2022Highlights • The two reinsurance transactions of our legacy U.S. variable annuity block resulted in the release of $2.5 billion of capital, which 1 included a cumulative one-time after-tax net gain of $806 million ; and • Other portfolio optimization initiatives released $234 million of capital in 2022. High Performing Team We are committed to enabling a high performing team and maintaining top quartile employee engagement compared to global financial services and insurance peers. Focus areas: • Organizational effectiveness and speed of decision making • Diversity, equity, and inclusion • Developing our talent with differentiated capabilities • Continuing to strengthen our value proposition to attract and retain top talent 2 Baseline Target 2022 2021 20173 2022 and onwards st st nd st EmployeeEngagement 1 quartile 1 quartile 2 quartile 1 quartile 4 We achieved a top quartile employee engagement rank in each of 2020, 2021 and 2022. Our employee engagement score has improved steadily since 2017 and we ranked in the top 6%4 amongst global finance and insurance companies in 2022. We were also recognized as one of the World’s Best Employers by Forbes for the third consecutive year. Our high performing team has been a key enabler of accomplishments to date, and we remain committed to achieving top quartile employee engagement going forward. 2022Highlights • Achieved our fourth consecutive year of higher employee engagement; • Named to Bloomberg’s 2022 Gender-Equality Index for the fourth consecutive year, highlighting our commitment to support gender equality through policy development, representation, and transparency; and • Recognized as one of Canada’s Top 100 Employers 2022 by Mediacorp Canada Inc. for the second year in a row. 2 Medium-termfinancialandoperatingtargets As communicated in May 2022, upon transition to IFRS 17 in 2023, two of our existing targets will increase due to the change in accounting framework, the other existing targets will remain the same, and we will introduce two new targets related to Contractual Service Margin (“CSM”). Our medium-term targets under IFRS 17 are: • Core EPS growth of 10% to 12% (no change); • Core ROE target will increase to 15%+ (from 13%+); • Leverage ratio of 25% (no change); 5 range will increase to 35% to 45% (from 30% to 40%); • Common share core dividend payout ratio • CSM balance growth of 8% to 10% per year (new); and • New business CSM growth of 15% per year (new). 1 The cumulative one-time after-tax gain of these two transactions was $806 million, consisting of a net gain of $846 million in 2022 and a $40 million loss recognized in 2021. 2 See “Caution regarding forward-looking statements” above. 3 Starting in 2019, engagement surveys were transitioned to the Gallup methodology. 4 Based on the annual global employee engagement survey conducted by Gallup. Ranking is measured by the engagement grand mean as compared to Gallup’s Finance and Insurance Company level database. 5 This item is a non-GAAP ratio. See “Non-GAAP and other financial measures” below for more information. 21