2009

SG Premium Review
Conference

Andrea Moneta
Chief Executive, Aviva Europe
& Aviva plc Board Member
 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.

2
 Introduction

1) Group
• Global company – 2 years into our 5 year strategy
• Focus on margins, profit and cost management
• Strong balance sheet

2) Europe

3
 An increasingly global company

£30
billion H1 2009 sales
£24.4bn (1)

Asia Pacific 6% 20%

10%
General
North America 17% Insurance

UK GI 9%

£15
billion UK Life 21% 80%
Long
5%
5% Term
24% Savings
Europe* 47%
32% 40%

34%

H1 2000 H1 2009
(1)
4
Total long-term savings new business sales and G.I. and health net written premiums. *Europe includes Aviva Europe and Delta Lloyd
2 years into our 5 year strategy

Purpose

Prosperity &
peace of mind

Vision
One Aviva,
twice the value
Strategic Targets
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
• Allocate capital • 1.5 – 2 x dividend cover on
rigorously IFRS post tax operating
• Multi-channel customer earnings
reach
• Boost productivity

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

UK Europe N. America Asia Pacific

Market leadership
● Drive up profitability
● Generate capital
● Insurance excellence
● Operational excellence
Scale, growth, capital Profitable growth
● Seize unique growth ● Optimise business mix,
opportunities growth & margin
● ‘One Europe’ operating ● Diversify distribution and
model products
● Generate capital ● Generate net capital
returns
Scale, growth
● Prioritised portfolio
● Regional operating
model
● Investment required
5
 Focus on margins vs sales
Life and Pensions margins maintained

Sales
Life General
and Pensions
insurance
Margins
£18.2bn £17.5bn COR2
12 months 6 months
NA/Asia
2008 % 2009 %
NA/Asia
£3.1bn
£15 bn UK 1.7% 2.1%
£3.9bn
Europe
Europe* 2.8% 2.6%
Life

Europe* North America 1.0% 0.5%

36%
Europe* Asia Pacific 2.5% 2.3%
£7.0bn 33%

£10 bn Group Total 2.1% 2.1%

£7.1bn

UK Life
DL
£26%
2.1bn • 2.1% margin retained at Q309
DL
UK £ 1.8bn • 19% local currency reduction in sales at Q309 due to a
£5 bn UK combination of market conditions and management action
General General
insurance
£6.0bn insurance • Pricing and commission action reduces impact of growing
22% £4.7bn
21%
customer demand for lower margin guaranteed products

HY1 2008 HY1 2009

* Europe includes Aviva Europe and Delta Lloyd 6
 Focus on profitability vs premiums
General Insurance COR improved

NWP
£5.1bn General
General
Insurance
insurance
CORs
COR2
£5 bn £4.9bn
NA/Asia 6 months
12 months
£0.8bn 2008 % 2009 %
NA/Asia
£0.9bn UK 99% 99%
Europe*
Europe* 97% 96%
£1.0bn
Europe
Life Europe*
North America 99% 97%
36%
DL
£1.1bn
£3 bn £ 0.5bn 33%
Total General Insurance 98% 97%
DL
£ 0.6bn

UK UK
Life
• 98% COR achieved at Q309
UK
26% • Cost and commission action taken to build sustainable
£2.8bn £2.3bn profitability
General General • Evidence of rating improvement in challenging markets
insurance insurance

22% 21%

HY1 2008 HY1 2009

* Europe includes Aviva Europe and Delta Lloyd 7
 Focus on improving returns
Strong Cost Management

£2,700m (£38m) £72m (£80m)

£2,622m
(£118m) • Ahead of run rate £500
£148m £2,493m million cost saving targets
(£75m)
£2,500m
(£38m)
• Eliminating cost over runs
and reducing operational
£2,300m complexity in UK Life
9.0% - £239m • Closing 13 operational
£2,100m
Reduction in centres and simplifying
underlying cost base product range in UK GI

• Cost reduction exercises

£1,900m
across Europe

• 35% reduction in group

£1,700m
centre costs

• Customer service
£1,500m maintained
HY08 Forex+acq Inflation UK Life UK GI Europe* Other Restructuring HY09
Expense & disposal + (inc. Group) HY09 Expense
Base Restructuring Base
HY08

8
* Europe includes Aviva Europe and Delta Lloyd
 Strong balance sheet

• Enhanced IGD solvency surplus of £3.7bn*

• £1.1bn default provision against UK annuity book remains unutilised, with no

material default experience

• Increased NAV per share – IFRS 409p (H109: 349p); MCEV 520p (H109: 416p)

• Net unrealised gain of £0.4bn on debt securities in US business following

improvement in US credit markets (31 Dec 2008: unrealised loss of £2.4bn)

* Excludes £0.4bn uplift from sale of Australian business, additional £0.5bn from the Delta Lloyd IPO and deduction of £0.5bn for
policyholder incentive payments as part of the reattribution 9
 Reallocating capital to generate increasing returns

Sale of Australian business completed

• Realises value from a business where Aviva had limited organic growth opportunities
• £452 million selling price at 16 x IFRS earnings

Reattribution of the inherited estate

• Over 800,000 customers will benefit from a £470 million payout
• Provides approximately £650 million of new business capital in the first 5 years

Successful IPO of Delta Lloyd

• Total gross cash proceeds of approximately £1 billion for a 41% stake
• Significant strategic milestone
• Enhances value and liquidity of retained stake in Delta Lloyd

10
 Delivering against a consistent strategy

• A strong balance sheet

• Increasing profits through operational improvements

• Reallocating capital to generate increasing returns

• Improving net asset values

11
1) Group

2) Europe
• Significant part of the Group
• Unique position with 15 markets
• Quantum Leap – already delivering results

12
 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
sales profit
Europe Europe Europe
Long Term savings
50% UK 35% 44%
26%
General Insurance UK UK
DL 47% 44%
14%
Composite
DL
DL
14%
11%
Other
Other
regions
regions 18% Other
24%
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)
13
 Aviva is uniquely positioned in Europe

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
14
 Aviva is uniquely positioned in Europe

Strengths in 15 markets

Covering 80% of GDP and premium 10

Developed markets

Life Insurance Penetration (GWP/GDP) %

In different stages of development 8 France Ireland

Belgium
6
Netherlands
Italy
High potential
4 markets
Spain Germany
Poland Hungary
2
Slovakia Czech Rep
Lithuania
Romania Market bubble size
Turkey Russia proportionate to premiums
0
- 10,000 20,000 30,000 40,000 50,000
GDP per Capita (PPP) (€)

15
Source: AXCO
 Aviva is uniquely positioned in Europe

Strengths in 15 markets
80%
Covering 80% of GDP and premium
70%

60%
In different stages of development Generali
AXA
50%
Allianz

Regionalisation*
40%
With an enviable competitive Zurich
footprint 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, 16
Aviva Analysis2009
A clear strategy to exploit the European opportunity

Quantum Leap – ‘game changing’ for the industry

Aviva Europe

Delta Lloyd

IPO – ‘strategic management’

• Total gross cash proceeds c £1billion for a 41% stake
• Significant strategic milestone
• Enhances value and liquidity of retained stake in Delta Lloyd
17
Aviva Europe’s 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
18
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

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 Pan European holding company 12 Oct 09

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Bancassurance: our leading position

50

45 • Successfully executing our

40
strategy
35
N o . o f p artners

30 • Increasing number of high

25
quality partners
20

15

10

Aviva Other insurers

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

Source: The
Banker, 2008
Bancassurance – an exciting opportunity

Common channel Significant mix & growth

approach opportunities
• Leverage unique business model
• Aviva in a box - scalable bancassurance • Focus on protection
platform • GI growth opportunity
• Managed through multiple points of • Leverage low cost per policy
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

21
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
2005 2006 2007 2008 Large and profitable life back-book
GI NWP
Life PVNBP (2008 & 2007 MCEV, 2006 & 2005 EEV)
Profitable GI business with growth
potential
22
 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%
23
To conclude

Great franchise in Quantum Leap to ‘One Aviva, twice

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

24
Questions

25