Aviva: Corporate Profile September 2011

We are one Aviva...
Company Overview
Aviva is the worlds sixth largest insurance company providing customers with insurance, savings and investment products. We are the UKs largest insurer and one of Europes leading providers of life and general insurance. We combine strong life and general insurance businesses under a single, strong brand, focused on providing customers with prosperity and peace of mind. This model gives us reliable revenues from diverse sources, and helps us fund and grow our business more efficiently.
Regional View
UK
Aviva is the leading insurance brand in the UK. We are the UKs largest insurer and one in three households has a relationship with us. We are ranked as one of the UKs top ten most valuable brands.
Trevor Matthews Chief executive UK *
IFRS operating profit up to 709 million (691 million HY 2010). IFRS
Interim Results 2011
Strong general insurance results. UK general insurance operating profit

We now have over two million personal motor customers, and have
operating profit up 17% on an underlying basis with the exclusion of 2010s special distribution benefit of 84 million.
has increased to 242 million, up 6%. Sales up 14% to 2,222 million, General insurance COR improved to 96%. Life IRR increased to 16%. attracted an additional 670,000 new customers since the start of 2010. the UK market. As a diversified player with a strong brand we stand to benefit from growth within the market and regulatory changes such as the Retail Distribution Review and pensions auto enrolment..
The business is well-positioned to become the undisputed leader in
Europe
Andrew Moss Group chief executive Pat Regan Chief financial officer We provide 18 million customers across Europe with life, general and health insurance products through our multi-channel distribution network. Our chosen presence in Europe combines large, developed economies (France, Spain, Ireland, Italy, and Poland,) with the emerging markets of Turkey and Russia.
Single, strong brand 53 million customers 36,100 employees Strong market positions across
the UK and Europe
Market capitalisation 10.73

billion (as of 3 August 2011) yield of 6.5%
Igal Mayer Chief executive Europe
2010 full year dividend 25.5p, 402 billion of funds under

management (as of 31 December 2010) (HY 2011)
A 21% increase in IFRS operating profit to 525 million due to
We are a clear and undisputed leader in bancassurance with more
changes to the business mix and growth in funds under management. than 50 agreements across the region. Insurance sold though banks is the primary route to market across the region.um to 97% (HY10: 102%.)
Over 300 years of heritage
12.8% IFRS return on equity
General insurance sales up by 5% to 1,123 million with COR improving
IFRS Group Operting profit FY10
Sales FY10
North America
The North America region is home to two of the worlds largest and richest economies. We are focusing on building our position and competitiveness to capitalise actively on Avivas financial strength and leverage our strong, high quality relationships with our distribution partners.
Richard Hoskins Chief executive North America
UK Europe North America Asia Pacific Aviva Investors
42 % 43 % 11 % 1% 3%
IFRS operating profit grew 5% to 219 million. Life insurance operating profits increased 27% due to a growth in
UK Europe North America Asia Pacific 35 % 46 % 14 % 5%
the business and disciplined pricing. In general insurance underwriting profits increased offset by lower long term investment returns.
Asia Pacific
We continue to progress against our strategic priorities across nine Asian markets, pursuing franchise growth through organic investment and improved margins. We have further sharpened our focus on markets where we have strength and scale such as China and India where we expect to generate a significant proportion of our new business growth.
Interim Results August 2011

Total operating profit up to 1,337 million This has been a successful six months. We are beating all our operational targets. Operating profits rose in the UK and have increased by 21% in Europe despite tough economic conditions. After recent disposals, Aviva is fitter, stronger and well positioned to be the undisputed leader in the UK market and to build on our strong European franchises. Markets may well continue to be volatile, but our strong balance sheet and capital position underpins our confidence in our continued momentum and our plans for growth. Andrew Moss, Group chief executive, Aviva plc
Simon Machell Chief executive Asia Pacific
IRFS operating profit up 21% to 17 million.the Austrd in 2009). 17% growth in long-term savings sales to 1,180 million. Life and
pensions sales increased 14% to 902 million.since 2009.
Aviva Investors
Aviva Investors is the integrated asset management business of the Aviva Group, managing funds for Aviva as well as a growing range of third party clients.
Alain Dromer Chief executive Aviva Investors
Strong investment performance with 75% of institutional funds performed Good growth in external sales. Net external sales (excluding liquidity funds)
in the first half of the year were 2.5 billion, greater than the 2.4 billion achieved in the whole of 2010. above benchmark where a benchmark is specified.
*As announced in June , Trevor Matthews has been appointed chief executive of Aviva UK, subject to FSA approval.
...fitter and stronger

We combine excellence in both life and general insurance for the benefit of our customers and our shareholders alike.
53 million customers worldwide. One of the UKs top ten most valuable brands. UK and Europe: we have strength and scale in two of the largest and most 1attractive insurance markets in the world. One of the worlds largest bancassurance franchises with over 100 partnerships 1worldwide. We continue to generate significant value from our combination of excellent 1insurance and life businesses. Supported by a strong global asset manager.
Our strategy
1. Were increasing our geographic focus on our priority markets where we have strength and scale.
We are focusing our effort and capital on our leading market positions in the UK and Europe which together comprise the worlds largest life and pensions market. Our focus in Europe is on the eight markets of UK, France, Ireland, Italy, Poland, Spain, Russia and Turkey. North America will continue to be a net capital contributor for the group and we will continue to focus on profitable and organic growth. In Asia we will continue to pursue franchise growth though organic investment, focusing on our key markets such as China and India.
We are delivering on a clear and focused strategy...

In the first half of 2011:
Total operating profit up 5% to 1,337 million (HY10: 1,270 million); up 13% excluding impact of 84 million special distribution benefit in 2010. Operating profits in Europe up 21% to 525 million despite financial and economic difficulties in the eurozone. 14% life insurance new business internal rate of return (IRR) against a target of 12% *. 96% group combined operating ratio (COR), against a target of 97%*. 0.8 billion net operational capital generation in H1 towards the 1.5 billion FY11 target. Now targeting between 1.5 billion and 1.8 billion in FY11. On track to deliver 400 million cost and efficiency savings by FY12.
2. We are benefitting from the combination of life and general insurance.

Our life and general insurance operations are excellent businesses in their own right but in addition to their inherent strengths there are significant advantages to running these businesses under one brand in one group. These include: Capital: The combination of our businesses provides capital benefits by diversifying risks. Cash flow: The diversity of our business drives more resilient cash flows and earnings than single-line insurers through the cycle. Half of Avivas net cashflow is generated from the general insurance business. Cost and efficiency: We gain clear scale benefits and cost synergies from having life, general insurance and asset management in one group, including the operational benefits of shared back-office functions, IT and finance resources. Customer distribution: The power of Avivas brand differentiates our life, general insurance and asset management businesses. This combination makes Aviva an attractive business partner and has allowed us to develop global leadership in bancassaurance. We create cross-selling opportunities with our single trusted brand which is able to meet our customers complete insurance, pension and investment needs.
...which has made us financially stronger, providing us with a great platform for further profitable growth.
Sale of RAC at 17x earnings for 1 billion will release significant shareholder value. Delta Lloyd: by reducing our shareholding weve raised 0.4 billon and removed risk from our balance sheet. We have eliminated the deficit in the Groups pension scheme and it is now marginally in surplus. Pro forma economic capital surplus, including the impact of the sale of the RAC, up 23% at 6.9 billion (FY10: 5.6 billion.)
3. We are building on our core strengths

We will succeed by focusing on our strengths in marketing and distribution expertise, technical excellence, operational effectiveness and financial discipline. We already perform well in those areas, but by focusing our efforts and resource we aim to excel at each of them, and enhance Avivas position as a leading insurer.
...and play a positive and dynamic role in society to deliver prosperity and peace of mind.
For us, insurance is about people and not policies. Our business helps our customers to manage the risks of everyday life and protects them long into the future. We must be there for them throughout their lives and beyond, so its crucial we are a sustainable and profitable business, for the mutual benefit of our customers, our shareholders, and future generations. We want to encourage as many people as possible to secure their financial futures. Were committed to working with our customers, governments, regulators, charity partners and business partners to find solutions that increase the financial wellbeing of individuals and society. It is our duty as an industry leader to campaign and encourage governments to properly address the challenge of long-term savings and pensions. Its one of the most important financial issues of our time, and we are all in it together.
Were delivering on our strategy...

The sale of the RAC at 17x earning for 1 billion will release significant 1shareholder value. Reduced shareholding and deconsolidation of Delta Lloyd raising 0.4 1billion and further de-risking our balance sheet.
...and our targets

Success in the first half of 2011 owes much to the benefits of the 1management actions we have taken over the past few years. As a result of 1those actions we have: Reduced our cost base from 5.8 billion in 2008 to 4.0 billion (annualised 1HY11.) Improved profitability life IRR of 14% and COR or 96% ahead of targets. Grown the value of our in-force book (excluding Delta Lloyd) from 4.2 1billion in 2008 to 6.6 billion.
Weve built a strong platform for growth

We are confident about Avivas prospects and ability to deliver our financial targets while growing the business. In life insurance we are poised to extend our profitable growth as we benefit from our diverse product range, excellent distribution and the need for people to save more for retirement. We expect the momentum we have built in our general insurance business to continue. We take strength from the long term nature of our business, the actions we have taken to restructure the Group and our focus on meeting customer needs. We have the right platform to deliver profitable growth.
One of Avivas mobile learning centres, bringing education to children in India.
*Excluding Delta Lloyd
Last updated 04.08.2011

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We are one Aviva...

IFRS operating profit up to 709 million (691 million HY 2010). IFRS

Interim Results 2011

Strong general insurance results. UK general insurance operating profit

The business is well-positioned to become the undisputed leader in

Market capitalisation 10.73

Igal Mayer Chief executive Europe

Interim Results 2011

2010 full year dividend 25.5p, 402 billion of funds under

A 21% increase in IFRS operating profit to 525 million due to

We are a clear and undisputed leader in bancassurance with more

Over 300 years of heritage

12.8% IFRS return on equity

General insurance sales up by 5% to 1,123 million with COR improving

IFRS Group Operting profit FY10

Richard Hoskins Chief executive North America

Interim Results 2011

UK Europe North America Asia Pacific Aviva Investors

Interim Results August 2011

Interim Results 2011

Interim Results 2011

...fitter and stronger

We are delivering on a clear and focused strategy...

2. We are benefitting from the combination of life and general insurance.

3. We are building on our core strengths

Were delivering on our strategy...

...and our targets

Weve built a strong platform for growth

One of Avivas mobile learning centres, bringing education to children in India.

*Excluding Delta Lloyd

Last updated 04.08.2011

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