $17.5b +10% added since IFRS 17 Underlying CSM Growth(1) 50.2 adoption CS
Slide 22: High-Quality Earnings Growth and Record Operating ROE
IFRS RESULTS High-Quality Earnings Growth and Record Operating ROE Higher CSM release and 1H26 OPAT Movement ($m) positive operating variances +74 (62) Insurance Service +405 4,163 Result +11% 3,746 OPAT growth combined with disciplined capital management Operating ROE +200 bps 17.5% Record 1H OPAT;
Slide 23: Quality In-Force Book Driving Attractive Cash Generation
CAPITAL MANAGEMENT Quality In-Force Book Driving Attractive Cash Generation Attractive new business is ...leading to higher ...and growing capital reinvestment driving increase in in-force operating cash generation... and shareholder returns distributable earnings... In-force Distributable Earnings
Slide 24: Robust Capital Management Driving Shareholder Value
CAPITAL MANAGEMENT Robust Capital Management Driving Shareholder Value Strong Capital Position AIA’s Capital Management Policy Shareholder Capital Ratio 210% 1 Payout ratio target of 75% of annual net free surplus generation ▪ Prudent, sustainable and progressive regular dividend policy Disciplined
Slide 25: Interim Dividend Per Share Up 10%
CAPITAL MANAGEMENT Interim Dividend Per Share Up 10% AIA’s Value Creation Framework Prudent, Sustainable and Progressive Dividend Policy Total Dividend per share (HK cents) Interim Dividend per share (HK cents) Large unmet Asian demand Interim Final 193.08 for protection, health and long-term saving
Slide 26: Strong 1H 2026 Results, Confident in the Outlook
Strong 1H 2026 Results, Confident in the Outlook ▪ 100% focused on Asia, the most attractive region for life & health insurance ▪ Distinct competitive advantages, proven track record of delivery Generating ▪ High-quality profitable new business drives Sustainable strong growth in earnings and cash S
Slide 27: Definitions and Notes (1 of 3)
DEFINITIONS AND NOTES (1 of 3) ▪ VONB for the Group excluding Thailand is calculated by deducting AIA Thailand’s VONB from the reported Group VONB. AIA Thailand’s VONB in this calculation is based on local statutory reserving and capital requirements, before the deduction of unallocated Group Office
Slide 28: Definitions and Notes (2 of 3)
DEFINITIONS AND NOTES (2 of 3) ▪ ASEAN, officially the Association of Southeast Asian Nations, refers to AIA’s operations in Thailand, Singapore, Malaysia, Vietnam, Indonesia, the Philippines, Cambodia, Myanmar and Brunei. ▪ Average credit rating of the fixed income portfolio represents the credit r
Slide 29: Definitions and Notes (3 of 3)
DEFINITIONS AND NOTES (3 of 3) ▪ Operating profit includes the expected long-term investment return for equities and real estate. ▪ Operating ROE is calculated as operating profit after tax attributable to shareholders of the Company, expressed as a percentage of the simple average of opening and cl
Slide 30: Appendix
@ APPENDIX
Slide 31: Index
INDEX BUSINESS PERFORMANCE AND STRATEGY FINANCIAL – EV RESULTS FINANCIAL – IFRS RESULTS FINANCIAL – INVESTMENTS FINANCIAL – CAPITAL AND OTHERS
Slide 32: Geographical Market Performance
Geographical Market Performance Hong Kong ($m) 1H26 1H25 CER AER Singapore ($m) 1H26 1H25 CER AER VONB 1,168 1,063 +10% +10% VONB 294 259 +10% +14% VONB Margin 72.0% 65.8% +6.2 pps +6.2 pps VONB Margin 45.6% 47.4% (1.7) pps (1.8) pps ANP 1,615 1,609 - - ANP 644 547 +14% +18% TWPI 8,133 7,017 +16% +1
Slide 33: AIA Thailand: Clear Market Leader; VONB Up 13% in 2Q26
AIA Thailand: Clear Market Leader; VONB Up 13% in 2Q26 Premier Agency Return to Strong Growth in 2Q #1 Life & Health Insurer High-Quality New Business VONB ($m) Market Leading #1 MDRT #1 Agency Agency in Thailand by ANP since IPO 46% market share 13% Others CAGR 4% Unit-linked Building +13% 514 Dist
Slide 34: AIA Singapore: VONB Up 19% in 2Q, Strengthening Wealth Solutions
AIA Singapore: VONB Up 19% in 2Q, Strengthening Wealth Solutions Premier Agency Strong Trajectory in 2Q High-Quality VONB ($m) Market Leader, Building Capacity to Capture Demand Profitable New Business 13% #1 MDRT +8% CAGR Active Agents for 12 Years in Singapore Others 294 Par +19% 4% 2Q26 >30% +10%
Slide 35: AIA Malaysia: VONB Up 10%, Growth in Agency and Partnerships
AIA Malaysia: VONB Up 10%, Growth in Agency and Partnerships Premier Agency Improving Momentum in 1H26 High-Quality Productivity-led Momentum in 1H26 VONB YoY Growth Profitable New Business 10% +24% +16% Active Agent Productivity New Recruits Others #1 MDRT +45% 6% Traditional Protection for 10 Year
Slide 36: 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 37: Excellent Progress in AIA's Integrated Health Strategy
Excellent Progress in AIA’s Integrated Health Strategy Making Healthcare More Accessible, Affordable and Effective Personalised Health Insurance Integrated Care & Services Seamless Customer Experience ✓ Flexible coverage options ✓ Science-backed AIA Vitality wellness ✓ Personalised advice ✓ Tailored
Slide 38: Index
INDEX BUSINESS PERFORMANCE AND STRATEGY FINANCIAL – EV RESULTS FINANCIAL – IFRS RESULTS FINANCIAL – INVESTMENTS FINANCIAL – CAPITAL AND OTHERS
Slide 39: VONB Up 14% Excluding Thailand
VONB Up 14% Excluding Thailand Other Markets 8% Malaysia Hong Kong Chinese Mainland Thailand 7% Singapore Hong Kong +10% +20% (6)% 9% 34% $1,168m $937m $514m $3,212m 1H26 VONB Singapore Malaysia Other Markets Thailand 15% +10% +10% +7% $294m $232m $260m Chinese Mainland 27% 39
Slide 40: High-Quality Profitable New Business
High-Quality Profitable New Business Advantaged Product Mix with Attractive Returns Stable PVNBP Margins Others 15% 15% 1H25 1H26 Unit-linked 4% 13% 12% 10% 11% 11% Traditional >20% IRR 33% Protection New Business Investment 8% 1H26 7% 7% 6% VONB 3-year Payback Period 53% Participating Overall Tradi
Slide 41: 1H26 ANW Movement
1H26 ANW Movement ANW Movement ($b) + 0.9 (0.3) 33.9 + 0.3 + 0.9 (0.2) (1.9) + 2.8 (0.1) (1.7) 30.7 31.2 ANW Expected Contribution Operating Finance ANW Investment Other Exchange Dividend Share ANW End of 2025 Return to ANW Experience Costs Before Return Non- Rates and Paid Buy-back End of 1H26 from
Slide 42: 1H26 VIF Movement
1H26 VIF Movement VIF Movement ($b) + 3.3 (0.1) 49.5 + 0.7 (0.8) (0.1) 49.3 46.1 + 0.2 VIF Expected Contribution Operating VIF Investment Other Exchange VIF End of 2025 Return to VIF Experience Before Return Non-operating Rates End of 1H26 from VONB Variances Non-operating Variances Variances and Op
Slide 43: Risk Discount Rates and Risk Premium
Risk Discount Rates and Risk Premium As at 30 Nov 2010 As at 30 Jun 2026 Long-term Long-term Risk Discount Risk Risk Discount Risk 10-year 10-year Rates Premium Rates Premium % Govt Bonds Govt Bonds Australia 8.75 5.65 3.10 7.43 3.80 3.63 Chinese Mainland 10.00 3.74 6.26 8.23 2.70 5.53 Hong Kong 8.0
Slide 44: Sensitivity Analysis: Embedded Value
Sensitivity Analysis: Embedded Value Sensitivity of EV as at 30 Jun 2026 Equity prices +10% +3.4% Equity prices -10% (3.4)% Interest rates +50 bps (0.2)% Interest rates -50 bps <0.1% Presentation currency 5% appreciation (1.0)% Presentation currency 5% depreciation +1.0% Lapse/discontinuance rates +
Slide 45: Sensitivity Analysis: VONB
Sensitivity Analysis: VONB Sensitivity of VONB for 1H26 Interest rates +50 bps +0.8% Interest rates -50 bps (1.4)% Presentation currency 5% appreciation (3.4)% Presentation currency 5% depreciation +3.4% Lapse/discontinuance rates +10% (5.2)% Lapse/discontinuance rates -10% +5.8% Mortality/morbidity
Slide 46: UFSG Up 10% Per Share
UFSG Up 10% Per Share 1H26 UFSG Composition ($m) UFSG Per Share (US cents) 637 (89) 37.76 3,935 +10% 261 634 2,492 Expected Expected Return Diversification Other Operating Tax (1) UFSG 1H24 1H25 1H26 Distributable on Free Surplus Benefit Variances 1H26 Earnings and Assets Due to from In-force Backin
Slide 47: Net FSG Up 12% Per Share Driven by Strong In-Force Generation
Net FSG Up 12% Per Share Driven by Strong In-Force Generation Net Free Surplus Generation (Net FSG) Composition ($m) Strong Capital Position after Shareholder Returns 3,935 (732) Shareholder Capital Ratio +12% $3.6b per share Shareholder (163) Returns (282) 236% 221% 2,758 210% Underlying Free New B
Slide 48: Index
INDEX BUSINESS PERFORMANCE AND STRATEGY FINANCIAL – EV RESULTS FINANCIAL – IFRS RESULTS FINANCIAL – INVESTMENTS FINANCIAL – CAPITAL AND OTHERS
Slide 49: OPAT Up 13% Per Share
OPAT Up 13% Per Share Other Markets Malaysia 8% 6% Hong Kong Chinese Mainland Thailand Singapore 10% Hong Kong +12% +10% +6% 36% $1,569m $1,009m $706m $4,163m +13% per share 1H26 OPAT Singapore Malaysia Other Markets Thailand +10% +6% +8% 16% $411m $261m $356m Chinese Mainland 24% Note: Group OPAT i
Slide 50: Operating Profit After Tax Up 13% Per Share
Operating Profit After Tax Up 13% Per Share 1H26 OPAT Composition ($m) YoY Change +11% +5% +13% +8% $4.0b 1,649 (395) Insurance Service Result (297) (833) 372 4,163 281 3,386 OPAT per share 39.95 US cents +13% YoY Growth CSM Operating Risk Adjustment Net Other Revenue Finance Tax OPAT (2) Release Va
Slide 51: Reconciliation of OPAT to Net Profit
Reconciliation of OPAT to Net Profit $m 1H26 1H25 YoY CER OPAT 4,163 3,746 +11% Short-term investment and 511 (774) n/m discount rate variances, net of tax Reclassification of revaluation (gains)/losses (11) 35 n/m for property held for own use, net of tax Other non-operating items, net of tax (369)
Slide 52: Operating ROE of 17.5%; Comprehensive Equity of $97.8b
Operating ROE of 17.5%; Comprehensive Equity of $97.8b Shareholders’ Allocated Equity Movement ($b) Comprehensive Equity of $97.8b Shareholders’ Equity + Net CSM ($b) $4.3b Net Profit 97.9 97.8 + 4.2 + 0.1 (0.5) 51.3 (1.9) (1.7) 47.5 47.7 Operating ROE $3.6b Shareholder 17.5% Returns +200 bps Shareh
Slide 53: $1.6b Net Investment Result from Non-Par and Surplus Assets
$1.6b Net Investment Result from Non-Par and Surplus Assets Net Investment Result After Expenses ($m) From Non-par and Surplus Assets ($b) 1H25 FY25 1H26 3,285 (1,521) Expected long-term investment return for 959 Fixed Income Yield(3) 4.2% 4.3% 4.3% equities and real estate (115) 1,649 Average Fixed
Slide 54: Comprehensive Equity of $97.8b; Confirms AIA's Prudent EV
Comprehensive Equity of $97.8b; Confirms AIA’s Prudent EV VONB to EV Equity to Small Sensitivities for New Business CSM ($b) Comprehensive Equity ($b) Comprehensive Equity 1H26 As at 30 Jun 2026 Impact on Comprehensive Equity(1) 1.5x 4.9 97.8 Interest Rates 83.4 Net CSM 50 bps Decrease +3.9% 3.2 50
Slide 55: IFRS 17 Discount Rates and Illiquidity Premium
IFRS 17 Discount Rates and Illiquidity Premium Spot Rates as at 30 Jun 2026 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 3
Slide 56: Other Sensitivity Analysis
Other Sensitivity Analysis CSM (Net of Reinsurance) Shareholders’ Allocated Equity Equity Prices (4.1)% 10% Fall (1.8)% +4.1% 10% Rise +1.8% Interest Rates 50 bps Decrease +1.1% +0.7% 50 bps Increase (0.8)% (0.6)% Note: Calculated based on position as at 30 Jun 2026 for CSM (net of reinsurance) and
Slide 57: Index
INDEX BUSINESS PERFORMANCE AND STRATEGY FINANCIAL – EV RESULTS FINANCIAL – IFRS RESULTS FINANCIAL – INVESTMENTS FINANCIAL – CAPITAL AND OTHERS
Slide 58: Total Invested Assets of $295.0b
Total Invested Assets of $295.0b (3) Non-par Par and Surplus Total Others(2) Business Assets Real Estate 3% ($b) 2% Government & Government Agency Bonds 32.7 78.1 110.8 Corporate Bonds 39.6 27.6 67.3 8% Non-Par Structured Securities 0.6 5.0 5.6 Equities(1) Loans and Deposits 0.4 4.2 4.6 Total Fixed
Slide 59: High-Quality, Diversified and Resilient Investment Portfolio
High-Quality, Diversified and Resilient Investment Portfolio AAA Non-par BB & below(3) <1% and Surplus AA 5% 6% ▪ Majority investment grade portfolio ($b) Assets ▪ Average rating A- Government & Government Agency Bonds Corporate 78.1 BBB Bonds ▪ >1,100 issuers, diversified across 42% By Credit Ratin
Slide 60: Fixed Income Portfolio
Fixed Income Portfolio Total Fixed Income by Type Total Fixed Income by Maturity Government & Government 59% >10 Years & 73% Agency Bonds No Fixed Maturity Corporate Bonds 36% >5 - 10 Years 11% Total Fixed Total Fixed Income Income $188.2b Structured Securities 3% $188.2b >1 - 5 Years 10% Loans and
Slide 61: Total Bonds by Accounting Classification
Total Bonds by Accounting Classification Non-par Par (1) and Surplus Total Total Bonds by Accounting Classification Business ($b) Assets Fair Value Through Other 58% - 106.8 106.8 Non-Par and Surplus Assets Comprehensive Income (FVOCI) (FVOCI) (1) Fair Value Through Profit Total Par Business (FVTPL)
Slide 62: Government and Government Agency Bond Portfolio
Government and Government Agency Bond Portfolio Government Bonds(1) by Geography Government Agency(2) Bonds by Rating 1H26 FY25 1H26 FY25 Chinese Mainland 48% 44% Average Rating A+ A+ Thailand 17% 21% AAA 23% 22% US 12% 10% AA 13% 15% Government Singapore 7% 7% Government Bonds(1) Agency A 43% 43% S
Slide 63: 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 1H26 FY25 AAA 0.4 0.1 0.5 Average Rating A- A- AA 3.2 1.7 4.9 AAA 1% 1% A 19.4 13.0 32.4 AA 7% 7% Corporate Bonds A 48% 49% BBB 16.3 11.5 27.8 $67.3b BBB 41% 41% BB and below(2)
Slide 64: 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 $b % of total Asia Pacific 16.1 58% Energy 2.5 9% United States 7.0 25% Materials 1.2 4% Other 4.6 17% Industrials 3.9 14%
Slide 65: Structured Security Portfolio
Structured Security Portfolio Non-par Structured Securities by Rating (1) Par Rating ($b) Business and Surplus Total Assets 1H26 FY25 AAA 0.05 0.8 0.9 Average Rating A A AA 0.2 0.5 0.7 AAA 15% 14% A 0.3 1.7 1.9 AA 13% 15% Structured Securities A 34% 34% BBB 0.1 2.0 2.1 $5.6b BBB 38% 37% BB and below
Slide 66: AIA China: Prudent Investment Portfolio
AIA China: Prudent Investment Portfolio Real Estate Other 2% 1% Equities(2) Prudent ALM Approach 17% ▪ Asset allocation driven by liability cash flow matching in local currency Corporate AIA China Bonds(1) 6% Invested Assets ▪ 80% of invested assets in fixed income Non-par and Surplus Assets ▪ >90%
Slide 67: Private Credit: Small Allocation, 2.8% of Non-Par and Surplus Assets
Private Credit: Small Allocation, 2.8% of Non-Par and Surplus Assets (1) Non-par Par and Surplus Total Business ($b) Assets Small Allocation, 2.8% of Non-par and Surplus Assets Private Equity 12.6 4.2 16.8 ▪ Managed by global private credit managers across US, Europe and Asia Pacific Private Real Es
Slide 68: Index
INDEX BUSINESS PERFORMANCE AND STRATEGY FINANCIAL – EV RESULTS FINANCIAL – IFRS RESULTS FINANCIAL – INVESTMENTS FINANCIAL – CAPITAL AND OTHERS
Slide 69: Free Surplus up 29% before Shareholder Returns
Free Surplus up 29% before Shareholder Returns Free Surplus Movement ($b) +29% Shareholder $3.6b Returns + 3.9 (0.7) (0.2) (0.3) + 0.4 14.1 (1.9) (1.7) 11.0 10.5 $2.8b Net Free Surplus Generation Free Surplus Underlying New Business Unallocated Finance Costs Investment Free Surplus Dividend Share Fr
Slide 70: Shareholder Capital Ratio of 210% after $3.6b Shareholder Returns
Shareholder Capital Ratio of 210% after $3.6b Shareholder Returns +3.7 (0.1) (0.3) +0.6 44.9 (1.9) (1.7) 41.1 41.3 Shareholder Capital Resources ($b) End of 2025 End of 1H26 +21 (8) (2) (4) (10) (9) 221% 229% 210% pps pps pps pps pps pps Shareholder End of 2025 In-Force New Finance Investment Shareh
Slide 71: Disciplined Financial Leverage
Disciplined Financial Leverage Group Total Leverage ($b) Composition of Borrowings ($b) Other Loans 0.1 CSM Net of Reinsurance and Taxes 57.3 Grandfathered Senior Notes(1) 4.4 Subordinated Borrowings Leverage Ratio Borrowings Tier 2 13.9 12.4% Securities 6.8 $13.9b Other Senior Notes Total Equity 2.