AIA GROUP LIMITED LONGER BETTER LIVES

1 HE A LTHIER LONGER BETTER LIVESANNUAL REPORT 2020 STOCK CODE 1299 AIA GROUP REPORT 2020 AIA GROUP LIMITED Notes: (1) Hong Kong SAR refers to Hong Kong Special Administrative Region. (2) Macau SAR refers to Macau Special Administrative Region.(3) Explanations of certain terms and abbreviations used in this report are set forth in the Purpose is to help people live Healthier, LONGER , BETTER PURPOSEAIA GROUP LIMITED and its subsidiaries (collectively AIA or the GROUP ) comprise the largest independent publicly listed pan-Asian life insurance GROUP .

2 It has a presence in 18 markets wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR(2) and New Zealand, and a 49 per cent joint venture in India. The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$326 billion as of 31 December 2020.

3 AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance , accident and health insurance and savings plans. The GROUP also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 38 million individual policies and over 16 million participating members of GROUP insurance GROUP LIMITED is listed on the Main Board of The Stock Exchange of Hong Kong LIMITED under the stock code 1299 with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: AAGIY ).

4 ABOUT AIACONTENTSOVERVIEW006 Financial Highlights008 Chairman s Statement010 GROUP Chief Executive and President s ReportFINANCIAL AND OPERATING REVIEW016 GROUP Chief Financial Officer s Review040 Business Review056 Risk Management062 Regulatory and International Developments064 Our PeopleCORPORATE GOVERNANCE069 Statement of Directors Responsibilities070 Board of Directors078 Executive Committee083 Report of the Directors096 Corporate Governance Report110 Remuneration ReportFINANCIAL STATEMENTS125 Independent Auditor s Report132 Consolidated Income Statement133 Consolidated Statement of Comprehensive Income134 Consolidated Statement of Financial Position136 Consolidated Statement of Changes in Equity138 Consolidated Statement of Cash Flows140 Notes to the Consolidated Financial Statements and Significant Accounting Policies265 Independent Auditor s Report on the Supplementary Embedded Value Information269 Supplementary Embedded Value InformationADDITIONAL INFORMATION295 Information for Shareholders298 Corporate Information299 GlossaryAIA AT-A-GLANCES erving the holders of

5 More than38 MILLION individual policies and over16 MILLION participating members of GROUP insurance schemesPRESENCE IN THE LARGEST LISTED company ON THE HONG KONG STOCK EXCHANGE which is incorporated and headquartered in Hong KongThe only international life insurer headquartered and listed in Hong Kong and100% FOCUSED ON ASIAN O .1 WORLDWIDE FOR MDRT REGISTERED MEMBERSThe only multinational company to top the table for six consecutive yearsProvides protection to people across Asia with total sum assured of almostUS$2 TRILLIONPAID MORE THAN US$16 BILLION benefits and claims during 2020, providing vital financial support for customers18 MARKETSANNUAL REPORT 2020001 OVERVIEWAIA s purpose is to help people live Healthier, LONGER , BETTER LIVES .

6 In 2020, COVID-19 presented a new and unprecedented risk to our communities. Our response was swift and comprehensive, including provision of medical supplies to our communities and free insurance coverage to medical frontliners and cleaning workers to give them peace of mind as they risked their LIVES in the fight against COVID-19. We extended free COVID-related cover to more than 25 million policies and provided US$1 billion of premium support across 12 markets. Over the year we paid more than US$16 billion in benefits and claims, providing essential financial protection when it is needed the most.

7 While the effects of the pandemic are far from over, we will continue to play a supportive role as our communities business that is now AIA, was first established by Cornelius Vander Starr in Shanghai in then, AIA has grown to become the largest independent publicly listed pan-Asian life insurance GROUP , spanning 18 markets and serving the holders of more than 38 million individual policies and more than 16 million GROUP scheme contributions have supported the social and economic progress of our markets, while also advancing the reach and impact of life insurance across Asia.

8 We also take pride in the long-term relationships we have developed with our customers and agents; which in many cases have continued for by our commitment to make a significant, positive impact on our customers and communities across Asia, AIA s purpose is to help millions of people live Healthier, LONGER , BETTER LIVES . Our Purpose guides the decisions we make and the actions we take as an organisation empowering and enabling people to understand and manage their health, while meeting their long-term savings and protection needs. We believe that helping to create a healthier Asia is one of the most important and valuable things we can do for our communities, today and in the MILESTONESAIA sets up a wholly-owned life insurance subsidiary in Mainland ChinaAIA successfully converted its business in Mainland China to the first wholly foreign owned life insurance subsidiary in Mainland China in October 2020, following regulatory approval in June 2020.

9 In March 2021, AIA received approval from the AIA tops the table for sixth year runningAIA became the only multi-national company in the world to rank number one in terms of the largest number of Million Dollar Round Table registered members for six consecutive pledges US$100 million to create the AIA ScholarshipsAIA announced the establishment of the AIA Scholarships and pledged US$100 million to support 100 undergraduates a year to attend universities in Hong Kong over the next several decades. The AIA Scholarships will support students who have demonstrated a track record of academic excellence and community service, and who need financial support to pursue their studies.

10 China Banking and insurance Regulatory Commission to begin operations in REPORT 2020005 AIA GROUP LIMITED006 OVERVIEW2020 RESULTS AT-A-GLANCE(1)VALUE OF NEW BUSINESS(2)(8)TOTAL ASSETS AND TOTAL LIABILITIESANNUALISED NEW PREMIUMS(3)(8)OPERATING PROFIT AFTER TAX(4)(9)TOTAL WEIGHTED PREMIUM INCOME(5)EV EQUITY(6)202050001,0001,5002,0002,5003,0 004,0003,5004,5002017201820192016US$ MILLIONS4,1542,7653,9552,7503,2062020US$ MILLIONS01,0003,0004,0005,0002,0006,0002 0172018201920165,6895,9425,2983,9814,635 2020US$ MILLIONS010,00020,00030,00040,00060,0005 0,00070,000201720182019201663,90567,1855 6,20343,65052,4292020US$ MILLIONS01,0002,0003,0004,0006,0005,0007 ,00020172018201920166,5855,2196,5105,123 5,6242020US$ MILLIONS05,00010,00015,00020,00030,00025 ,00040,00035,000201720182019201634,00235 ,40830,54322,13326.