Aviva: Growth and value · Europe • Mature, stable markets • Access to distribution is key • Superior understanding of customer as differentiator • Expand bancassurance and

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Aviva: Growth and value

7 December 2006

Andrew Moss, Group Finance Director

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DisclaimerThis presentation may contain “forward-looking statements” with respect to certain of Aviva’s plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Aviva’s control including among other things, UK domestic and global economic business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and regulations in the jurisdictions in which Aviva and its affiliates operate. As a result, Aviva’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Aviva’s forward-looking statements.

Aviva undertakes no obligation to update the forward-looking statements contained in this presentation or any other forward-looking statements we may make. Forward-looking statements made in this presentation relate only to events as of the date on which such statements are made.

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Aviva – a diversified businessHY 2006

Sales £21.3bn (1)

HY 2006EEV Operating Profits

£1.9bn (2)

33%

14%

International Life

41%

UK GI

UK Life

48%

52%

Aviva UK

International GI 12%

Aviva International

• The largest insurance provider in the UK

• 70 / 30 split of long term savings / general insurance maximises diversification benefits

• Scale and diversification are critical factors across the portfolio of businesses

• Value has a higher priority than volume

(1). HY06 Total long-term savings new business sales and GI and health new business premiums(2). HY06 EEV Operating Profits Excluding Corporate Costs and Unallocated Interest Charges

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The Aviva world

Europe• Mature, stable markets• Access to distribution is key • Superior understanding of

customer as differentiator• Expand bancassurance and

grow significant direct capability

• Complement with bolt on acquisitions

Asia Pacific • High growth market• Accelerate growth in India

and China• Expand bancassurance,

DSF and IFA channels• Continue to explore other

markets

North America• Largest market with largest

projected growth

• Well established competition

• AmerUs provides the platform for growth

• Canadian GI making good returns

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1,500

2,000

2,500

3,000

3,500

4,000

Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q3'06

UK life total sales growth

£m

UK life: Customer confidence returning

• Leading brand, products range and distribution

• Record 9 months, with total sales up 39% to £10,464 million

• Market leadership position with 12.1% market share

• Margins maintained at 2.9% (FY 2005: 2.9%)

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Aviva UK £250 million cost savings

Property

Procurement

Other

£135m

Staff

£65m

£10m

£40m

• UK cost base to be reduced by 10%- UK headcount of 36,000 reduced by 4,000- Cost of £250m

• Strong strategic and financial rationale:- Remaining competitive and efficient- Growing demand for “self service” and

capability of technology- Removing overlap between Life and GI

• Further strengthen ability to meet our financial objectives

• Run rate savings of £250m by end 2007

Cost Savings Split

£250m

GI

£125m

Sales&

Operations£50m

Life

£125m

Sales&

Operations£57m

Support Functions*£143m

* Support functions include IT, HR and Finance

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Simplifying the legacy

c900 products

8.5 million policies

550 systems

Current productsand systems

40% Value

60% Value

Migration

Ring-fence and rationalise

Decommission

Heritage

20% value

Scale

80% valueDevelop target systems and processes

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Aviva International: 10% growth target on track

2000 – 2005 Growth:• PVNBP Growth of

over 60% and 250% increase in NBC

Ambition:• Average organic

growth of at least 10% p.a. over the next 5 years, while growing

NBC £m NBC Net/Net/Net growth

0

50

100

150

200

250

2000 2001 2002 2003 2004 2005 HY2006

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

new business profit at least as quickly *

FY NB Margin HY FY

* Compound annual growth rate, post minorities, before acquisitions, and assuming no major changes in conditions. NBC growth aftercost of capital, tax and minorities.

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0

100

200

300

400

500

600

700

800

Q4'05 Q1'06 Q2'06 Q3'06

AmerUs quarterly sales growth

$m

Aviva and AmerUs: the US growth platform

• Equity indexed annuities –45% CAGR in sales between 2000 – 2005

• Equity indexed life – 68% CAGR in sales between 2000 - 2005

• Leading position in equity indexed life and annuity sales in the US

• Base case post-tax return on investment of over 10% by 2009

• 1.9 x EEV or 1.4 x EEV after pre-tax cost synergies of $45 million by 2008

• Accretive to IFRS and EEV operating earnings per share by 2007 and 2008 respectively

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Aviva Asia: success in chosen markets

Sri Lanka

PVNBP Growth1

CAGR – 32%

SingaporeHong Kong India China

£m

-

100

200

300

400

500

2002 2003 2004 2005 3Q2006

• Significant life and pensions

PVNBP growth

• In addition, investment sales

doubled in Q3 2006 v Q3 2005

• Aggressive development in

China and India and multi-

distribution approach

• effective bancassurance

relationships

• disciplined growth of

agency sales forces

Notes: 1) China 50%, India 26% and Sri Lanka 51% in line with JV shareholdings

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General insurance: 98% target firmly on track

• GI COR reduced from 109% to 92% between 2000 and HY 2006

• Underwriting discipline and pricing

• Motor rating improved

• Household and commercial lines strongly profitable

• £125 million cost savings in the UK by 2008

Operating Profit £ bnCOR %

90

95

100

105

110

2000 2001 2002 2003 2004 20050

0.5

1.0

1.5

2.0

COR HY Operating Profit

HY 2006

FY Operating Profit

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“Pay As You Drive”™ insurance• PAYD is a new approach to motor insurance using telematics

technology• The method of charging for car insurance is based on when, where

& how often a vehicle is used

Benefits to the Customer:

• Fairer Premiums• More for their Money• Greater Choice• Safety and Security• Emergency Help• More Control

Benefits to Norwich Union:

• Data capture• Pricing benefits across the book• Target specific market segments• More regular interaction with

customers• Publicity

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Profitable growth and increasing dividends

• Best ever results in H1 2006

- Strong growth across UK Life, General Insurance and International Life businesses

- 10% increase in dividend

- Return on equity of 14%0

0.5

1

1.5

2

2.5

3

3.5

2000 2001 2002 2003 2004 2005 2006Half Year Full Year

Operating Profit*

£ billion

* 2000–HY2003 achieved profits basis, FY2003–HY2006 EEV basis. From HY04 non-life figures on IFRS basis, pre 2004, UK GAAP. All figures are from continuing operations.

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Questions and discussion

7 December 2006

Andrew Moss, Group Finance Director