Business Performance APE sales were $1,261 million in 2022, an increase of 3% compared with 2021. Individual insurance APE sales in 2022 of $415 million decreased 2% compared with 2021, primarily driven by lower universal life and health and dental sales, partially offset by higher participating insurance and travel insurance sales. Group insurance APE sales of $576 million in 2022 increased 30% compared with 2021, reflecting higher sales in all markets. Annuities APE sales in 2022 of $270 million decreased 25% compared with 2021, due to the impact of market volatility on the demand for segregated fund products. Sales For the years ended December 31, ($ millions) 2022 2021 APE sales $ 1,261 $ 1,227 1 Manulife Bank average net lending assets were $24.1 billion in 2022, up $1.0 billion or 4% compared with 2021, driven by strong retention efforts and new loan volumes. AssetsunderManagement Assets under management of $146.1 billion as at December 31, 2022 decreased $15.9 billion or 10% from $162.0 billion as at December 31, 2021, due to lower total invested assets and segregated funds net assets, primarily reflecting the impact of higher interest rates and a decline in equity markets. Assets under Management As at December 31, ($ millions) 2022 2021 Total invested assets $ 110,433 $ 119,872 Segregated funds net assets 35,695 42,124 Totalassetsundermanagement $ 146,128 $ 161,996 Revenue Total revenue of $3.9 billion in 2022 decreased $8.5 billion from $12.4 billion in 2021, primarily driven by higher net realized and unrealized investment losses in 2022 compared to 2021. Revenue before net realized and unrealized investment gains and losses of $16.4 billion in 2022 increased $1.0 billion from $15.4 billion in 2021, primarily due to business growth. Revenue For the years ended December 31, ($ millions) 2022 2021 Gross premiums $ 12,202 $ 11,251 Premiums ceded to reinsurers (1,810) (1,690) Net premium income 10,392 9,561 Investment income 4,606 4,495 Other revenue 1,426 1,336 Revenue before net realized and unrealized investment gains and losses 16,424 15,392 (1) Net realized and unrealized investment gains and losses (12,517) (3,026) Totalrevenue $ 3,907 $ 12,366 (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 for more information. 27