(1) All figures are presented in actual reporting currency (US dollar) and based on actual exchange rates (AER) unless otherwise stated. Change on constant exchange rates (CER) is calculated using constant average exchange rates for the first half of 2016 and for the first half of 2015 other than for balance sheet items that use constant exchange rates as at 31 May 2016 and as at 30 November 2015.
(2) Change is shown on a year-on-year basis unless otherwise stated.
(3) Long-term economic assumptions used in the EV basis for the interim results are the same as those shown as at 30 November 2015 in our 2015 annual results preliminary announcement published on 25 February 2016. Non-economic assumptions used in the EV basis are based on those at 30 November 2015 updated to reflect AIA’s view of the latest experience observed.
(4) VONB is calculated based on assumptions applicable at the point of sale and before deducting the amount attributable to non-controlling interests. The amounts of VONB attributable to noncontrolling interests in the first half of 2016 and in the first half of 2015 were US$9 million and US$11 million respectively.
(5) VONB includes pension business. ANP and VONB margin exclude pension business.
(6) IFRS operating profit after tax and operating earnings per share are shown after non-controlling interests unless otherwise stated.
(7) Hong Kong refers to operations in Hong Kong and Macau; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia, Indonesia, New Zealand, the Philippines, Sri Lanka, Taiwan, Vietnam and India. The results of our joint venture in India are accounted for using the equity method. For clarity, TWPI, ANP and VONB exclude any contribution from India.
(8) 2015 financial information has been adjusted to reflect the changes in definition of operating profit and accounting policies for real estate with effect from 1 December 2015, as previously highlighted in notes 48 and 49 to the financial statements in our Annual Report 2015.
(9) AIA’s financial information in this document is based on the unaudited interim condensed consolidated financial statements and supplementary embedded value information for the first half of 2016.