Disclosures About the Temporary Exemption from IFRS 9 (Tables)

12 Months Ended

Dec. 31, 2022

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Summary of Fair Value of Financial Assets Under IFRS 9 and Fair Value Changes

(a) The tables below present the fair value of the following groups of financial assets(i) under IFRS 9 as at 31 December 2022 and 31 December 2021 and fair value changes for the year ended 31 December 2022 and 31 December 2021:

	For the year ended 31 December
	2022		2021
	RMB million		RMB million
Held for trading financial assets		223,790		206,771
Financial assets that are managed and whose performance are evaluated on a fair value basis		—		—
Other financial assets
- Financial assets with contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (“SPPI”)		2,553,284		2,559,014
- Financial assets with contractual terms that do not give rise to SPPI		1,236,915		958,340
Total		4,013,989		3,724,125

	Fair value changes for the year ended 31 December
	2022			2021
	RMB million			RMB million
Held for trading financial assets		(12,569	)		4,541
Financial assets that are managed and whose performance are evaluated on a fair value basis		—			—
Other financial assets
- Financial assets with contractual terms that give rise to SPPI		16,929			92,219
- Financial assets with contractual terms that do not give rise to SPPI		(62,141	)		14,959
Total		(57,781	)		111,719

(i) Only including securities at fair value through profit or loss, loans (excluding policy loans), available-for-sale securities and held-to-maturity securities.

Summary of Credit Risk Exposure for Financial Assets with Contractual Terms that Give Rise to SPPI

(b) The table below presents the credit risk exposure (ii) for aforementioned financial assets with contractual terms that give rise to SPPI:

 

	Carrying amount (iv)		Carrying amount (iv)
	As at 31 December 2022		As at 31 December 2021
	RMB Million		RMB Million
Domestic
Rating not required (iii)		855,149		832,127
AAA		1,549,830		1,592,582
AA+		5,383		6,551
AA		5		80
AA-		3,000		3,000
Subtotal		2,413,367		2,434,340
Overseas
A+		105		427
A		6,417		4,331
A-		89		13
BBB+		99		75
BBB		1		—
BBB-		45		—
BB		161		—
Subtotal		6,917		4,846
Total		2,420,284		2,439,186

(ii) Credit risk ratings for domestic assets are provided by domestic qualified external rating agencies and credit risk ratings for overseas assets are provided by overseas qualified external rating agencies.

(iii) Mainly including government bonds and policy financial bonds.

(iv) For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here.

Summary of Financial Assets Not Considered to have Low Credit Risk on Reporting Date

(c) The table below presents financial assets without low credit risk for aforementioned financial assets with contractual terms that give rise to SPPI:

	As at 31 December 2022
	Carrying amount (iv)		Fair value
	RMB Million		RMB Million
Domestic		8,388		7,123
Overseas		161		161
Total		8,549		7,284

	As at 31 December 2021
	Carrying amount (iv)		Fair value
	RMB Million		RMB Million
Domestic		9,631		7,274
Total		9,631		7,274

(iv) For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here.