2022INTERIMRESULTSPRESENTATION

25August2022

2

Disclaimer

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Throughoutthisdocument,inthecontextofourreportablesegments,HongKongreferstooperationsintheHongKongSpecialAdministrativeRegionandtheMacauSpecialAdministrativeRegion;SingaporereferstooperationsinSingaporeandBrunei;andOtherMarketsreferstooperationsinAustralia,Cambodia,India,Indonesia,Myanmar,NewZealand,thePhilippines,SouthKorea,SriLanka,Taiwan(China)andVietnam.

3

1

2

3

Agenda

BUSINESSHIGHLIGHTS

LeeYuanSiong,GroupChiefExecutiveandPresident

FINANCIALRESULTS

GarthJones,GroupChiefFinancialOfficer

AIA’SINTEGRATEDHEALTHSTRATEGY

LeeYuanSiong,GroupChiefExecutiveandPresident

BusinessHighlights

LeeYuanSiong

GroupChiefExecutiveandPresident

Notes:

(1)Growthratesareshownbeforethepaymentofthefinalshareholderdividendfor2021andadditionalreturnofcapitalthroughthesharebuy-backprogramme5

(2)OnacomparablebasisbeforetheeffectsfromtheearlyadoptionoftheHongKongRisk-basedCapital(HKRBC)regimeandthereleaseofadditionalresiliencemargins

(13)%

+3%(1)

Growth

VONB

$1,536m

EVEquity

$72.3b

+$3.6b

Over4months

Capital&Dividends

UFSG

$3,190m

+5%(2)

InterimDividendPerShare

40.28HKcents

+6%

FreeSurplus

$20.6b

CapitalReturnviaBuy-Back

$1.3b

1H2022ResilientFinancialPerformance

Earnings

OPAT

$3,223m

+4%

Shareholders’

AllocatedEquity

$46.8b

(2)%(1)

6

Note:VONBbasedonlocalstatutoryreservingandcapitalrequirements,beforethedeductionofunallocatedGroupOfficeexpensesandnon-controllinginterests

StrongMomentumin2Q;GroupVONBupinJune

AIAGroup

VONBYoY%

1Q22

Apr-22

Jun-22

May-22

AIAChina

VONBYoY%

Apr-22May-22Jun-22

RestofGroup

VONBYoY%

Apr-22May-22Jun-22

7

AIAChina:RecoveryasMovementRestrictionsEased

Short

Movement

Restrictions

andRapid

Reopening

Prolonged

Movement

Restrictions

andGradual

Reopening

Shenzhen

AgencyVONBYoY%

Mar-22Apr-22May-22

Suzhou

AgencyVONBYoY%

Mar-22Apr-22May-22

Guangzhou

AgencyVONBYoY%

Apr-22May-22Jun-22

Shanghai

AgencyVONBYoY%

Apr-22May-22Jun-22

MovementRestrictions

?Shenzhen:7daysinmid-March

?Guangzhou:8majordistrictsinApriland4inMay

MovementRestrictions

?Suzhou:MarchandApril

?Shanghai:ApriltoearlyJune

AIAChina

VONBYoY%

Apr-22May-22Jun-22Jul-22

Pre-COVID-19

+47%

AIAChina:FocusedonourUniqueGrowthOpportunity

DifferentiatedPremierAgency–StableandProductiveAgencyForce

TotalAgents

NewRecruits

+8%

Jan2020Jun20221H211H22

Pre-COVID-19

MDRTMembers(1)

+58%

2020

2022

Notes:

(1)Reflectsagentsachievingqualificationrequirementsovertheprioryear

(2)IncludingTianjin,Shijiazhuang,SichuanProvinceandHubeiProvince

#1MDRT

CompanyGlobally

>4,200

MDRTMembersin2022

GeographicalExpansion

Hubeilaunch

TianjinupgradeShijiazhuangupgrade

AIAChinasubsidiarisation

Henanpreparation

2021

2019

2020

2022YTD

Tianjinlaunch

Shijiazhuanglaunch

Sichuanlaunch

Hubeiapproval

ExcellentProgressinNewOperations(2)

AgencyVONB

ActiveAgents

+34%

1H21

1H22

1H211H22

8

9

AIAHongKong:VONBGrowthfromDomestic&MCVBusinesses

DomesticBusiness

RegainedMomentumasinitialOmicronwavesubsided

DomesticVONBYoY%

VONBGrowth

ofAIAHKfrombothagencyandpartnerships

in1H22

Apr-22May-22Jun-22

PremierAgency

MarketLeaderinAgencyDistribution

+27%

AgencyLeadersin1H22

#1MDRT

inHongKong

andMacau

+8%

Productivity

(ANPperActiveAgent)

2Q22vs1Q22

84%

VONBfromAgency

in1H22

MainlandChineseVisitor(MCV)Business

ExcellentVONBGrowthviaMacaubranch

MCVVONB

1H22VONBas%ofAIAHK

<10%

>90%

1H21

1H22

PartnershipDistribution

ExcellentPerformancedrivenbyBancassurance

PartnershipVONB

>30%

1H21

1H22

98%

BranchActiveRatio

inJun2022

MaterialContributor

VONBin1H22

Notes:ASEANincludesThailand,Singapore,Malaysia,Brunei,Cambodia,Indonesia,Myanmar,thePhilippinesandVietnam10

(1)BangkokBankinThailand,BCAinIndonesia,BPIinthePhilippines,PublicBankinMalaysiaandVPBankinVietnam

+17%

PartnershipDistribution

Top5DomesticBankPartners(1)VONB

2Q21

2Q22

DigitalPlatforminMalaysia

>500,000

Customersaddedsincelaunch,>70%werenotexistingcustomers

ASEAN

VONBYoY%

Apr-22May-22Jun-22

%of1H22VONB

~40%ASEAN

RestofGroup

ASEAN:StrongMomentumasDisruptionsEased

PremierAgency

CoreCompetitiveAdvantages

#1MDRT

acrossASEAN

+15%

+6%

+9%

MDRT

Agency

Newrecruits

members

leaders

(2Q22vs1Q22)

EnabledbyTechnology,DigitalandAnalytics

100%

96%

Onlinetraining

Policiesissued

completion

digitally

11

Note:

(1)Sources:regulatoryandindustrydisclosures.Basedonretailsumassuredasatendof2021

>35%

AgencyVONBgrowth

>1.5xNewrecruits

+87%MDRTmembers

>35%

Keypartners

VONBgrowth

ProductivityBranchactivation

DigitalPlatformPartners

>160%

BrokerVONBgrowth

Leading

Premier

Agency

Digitally-

Enabled

Bancassurance

Growing

Brokerand

DigitalPartners

DifferentiatedMulti-ChannelDistribution

India:ExcellentPerformancebyTataAIALife

High-QualityGrowth

VONB

+38%

1H21

1H22

#1

RetailProtectionPlayer(1)

#1

13-monthPersistency

12

Notes:

(1)AdjustedtoexcludetheimpactofAIA’sinvestment

(2)Asat30June2022,onC-ROSSIIbasis

Growingand

EnhancingNew

BusinessQuality

ImprovingFinancial

Positionand

CapitalEfficiency

AIAGroupSupportingDeliveryonCPL’sGrowthPotential

?AIAGroupOfficededicatedsupportteamembeddedwithinCPL

?SupportingCPL’sstrategicprioritiesacrossproductdevelopment,distribution,technology,investment,riskandcapitalmanagement

Newbusinessvolumes

Productmargin

Newbusinesscapitalefficiency

Riskandcapitalmanagement182%ComprehensiveSolvencyRatio(2)

ChinaPostLife:CapturingAdditionalGrowthinMainlandChina

SignificantValueUpliftsinceAIA’sInvestmentAnnouncement

VONB

2.8x

FY20

1H22

+32%

IncreaseinEmbeddedValue(1)

(1H22vsFY20)

13

Leading,DifferentiatedandDiversifiedAsiaPlatform

?ResilientbusinessperformancewithreturntoVONBgrowthfortheGroupinJune

?UniqueMainlandChinaopportunitytoaccess5Xlargermarket

–ScalabledifferentiatedPremierAgencystrategy

–Acceleratinggeographicalexpansionwithstrongperformance

?VONBgrowthfromdomesticandMCVbusinessesinAIAHongKong

?StrongmomentuminASEANbusinessesasOmicrondisruptionssubsided

?ExcellentperformanceinIndiathroughhigh-qualityanddifferentiatedplatform

FinancialResults

GarthJones

GroupChiefFinancialOfficer

15

Growth

Earnings

Capital&Dividends

16

Note:Basedonlocalstatutoryreservingandcapitalrequirements,beforethedeductionofunallocatedGroupOfficeexpensesandnon-controllinginterests.Distributionmixexcludespensionbusiness

High-QualityDiversifiedBusiness

GeographicalMix

%of1H22VONB

OtherMarkets

12%

Malaysia

10%

Singapore

10%

HongKong19%

Mainland

China

34%

Thailand15%

DistributionMix

%of1H22VONB

Partnerships

21%

Partnerships

Agey%

79%

Agency

79%

ProductMix

%of1H22VONB

Others

22%

Traditional

Protection

49%

Unit-linked

13%

Participating

16%

Note:Duetorounding,numberspresentedinthechartmaynotaddupprecisely17

$3.0b

ReturntoShareholders

(1.7)

(1.3)

72.3

DividendPaid

ShareBuy-back

GroupEVEquity

Endof1H2022

EVEquityof$75.3bbefore$3.0bReturntoShareholders

1H2022EVEquityMovement($b)

75.0

+1.5+0.4(0.2)82.2(4.8)

+2.2

(2.1)

+3.3

EVOperatingProfit

75.3

$4.0b

Group

HKRBCEarly

Expected

VONB

Operating

Finance

Group

Investment

Other

Group

EVEquity

Adoptionand

ReturnonEV

Variances

Costs

EVEquity

Return

Non-operating

EVEquity

Endof2021

Releaseof

Additional

Resilience

Margins

Before

Variances

Items,

Before

Non-operating

Exchange

Dividendand

Variances

Ratesand

Share

OtherItems

Buy-back

Note:

(1)WeightedaverageinterestratesbyVIFofMainlandChina,HongKong,Thailand,SingaporeandMalaysia18

+3.1%

+1.5%

(1.9)%

VONB

(4.0)%

EV

Nodecreaseinriskdiscountrates

EV

Includingdecreasedriskdiscountrates

+1.9%

(1.4)%

EVandVONBSensitivitiestoInterestRates

IncludesMark-To-MarketAssetImpactsandLong-TermAssumptionChanges

50bpsIncrease:

VONB

EV

Noincreaseinriskdiscountrates

EV

Includingincreasedriskdiscountrates

50bpsDecrease:

EVSensitivitytoInterestRatesRemainsSmall

AIALong-TermAssumptionsvsMarketRates

WeightedAveragebyGeography(1)

5%

4%

3%

2%

1%

10YearMarketForwardAIALong-TermAssumption

(10-yearGovtBond)(10-yearGovtBond)

ImmaterialimpacttoEVfromadjustinglong-term

investmentreturnassumptionswithconsistentmovesin

riskdiscountratestospotratesasat30June2022

Note:

(1)2017figurecoversa13-monthperiodfrom1December2016to31December201719

PrudentOperatingAssumptionsAdded$4.0btoEVSinceIPO

MortalityandMorbidity

ClaimsExperienceVariances($m)

CumulativeEVOperatingVariances($m)

273

208

195

158

141

110

120

87

97

79

83

69

1H111H121H131H141H151H161H171H181H191H201H211H22

4,007

3,648

3,211

2,662

2,028

1,425

1,129

735

379

487

144

255

(1)

201120122013201420152016201720182019202020211H22

20

Growth

Earnings

Capital&Dividends

Note:GroupOPATincludesGroupCorporateCentre21

HongKong

$1,129m

Singapore

$371m

+7%

+13%

Malaysia

$201m

Thailand

$341m

+8%

(22)%

+4%

+4%

Groupex-ThailandOPATup8%

MainlandChina

$749m

OtherMarkets

$388m

Other

Markets

12%

Malaysia

6%

GrowingIn-ForcePortfolioofHigh-QualityBusiness

HongKong35%

Thailand

11%

Singapore

12%

Mainland

China

24%

1H2022OPAT

$3,223m

+4%

22

Notes:

(1)Short-termfluctuationsininvestmentreturnrelatedtoequitiesandrealestate,netoftax

(2)Shareholders’allocatedequityisshownbeforethefairvaluereserveof$(5.8)basat30June2022

$49.8bShareholders’AllocatedEquitybeforeDividend&Buy-Back

IFRSShareholders’AllocatedEquityMovement($b)

52.1

+3.2

(1.8)

(2.0)

(1.7)

49.8

(1.7)

(1.3)

46.8

AllocatedEquityEndof2021

OperatingProfitAfterTax

InvestmentReturnMovements(1)

Other

Non-operating

Items

ExchangeRates,

OtherCapital

Movements

andOthers

AllocatedEquitybefore

DividendandShareBuy-back

Dividend

Paid

Share

Buy-back

AllocatedEquityEndof1H2022(2)

Structured

Securities

1%

Loansand

Deposits

4%

Par(1)

Equities

16%

TotalInvestedAssets

$217.4b

asof1H22

Government&

Government

AgencyBonds

34%

Corporate

Bonds

39%

High-QualityInvestmentPortfolio

Others(2)

3%

RealEstate

3%

?ALMinvestmentstrategywith78%ofinvestedassetsinfixedincome

?ImmaterialimpairmentssinceIPO

?2%inMainlandChinarealestate,banksandLGFVsbondsandequities

?63%ofequitiesandrealestateinPar(1)funds

Notes:

(1)Includingparticipatingfundsandotherparticipatingbusinesswithdistinctportfolios

(2)Cashandcashequivalentsandderivatives

(3)Includingnotratedbonds

BB

AAA1%

andbelow(3)

3%

AA

7%

Corporate

Bonds

BBB44%

ByCreditRating

A45%

$82.9b

asof1H22

?AverageratingofA-

?>2,000issuers

?Averageholdingsizeof$36m

?0.19%downgradedtobelowinvestmentgradein1H22

23

24

2022

2023

2021

IASBfinalisedstandards

Transitiondate1Jan2022

ReportingunderIFRS4

Effectivedate1Jan2023

2020

MovingtoIFRS17in2023

ReportingunderIFRS17

1H2023Results

FY2023

Results

?Noimpactonsolvency,capital,cashgeneration,EVandVONB

?Nochangetostrategicpriorities,capitalmanagementframeworkordividendpolicy

?Asset-liabilityaccountingmismatchreduced

?OPATandshareholders’allocatedequityretainedaskeydisclosuremetrics

?Fullrestatedfinancialstatementsfor2022underIFRS9/IFRS17in2Q2023

25

Growth

Earnings

Capital&Dividends

26

Notes:

(1)ProformaassumingearlyadoptionofHKRBC,introductionofC-ROSSIIandreleaseofadditionalresiliencemargins

(2)Againstthepositionasof31Dec2021aspreviouslyreported

VeryStrongandResilientSolvencyPositiononNewPCRBasis

GroupLCSMCoverRatio

MinimumCapital

Requirement(MCR)Basis

PrescribedCapital

Requirement(PCR)Basis

399%

291%

277%

Asat

31Dec2021Proforma(1)

Asat30Jun2022

Asat

31Dec2021

?Prescribedcapitalrequirement(PCR)basissince1Jan2022

?Previouslyreportedonminimumcapitalrequirement(MCR)basis

?Proforma(1)GroupLCSMcoverratioasat31Dec2021of291%duetohighercapitalrequirementsonPCRbasis

?IncludesHKRBCandC-ROSSIIeffectivefrom1Jan2022

?ConsolidatedviewoftheGroup’scapitalposition

?Allkeymarketsonarisk-basedregulatorybasis

?Groupavailablecapitalof$72.4b,up$4.8b(2)

?Smallsensitivitytointerestratesandequityprices

27

Note:Duetorounding,numberspresentedinthechartmaynotaddupprecisely

FreeSurplusIncreasedby$3.6bto$20.6b

FreeSurplusMovement($b)

+3.2

+7.8

+$21b

(3.4)

23.6

(1.7)

(1.3)

(0.7)

(0.1)

(0.2)

27.0

20.6

17.0

.

FreeSurplus

HKRBCEarly

Underlying

NewBusiness

Unallocated

FinanceCosts

FreeSurplus

Investment

FreeSurplus

Dividend

Share

FreeSurplus

Endof2021

Adoptionand

FreeSurplus

Investment

GroupOffice

andOthers

before

Return

before

Paid

Buy-back

Endof1H2022

Releaseof

Additional

Resilience

Margins

Generation

Expenses

Investment

Return

Variances,

Dividend

andShare

Buy-back

Variances

andOther

Non-operating

Items

Dividend

andShare

Buy-back

28

Note:

(1)Includingspecialdividendpaymentof$146m

38.00

1,342ShareBuy-Back

1,650DividendPaid

ProgressiveReturntoShareholders;InterimDividendup6%

Prudent,SustainableandProgressiveDividendPolicy

InterimDividendPerShare

(HKcents)

40.28

+6%

1H22

1H21

OngoingShareBuy-BackEnhancingShareholderReturns

ReturntoShareholders($m)

2,992

339

380

442

525

786

983

1

1,140

,4481,452

1,558

1H121H131H141H151H161H171H181H19(1)1H201H211H22

29

ProfitableGrowthStrategyDrivingShareholderValue

?ImprovingVONBmomentumandreturntogrowthfortheGroupinJune

?EVEquityup3%before$3.0breturntoshareholders

?StrongcashgenerationwithFreeSurplusof$20.6b,up$3.6b

?High-qualityinvestmentportfolio

?InterimDividendup6%

?Ongoing$10bsharebuy-backprogrammeenhancingshareholderreturns

?Enormouspotentialforprofitablenewbusinessgrowth

AIA’sIntegrated

HealthStrategy

LeeYuanSiong

GroupChiefExecutiveandPresident

HighDiseaseBurden

>60%

oftheglobaldiseaseburdencaused

bymajorchronicrespiratory

diseasesoccursinAsia

GreaterFocusonHealth

64%

ofAsianconsumersaremore

concernedaboutpersonalhealth

andprotectionpostCOVID-19

>$4trillion

AnnualhealthcareexpenditureacrossAIA’smarketsin2030E

34%

oftotalhealthcareexpenditureis

out-of-pocket

34%

>10%

p.a.

4.2

15%

11%

1.4

2020

2030E

US

Asia

EU

AsiaistheMostAttractiveRegionforLifeandHealthInsurance

UnparalleledOpportunities

GrowingPopulation

+30millionp.a.

Asiaaddstoitspopulation

from2020to2030E

RisingMiddleClass(1)

2.6billion

510

2030E

IncreasingWealth

50%

ofglobalGDPgrowthover2020to2030Ewillcome

fromAsiaex-Japan

AgeingSociety

850million

above60yearsofage

+340m

+1.1b

2030E

2020

2015

850

2.6

1.5

Notes:Sources:IHS,McKinsey,SwissRe,WHO,AIAestimates

(1)$22,000netincomeorhigher,onpurchasingpowerparity(PPP)basis

MaterialandFast-GrowingHealthMarket

31

Sources:WHO,WorldBank,Governmentstatistics,McKinsey,AIAestimates

Developed

70%

ofconsumers

2.2x

MoreAccessible

GreaterCapacity

Accesstocarevariessignificantlyacrossandwithinmarkets

PhysiciansperPopulationinAPAC

Emerging&

Developing

IncreasedAvailability

Significantdemandandopportunityfordigitalhealthservices

~90%

ofphysicians

expecttousemore

digitalhealthservices

Developed

+9yrs

MoreEffective

IntegratedHealthcareJourneys

Healthcareisfragmented,complexanddifficulttonavigate

>90%ofconsumers

preferanintegratedexperiencefortheirhealthcareneeds

ImprovedTreatments

Significantvariabilityinqualityofcareacrossmarketsandsocio-economicgroups

LifeExpectancyatbirthinAPAC

Emerging&

Developing

32

UrgentNeedtoAddressHealthcareDemandsinAsia

MoreAffordable

ReducedMedicalCostInflation

HealthcareexpenditureisgrowingfasterthanGDPgrowthrate

>1.8xGDPgrowth

(2020-2030E)

acrossAIAmarkets

HigherCoverages

Lowprivatemedicalinsurance

<10%

privatemedicalinsuranceasapercentageoftotalhealthcareexpenditure

~$100b

valueofforegonetreatmentseachyear

ProfitableatScale

UnrivalledDistribution

LeadingMarketPresence

>14m

healthcustomers

>40%VONB

fromproductswith

health-relatedbenefits(1)

>160,000

corporatecustomers

PremierAgency

#1MDRTmultinationalcompanyfor8years

Leadingstrategicpartnerships

Banksanddigitalplatforms

AIAisUniquelyPositionedtoMakeaDifference

Leading

Pan-AsianPrivate

HealthInsurer

Differentiated

Healthand

WellnessServices

Unique

HealthTech

Platform

Notes:

(1)Includemedicalcoveragesandtraditional

(2)Excludenon-profitmedicalschemes

(3)Cumulativesince2018

#1Thailand

(31%share)

#1HongKong

(25%share)

#1Malaysia

(23%share(2))

#1Singapore

(24%share)

?>$2.2bVONBfromintegratedproducts(3)

?>14mhealth&mentalwell-beingassessments(3)

PersonalCaseManagement

Leadingglobalspecialists

?12markets,>3meligiblelives

?>20%diagnosischange

?>50%refinedtreatmentplan

RegionalHealthPassport

Cross-bordercashlessservices

?10kleadingdomestichospitalsandclinicswithpreferentialrates

?Telemedicinein10markets,>70%increaseinconsultations

HealthProviderNetworks

?Provideaccesstoleadingglobalhospitals

>30yearsprovenHealthTechIP>200cutting-edgetechnologyassets~200full-timeemployeesasofJuly

ExtensiveData,AdvancedAnalyticsCapabilities

>10m>500m

hospitaladmissionsuniqueclaims

>10TB

behaviouraldata

Leadingdigitalhealthtechnologyandintegrated

solutionsbusiness,improvingthehealthandwellness

outcomesofpatientsandcommunitiesacrossAsia

protectionproductssuchascriticalillness,disabilityincomethathavefixedbenefitspayableonahealthconditiondiagnosis,butexcludingdeathandaccidentbenefits

33

34

Integrationwith

OutpatientClinics

AdvancedHealthcare

AdministrationandManagement

Deliverbetterhealthoutcomes

atlowercoststhroughstrategic

partnershipswithoutpatientclinics

Providemoreeffective

caremanagementprogrammes

withsimplerhealthcarejourneys

AIA’sIntegratedHealthStrategy

Personalised

HealthInsurance

Betheleadingproviderof

personalisedhealthinsurance

adviceandinnovativesolutions

PoweredbyHealthTechnology,DigitalandAnalytics

Applyworld-classdigitalhealthtechnologyacrosstheentirehealthinsurance

andhealthcarevaluechainresultinginmoreefficientpricing,best-in-class

claimsandriskmanagementandadvancedvalue-basedcarecapabilities

MoreAccessible

MakingHealthcare

MoreEffective

MoreAffordable

35

Personalised

Differentiated

pricing

Value-driven

Distributors

Customers

?Innovativeproducts

?Personalisedcoverages

?Increasedprotection

?Newcustomers

?Highershareofwallet

?Sustainablemargins

?Greatercustomerengagement

?Increasedproductivity

?Higherincomes

1.PersonalisedHealthInsurance

LeadingProviderofPersonalisedHealthInsuranceSolutions

DeeperInsuranceCoveragesAcrossAllSegments

HNWHigh-endbespokepropositions

MassAffluent

Enhancedandbroadenedcoveragesandservices

MassMarket

Simplifiedpropositionsenabledbydigitaldistributionmodels

DifferentiatedData-DrivenHealthInsurancePropositions

?Needs-basedcoveragesandadvice

?Relevantvalue-addedservices

?Digitalhealthengagement

?Exclusiveaccesstoproviders

?Targetedanddata-driven

?Lowercostofinsurance

poweredby

AIA

Benefits

36

HealthcareProviderValueChain

SecondaryCare

Diagnostics,specialists

(Outpatient)

Pharma.&MedTech

Pharmacies,

drugmanufacturers,

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