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Aviva Europe

Making a Quantum Leap

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Disclaimer
This presentation is for information purposes only. It should be read in conjunction with the documents filed by Aviva plc (the “Company” or
“Aviva”) with the United States Securities and Exchange Commission (“SEC”).

This presentation contains certain “forward-looking statements” with respect to certain of Aviva’s plans and current goals and expectations
relating to future financial condition, performance, results, strategic initiatives and objectives. Statements containing the words “believes”,
“intends”, “expects”, “plans”, “seeks”, “aims”, “may”, “could”, “outlook”, “estimates” and “anticipates”, and words of similar meaning, are forward-
looking. By their nature, all forward-looking statements involve risk and uncertainty. Accordingly, there are or will be important factors that could
cause actual results to differ materially from those indicated in these statements. Aviva believes these factors include, but are not limited to: the
impact of difficult conditions in the global capital markets and the economy generally; the impact of new government initiatives related to the
financial crisis; defaults in our bond, mortgage and structured credit portfolios; the impact of volatility in the equity, capital and credit markets on
our profitability and ability to access capital and credit; changes in general economic conditions, including foreign currency exchange rates,
interest rates and other factors that could affect our profitability; risks associated with arrangements with third parties, including joint ventures;
inability of reinsurers to meet obligations or inavailability of reinsurance coverage; a decline in our ratings with Standard & Poor’s, Moody’s, Fitch
and A.M. Best; increased competition in the U.K. and in other countries where we have significant operations; changes in assumptions in pricing
and reserving for insurance business (particularly with regard to mortality and morbidity trends, lapse rates and policy renewal rates), longevity
and endowments; a cyclical downturn of the insurance industry; changes in local political, regulatory and economic conditions, business risks
and challenges which may impact demand for our products, our investment portfolio and credit quality of counterparties; the impact of actual
experience differing from estimates on amortisation of deferred acquisition costs and acquired value of in-force business; the impact of
recognising an impairment of our goodwill or intangibles with indefinite lives; changes in valuation methodologies, estimates and assumptions
used in the valuation of investment securities; the effect of various legal proceedings and regulatory investigations; the impact of operational
risks; the loss of key personnel; the impact of catastrophic events on our results; changes in government regulations or tax laws in jurisdictions
where we conduct business; funding risks associated with our pension schemes; the effect of undisclosed liabilities, integration issues and other
risks associated with our acquisitions; and the timing impact and other uncertainties relating to acquisitions and disposals and relating to other
future acquisitions, combinations or disposals within relevant industries.

For a more detailed description of these risks, uncertainties and other factors, please see Item 3, “Risk Factors”, and Item 5, “Operating and
Financial Review and Prospects” in Aviva’s registration statement on Form 20-F as filed with the SEC on 7 October 2009. Aviva undertakes no
obligation to update the forward-looking statements in this presentation or any other forward-looking statements we may make. Forward-looking
statements in this presentation are current only as of the date on which such statements are made.
Aviva Europe – Making a Quantum Leap 2
22 October 2009 Page 2
Andrew Moss
Aviva Group CEO

Aviva Europe – Making a Quantum Leap 3


22 October 2009 Page 3
Aviva Europe Investor and Analyst Event

Purpose

• Two years into the five year “One Aviva,


Prosperity & twice the value” strategy
peace of mind

Vision

One Aviva,
• We have communicated plans and progress in UK Life, UK GI, North
twice the value

Strategic Targets
America and Aviva Investors
priorities

• Manage composite • 98% meet or beat COR


portfolio • £500m cost savings by 2010
• Build global Asset • Double IFRS EPS by 2012 at
Management the latest

• Evidence of delivery with improving IRRs, cost savings and reallocation


• Allocate capital
rigorously
• 1.5 – 2 x dividend cover on
IFRS post tax operating
• Multi-channel customer earnings
reach

of capital to improve returns • Boost productivity

Aviva Investors
Asset Management
• Globally integrated business • Transform the investment model • Increase third party business

UK Europe N. America Asia Pacific


• Progress with the partial IPO of Delta Lloyd
Market leadership
● Drive up profitability
Scale, growth, capital
● Seize unique growth
Profitable growth
● Optimise business mix,
Scale, growth
● Prioritised portfolio
● Generate capital opportunities growth & margin ● Regional operating
● Insurance excellence ● ‘One Europe’ operating ● Diversify distribution and model
● Operational excellence model products ● Investment required
● Generate capital ● Generate net capital
returns

Aviva Europe – Making a Quantum Leap


22 October 2009 Page 4
Source: UN (2009), CEA (2009), Aviva PFA Model (2008)
Europe in context
Significant part of the Aviva group

• Strong historic foundations

• Unique opportunity to establish a leadership position

• Clear execution strategies are already beginning to make a difference

• Poised to make a ‘Quantum Leap’

Long-term savings GI and Health sales IFRS Operating profit


Long Term savings sales
Europe Europe Europe
General Insurance
50% UK 35% 44%
26%
Composite UK UK
DL 47% 44%
14%
DL
DL
14%
11%
Other
Other
regions 24%
regions 18%
Other
regions 12%

HY1 2009 for long-term savings sales (present value of new business premiums and investment sales), GI and health sales (net written
premiums) and IFRS operating profit (before group debt and interest costs)

Aviva Europe – Making a Quantum Leap


22 October 2009 Page 5
Andrea Moneta
Aviva Europe CEO

Aviva Europe – Making a Quantum Leap 6


22 October 2009 Page 6
The three key things I want you to take away today

Great franchise in Quantum Leap to ‘One Aviva, twice


the world’s largest become the the value’ delivered
market undisputed leader by 2012

Aviva Europe – Making a Quantum Leap


22 October 2009 Page 7
Source: UN (2009), CEA (2009), Aviva PFA Model (2008)
Our Making money Conclusions
Our opportunity Focus
Quantum and creating and
in Europe sessions
Leap value Q&A

Aviva Europe – Making a Quantum Leap 8


22 October 2009 Page 8
A huge market with significant growth potential

€40tr personal
financial assets €4tr premiums in
800m+ population next five years

€4tr L&P assets

Emerging markets with


Large mature markets
significant potential

Composite
Aviva’s
presence
Life & pensions
Source: CEA, AXCO
Aviva Analysis 2009
Aviva Europe – Making a Quantum Leap
22 October 2009 Page 9
Source: UN (2009), CEA (2009), Aviva PFA Model (2008)
Leadership is there to be grasped

European Market Shares, 2007


European
(LifeInsurance Market Shares
and Non-Life GWP)
(Life and Non-Life GWP)
9%
8% 7.3%
7% 6.3%
5.8%
• Highly fragmented market
6%
Market Share

4.8%
5%
4% • Macro, micro and industry
3.0%
3% 2.4% 2.4% trends
1.7% 1.7% 1.6%
2%
1%
0%
• Opportunity in adversity
a

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iv
al

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lia

Av
er

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ic

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Zu
Al

gr
en

AE
tA
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di

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Notes:
• Market size, taken from 2007 CEA data, deflated to account for business written outside of Europe and other non-primary insurance
income
• Source: CEA, ABI, AEGON Reports and Accounts
• Includes UK
Our Our Making money Conclusions
Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 10
Europe Leap value Q&A
Aviva is uniquely positioned
Region Aviva
Strengths in 15 markets Share of GDP L&P PVNBP GI NWP
H1 09 €m H1 09 €m
France 14.5% Top 10 2,733 631
Covering 80% of GDP and premium
Ireland 1.4% Top 5 478 Top 5 294
Italy 11.7% Top 10 2,461 190
Lithuania 0.2% Top 5 49 -
Poland 2.7% Top 5 572 20
Russia 8.5% Top 5 14 -
Spain 8.1% Top 5 1,394 -
Turkey 3.7% Top 5 134 53
Czech Rep 1.1% 17 -
Hungary 0.8% Top 10 26 -
Slovakia 0.5% 1 -
Romania 1.0% Top 5 41 -
Belgium 2.6% Top 10 465 -
Germany 18.6% 177 -
Netherlands 4.4% Top 5 1,351 Top 5 758
79.8% 9,913 1,946

Source: IMF
Our Our Making money Conclusions
Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 11
Europe Leap value Q&A
Aviva is uniquely positioned

Strengths in 15 markets

Covering 80% of GDP and premium

In different stages of development 10


Developed markets

Life Insurance Penetration (GWP/GDP) %


8 France Ireland

Belgium
6
Netherlands
Italy
High potential
4
markets
Spain Germany
Poland Hungary
2
Slovakia Czech Rep

Romania Lithuania
Market bubble size proportionate
0
Turkey Russia to premiums
- 10,000 20,000 30,000 40,000 50,000
GDP per Capita (PPP) (€)
Source: AXCO

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 12
Europe Leap value Q&A
Aviva is uniquely positioned

Strengths in 15 markets

Covering 80% of GDP and premium

80%
In different stages of development
70%

With an enviable competitive 60%


Generali
footprint 50%
AXA
Allianz

Regionalisation*
40%
Zurich

30% ING
Credit AEGON
20% Agricole
CNP
10% Groupama
Bubble size proportionate
to premiums
0%
0 5 10 15 20 25
Number of markets
* Regionalisation (Continental Europe) defined as premium generated outside
home market and UK as a percentage of total premium generated in Europe
Source: CEA, Aviva
Analysis2009
Our Our Making money Conclusions
Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 13
Europe Leap value Q&A
Aviva is uniquely positioned

Strengths in 15 markets

Covering 80% of GDP and premium

In different stages of development

With an enviable competitive


footprint

Capabilities across all product


lines and distribution channels

Life Distribution Models

Our Our Making money Conclusions Source: CEA, 2009


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 14
Europe Leap value Q&A
Aviva is uniquely positioned

Strengths in 15 markets

Covering 80% of GDP and premium

In different stages of development

With an enviable competitive


footprint

Capabilities across all product


lines and distribution channels

Two clear leading brands

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 15
Europe Leap value Q&A
A clear strategy to exploit the European opportunity

Quantum Leap – ‘game changing’ for the industry

Aviva Europe

Delta Lloyd

IPO – ‘strategic management’

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 16
Europe Leap value Q&A
Our Making money Conclusions
Our opportunity Focus
Quantum and creating and
in Europe sessions
Leap value Q&A

All data in the following sections refers to Aviva Europe excluding Delta Lloyd
Aviva Europe – Making a Quantum Leap
22 October 2009 Page 17
Our Quantum Leap is transforming our business

From the pack


to undisputed
leader

From twelve
businesses to one

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 18
Europe Leap value Q&A
We set the vision and defined the journey

Today we focus on the first phase


Value
Repositioning and new
growth
Which will deliver our ‘Twice the
value’ commitment by 2012
Integration of new
businesses
By extracting value and 2X
building capabilities
Consolidation and
reorganisation
of existing
Thanks to our QUANTUM LEAP businesses
in the industry 2008 Time
today

Aviva Europe – Making a Quantum Leap


Our
opportunity in
Our
Quantum
Focus Making money
and creating
Conclusions
and 19
22 October 2009 sessions Page 19
Europe Leap value Q&A
Our Quantum Leap is built on three pillars

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 20
Europe Leap value Q&A
Single operating model

• Markets focused on distribution with a


Distribution
strong centralised support

IT, Operations & Shared Services


In markets

Customer management • Synergies in IT, operations, customer


& Marketing
service with pan European sharing of
services
Product
Pooled
• Centralisation of production, keeping
strong “radar” for each market/segment
Governance

• State of the art governance

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 21
Europe Leap value Q&A
Strong management and clear accountability

Customer
IT and Human
Bancassurance Retail Management Products Finance
Operations Resources
and Marketing

David Adam Alfredo Stephen Cathryn Andrew Tim


Angulo Uszpolewicz Montalbano Marini Riley Moffat Harris

Markets

7
Markets

Markets

Jean Pierre Ignacio Stuart Andrea Maciej Asta Andrey Janos Karel Shah GI Life*
Menanteau Izquierdo Purdy Battista Jankowski Ungulaitiene Dubinin Bartok Vesely Rouf Ertan Firat Meral Egemen

Pan-European governance

• A winning team united by one bold vision and very clear accountability
• 377 years of experience
• Pan European leadership… local market knowledge
*Joint venture with Sabanci Holding

Aviva Europe – Making a Quantum Leap


Our
opportunity in
Our
Quantum
Focus Making money
and creating
Conclusions
and 22
22 October 2009 sessions Page 22
Europe Leap value Q&A
Executing a clear and bold master plan
Seven key strands that impact all aspects of our business
Banca Retail CMM Products IT & Ops HR Finance
Retail Customer Products IT & Human Finance
Management Operations Resources
& Marketing
Customer Management
Grow revenue and profitability – making sales and marketing as effective and efficient as possible

Products and Investment Management


Centralised product development and investment management – single product catalogue

Cost & Productivity


Right size the cost base to deliver sustainable savings from 2009 and beyond

GI Claims Management
Leverage Aviva best practice to reduce claims unit costs

Shared Services
Centres of excellence and shared processes to reduce costs and support our vision

Data
Single database to facilitate CRM and provide insightful real time MI

Governance
Single legal entity – state of the art capital and risk management

…. being executed ruthlessly


Our Our Making money Conclusions
Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 23
Europe Leap value Q&A
This is our Quantum Leap

From To

Twelve federated businesses One Pan European Business

One Head Office

Pan European distribution


organisation

Customer centric product catalogue


Multiple, complex products
and shorter time to market

Multiple systems Shared systems


and processes and processes

Simplified structure under


Complex legal entity structure
single holding company

Sub optimal capital allocation Fungible capital, state of the art


and risk management capital and risk processes

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 24
Europe Leap value Q&A
Our journey has started

… and it’s already delivering …

9 PLC Board approve vision & strategy 30 Sep 08

9 New management & accountability in place 21 Nov 08

9 Pan European capital allocation & risk management 01 Jan 09

9 Launch of Quantum Leap 01 Apr 09

9 Centralised procurement 30 Apr 09

continued …

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 25
Europe Leap value Q&A
Our journey has started

… and it’s already delivering …

9 Pan European GI claims laboratory 1 May 09

9 Pan European retention initiative 12 May 09

9 Single change portfolio 5 Jul 09

9 Delta Lloyd strategy and relationship clarified 6 Aug 09

9 Pan European holding company 12 Oct 09

continued …

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 26
Europe Leap value Q&A
Our journey has started

… and it’s already delivering …

9 Robust set of financial results

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 27
Europe Leap value Q&A
Robust set of financial results
Achieved in tough times
Life
Local Currency - sales flat in difficult market
HY1 08 HY1 09
Growth
- margins improved due to action on
product mix, partly offset by
Life and pension sales €8,039m(1) €7,920m Adv 1% customer preference for guarantees

Margin 3.7%(1) 3.8% Fav 0.1pp GI


- COR improving due to rate
- leading the market in Ireland and
GI and health volumes €1,249m(2) €1,188m Adv 5%
France on pricing action

GI COR 97% 96% Fav 1pp Expenses


- 7% improvement after absorbing
Expenses(3) €606m €578m Fav 7% wage cost inflation

IFRS Operating Profit


IFRS operating profit €524m €464m Adv 11%
- lower asset values and expected
return rates
(1) Restated to show underlying position; 4.0% including one-off CajaMurcia transfer and Pillar II pension legislation change in Romania
(2) HY 08 restated on a like-for-like basis reflecting the acquisition of the Irish health business in May 2008
(3) After adjusting for FX, acquisitions, inflation and restructuring

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 28
Europe Leap value Q&A
Robust set of financial results

Cost base falls 7% in real terms after absorbing wage cost inflation

€m 650
16 44
15
600

550 7% reduction

500

450 606 593


578
400

350

300

HY 2008 Inflation Cost savings BaU cost base Rebranding Published cost
HY 2009 and base HY 2009
restructuring
costs

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 29
Europe Leap value Q&A
Robust set of financial results

Supported by a high quality balance sheet


Total investments Fair Fair
Total Other
€bn value 1 value 2
Debt Securities - Government 25 23 2 -
Debt Securities - Corporate bonds 39 25 14 -
Debt Securities - Other 3 1 2 -
Total Debt Securities 67 49 18 -
Equity 4 3 - 1
Property (including investment property) 2 - 2 -
Other (including unit trusts) 26 24 2 -
Loans 1 - - 1
Cash 13 13 - -
TOTAL 113 89 22 2

• 98% of assets classified as FV1 or 2


• 99% of total investments carried at FV
• €67bn debt securities of which 95% are investment rated including 35% AAA - rated

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 30
Europe Leap value Q&A
Aviva Europe – Making a Quantum Leap
22 October 2009 Page
Page 31
31
Aviva Europe – Making a Quantum Leap
22 October 2009 Page
Page 32
32
Aviva Europe – Making a Quantum Leap
22 October 2009 Page
Page 33
33
Channel View – a well balanced mix
H1 09 Investments Retail
€82bn
H1
H10909sales
sales • Significant retail franchise with cash
€4.5bn
400 generative back book
1H 09 €m IFRS Operating Profit

350 Life EB €275 m


€118m GI
at 96% COR GI profit €118 m
300
Bancassurance Life NB €(42)m
250
€31bn Total retail profit €351 m
200 €4.6bn
€3m GI €275m Life EB • Profitable bancassurance life business,
150 at COR 91% at 66bps* with exciting GI opportunity
100 €173m Life EB Life EB €173 m
at 98bps*
50 GI profit €3 m

- Life NB €(36)m
€(36)m Life NB €(42)m Life NB Total retail profit €140 m
(50) at 4.3% margin at 3.0% margin
Notes:
(100) • EB & NB denote net IFRS operating profit or loss on Life existing business and new business respectively
• Return on assets bps calculated as annualised Life EB IFRS Operating Profit divided by average assets under management, expressed as basis points

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 34
Europe Leap value Q&A
Product view - a diverse product portfolio
Payback Period
LIFE & PENSIONS Margin IRR (Years)

Savings and pensions 2.0% 9% 8.2


H1 09 IFRS Operating Profit Protection 22.0% 31% 5.7
Annuity 3.7% 9% 8.4

€121m GI Aviva Europe 3.8% 13% 7.8


96% COR
Mainly
12.4% ROE
Retail • Life IRR 13%, impacted by tough market conditions
(17% in FY08)
• Highly profitable protection business currently less
Banca Retail
than 10% of sales – significant opportunity

€370m Life GI & Health COR


3.8% margin
13 % IRR Personal 99%
Commercial 90%
General Insurance 96%
Health 98%
Aviva Europe 96%

• GI COR improving and 96% for first half 2009

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 35
Europe Leap value Q&A
Bancassurance: committed and growing

• Consistently dominated life distribution in key markets


- before, during and after the financial crisis
• Significant GI growth opportunity

Life Bancassurance Market Shares (2000–08) GI Bancassurance Growth (2004-08)

Bancassurance Share of GI Market (%)


80%
12%
Spain Italy France
Bancassurance share of Life Market (%)

70%
10%
60% 10.2%

50% 8%
Spain
7.9%
40%
7.1% 7.3%
6%
30% 6.1%

20% 4%

10%
Italy
Italy
n.a. n.a.
2%
0% 2.10%
1.6% 1.7% 1.8%
2000

2008

2000
2001
2002
2003
2004
2005
2006
2007
2008
2001

2003

2005
2006

2005
2006
2007
2008
2002

2004

2007

2000
2001

2004
2002
2003

0% 1.1%
2004 2005 2006 2007 2008

Source: CEA, ANIA, ICEA, 2009


Our Our Making money Conclusions
Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 36
Europe Leap value Q&A
Bancassurance: our leading position

50

45 • Successfully executing our


40
strategy
35
No. of partners

30
• Increasing number of high quality
25 partners
20

15

10

Aviva Other insurers

• 46 agreements
• Over 20,000 branches
• Access to over 30m bank customers

Source: The Banker,


Our Our Making money Conclusions 2008
Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 37
Europe Leap value Q&A
Bancassurance: mutually compelling agreements

Deliver high value through a state of the art business model

• Perpetual agreements with robust exit clauses


• Growth at marginal cost
• Aviva retains management control
• Alignment of partner interests
• Single distribution platform drives cost
effectiveness

• New business margin 4.3%


• New business IRR 15%

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 38
Europe Leap value Q&A
Bancassurance – an exciting opportunity

Common channel Significant mix & growth


approach opportunities

• Leverage unique business model • Focus on protection


• Aviva in a box - scalable bancassurance • GI growth opportunity
platform • Leverage low cost per policy
• Managed through multiple points of contact • Grow at marginal cost

Undisputed leading
partner of choice

• Improve customer retention by 10%


• Grow protection sales by 30%,
increasing margin
• Triple current GI contribution

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 39
Europe Leap value Q&A
European Retail Market

European Retail Market


(Life and GI)

Total Life
• €620bn market
€105bn €58bn €35bn €15bn €10bn €23bn €246bn
and GI GWP
100%
(€260bn Life, €360bn GI)
90% 2.5% 1.0% 0% 20.0% 0.4% 0.8% 1.8% Aviva GI
Retail
80% Market
Share • Aviva Retail share 4.3%*
70%
Share of Market

– Life 7.8%
60%

50%
– GI 1.8%
40%

30%
• Retail market growth (2005–08)
Aviva Life 3.5% p.a.
20% 10.1% 0.7% 2.7% 11.1% 8.4% 6.0% 7.8% Retail
Market
10% Share
0%
France Italy Spain Ireland Poland CEE Aviva
Europe
Retail Life Retail GI Markets

* Retail premiums in Aviva Europe markets total €246bn

Source: CEA, AXCO


Our Our Conclusions Aviva Analysis 2009
Focus Making money
Aviva Europe – Making a Quantum Leap opportunity in Quantum and
sessions and creating
22 October 2009 Europe Leap value Q&A Page 40
Retail – a great and growing franchise

Retail – steady growth builds significant franchise

Aviva Europe Retail sales


• 9 million customers
€m
12,000
CAGR +6% • Diverse distribution
10,000
- IFAs/Brokers (8,000)
8,000
- DSF (10,000)
6,000
- Phone/Web
4,000
• Captive networks generate 75% of new
2,000 business
0 • Large and profitable life back-book
2005 2006 2007 2008

GI NWP • Profitable GI business with growth


Life PVNBP (2008 & 2007 MCEV, 2006 & 2005 EEV) potential

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 41
Europe Leap value Q&A
Retail – an exciting opportunity

New governance New tools

• Single channel ownership • Innovative front end


• Performance benchmarking • Product bundling and dynamic pricing
• De-couple distribution from production • Remunerate for value

Improve performance
2009-2012

• Increase productivity by 30%


• Increase customer retention by 10%
• Lower network costs by 10%

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 42
Europe Leap value Q&A
Our Making money Conclusions
Our opportunity Focus
Quantum and creating and
in Europe sessions
Leap value Q&A

Aviva Europe – Making a Quantum Leap


22 October 2009 Page 43
Now let's look in detail

Our Our Making money Conclusions


Aviva Europe – Making a Quantum Leap Focus
opportunity in Quantum and creating and
22 October 2009 sessions Page 44
Europe Leap value Q&A