APE Sales and NBV For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Annualized premium equivalent sales $ 3,569 $ 4,050 $ 2,748 $ 3,229 New business value $ 1,349 $ 1,666 $ 1,037 $ 1,329 1 AssetsunderManagement Asia’s assets under management were US$110.3 billion as at December 31, 2022, a decrease of US$11.7 billion or 6% compared with December 31, 2021. The decrease was driven by the impact of higher interest rates and unfavourable equity market performance on invested assets and segregated funds net assets, partially offset by net customer inflows of US$9.9 billion. Assets under Management As at December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Total invested assets $ 126,267 $ 129,207 $ 93,179 $ 101,893 Segregated funds net assets 23,226 25,505 17,138 20,112 Totalassetsundermanagement $ 149,493 $ 154,712 $ 110,317 $ 122,005 Revenue Total revenue of US$11.4 billion in 2022 decreased US$12.2 billion compared with 2021. Revenue before net realized and unrealized investment gains and losses decreased US$1.4 billion compared with 2021 due to a decrease in net premium income and changes in foreign currency exchange rates. The net premium income decrease was primarily driven by lower new business sales, partially offset by the growth of in-force business. Revenue For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Gross premiums $ 22,337 $ 24,013 $ 17,204 $ 19,152 Premiums ceded to reinsurers (861) (1,027) (664) (819) Net premium income 21,476 22,986 16,540 18,333 Investment income 4,190 3,207 3,228 2,557 Other revenue 1,458 1,696 1,115 1,353 Revenue before net realized and unrealized investment gains and losses 27,124 27,889 20,883 22,243 (1) Net realized and unrealized investment gains and losses (12,162) 1,682 (9,478) 1,391 Totalrevenue $ 14,962 $ 29,571 $ 11,405 $ 23,634 (1) See “Impact of Fair Value Accounting” above. 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below. 24 | 2022AnnualReport | Management’sDiscussionandAnalysis