AIA : Voluntary Announcement - AIA Extends Pan-Asian Leadership through an Exclusive 15-Year Bancassurance Partnership with the Bank of East Asia

This announcement is for information purposes only and does not constitute an invitation or offer by any person to acquire, purchase or subscribe for securities. This announcement is not, and is not intended to be, an offer of securities of the Company for sale in the United States. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements under the U.S. Securities Act. There is not, and is not intended to be, any public offering of the securities of the Company in the United States.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

VOLUNTARY ANNOUNCEMENT

AIA EXTENDS PAN-ASIAN LEADERSHIP THROUGH AN EXCLUSIVE 15-YEAR BANCASSURANCE PARTNERSHIP

WITH THE BANK OF EAST ASIA

Hong Kong, 24 March 2021 - AIA Group Limited ("AIA"; or the "Company"; stock code: 1299) announces the formation of a new exclusive 15-year strategic bancassurance partnership with The Bank of East Asia, Limited ("BEA") covering Hong Kong and Mainland China.

BEA will distribute AIA's life and long-term savings products on an exclusive basis to its retail banking customers. This partnership combines AIA's compelling propositions and proven bancassurance expertise with BEA's network of more than 140 outlets in Hong Kong and Mainland China and its affluent customer base.

The agreement builds on AIA's proven track record in bancassurance, expanding AIA's relationships with leading domestic banks to eight markets, in addition to a major regional partnership.

In Hong Kong, BEA is a leading bank franchise with more than 1.2 million domestic customers and significant potential to deepen life and health insurance penetration. In Mainland China, BEA is a top three foreign bank in terms of the number of personal banking branches, operating across 22 provinces(1) and with a fast-growing, affluent customer base.

The addition of BEA as a new strategic distribution partner further strengthens AIA's competitive advantages across the Guangdong-Hong-Kong-Macau Greater Bay Area (the "GBA"). BEA has a long history in the GBA having built one of the largest networks among foreign banks with branches in all 11 cities in the area. BEA is a pioneer of cross-border financial services including payments, mortgages and investments. Through its extensive licences covering banking, securities and asset management, BEA is ideally positioned to provide seamless services as GBA connectivity and flows accelerate.

The GBA offers immense potential for AIA with a combined population of 72 million, GDP of US$1.7 trillion(2) and growing needs for life and health insurance. The GBA is a key element of China's national development blueprint, aiming to accelerate growth through economic reform, innovation and increased connectivity and integration of its cities. As a result, the urban population is expected to grow rapidly and GDP for the GBA is forecast to exceed US$4.0 trillion by 2030(3).

Across the GBA, AIA is ranked as a top three life insurer in terms of agency new business sales and having 100 per cent ownership of its operations places AIA in an unrivalled position to fully capitalise on the growth prospects from this dynamic region. AIA's integrated strategy and execution enable the efficient delivery of products and premium services through extensive multi-distribution channels, allowing AIA to capture new opportunities as regulations evolve.

AIA will pay a total consideration of HK$5,070 million (approximately US$650 million) for the exclusive 15-year life insurance distribution partnership with BEA and for the acquisition of 100 per cent of BEA Life Limited, a wholly-owned subsidiary of BEA. AIA will also acquire a closed portfolio of life insurance policies underwritten by Blue Cross (Asia-Pacific) Insurance Limited.

Jacky Chan, AIA's Regional Chief Executive, said: "This transaction brings together two trusted financial institutions with a long history of operating in Hong Kong and Mainland China, who are aligned in the pursuit of sustainable growth powered by digital and technological transformation. It enables us to bring our in-branch sales expertise and range of quality protection and long-term savings products to BEA's loyal customer base, with an opportunity to unlock significant growth potential for both companies.

"In particular, our complementary and broad capabilities across the GBA enable AIA and BEA to build a unique partnership and harness the growth potential as the region develops. Together, we will help many more families across the region lead Healthier, Longer, Better lives."

Adrian Li and Brian Li, Co-Chief Executives of BEA, said: "Our strategy is to drive sustainable income by providing our customers with a compelling range of competitive products through our best-in-class omni-channel bank distribution network.

"AIA has an extraordinary track record in bancassurance and a deep commitment to the GBA. We are delighted that they share our vision and recognise the opportunities presented by our franchise. We look forward to working together in building a leading life insurance sales platform in Hong Kong and Mainland China, focused on serving the future needs of the GBA."

The two parties will immediately begin preparations to launch the distribution partnership. The acquisition of BEA Life Limited is expected to complete by the end of this year, subject to obtaining the relevant regulatory approvals.

Contacts

Investment Community

News Media

Lance Burbidge	[phone]	Cecila Ma Zecha	[phone]
Evelyn Lam	[phone]	Dudley White	[phone]
Feon Lee	[phone]	Emerald Ng	[phone]
Rachel Poon	[phone]

Shareholders to Exercise Caution

Shareholders and potential investors of the Company should be aware that the completion of the proposed transaction is subject to satisfaction of certain conditions as set out in the share sales agreement relating to the proposed transaction. Therefore, the proposed transaction may or may not proceed. Accordingly, shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

About AIA

AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets - wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(4), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei, Macau SAR(5) and New Zealand, and a 49 per cent joint venture in India.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$326 billion as of 31 December 2020.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 38 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code "1299" with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: "AAGIY").

Notes:

• (1) BEA can distribute AIA products in provinces where AIA China is licenced to conduct insurance business

• (2) Hong Kong government figures, 2019

• (3) 2017 forecast from the China Center for International Economic Exchange.

• (4) Hong Kong SAR refers to Hong Kong Special Administrative Region

• (5) Macau SAR refers to Macau Special Administrative Region

By Order of the Board

Lee Yuan Siong

Executive Director

Group Chief Executive and President

Hong Kong, 24 March 2021 3

As at the date of this announcement, the board of directors of the Company comprises:

Independent Non-executive Chairman and Independent Non-executive Director:

Mr. Edmund Sze-Wing TSE

Executive Director, Group Chief Executive and President: Mr. LEE Yuan Siong

Independent Non-executive Directors:

Mr. Jack Chak-Kwong SO, Mr. Chung-Kong CHOW, Mr. John Barrie HARRISON, Mr. George Yong-Boon YEO, Professor Lawrence Juen-Yee LAU, Ms. Swee-Lian TEO, Dr. Narongchai AKRASANEE and Mr. Cesar Velasquez PURISIMA