(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 year ended 31 December 2019 and for the twelve months ended 31 December 2018 other than for balance sheet items that use CER as at 31 December 2019 and as at 31 December 2018.
(2) Change is shown on a year-on-year basis compared with the corresponding twelve-month period ended 31 December 2018, unless otherwise stated.
(3) VONB is calculated based on assumptions applicable at the point of sale.
In 2019, ANP and VONB for Other Markets include 49 per cent of the results from our joint venture in India, Tata AIA Life Insurance Company Limited (Tata AIA Life), to reflect our shareholding. The reported ANP and VONB for 2018 have not been restated and do not include any contribution from Tata AIA Life.
The total reported VONB for the Group in 2019 excludes the VONB attributable to non-controlling interests of US$32 million. VONB for 2018 has not been restated and is reported before deducting the amount attributable to non-controlling interests of US$27 million, as previously disclosed in our Annual Report 2018.
(4) VONB includes pension business. ANP and VONB margin exclude pension business and are before deduction of non-controlling interests.
(5) OPAT and operating earnings per share are shown after non-controlling interests unless otherwise stated.
(6) Total dividend of HK$1.14 per share for the twelve months ended 31 December 2018 does not include the special dividend for the additional month in the accounting period due to the change in financial year-end date.
(7) In the context of our reportable market segments, Hong Kong refers to operations in Hong Kong Special Administrative Region and Macau Special Administrative Region; Singapore refers to operations in Singapore and Brunei; and Other Markets refers to operations in Australia (including New Zealand), Cambodia, India, Indonesia, Myanmar, the Philippines, South Korea, Sri Lanka, Taiwan (China) and Vietnam.
(8) The results of Tata AIA Life are accounted for the twelve-month period ended 30 September 2019 and the twelve-month period ended 30 September 2018 in AIA’s consolidated results for the year ended 31 December 2019 and the twelve months ended 31 December 2018 respectively.
The IFRS results of Tata AIA Life are accounted for using the equity method. For clarity, TWPI does not include any contribution from Tata AIA Life.
(9) AIA’s financial information in this Financial Summary is based on the audited consolidated financial statements and supplementary embedded value information for the year ended 31 December 2019, unless otherwise stated.