AIA Group VONB Growth & Margin Waterfall Analyzer H1 REPORTED +10%

Institutional Actuarial Workbench • Value of New Business & APE Margin Decomposition

Current VONB $2,641 M +10.0% YoY ($2,401M Base)

APE Sales Volume $4,776 M +7.8% vs prior ($4,430M)

VONB Margin 55.3% +110 bps expansion

FX Translation Impact -$48 M -2.0% CER variance

VONB Bridge Waterfall ($ Millions USD) Interactive Multi-Factor Walk

Waterfall Driver	Category	Prior / Impact	Cumulative VONB	Margin Delta

Operational & Actuarial Levers Live Calibration

APE Vol Growth +7.8%

Protection Mix +120 bps

China Market +14.0%

HK MCV / Domestic +18.0%

ASEAN Markets +8.0%

FX Currency Headwind -$48 M

Discount Rate Shift 0 bps

Regional Contribution Breakdown

Region	VONB ($M)	Share	Margin

Calibrated to AIA Group H1 Reported Results ($2,401M Base VONB, 54.2% Base Margin). All calculations deterministic.