Disclaimer

Cautionary statements:
This 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 announcement contains, and we may make verbal statements containing, forward-looking statements with respect to certain of Avivas 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, will, 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 factors that could cause actual results to differ materially from those indicated in forward-looking statements in the presentation 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 and impairments in our bond, mortgage and structured credit portfolios; changes in general economic conditions, including foreign currency exchange rates, interest rates and other factors that could affect our profitability; the impact of volatility in the equity, capital and credit markets on our profitability and ability to access capital and credit; risks associated with arrangements with third parties, including joint ventures; inability of reinsurers to meet obligations or unavailability of reinsurance coverage; a decline in our ratings with Standard & Poors, Moodys, Fitch and A.M. Best; increased competition in the U.K. and in other countries where we have significant operations; changes to our brands and reputation; 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 Avivas Annual Report Form 20-F as filed with the SEC on 24 March 2011. Aviva undertakes no obligation to update the forward looking statements in this announcement 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.

Non-GAAP financial measures

Financial measures
In presenting Avivas results, management has included and discussed certain non-GAAP financial measures, as such term is defined in Regulation G. These measures are sales PVNBP (Present Value of New Business Premiums), Sales, IFRS operating profit 1, Net operating capital generation , MCEV Net Asset Value per share, EEV equivalent Net Asset Value per share, Economic capital surplus, GI LTIR (Long Term Investment Return), Cost Base and Capital Efficiency . Management believes that these non-GAAP measures, which may be defined differently by other companies, explain Avivas results of operations in a manner that allows for a more complete understanding of the underlying trends in Avivas business. However, these measures are not a substitute for those determined in accordance with International Financial Reporting Standards (IFRS). The reconciliation of such non-GAAP financial measures to their respective most directly comparable IFRS financial measures in accordance with Regulation G is included herein for Sales (PVNBP), Net operating capital generation, EEV equivalent Net Asset Value per share, Economic capital surplus, Capital Efficiency and GI LTIR and within the 2011 Half Year report (available on www.aviva.com/investor-relations/results-and-reports/ ) for IFRS operating profit1, MCEV Net Asset Value per share and Cost Base.

Additional information in relation to non-GAAP measures can be found on pages 21 to 23 of the 2010 Form 20-F, which is also available on www.aviva.com/investor-relations/results-and-reports/
Additional performance measures included in this presentation are Internal Rate of Return (IRR), Payback period, IGD Solvency Surplus, Value of in force covered business (VIF) and Aviva Investors Net Funded External Sales . There are no directly comparable measures for these measures under IFRS. Management believes these provide meaningful measures for the investment community to evaluate Avivas business. Net operating capital generation is Gross capital generated less Capital invested in new business. The Combined Operating Ratio (COR) is an industry term which demonstrates the efficiency of a general insurance business by expressing the total of claims costs, commission and expenses as a percentage of premiums received which have been determined in accordance with IFRS. Expense ratio is expenses expressed as a percentage of premiums received, which have been determined in accordance with IFRS.

Ratios which are based on numbers determined in accordance with IFRS are calculated as follows:
"Average life in-force reserves are calculated as opening reserves + closing reserves for half year periods, and opening reserves + half year reserves + closing reserves for yearly periods. Administration cost ratio on life reserves is calculated as administration expenses divided by average life in-force reserves (multiplied by 2 to annualise for half year periods). Life cost income ratio is calculated as (Acquisition expenses + Admin expenses + DAC/AVIF amortisation + Other income or expenses) divided by (New business income + Underwriting Margin + Investment Return).

The non-GAAP financial measures section on slides 36 to 42 of this presentation will be available on www.aviva.com/investor-relations/results-and-reports/reports/
1 IFRS operating profit is termed adjusted operating profit within Avivas 2010 20-F.

34

Reconciliations of non-GAAP financial measures

Reconciliation of sales (PVNBP) to net written premiums under IFRS
A reconciliation between Long term savings sales, Sales and IFRS net written premiums is given below for the periods ended 30 June 2011, 30 June 2010 and 30 June 2009. Additional information on this non-GAAP measure is given on pages 22 to 23 of Avivas 2010 20-F, which is available on www.aviva.com/investor-relations/results-and-reports/ .
million Life and pensions sales (PVNBP) Investment sales Long term savings sales General insurance and health net written premiums Total sales Less: Effect of capitalisation factor on regular premium long-term business Share of long-term new business sales from JVs and associates Annualisation impact of regular premium long-term business Deposits taken on non-participating investment and equity release contracts Retail sales of mutual fund type products (investment sales) Add: IFRS gross written premiums from existing long-term business Less: long-term insurance and savings business premiums ceded to reinsurers Total IFRS net written premiums HY11 14,317 1,830 16,147 4,708 20,855 (3,724) (428) (192) (2,244) (1,830) 2,679 (658) 14,458 HY10 16,314 1,797 18,111 4,337 22,448 (3,349) (700) (227) (2,131) (1,797) 2,651 (515) 16,380 HY09 15,693 1,591 17,284 4,270 21,554 (3,611) (649) (161) (1,559) (1,591) 2,202 (575) 15,609

million Life and pensions sales (PVNBP) gross of tax and non controlling interest Less: Tax and non controlling interest Life and pensions sales (PVNBP) net of tax and non controlling interest

HY11 14,317 2,024 12,293

HY10 16,314 2,807 13,507

HY09 15,693 2,378 13,315

35

Reconciliations of non-GAAP financial measures

Reconciliation of IFRS operating profit1to IFRS profit before tax
For a reconciliation of IFRS operating profit1 to IFRS profit before tax please refer to the following disclosure on page 7 of the Half Year Report 2011 for the periods ended 30 June 2011 and 30 June 2010, and page 144 of the 2009 annual Report for the year ended 31 December 2009, which are both available on: www.aviva.com/investor-relations/results-and-reports/: Pro forma reconciliation of Group operating profit to profit before tax IFRS basis.

Reconciliation of MCEV net asset value to IFRS net asset value

MCEV Net Asset Value per share is derived from Equity attributable to ordinary shareholders of Aviva plc MCEV basis. To reconcile Equity attributable to ordinary shareholders of Aviva plc MCEV basis to Equity attributable to ordinary shareholders of Aviva plc IFRS basis, please refer to the following disclosures within our 2011 Half Year report (available on www.aviva.com/investor-relations/results-and-reports/ ): - Reconciliation of shareholders equity on IFRS and MCEV bases (page 112); - Reconciliation of IFRS total equity to MCEV net worth (page 112); and - note E6 Segmentation of condensed consolidated statement of financial position (page 127).

Reconciliation of IFRS operating cost base to IFRS expenses

For a reconciliation of IFRS operating cost base to IFRS expenses for the periods ended 30 June 2011 and 30 June 2010, please refer to the following disclosure on page 68 of the Half Year Report 2011, which is available on www.aviva.com/investorrelations/results-and-reports/: Note A22 Operational cost base

1 IFRS operating profit is termed adjusted operating profit within Avivas 2010 20-F.

36

Reconciliations of non-GAAP financial measures

Reconciliation of IFRS operating profit1 to net operating capital generation
billion IFRS operating profit1 Add back: Corporate centre costs, group debt costs and other interest Less: Tax and non-controlling interests Net increase in required capital DAC and other Net operating capital generation
1 IFRS operating profit is termed adjusted operating profit within Avivas 20-F.

HY11 1.3 0.4 (0.6) (0.1) (0.2) 0.8

HY10 1.3 0.4 (0.7) (0.1) 0.9

Reconciliation of GI & Health LTIR to IFRS GI & Health Net investment income
million GI & Health LTIR Unwind of discount & pension scheme net finance costs Short term fluctuations Foreign exchange on unrealised gains/losses and other charges IFRS GI & Health Net investment income HY11 336 22 (80) 91 369 HY10 383 11 26 (86) 334

37

Reconciliations of non-GAAP financial measures

EEV equivalent Net Asset Value per share HY 2011

615p

554p 425p
VIF
Asset return above risk free rate Discount rate above risk free to allow for risk

EEV

MCEV

IFRS
Life intangibles

IFRS shareholders equity

+ 3.7bn

MCEV shareholders equity

+ 1.7bn

EEV shareholders equity

12.2bn

15.9bn

17.6bn

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Reconciliations of non-GAAP financial measures

Calculation of Available Economic Capital at Aviva plc
Available Economic Capital (AEC) - The amount of Economic Capital we hold Based on the audited MCEV balance sheet adjusted for: Intangible assets (excl. VIF) and goodwill are excluded GI businesses adjusted from IFRS basis to an economic valuation (by removing reserve margins and discounting the liabilities) Subordinated Hybrid debt is treated as available capital
billion MCEV Shareholders equity
2 1

FY 2009 14.2 5.0

FY 2010 16.5 5.3 (2.6) 19.2 13.6 5.6

HY 2011 17.1 5.8 (2.6) 20.3 13.4 6.9

Subordinated Debt Adjustments to Realistic basis Available Economic capital Required Economic Capital ICA Surplus

(1.6) 5.0bn 17.6 12.8 4.8

17.6bn

1 including preference shares and DCI. Refer to slide 38 for details of where to find the reconciliation of MCEV net asset value to IFRS net asset value. 2 HY 2011 subordinated debt includes 100% of Delta Lloyd's subordinated debt 3 Pension scheme risk is allowed for through five years of stressed contributions. Capital required is based on Aviva's own internal assessment and capital management policies. The term economic capital does not imply capital as required by regulators or other third parties.

39

Reconciliations of non-GAAP financial measures

Calculation of Capital Efficiency
Capital efficiency is calculated as the capital strain of writing life new business (see reconciliation below) as a percentage of Life and Pensions sales (PVNBP).

million IFRS Life new business income IFRS Life acquisition expenses

HY11 471 (492) (21)

HY10 467 (510) (43) (374) (188) (605) 13,507 4.5% Slide No. 37

Reference Half Year Report 2011 Note A19 page 66 Half Year Report 2011 Note A19 page 66

Required Capital DAC, tax, non controlling interest and other Life new business capital strain

(319) (148)

Half Year Report 2011 Note E7 page 128

5.0bn

(488) 12,293 4.0%

Life and pensions sales (PVNBP) net of tax and non controlling interest Capital efficiency

17.6bn

40