Reconciliationofcoreearningstonetincomeattributedtoshareholders 2Q22 ($ millions, post-tax and based on actual foreign exchange rates Corporate in effect in the applicable reporting period, unless otherwise stated) Asia Canada U.S. Global WAM and Other Total Income (loss) before income taxes $ 216 $ 224 $ 1,010 $ 362 $ (555) $ 1,257 Income tax (expense) recovery Core earnings (74) (119) (92) (57) 4 (338) Items excluded from core earnings 44 64 (82) – 54 80 Income tax (expense) recovery (30) (55) (174) (57) 58 (258) Netincome(post-tax) 186 169 836 305 (497) 999 Less: Net income (post-tax) attributed to Non-controlling interests (11) – – – – (11) Participating policyholders (164) 84 4 – – (76) Netincome(loss)attributedtoshareholders(post-tax) 361 85 832 305 (497) 1,086 (1) Less: Items excluded from core earnings Investment-related experience outside of core earnings 80 86 591 – (166) 591 Direct impact of equity markets and interest rates and variable annuity guarantee liabilities (232) (346) (215) – (274) (1,067) Change in actuarial methods and assumptions – – – – – – Restructuring charge – – – – – – Reinsurance transactions, tax related items and other – – – – – – Coreearnings(post-tax) $ 513 $ 345 $ 456 $ 305 $ (57) $ 1,562 Income tax on core earnings (see above) 74 119 92 57 (4) 338 Coreearnings(pre-tax) $ 587 $ 464 $ 548 $ 362 $ (61) $ 1,900 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. Coreearnings,CERbasisandU.S.dollars 2Q22 (Canadian $ millions, post-tax and based on actual foreign exchange rates Corporate in effect in the applicable reporting period, unless otherwise stated) Asia Canada U.S. Global WAM and Other Total Coreearnings(post-tax) $ 513 $ 345 $ 456 $ 305 $ (57) $ 1,562 (1) CER adjustment 17 – 29 11 3 60 Coreearnings,CERbasis(post-tax) $ 530 $ 345 $ 485 $ 316 $ (54) $ 1,622 (2) Income tax on core earnings, CER basis 77 119 98 58 (5) 347 Coreearnings,CERbasis(pre-tax) $ 607 $ 464 $ 583 $ 374 $ (59) $ 1,969 Coreearnings(U.S.dollars)–AsiaandU.S.segments (3) Coreearnings(post-tax) ,US$ $ 401 $ 357 (1) CER adjustment US $ (11) – Coreearnings,CERbasis(post-tax),US$ $ 390 $ 357 (1) The impact of updating foreign exchange rates to that which was used in 4Q22. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q22. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q22. 109