Reconciliationofcoreearningstonetincomeattributedtoshareholders 2022 ($ 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 $ 2,063 $ 2,621 $ 4,877 $ 1,546 $(2,360) $ 8,747 Income tax (expense) recovery Core earnings (309) (482) (332) (218) 106 (1,235) Items excluded from core earnings (1) (295) (553) (5) 524 (330) Income tax (expense) recovery (310) (777) (885) (223) 630 (1,565) Netincome(post-tax) 1,753 1,844 3,992 1,323 (1,730) 7,182 Less: Net income (post-tax) attributed to Non-controlling interests (4) – – 2 1 (1) Participating policyholders (467) 314 42 – – (111) Netincome(loss)attributedtoshareholders(post-tax) 2,224 1,530 3,950 1,321 (1,731) 7,294 (1) Less: Items excluded from core earnings Investment-related experience outside of core earnings 31 70 1,183 – (467) 817 Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 153 76 197 – (1,266) (840) Change in actuarial methods and assumptions (45) 35 36 – 10 36 Restructuring charge – – – – – – Reinsurance transactions, tax related items and other (47) (10) 834 80 242 1,099 Coreearnings(post-tax) $ 2,132 $ 1,359 $ 1,700 $ 1,241 $ (250) $ 6,182 Income tax on core earnings (see above) 309 482 332 218 (106) 1,235 Coreearnings(pre-tax) $ 2,441 $ 1,841 $ 2,032 $ 1,459 $ (356) $ 7,417 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. Coreearnings,CERbasisandU.S.dollars 2022 (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) $ 2,132 $ 1,359 $ 1,700 $ 1,241 $ (250) $ 6,182 (1) CER adjustment 40 – 79 33 (2) 150 Coreearnings,CERbasis(post-tax) $ 2,172 $ 1,359 $ 1,779 $ 1,274 $ (252) $ 6,332 (2) Income tax on core earnings, CER basis 313 482 349 220 (107) 1,257 Coreearnings,CERbasis(pre-tax) $ 2,485 $ 1,841 $ 2,128 $ 1,494 $ (359) $ 7,589 Coreearnings(U.S.dollars)–AsiaandU.S.segments (3) Coreearnings(post-tax) $ 1 1 , US$ ,637 $ ,311 (1) CER adjustment US $ (40) – Coreearnings,CERbasis(post-tax),US$ $ 1,597 $ 1,311 (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 $ StatementofIncomeexchangeratefor thefourrespectivequartersthatmakeup 2022 core earnings. 105