IFRS 17 Update Presentation

Cautionary Statements Regarding Forward-Looking Statements

To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-

looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the

Company expects or anticipates may or may not occur in the future. Words such as "potential", "estimates", "expects", "anticipates", "objective", "intends", "plans", "believes", "will", "may", "should", variations of these words and similar expressions are intended to identify forward-looking statements.

These forward-looking statements are subject to known and unknown risks and uncertainties that may be general or specific. Readers should be cautioned that a variety of factors, many of which are beyond the Company's control, affect the performance, operations and results of the Company, and could cause actual results to differ materially from the expectations expressed in any of the

Company's forward-looking statements. These factors include, but are not limited to, exchange rate fluctuations, market shares,

competition, environmental risks, changes in legal, financial and regulatory frameworks, international economic and financial market conditions and other risks and factors beyond our control. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. In addition, the Company undertakes no obligation to publicly

update or revise any forward-looking statement that is contained in this Report as a result of new information, future events or

otherwise. Neither the Company nor any of its employees or affiliates is responsible for, or is making, any representations concerning

the future performance of the Company.

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Contents

1. Impacts of IFRS 17
2. Changes in assets, liabilities and net assets under IFRS 17
3. Changes in profits under IFRS 17
4. Profit sources of insurance business under IFRS 17
5. Appendix

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IFRS 17: No change to business nature and strategy

IFRS 17 will not change our business nature or business strategy

• Product strategy will not be impacted
• Solvency position will not be impacted
• No material change in the management of asset-liability matching

Impacts of IFRS 17 on key financial indicators

• Continue to disclose operating profit and operating ROE
• Disclose contractual service margin (CSM), which is similar to residual margin
• Disclose New Business CSM (which conceptually is similar to NBV) and calculate New Business CSM Margin = New Business CSM / Present Value of Expected Premiums
• EV/NBV will not be impacted

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Contents

1. Impacts of IFRS 17
2. Changes in assets, liabilities and net assets under IFRS 17
3. Changes in profits under IFRS 17
4. Profit sources of insurance business under IFRS 17
5. Appendix

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