Aviva UK: Investor Update December 2009

Investor Presentation
December 2009
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, and we may make verbal statements containing, “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 unavailability 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.
Investor presentation December 2009 2

Contents
Page
1 Overview 4
2 Aviva’s businesses 18
3 Executive management 24
4 Financial strength 26
5 UK life inherited estate reattribution 33
6 UK and Europe 37
7 North America, Asia Pacific and Aviva Investors 86
8 Contacts 105

Overview
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) Total long-term savings new business sales and G.I. and health net written premiums Investor presentation December 2009 5
Our 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 Scale, growth, capital Profitable growth Scale, growth
● Drive up profitability ● Seize unique growth ● Optimise business mix, ● 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

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 • 15% local currency reduction in sales due to a combination of
DL
£ 1.8bn
market conditions and management action
UK
£5 bn • Pricing and commission action reduces impact of growing
General UK
General
insurance customer demand for lower margin guaranteed products
£6.0bn insurance
22% £4.7bn
21%
HY1 2008 HY1 2009

Focus on Profit 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
• 10% local currency reduction in premiums, excluding 2008 Dutch

UK
UK Life
UK Healthcare premiums of £0.7 billion
26%
£2.8bn £2.3bn • Cost and commission action taken to build sustainable

profitability
General General
insurance insurance
• Evidence of rating improvement in challenging markets
22% 21%
HY1 2008 HY1 2009

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
complexity in UK Life
£2,300m
• Closing 13 operational
9.0% - £239m centres and simplifying
£2,100m
Reduction in product range in UK GI
underlying cost base
• Cost reduction exercises
across Europe
£1,900m
• 35% reduction in group
centre costs
£1,700m
• Customer service
maintained
£1,500m
HY08 Forex+acq Inflation UK Life UK GI Europe Other Restructuring HY09
Expense & disposal + (inc. Group) HY09 Expense
Base Restructuring Base
HY08

UK Life
Driving up profitability
2005 2008 +/-
Life & Pensions sales (PVNBP)(1) £9,185m £11,669m +27%
Life & Pensions margin(1,2) 2.9% 3.5% +60bp
Cost overrun £140m £40m 71%
New business IRR 10.6% 14.0% +340bp
Existing Business operating return £372m £679m +83%
EV operating profit £589m £883m +50%
IFRS operating profit £382m £751m +97%
Significant progress on delivering the One Aviva, twice the value agenda
2005 shown on an EEV basis, 2008 on a MCEV basis. (1) Data shown on an EEV basis. (2)Margin pre cost of capital and taxation, 2008 margin unaudited, published MCEV margin 1.7%.
UK Life
Generating capital
2005 2008 +/-
New business capital strain(1) £488m £293m -40%
Strain % of L&P sales (PVNBP)(2) 5.3% 2.5% -2.8pps
Free surplus generation £365m £704m +93%
£500m dividend paid over the last three years
Delivering value to group

(1) New business strain includes initial capital strain and changes in required capital. (2) Life & Pensions sales calculated on an EEV basis for comparative basis.
UK General Insurance
Transforming the business
• Execution of strategy is improving the

HY1 08 HY1 09 +/- quality of earnings
• Actively exiting poor performing business

Net written premium £2,589m £2,049m -21%
• Rating increases above inflation on all
COR 98% 99% +1pps major classes
• Improving current year profits

Current year profit (1) £142m £159m +12%
• Driving down distribution costs – FY 2007
Current year claims ratio 40%; FY 2008 37%; HY 2009 34%
(1) 65.9% 69.6% +3.7pps
• £200 million cost savings delivered -
Expense ratio 12.8% 11.7% -1.1pps ahead of target for further £150 million
• HY ROCE of 13.4%
Commission ratio 25.3% 21.9% -3.4pps
1st – 6
Insurer of the year 1st 1st years
running
IFRS operating profit(2) £314m £282m -10%

(1) Operating profit or claims ratio excluding prior year savings
(2) Includes Aviva Re
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
Composite 79.8% 9,913 1,946
Aviva’s
presence
Life & pensions Source: IMF

A clear strategy to exploit the European opportunity
Quantum Leap – ‘game changing’ for the industry
Aviva Europe
Delta Lloyd
Composite
Aviva’s
presence
Life & pensions
IPO – ‘strategic management’

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

Key milestones in ongoing transformation
Increasing financial flexibility
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 £1.0 billion for a 41% stake
• Significant strategic milestone
• New corporate governance framework consistent with Dutch market practice
• Enhances value and liquidity of retained stake in Delta Lloyd

Q3 2009 IMS update
Managing for profit

• Worldwide long-term savings sales and life and pension sales1 both reduced by
11% due to lower consumer demand and strategic actions to optimise profitability
• Group margin in line with full year 2008 at 2.1%
• General insurance COR of 98%, in line with ‘meet or beat’ target
Balance sheet strength at 30 September 2009

• Enhanced IGD solvency surplus of £3.7bn2
• 25% increase in MCEV NAV per share at 520 pence from half year 2009
• £1.1bn default provision against UK annuity book remains unutilised, with no
material default experience
• 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)
(1) PVNBP
(2) 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
Aviva’s businesses
Manage the composite portfolio
Diversity, cash flow, resilient product range
Long Term savings
General Insurance
Composite

Aviva Investors
A powerful global asset management business
• Globally integrated asset management business

– The third pillar of our composite model, rebranded Aviva Investors
– £222 billion funds*, in 15 countries across North America, the UK,
Europe and Asia Pacific
• Accelerate the transformation of our investment model

– Scalable central investment unit & small autonomous teams
• Enhance capability to sell & service clients across borders
• Invest in people, technology and solutions development
• Increase 3rd party business
• Accelerate profit contribution to Group

* Aviva Investors’ assets under management as of 30 June 2009
Increase customer reach
Access to customers through preferred channels
Multi-distribution
Direct Sales
Bancassurance
Independent Agents

Increase customer reach
Over 90 bancassurance agreements

Growth In Life and Pensions assets by region
Area of bubble = Projected increase Aviva’s presence

Life & Pensions Assets CAGR (2007 - 2017)
in Life & Pensions assets to 2017

Strong
Growing
Asia-Pacific (ex. Japan)
North America Europe
Life & Pensions Assets 2007($bn)

Source: Aviva Research supported by Oliver Wyman
Executive management
A highly capable and experienced executive team
Andrew Moss
Chief Executive
Philip Scott Tom Godlasky
Chief Financial Officer North America Andrea Moneta
Mark Hodges
UK Life Europe
Igal Mayer Simon Machell

UK GI Asia Pacific
Amanda Mackenzie Alain Dromer

Marketing Anupam Sahay John Ainley Aviva Investors
Strategy Human Resources Investor presentation December 2009 25
Financial strength
Action on the Balance Sheet
IGD Solvency Surplus Significantly Strengthened
£bn
4.0 (£0.1bn)
£0.5bn (£0.3bn)
£0.1bn £3.2bn
£0.4bn
3.0 £0.2bn (£0.3bn) £0.2bn
£0.5bn
£2.0bn
2.0
1.0
0
IGD surplus Operating Market Dividends Issue of Issue Sale of DL Value of Increase Other IGD
December profits and movements Hybrid debt of hybrid Health non- in CRR movements Surplus
2008 other (including debt regulated June 2009
income FX) at DL entities
• IGD solvency surplus increased to £3.7bn* at 30 September 2009
• Equity hedges protect surplus: 40% fall in equities reduces surplus by £0.5bn, 40% rise increases
surplus by £1.3bn
• £1.1 billion default provision against UK annuity book remains unused at 30 September 2009
* 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
Action on the Balance Sheet
UK Commercial Mortgages
30 June 2009
31 Dec 30 June
2008 2009
Total UK Interest service cover 1.30 1.32

Remaining UK Commercial
commercial
commercial loans property Average loan to value 103% 106%
mortgage
£8.1bn
portfolio
portfolio Vacancy rates 4.1% 4.7%
£8.5bn
£11.1bn Rental income £845m £852m
Interest charged £650m £645m
Gov’t Tenants
£0.4bn
NHS
Healthcare £2.6bn
• Interest service cover remains stable at 1.3 times at 30 September 2009

• No material defaults in the first nine months of 2009
• Minimal interest arrears of less than 1% of annual interest across the whole portfolio

Corporate Debt - Shareholder
A high quality, diverse portfolio
• Just over 94% of corporate debt is investment grade or NAIC rated

• Minimal movement in rating grades

MCEV Operating Profit
New business and in force book both generate strong
earnings
£m
• Operating earnings up 12%
2,000 £312m £17m £(34)m
£(17)m to £1,685 million
£(63)m £(54)m
£1,685m • Life new business increase
£15m
reflects lower volumes, offset by
£1,509m increased group margin
1,500
• Life in-force
• Lapse experience good
in the light of economic
conditions
1,000
• Credit spread narrowing
and unwind of unrealised
losses in France and US
500

HY1 08 Life: Life: GI Fund Corporate Debt costs Pension HY1 09
operating new in-force management / Regional (ex pension interest operating
profit business costs interest) profit

IFRS Operating Profit
A lower asset and earnings base
£m
1,500
£1,223m £(18)m £17m £(40)m £(16)m £(63)m • Operating earnings of £1,049

1,250 million, down 14% on prior year
£(54)m
£1,049m
• Impact of debt costs and pension
1,000 P&L costs
• Investment return for operating

750 profit based on 10 year
swap rate
500
250
0
HY1 08 Life GI Fund Corporate / Debt costs Pension HY1 09
operating management Regional P&L operating
profit costs Cost profit

IFRS Profit After Tax
Material decrease in investment losses and provisions
IFRS
H1 2009 H1 2008 FY 2008

£m £m £m
• Profit after tax of £747 million
Operating profit 1,049 1,223 2,297
• No repeat of investment losses
Investment variances – Long term business 155 (636) (1,631) experienced in 2008
Investment variances – GI and other (73) (308) (913) • Integration and restructuring costs
includes brand spend in 2009
Impairment / amortisation of goodwill
(63) (93) (183) • No repeat of exceptional items
and intangibles
in 2008
Profit on disposals 20 9 7 • No further increase in provisions
Integration and restructuring costs (148) (132) (326)
Exceptional items - (84) (551)
Profit / (Loss) before tax 940 (21) (1,300)
Tax (193) (63) 415
Profit / (Loss) after tax 747 (84) (885)

UK life inherited estate
reattribution
Inherited estate reattribution – customer
perspective
• Strong customer story – over 800,000 customers benefit
• Just over 87% of eligible policyholders voted during election process,

with 96% choosing to accept the offer
• Incentive payment of £470 million
• 90% of eligible customers will receive between £214 and £1,230
• Customers will start receiving their payments from early November with
most receiving them by the end of the year
• Around 70% of the value of the inherited estate paid to customers

through special bonus and reattribution
A fair deal for customers

Inherited estate reattribution – shareholder
perspective
• Incentive payment flexed with size of estate

• Total estate value for reattribution of £1.25bn
• Based on average valuation of the estate at the end of June, July and August
• Policyholder incentive payment acquires:

• Assets backing the estate (£1.5bn at 31.12.08)*
• Assets and Liabilities backing the cost of guarantees (£3bn at 31.12.08)*
A good deal for shareholders

* Based on 100% policyholder take-up
Inherited estate reattribution – shareholder
perspective
Significant capital and earnings benefits:
• Provides £650m of new business capital strain funded from reattributed

estate in first 5 years
• 3 year cash payback
• One off £180m MCEV profit
• One off £80m IFRS profit
• Ongoing earnings of c£30m on an MCEV basis and c£45m IFRS per

annum
Significant capital and return benefits

UK and Europe
UK Life
UK Life
Current position H1 2009 Performance

• A leading UK Life company, with 10.8% life and pensions • Life and pensions sales 21% lower at £4,735m as a result of
market share at H1 2009 (H108: 10.4%) actions to manage product mix, pricing and costs, and the effect
• Broad product reach, top four position in our key markets of the economic downturn
• Improving our service proposition to become a key • Commission reductions and business mix changes have
differentiator contributed to a strengthened new business margin of 2.1%
(H1 2008: 1.2%)
• Continuing to simplify our business model through
outsourcing and e-commerce developments • IFRS life operating profit 14% lower at £368m driven by the fall
in asset market values reducing with-profit results
• Received final approvals for the reattribution of the inherited
estate • Life MCEV operating return of £345m, a 17% decrease
reflecting lower expected returns from existing business
• United under a global brand - name changed to Aviva on
1st June 2009 • On track to reduce costs by £100m by the end of 2009
Distribution Strategy
• Strong multi-distribution capability through: • Disciplined financial management and capital optimisation
¾ Bancassurance joint venture with the RBS Group • Generate greater value through enhanced interactions with
¾ Strong Partnerships, e.g. CIS, Post Office existing customers
¾ Leading provider to IFAs, e.g. Bankhall, Sesame, • Drive significant profitable growth in our Risk business
Tenet and SimplyBiz • Reshape our distribution relationships for value and low cost
¾ Growing corporate channel - 17% of total new acquisition
business in 2008 (2007: 8%)
• Drive significant profitable growth in Corporate sector
• Well placed to benefit from the Retail Distribution Review
• Seize the opportunity to become the most recommended insurer
We have delivered our promises
• Rationalise costs 9 • Develop the business 9

• Simplify the legacy 9 • Strong balance sheet 9
• Value out of service 9 • Capital efficiency 9
• Manage retention 9
Focussed on priorities, delivering the right things

Trading through the recession…..
Quarterly Sales
PVNBP £bn
3 • Lower sales in a significantly

contracting market
• Market share increase at higher margin

2
• Focus on profitability of new business

while maintaining capital discipline
1 resulting in increased margin
• Top 4 position in key markets
Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09
Pension Bonds & other Annuities Protection
Thriving in challenging markets

Quarterly sales (Life & Pensions PVNBP) on an MCEV basis. Life & Pensions market share based on ABI data. Investor presentation December 2009 41
… while enhancing returns …
New Business
Margin Improvement
• Reduced individual pension, group
3.0% pension and bond commissions
2.5%
• Growth of fee-based Employee Benefit
2.0% Consultant business
1.5%
• Customer service efficiencies
1.0%
• E-Commerce enhancements
0.5%
0.0% • Improved product mix

HY1 2008 FY 2008 HY1 2009 Q3 2009
Significantly leveraging pricing, commission and expenses

…and moving our mix towards higher margin risk
products
Q3 2008 Q3 2009
• Increase in individual annuities through innovative
Other, 4% Other, 3% rating factor pricing
• Reduction in BPA proportion due to rigorous
Bonds, 24%
Bonds, 27% hurdle rate discipline:
BPA, 2% ¾ Compelling proposition to 50 EBCs

BPA, 7%
Individual Annuities, 17%
• Protection excluding creditor increased despite
collapse in mortgage market:
Individual Annuities, 15%
Protection exc. creditor,
10% ¾ Excellent growth of Simplified Life product
Protection exc. creditor,
8% Corporate pensions, 4%
• Individual and group personal pension rise
Corporate pensions, 6%
supported by:
¾ market leading e-Commerce
IPP & GPP, 40%
IPP & GPP, 33%
¾ 170 schemes secured in HY1 2009, £188m
PVNBP
• Bonds impacted by management actions reducing
PVNBP share of portfolio commission, market conditions and CGT changes
Driving profitability, driving value

Widening the income and expense ‘jaws’
Life & Pensions Sales and Operating Expenses

35%
L&P Sales
25%
• Increasing sales while growing
margin
15%
• Targeted cost reductions, driving

5% out inefficiencies and reducing
operating expenses
Growth
2005 2006 2007 2008 2009
-5%
• Lower, more flexible and variable

-15%
cost base
Operating
Expenses
-25%
Expense over-run eliminated in 2009

Life & Pension sales calculated on an EEV basis for comparative basis. Investor presentation December 2009 44
Our focus on annuities is delivering benefits
New Business 2005 2008 +/-
Margin 5.2% 9.1% +3.9pps

IRR 9.5% 16.7% +7.2pps
Payback (years) 12 8 4 yrs
Capital strain £m 96 67 -30%
Capital strain % 6.1% 2.8% -3.3pps
• Extra rating factors (size/postcode/marital status & smoker status) delivering underwriting profit
• Increase speed to market and flexibility of rating changes
• Established strong BPA proposition
• Reduced capital in market place drives increased returns
IRR benefits from improved pricing, lower expenses and capital efficiency
New business margin shown on an EEV basis. Investor presentation December 2009 45
Our focus on protection is delivering benefits
Margin 9.2% 7.8% -1.4pps
IRR 16.5% 23.5% +7.0pps

• Highly competitive market with downward pressure on core mortgage and term products
• Improved re-insurance structures & reduced re-insurance costs
• Differentiated pricing by Channel / Distributor
• Implementation of enhanced rating factors
• IRR benefits from lower capital requirements from PS06/14
Key actions to improve margins in pensions
Margin 1.2% 1.6% +0.4pps

IRR 8.2% 12.4% +4.2pps
• Increased operational efficiency reducing new business costs
• Commission levels reduced in 2008 and 2009 to date. Key actions include:
• GPP 3% reduction in initial commission, 0.05% increase in FOC charge Q4 08
• IPP single premium commission reduced by 0.5% to 6.0% Q1 09
• Implementation of customer agreed remuneration
Key action in place to improve margins in bonds
Margin 0.8% 0.1% -0.7pps
IRR 9.7% 7.7% -2.0pps

Capital strain £m 77 26 66%
Capital strain % 2.9% 0.8% 2.1pps
• Persistency assumptions strengthened
• IFA commission rates reduced by 1% Q4 08
• Allocation rate reductions by up to 2% Q1 09
• Guaranteed Fund Commission reduction Q2 09
• IPG profit impacted by market volatility and withdrawn from 17th April 2009
Delivering operational excellence
2005 2009 Q1 +/-
UK headcount 12,500 9,200 -26%
Policies per headcount 1,032 1,485 +44%
Core admin systems 20 4 -80%
Value on scale platforms 60% 75% +15pps
Distributor service rating 1 star 4 star +3

Customer recommendation score 38% 68% +30pps
Employee morale score 49% 68% +19pps
We have transformed our operating model

UK Life: an evolving distinctive position
2008 – product positioning

Pension 100%
Savings 0%
Risk 0%
Aviva
Savings 100% Pension 0% Risk 100%
Consistent strategy & ruthless execution has delivered a distinctive position

Context for strategy: factors shaping the mid term
Industry past Forces for change Threats & opportunities
• Growth funded by Recession • Capital conservation

capital
• Margin squeeze
• Single premium driving RDR & TCF
volume • Smaller IFA shop
window
• IFA channel pre- Distributor
dominant consolidation • IFA channel orphans
• A Day boom in personal DB / DC • Growing role of

pensions workplace in retirement
NPSS
• Steady growth in • Acceleration in at-
retirement needs Demographics retirement provision
The next 3 - 5 years presents a mixture of opportunity and challenge

Positioning based on deep insight
Wealth
e
bl y
lth rs ch
By r ta a Ri
fo e e r
w
Lo ers ng m W iev pe
or tti Co ch Su
Po rn Ge A
Ea
• Overweight for UK
Retired
• Strong growth predicted

Life Stage
Pre-retired • 8.6m unserved

• Higher average value
Family
Non-Family
Our heartland is not only distinctive but also more profitable

Opportunity from our existing customer base
UK Life customers
Existing by source, m(Millions)
UK Life Customers
1.3m Direct
customers
• 40% have no active adviser
• Scaling back direct acquisition

3.5m
customers • Re-directing advisory resource
have IFA
1.4m customers • Generating leads from existing

with no adviser customers
• Industrialise to match
opportunity
0.7m Partner
customers
Capitalise on untapped value from our existing customers

Opportunity from our unique risk capability
Strong positions in key product sectors

Market share H1 2009 Underlying market growth
• Individual annuity
Annuities
• Life cover - underprovided UK
Unrivalled capability
WP Annuities
• Mortality and morbidity
Protection • Asset / liability expertise
• Cutting edge risk science
PMI • Combined understanding from Life,

GI and Healthcare
0% 5% 10% 15% 20%

Protection Annuities
We will drive significant growth in our high margin Risk lines of business
Source: ABI.
Opportunity from our momentum in corporate
sector
• Proposition innovation, for example the Pension Tracker e-commerce capability
• Average scheme tender and secured case sizes up by at least 25%
• 170 new GPP schemes secured in HY1 2009
• BPA foothold achieved, and solid relationships with 20-30 Employee Benefit
Consultants
• Support of a global brand
• Full wind-down solutions
• Unrivalled combined capability of pensions, BPA and healthcare
Drive profitable growth in the Corporate sector

Opportunity from our distribution reach post RDR
Advisers Today Advisers 2013 UK Life Strategy

High net worth
£500k + Independents
Commercial focus
c. 10,000
Mass affluent IFA
£100k – £500k c. 21,000
Provision gap
Grow in-house channel
Middle market
£30k – £100k
General Advisors
Tied / multi tied Leverage ‘One-to-many’
10,000
9,000 channels
Corporate
Bulk acquisition (e.g. BPA)
Mass market RBS JV
£0 – £30k Banks, direct Banks, direct Banks / building socs
15,000 19,000 Post Office
Other partners
We will shape our distribution portfolio for value and low cost of acquisition
Our strategic focus
Scale of customer
1. Capitalise on untapped value from existing customers
base opportunity
Unrivalled data and

2. Drive significant profitable growth in our Risk business
capability
Focussing
on our All round
distinctive 3. Drive significant profitable growth in Corporate sector proposition strength
customer
heartland
Distribution reach
4. Shape distribution portfolio for value & low cost acquisition
and flexibility
5. Seize opportunity to become most recommended insurer Global re-brand
We have clear strategic focus for 2010 - 2012

UK General Insurance
UK General insurance
Current position H1 2009 Performance (UK GI only)
• Operates in the mature UK market • General insurance operating profit of £247m

• Aviva UKGI enjoys a 13% market share - the largest UK • General insurance COR of 99% (H1 2008: 98%)
general insurer • General insurance net written premiums (NWP) of
• Top one or two position in all our major classes £2,049m (H1 2008: £2,589m), down 21%
• Focus on insurance excellence • Distribution ratio improved to 34% (FY2008: 37%)
including expense ratio of 11.7% (H1 2008: 12.8%),
• Improving quality of earnings reflecting benefits from transformational programmes and
actions undertaken to manage cost base
Diversified portfolio of products
and distribution channels
• There are 7 strategic priorities:
Commercial - Broker • Win the Customer

Commercial - Other • Win the Broker
Personal - Broker • Building Core Insurance Capability
Personal - Partnership • Claims Inflation Busting
Personal - Direct • Delivering the Promise of Scale
RAC income stream • Lean Manufacturing
• Win our People

UK General Insurance – delivering transformational
change
A clear strategy focused around a number of key themes

• Reshaping our book to maximise our access to customers whilst delivering a
Market sustainable distribution ratio
Leadership • Transforming the operating model to deliver insurance excellence in the core
areas of pricing, underwriting and claims handling
• All activity is underpinned by strict control of distribution and claims costs
● Drive up
through delivering the promise of scale
profitability
• Developing an agenda for our people that supports and builds the Aviva brand
from the inside out
● Generate capital
● Insurance Tangible recent evidence of positive movement in rates

excellence • Personal rating achieved in line with the market generally
• Achieved average premium increase of 6% in personal motor in HY 2009
● Operational • Achieved average premium increase of 5% in homeowner in HY 2009
excellence • Commercial rates continue to carry positive rate increases
• Overall rate increase in HY 2009 of 5%
• Current economic climate may be catalyst for market to harden

Insurance Excellence in UK GI: 'Focus on Profit'
Summary – our business
Personal Lines
• Marketplace
- High unemployment levels and pressure on consumer finances drives price sensitivity and switching behaviour
- Motor insurance purchase and research via aggregators now well established; beginning to grow in household
• We have a clear strategy

- Repositioning Direct away from aggregators to provide direct customers with our best price
- RAC panel launched to serve customers who wish to select their insurer through a trusted provider
- Supporting independent brokers
- Broker network established
- Delivering Fast Trade trading platform directly into 3,000 of their offices
- Partnerships where the partner has a unique moment of truth
- Executing pricing sophistication
Commercial Lines
• Marketplace
- Business failures, shrinkage and restricted access to credit has subdued demand
- Broker consolidation has slowed; rates rising slowly
• We have a clear strategy

- Independent brokers are our distribution, leveraging UK underwriting footprint
- Focus on transactional excellence
- War for distribution
The UK market leader
UK GI Market Share 2008 • Consolidated market – top 7 insurers have

over 50% market share
Aviva
12.9%
Rest of market • Aviva is the largest P&C insurer in UK
39.3%
• Top 1 or 2 position in all our major classes
RBSI
11.4%
• Unique business model
- Balanced mix of personal and
commercial
AXA
7.1% - Multi-distribution
- Powerful brands
RSA
6.6% • Consistently delivering performance
1
Zurich
- 99% or better COR since 2003
Nat Farmers
5.5% - £4.4bn operating profit over last 6 years
2.2%
AIG Lloyds BG
3.0% BUPA Allianz 4.4%
3.8% 3.8% (1) Excludes impact of 2007 summer floods
Source: Datamonitor
Unparalleled customer reach
DIRECT BROKERS PARTNERS
3,000
brokers
Powerful brands #1 in the SME market

… over 100 others
RAC - Best roadside Insurer of the year
assistance provider 2006 to 2003 to 2008
2008

UK GI’s 7 strategic priorities
Win the Customer Win the Broker

• UKDI fightback • War for distribution
• RAC membership
• Partnerships moments of truth
Building Core Insurance Capability Claims Inflation Busting

• Sophisticated pricing • Sustainable benefits year on year
• Rating leadership
• Price & product optimisation
Delivering the Promise of Scale Lean Manufacturing

•Halve IT costs • Mass customisation
• On track for £350m committed cost • Service & process centre reengineering
savings
Win our People

• No1 for employees
• Build core insurance skills
• Pride & passion for insurance

Reshaping the book
Direct Fightback Moments of Truth • Profitable & growing • Profitable & growing
medium sized brokers smaller brokers
• Unique package • Unique package
• Increase market • Increase market
• Direct is direct share share
• Sophisticated pricing
PERSONAL LINES COMMERCIAL LINES
Panel ¾ Multi channel approach ¾ Grow small/medium Products
¾ Direct means direct independent brokers Pubs restaurants RAC
¾ RAC Panel for ¾ Reduce commission Self employed RESCUE
Financial strength & Manufacturing
aggregators significantly Property
• 13 panel insurers reassurance & wholesaling
• 30-40% share ¾ Re‐grow with brokers Truly global peer group ¾ Maintain pricing owners
Office
¾ Price competitive Leveraged marketing discipline Shop & salon
surgery
sophisticated pricing ¾ Retain Insurer of the
Year – for 7th year
Brokers e-platform Common ‘Fast Trade’
Personal Lines: A Crystal-Clear Strategy
With Mass Customisation we can point everyone to the same engine and each "partner"
Pricing/Products • e-broking portal

will get the correct product and price.
Direct is ‘Direct’ Partners: Moments of Truth
Partner
Webs
• Straight thro
Call
Centre
Screens
Aviva Partner
Web NB Quote Integration
All web applications Policy
Platinum3 Cover
Gold Cover Value Cover
Buildings Single Product
Web Administration Real-time
are built on the Store QTE
Application Pricing
3
“NUD in a Box”
Integrated
standard
All partner integration

Broker
Webs
MI
Price
Risk
Data
Feeds
& Hi 33 33
processing
33
rdrd Party Data
Partner is provided using Party Data
gh
Blanket Hig
Blanket Blanket
Platform
RAC Panel
Application “NUD in a Pipe”
Broker
Integration
MTA
Sums
Contents er her
Low
Inne
Specified Inner Inne
Insured Inn r
Limits 3er 3r
Limi
Limi
3
Frozen Food Single Process t
• Fast referrals
3Li
Unlimited£4003tLimit £200 Limit
Small Brokers & National Accounts Leverage Membership Panels
/ Aggregators
Loss of
mit
3 Limit
£12,000 £6,0003 Limit
2
rent and aOneUnlimited Price
3 List
£1,000 2
£1,000 2 2
Sustainable growth and sustainable distribution cost

Reshaping the book
By 2011 our UKGI book will have changed…
• Direct grows
• Brokers grow
• Partnerships fall
• RAC steady in Rescue but RAC panel growing significantly
• Motor grows
• Home falls
• Creditor falls
• Commercial lines grow
Right balance of volume and profit
Building core insurance capability
Personal Lines – transforming pricing

Credit Make/Model Mass Customisation 3rd Party Data Price Optimisation
21% 120%
3rd
PTY DAMAGE
19%
17%
110%
Vogue 3rd PTYTotal

INJURY
15%
100%
Vogue SE Total Total

ACC DAMAGE
Premium
Loss Ratio
Frequency
90%
13%
HST Premium Total
Premium
CUE
80%
11%
Total
9
70%
HSE
Premium
9 9
9%
60%
7%
HST SC
5%
1 2 3 4 5 6 7 8 9 10
50%
HSE SC Combined peril Premium
ARI Segment
Loss Ratio - Retro Sep 08 Written Frequency
Multi peril
Sep ’08 Motor Sep ’08 Mar ’09
Dec ’08 Home Multi Peril
Commercial Lines – transforming underwriting

Rating Cleanse the Book Monitor, Mentor Hawkeye
10.0%
8.0%
6.0%
Commercial Rates to Apr ‘09
6.3%
1,800
1,600
160.0%
140.0%
3-Year Core Claims Ratio
Measure
1,400 120.0%
4.0%
5.7% CHC CHC CCI CTC CPO CMT AGR CME OSP/PRP etc
1,200
General Commercial
Large Property Construction Commercial Property
TOTAL IB Complex Schemes General Combined Motor Trade Agriculture Combined (legacy Package Products
100.0%
Owners Combined Owners
3.0%
GWP (£M)
Bonus)
2.0% 2 Yr Core 2 Yr Core 2 Yr Core 2 Yr Core 2 Yr Core 2 Yr Core 2 Yr Core 2 Yr Core 2 Yr Core
1,000 Region 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR 2 Yr GWP NECR
9
South £71.9 28.7% £8.8 52.7% £64.6 28.3% £24.5 46.1% £29.2 28.2% £39.7 56.2% £0.8 39.7% £10.6 29.5% £41.0 51.0%
0.0% 80.0% West & South Wales

London City
£8.7
£72.5
30.0%
30.1%
£9.9
£41.9
60.6%
40.0%
£62.9
£41.0
39.5%
28.0%
£29.8
£10.2
59.8%
46.3%
£27.9
£32.7
33.9%
24.2%
£41.2
£14.9
58.3%
69.9%
£4.3
£9.4
55.3%
68.8%
£8.7
£3.0
32.8%
44.4%
£38.8
£19.0
41.5%
46.2%
800 London NB
Midlands
£112.3
£11.0
23.3%
29.3%
£8.5
£6.5
66.7%
50.6%
£61.2
£50.7
33.8%
42.3%
£5.5
£24.0
28.1%
51.5%
£43.1
£26.7
19.6%
27.7%
£5.8
£33.6
84.4%
63.1%
£1.7
£1.4
55.4%
39.7%
£12.3
£6.4
31.0%
37.4%
£8.5
£20.2
34.7%
46.3%
60.0% Scotland & NI £11.6 £16.4 35.3% £50.1 38.0% £23.0 £37.2 32.5% £28.0 51.0% £11.7 49.8% £11.3 41.7% £36.6
40.1% 60.0% 47.4%
-2.0% North East £25.8 44.1% £12.3 51.1% £55.6 42.2% £16.3 57.9% £16.8 27.0% £29.0 60.2% £1.7 43.3% £11.7 30.7% £21.4 44.2%
600 North West

East
£35.1
£20.0
36.1%
65.3%
£3.6
£24.1
19.6%
46.0%
£47.7
£42.1
36.4%
28.5%
£20.4
£19.3
57.9%
33.1%
£15.4
£31.3
18.9%
55.7%
£32.6
£22.0
54.6%
49.2%
£3.3
£7.4
46.4%
76.5%
£4.1
£1.3
30.4%
50.1%
£16.0
£15.9
48.9%
45.4%
National Accounts £2.0 38.5% £115.1 33.1% £9.9 43.2% £3.0 51.6% £8.9 13.0% £6.5 75.3% £12.7 67.4% £2.1 36.3% £5.0 45.7%
40.0%
9
-4.0% Leicester NB £4.5 37.9% £0.0 0.0% £23.8 47.1% £7.0 106.6% £10.8 48.0% £13.5 67.1% £0.6 96.4% £12.0 30.2% £10.2 30.5%
9
400 Birmingham NB
ManchesterNB
£5.6
£1.0
37.4%
32.7%
£5.8
£0.1
24.3%
1.2%
£24.7
£19.6
42.9%
39.0%
£1.8
£1.8
52.9%
26.3%
£4.4
£1.1
32.4%
23.7%
£5.2
£2.7
72.0%
64.2%
£0.1
£0.0
12.5%
0.0%
£4.2
£3.3
32.5%
17.2%
£2.0
£2.5
27.1%
20.7%
Glasgow NB £0.0 5.3% £0.0 0.0% £14.9 47.2% £1.2 26.6% £10.3 31.4% £2.8 52.0% £1.3 18.6% £5.2 22.7% £0.9 16.0%
20.0%
Unallocated £3.4 8.3% £0.0 0.0% £3.7 22.3% £1.5 20.9% £1.5 4.3% £2.7 59.3% £0.8 65.7% £0.0 0.0% £0.1 408.3%
-6.0%
200 Belfast NB
Total
£0.2
£386.4
40.8%
31.9%
£0.0
£252.9
0.0%
39.8%
£5.1
£577.8
31.0%
36.4%
£2.9
£192.2
110.9%
53.4%
£3.1
£300.5
15.4%
30.0%
£1.4
£281.8
48.3%
59.2%
£0.1
£57.5
98.8%
59.7%
£1.5
£97.9
24.0%
32.7%
£2.1
£240.2
33.9%
44.8%
-8.0% 2009 Plan Core NECR 32.0% 37.8% 38.0% 42.5% 32.2% 46.0% 47.3% 37.9% 38.7%
0 0.0% Key :
NECR worse than Target by 5% points
CTB Other
t - 07
t - 08
8
r - 07
r - 08
l - 08
r - 09
r - 07
l -0 7
r - 08
r - 09
7
9
y - 07
y - 08
NECR within +/- 5% points of Target

9
7
8
v -0
v -0
g -0
g -0
c -0
n -0
c -0
b -0
n -0
p -0
b -0
p -0
b -0
n -0
n -0
n -0
NECR better than Target by 5% points

Oc
Ju
Ju
Oc
Ap
Ap
Ap
Ma
Ma
Ma
No
No
De
De
Fe
Ju
Au
Fe
Ju
Au
Fe
Se
Se
Ja
Ma
Ja
Ma
Ja
Red Rate Target £69.6 10.1% £70.1 6.6% £48.7 10.3% £128.1 10.2% £42.0 12.6% £230.4 7.7% £37.1 6.1% £4.3 6.3% £175.3 4.8%
Amber Rate Target £200.1 6.9% £173.3 6.4% £372.5 6.2% £34.8 9.2% £135.8 6.9% £51.4 7.7% £16.7 6.0% £19.8 6.3% £49.4 4.8%
PROPERTY LIABILITY (Incl PI) MOTOR (Fleet/Minifleet) ZERO GWP 3-Year Core ECR Green Rate Target £115.7 5.0% £9.5 5.0% £156.6 5.0% £29.3 5.0% £122.7 5.0% £0.0 7.7% £3.7 5.0% £73.7 6.3% £15.6 4.8%
Overall Rate Target £385.4 6.9% £252.9 6.4% £577.8 6.2% £192.2 9.2% £300.5 6.9% £281.8 7.7% £57.5 6.0% £97.8 6.3% £240.2 4.8%
¾ 5pts improvement in 2008 ¾ Exit 60% & carry 30% rate ¾ Case level management ¾ Investment in underwriting
¾ Trend positive so far HY09 uplift on rest ¾ Insight on geographical risk
Delivering the promise of scale
Self Service Centres of Excellence
2007 2010
c900 Applications <300 Applications

Mass Customisation &
Lean Manufacturing IT Roadmap
Sustainable service excellence & benefit of scale

• Progress ahead of what was promised in October 2008

Phase 1 Target : £200m
One- C&E • Sales & Marketing
offs £38m • IT
• Support Services
Inflation
• Change
Phase
1 Cost
Reduction Phase 2 Target: £150m
• Operations
One- • IT
offs
Phase Phas
1 Cost e2
Phase
Reduction 09 & 10 2Cost
Cost
Inflation
Reduction
£150m
£150
m
2007 2008 HY 2008 FY 2010
• Full year 2008 ratio of 12.1% achieved

• Remaining phase 2 savings ahead of target
Summary
Reshaping the book

• Focus on profit
• Sustainable distribution ratio
Building core insurance capability
• Sophisticated pricing
• Focus on transactional excellence
• Cleanse the book of poor performing business
• Inflation busting
• Expect rating in line with market at or above inflation
• £265m cost savings delivered in 2008
• Expense ratio reduced to 12.1% in 2008
• Ahead of target for remaining committed cost savings

Europe
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 Other
regions
regions 18% regions 12%
24%
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)

Europe: Aviva is uniquely positioned
Strengths in 15 markets
Covering 80% of GDP and premium

10
Developed markets
In different stages of development
Life Insurance Penetration (GWP/GDP) %

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) (€)
Source: AXCO

Europe: 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
Source: CEA, 2009

Aviva Europe
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

Aviva Europe
Bancassurance
Yesterday Simplify & Innovate Tomorrow

• No. 1 bancassurer in Europe Common channel approach 9Undisputed leading partner of choice
with specific partner offerings
• Strong and successful track record in bancassurance 9One single business model & governance across
across Europe Leveraging unique Europe (moved away from Federal structure)
• 46 quality partners across Europe bancassurance model
9Cost per policy significantly reduced through
(17 JVs & 29 distribution agreements) (already existing in Spain)
roll-out of shared platform
• Proven expertise Optimal product mix 9Significant growth opportunities, through existing
• Strong margins, double the Aviva Group average partners at marginal cost
• Innovative shared service platform established in Spain 9Exploiting huge mix opportunities to strengthen
margins – grow protection by 30%
• Mutually compelling business model with robust
exit clauses 9Leading the market, leveraging existing
relationships into GI and other product areas
to triple GI contribution
But, in common with our competitors:
9Rapid model to market – ‘Aviva in a box’ concept
• Federal model
• Focused on Life Insurance
Pan-European model drives Strengthened margins Strong organic growth Extending product reach
cost reduction through optimised mix at marginal cost to grow profits

Aviva Europe
Retail

• A significant platform to build from: One European distribution 9Integrated channel management (implemented):
• 9 million customers organisation unit run as a profit
9Central retail function for Europe
• 18,000 financial advisors centre…
9Single ownership of retail channel in all markets
(of which 10,000 in own networks) 9Retail P&L
• 12 European markets …Selling all product lines
9Performance review process & benchmarking
• Strong sales capacity: …Using the same methods (implemented):
• €7bn life sales (PVNBP) and tools
• €2.5bn GI sales 9Customer retention centre of excellence
• Large and profitable life back-book generating …Managed in a consistent (implemented):
two-thirds of European Life IFRS OP manner 9Single retail operating model with
• Strong and profitable GI business 9Centralised sales services functions
9Common tools and methods (one front end,
• Top 5 life retail market shares in Ireland, France, product bundling, dynamic pricing, remuneration
Poland, Lithuania, Turkey, Romania and Russia system, etc.)
9Targeting a 30% increase in sales force productivity
and 10% improvement in customer retention
Strong presence, Stronger performance

Improved customer
highly profitable management and better Lower network costs
profitability & retention
franchise capital allocation
Aviva Europe
Shared services – a lever of Operational Excellence

• 12 IT, HR, Customer Services and Finance Simplify organisation, 9Shared services centres – single pan-European IT, HR,
organisations processes & systems Customer Services and Finance functions:
• Running efficiently – managed as markets 9Concentrating on scale, synergies and efficiency
• Best of breed processes ‘within-market’ Innovative core platform 9Best of breed rolled out to all markets
technology
• Multiple localised IT processes and systems: 9Streamlined and effective IT:
• 67 core systems in 12 markets 91 core platform – common IT architecture and systems
• 20 datacentres in 12 markets Leveraging best practice
93 datacentres in 2 markets (minimum for resilience)
• 12 telephony platforms and 29 intranets 91pan-European network (data & voice) and 1 intranet
• 12 new business and 15 claims processes
9Leveraging best practice to drive down cost of GI claims
• Paper-based workflow, many handoffs and
workarounds 9Rationalised document management, reducing costs and
ensuring consistency
• Inconsistent approach to purchasing spend
9Centralised procurement and supplier management
• Disparate change to portfolio management (implemented)
• 12 general ledgers on different technology 9Single portfolio of change (implemented)
platforms and 12 local GAAPs 9Common chart of accounts
• Multiple HR administration systems
9Common HR system and process
Improved customer & Doing it once and keeping

Lower unit costs and Superior, sustainable
distributor satisfaction it simple. Future growth at
Increased efficiency performance
and advocacy lower incremental cost
Aviva Europe
Governance, Capital & Risk Management

• Organised on legally distinct subsidiary basis 9Single holding company
• Reinforces separate nature of individual Simplify legal entity structure 9Legal and management structures aligned to ‘One Europe’
business and product offering 9Efficient access to new markets
• Over 1000 active products 9Tax and capital efficiency
Strengthen governance
• Supported by multiple systems 9Established centres of excellence with strengthened
and risk framework
• Separate product development in markets governance on product design
• Risk management focused on individual Centralise investment 9Simplified product design
markets management 9Increased ease and speed to market
9Delivered pan-European product catalogue focussed
• Governance focused on individual markets
on customer needs
• Capital allocated to individual markets 9Improved risk management across Europe
• Varied approach to reinsurance purchasing 9Reinforce risk as second line of defence
9Gearing up to meet Solvency II
• Over €110bn funds under management
• Separate relationships with investment 9Capital allocated on basis of a single business
managers 9Centralised reinsurance purchasing
• Over 70% of funds managed by
Aviva Investors 9Effective cash flow management across Europe
9Increased Aviva Investor share of funds managed
9Improved product performance
Tax and capital Product improvements drive Pan-European risk and Improved product
efficient retention and satisfaction capital management performance and margins

France
Current position HY 2009 Performance

• Life: top 10 position in the market (5% market share) • Total PVNBP sales of £2.4bn (HY08: £2.1bn)
• Life: multi-channel distribution selling comprehensive • Value of new business (Gross) of £72m
range of savings, pensions, protection & investment • Value of n ew business margin of 3.0% (HY08: 3.4%)
products reflecting sales mix
• Life: strong partnership with the AFER Association • Life MCEV operating return up to £377m (HY08: £241m)
• Life: Bancassurance partnership with Crédit du Nord • Life IFRS operating profit of £122m (HY08: £145m)
• GI: 2.3% market share, personal, small commercial & • GI and Health operating profit of £36m (HY08: £30m)
health through tied agents and direct channels despite French storms
• Improvement in GI only COR of 95.8% (HY08: 96.2%)
despite storms which were partly offset by reserve margin
releases
H Y 2009 PVN BP • Reshape our portfolio with more profitable unit-linked
products
Credit du Nord
27% • Life: build innovative and comprehensive product offering
based on best advice at point of sale
• Ongoing focus on efficiency to leverage the cost base
AFER
• GI: To increase profitability and expansion of the agent
49%
network through cross selling opportunities
Other Aviva
20%
Protection
4% Investor presentation December 2009 80
Ireland

• Largest composite insurer in Ireland • Sales (PVNBP basis) down 39% to £0.4bn consistent with
• Combined Hibernian/Ark business ranks 4th in life & the market (down 40% on APE basis) due to reduced
pensions market with 14% share, 1st in GI with 16% share demand for unit-linked products, as customers deterred by
and 3rd in Health with 10% share following the acquisition of volatile equity markets.
VIVAS in 2008 (up from 8% at FY 08) • Life MCEV operating profit down 55% to £18m (HY08:
• Competitive market in GI with some competitors pricing for £40m) reflecting lower VNB and lower expected returns on
volume existing business
• Life: broad product range with new funds launched in 2009 • Life IFRS operating profit stable at £29m (HY08: £28m)
• Hibernian Aviva Health is the fastest growing healthcare • GI COR of 94% (HY08: 98%) due to lower claims
insurer in Ireland and increased the number of new frequency and lower number of large claims.
members by more than 40% to 222,000 at HY 09 (HY 08: • Health contributed £23m NWP
156,856), outperforming competitors.
Distribution analysis of PVNBP • Completing the rebrand from Hibernian to Aviva, and
750 leveraging on improvement in brand awareness
• Optimise our sales volumes consistent with our focus on
prudent capital management and seeking the greatest
500 Bank
returns on capital
PVNBP £m
-46%
• Health: grow the health business to triple membership

Bank
• GI: continue to develop our internet presence to ensure our
250
Broker
-30% distribution remains a competitive advantage
Broker • Increase operational efficiencies and reduce costs as a
- platform for profitable growth
2008 2009
Italy

• Outperformed both Life and GI market, whilst improving margin and
• Top 10 position in the market COR demonstrating value of bancassurance model
• Strong bancassurance presence underpinned by Aviva • PVNBP sales up 68% to £2.2bn reflecting customer demand for
Assicurazioni Vita (formally UBI Vita) acquired in June products with guaranteed return in current economic climate,
2008, which contributed sales of £359 million at HY 09 • Value of new business margin of 3.7% (HY08: 2.7%) reflecting a
focus on the more profitable credit protection business
• Growing agent and independent financial advisor network
• Life MCEV operating return of £120m (HY08: £101m) reflecting
• Brand awareness up 7% to 16% at HY09 (HY08: 9%) improved VNB
• Life IFRS operating profit of £37m (HY08: £37m)
• Continued growth in GI NWP reflecting new bancassurance
agreement with Banco Popolare
• Strong contribution of Aviva Assicurazioni Vita Spa since
• Optimise our sales volumes consistent with our focus on
acquisition through Unione de Banche
prudent capital management and seeking the greatest returns
• Banca Marche deal expired at the end of May 2009 and
on capital
will not be renewed
HY 2009 PVNBP £m • Increase protection business in Life and GI
Banco Popolare
• Continue to develop agent and independent financial advisor
network
Banca M arche
Unione de Banche
• Leverage strong bancassurance relationships and heighten
UniCre dit
brand awareness to increase penetration with existing
partners to continue growth
Othe r
0 400 800 1200 1600

Spain

• Top 5 position in the market with 7% market share • HY09 performance negatively impacted by the current
unfavourable economic climate
• Market leading bancassurance distribution through a • HY08 included one-off impacts of the Caja Murcia risk
unique and innovative shared service platform - portfolio transfer and regular premium pension transfer
enabling organic growth through existing partners at • PVNBP sales of £1.2bn (HY08: £1.3bn). Excluding Caja
marginal cost Murcia one-off impacts, HY08 was £1.1bn
• Value of new business (gross tax/post CoC) of £78m
• Major protection provider, resulting in strong new
(HY08: £116m), with a margin of 6.3% (HY08: 9.0%).
business margin
Excluding Caja Murcia risk one offs, the margin at HY08
was 7.2%.
• Life MCEV operating return of £154m (HY08: £173m).
Excluding Caja Murcia one-offs, HY08 was £139m
• IFRS operating profit of £71m (HY08: £74m)
• Primarily through bancassurance network giving • Maintain top 5 position
nationwide distribution • Further develop bancassurance relationships and
Half Year 2009 PVNBP £m continue to develop agent and broker business
Bancaja
• Focus on customer retention with aim to improve lapse
Caixa Galicia
experience
Unicaja
Caja Espana
• Develop and launch new products with a focus on high
Caja de Granada
margin and the preservation of capital
Caja Murcia • Leveraging new shared service centre to create
Non bancassurance sustainable efficiencies
0 100 200 300 400 500 600 700 800
Poland

• Leading long-term savings business since 1992 • Life and pensions sales have declined to £0.6bn (HY08:
• Largest pension provider in Poland representing a 25% £1.0bn) reflecting high bancassurance sales in 2008.
market share • Value of new business (gross) of £27m
• Strong presence in Poland underpinned by more than • Value of new business margin (gross) of 4.9% (HY08:
3.5 million customers 3.3%) due to change in business mix
• Re-brand to Aviva scheduled for the end of 2009, • Life MCEV operating earnings down to £92m (HY08:
currently trading as Aviva Commercial Union £114m) reflecting lower expected return and value of
• Anticipated regulatory change will significantly reduce new business.
caps of fees of large pension provides. This impact has • Life IFRS operating profit of £72m (HY08: £76m)
been taken into account prudently within the MCEV
• Strong direct sales force of over 3,300 agents • Maintain a market leading positions in life and pension
• Opportunities to develop sales through bancassurance markets
partner Bank Zachodni WBK • Refocusing sales force on protection and unit linked
• Group business distributed through specialist sales team products following pension legislation change
Distribution analysis of PVNBP • Leverage the joint venture with Bank Zachodni WBK*
1,000
• Re-brand to Aviva commenced in first half with new
800 Bank
interim name CU Aviva.
PVNBP £m
Bank
600
• Grow GI business through direct motor launch and new
400
Retail
JV with BZ WBK.
Retail
200
• *Launched in 2008 through a network of 400 branches with 1.4m potential new
-
customers
2008 2009
Delta Lloyd

• Top 5 position in the Netherlands and Belgium for Life new • PVNBP life and pensions sales lower at £1.8bn (HY08:
business; also operations in Germany £2.1bn which included substantial group pensions
• Top 5 position in the Netherlands for GI contracts).
• Multi-channel, multi-label distribution selling • Value of new business (gross) worsened to £34m loss
comprehensive range of long-term savings and general (HY08: £29 million loss)
insurance
• ABN AMRO joint venture to continue with expansion to • Life MCEV operating return of £329m (HY08: £35m)
cover Fortis network • IFRS life operating profit higher at £148m (HY08: £134m)
• Disposal of health insurance operations on 1 Jan 2009, • GI operating profit of £59m with COR of 97%
while providing future cross-selling opportunities
• Delta Lloyd’s local listing will enable it to take advantage of
opportunities locally as the market consolidates
HY 2009 Life PVNBP & GI GWP £m
General Insurance
• Reputation built on Delta Lloyd’s strong financial position
and management of financial risks, avoiding reliance on
Delta Lloyd Life (intermediary) state/shareholder support
OHRA (direct) • Achievement of efficiency gains in 2009 and 2010 will
enable DL to be profitable in its competitive market
ABN AMRO (bancassurance)
• Strategic solution for Germany is being considered
Germany
Belgium
0 250 500 750 1000

North America, Asia Pacific and
Aviva Investors
Aviva North America
North America - focus on greater capital efficiency
• Sustainable footprint in the US having doubled scale in 2008, a year

ahead of target
Profitable growth
• Meeting US customer needs with increased annuity guarantees and
unique wellness features in Life products
• Optimise • #1 in indexed life insurance and fixed indexed annuities in the US
business mix,
growth & margin • #2 in general insurance in Canada
• Diversify • Enhance profitability

distribution and • Focus on higher margin products
products
• Heightened focus on capital efficiency by moderating pace of growth in
• Generate net indexed annuities in the US
capital returns
• Aim to maintain market leading position

North America
H1 2009 Performance
US Life Volume – PVNBP Canadian GI Volume - NWP IFRS Operating Profit

2,000
1,500 1,000
CAGR 4% *
100
£ millions
£ millions
750
£ millions
1,000
500
50
500
250
*
- - -
Q1 Q2 Q3 Q4 Q1 Q2 H1 2007 H1 2008 H1 2009 H1 2008 H1 2009
2008 2008 2008 2008 2009 2009
A nnuities Life Funding agreements * on a local currency basis US Life Canada GI
• Doubled scale in 2008, 1 year ahead • Good top line growth from • Steady operating profit despite
of target increasing commercial lines unprecedented economic
• Q2 2009 sales reflect management market share turmoil
actions taken to moderate annuity
sales including re-pricing, commission • Undertaken significant changes • GI profits reflect improvement
cuts and production limits to improve operational efficiency, in underwriting results
reduce costs and improve
• Life insurance sales remain resilient service • Life profits impacted by market
while rest of the life market has seen
significant drop • Delivered a combined operating conditions
• No funding agreements in H109 so to ratio of 97%, ahead of the group
use capital to support annuity sales target
North America
2009 Priorities
North • Focus on profitability, productivity and capital efficiency

America • Optimise business mix and margins
Region • Diversify distribution and products
• Enhance margins and increase new business return on capital

Aviva • Focus on capital efficiency
USA
• Leverage product and distribution strengths to capture life
insurance market share and manage annuity relationships
• Excel in underwriting and enhance profitability

Aviva
Canada • Diversify by product and geography
• Generate net capital returns
USA

• Doubled sales within two years of acquisition of former • Financial performance affected by economic turmoil
AmerUs business and one year ahead of target
• Sales reflect consumer demand for products with
• Aviva USA became the first provider ever to guarantees backed by a financially strong provider
simultaneously hold the #1 spot for sales of indexed life
and indexed annuities • MCEV operating profit increased to £120m (H1 2008:
• Retained #1 position in both markets for 3 consecutive £74m)
quarters • IFRS operating profit of £24m
• Over 1500 employees supporting customers in 50 states
• Strong AM Best ratings attractive to customers and
• 19% growth in customer account value
distributors
• Highly effective distribution network • Maintain a strong position in indexed life and annuity
• Leverage proprietary product distribution relationships to markets
optimize agent productivity and sales • Improve annuity margins
• Focus on expanding Life sales through substantial • Diversify product revenue and enhance margins by
Brokerage General Agent organisations growing life insurance business
• Launched ‘Wealthstar Alliance’, an advanced markets • Capitalise on growing savings and retirement
channel focused on life sales primarily through Certified demographics
Public Accountants (CPA’s) to diversify distribution • Leverage Aviva’s scale, strength, brand and global
capabilities to exploit opportunities
• Prepare for 151A and diversification into registered
distribution channels

Canada

• Canada’s 2nd largest GI provider, with 9% market share • Strong financial performance in H1 2009
• Balanced portfolio of personal, commercial and specialty • NWP increased by 15% to £889m (4% increase on a local
lines currency basis)
• Top 5 position in all major provincial markets • COR improved to 97% (H1 2008: 98%) due to actions to
• Strong specialty niche products & distribution reduce commissions and expense levels
• Market leading claims service innovation - first insurer in • Operating profit up to £87m (H1 2008: £76m) reflecting
the world to receive accreditation from the Commission on increased sales volumes and improvement in underwriting.
Accreditation for Rehabilitation Facilities
• Award winning internal training programs
• Innovative products and customer solutions
• 3 million customers
• Over 3,000 employees with a nationwide presence
• Strong independent broker relationships • Optimise a diversified portfolio by product line and
• Broad distribution through 3,000 broker partners from geography channel across the insurance cycle
coast to coast • Deliver underwriting excellence to outperform the industry
• Largest broker-distributed group insurance provider in • Leverage scale economies through common
Canada infrastructure, automation and centralised core functions
• Secured specialty niche partnerships with leading specialty • Enhance profitability
brokers • Build differentiated brand through innovative, customer
centric insurance solutions and service

Aviva Asia Pacific
Asia Pacific – Remains an attractive growth region
Asia-Pacific not immune to economic crisis

Growth, Value • Life and pension sales down 22% as customers remained cautious about investing
in unit-linked savings products
Prioritised Portfolio
• Lower investment sales reflected investor caution in volatile markets
• Must Win markets Asia Pacific remains an attractive growth region
• Developing BUs • Insurance market growth expectations remain positive in key markets (0~5% in
China for H2 ‘09; 10-15% in India for ‘09-’10).
Regional Operating • Asia’s economies to grow at 3.9% in 2009 and 6.4% in 20101
Model • Fundamentals strong with growing middle class and ageing population
• Grow the • Increasing customer demand for protection & health products
Business • Sales have increased in the third quarter vs 2Q in most countries across the region
• Manage the Strategic focus in 2009/2010
Business • Continued focus on capital preservation, expense management and customer
Profitably retention leading to improved product profitability.
• Support the • Getting ready for market recovery in 2010.
Business • China: Continued growth, leveraging presence in 10 provinces and 40 city branches
• Improve • India: Improve agent productivity and adapt product mix to respond to change in
Governance and
customer needs
Control
• Korea: Build on growth momentum and improve product profitability
• Singapore & Hong Kong: Profitable growth led by bank channel recovery.
• Taiwan and Malaysia: Leverage bank partners’ distribution power
1 Source: Asian Development Bank (22 September 2009) Investor presentation November
December 2009 94
Aviva Asia Pacific
Footprint at a glance
Must Win markets
South Korea Singapore

JV: 47:53 with Woori 100% Aviva owned
Woori Aviva 100% Life Life, Navigator, Health
Hong Kong Taiwan

100% Aviva owned JV: 49:51
with First Group
Life, Navigator (w.e.f 16 June
2009) First-Aviva, 100% Life
Malaysia Sri Lanka

JV: 49:51
51% Aviva owned subsidiary
with CIMB
Eagle
CIMB Aviva Life & Takaful,
90% Life, 10% GI 70% Life: 30% GI
Developing BUs
Investor presentation November

December 2009 95
Building success in Asia Pacific
Strategic focus Competitive advantage

Prioritised portfolio Bancassurance expertise
• Must Win markets: Achieve leading position in • More than 50 bancassurance partners in region
China & India.
• Developing BUs: Bancassurance-led; balance • Share best practice across region
growth and profit • Leverage growth potential in developing
Regional operating model markets
• Grow the business organically (e.g. roll-out of
Navigator and GI direct model) and inorganically Strong regional and local management team
(new market entries).
• Manage the business profitably through cost Strong presence in must-win markets
efficient Shared Services, profitable regional
propositions and increased customer persistency. Regional Operating Model
• Support the business by increasing talent bench
• Costs savings and efficiency
strength, promoting the Aviva brand and creating a
customer centric organisation. • Share skills and services across region
• Improve governance and control by implementing • Leading “wrap platform” – roll out in Asia
global best practice in risk management and Pacific
financial/actuarial functions.
Ambition to build a high growth and value creating region driven primarily by
“Must Win” markets of China and India

December 2009 96
Must Win Markets
• Aviva-COFCO Life Insurance (50% Aviva share) launched on 1 January 2003.

• No.4 in terms of total premium income among foreign players (15th among all insurers) as at end of September 2009*.
• Multi distribution strategy: direct sales force, agencies, brokers, telemarketing and banks.
• 13 non-exclusive bancassurance partners (national and local).
China • Presence in 10 provinces/municipal cities with 40 city branches.
• Ambition to become a top 10 player (local & foreign).
• 3Q09 underlying sales are lower arising from current market volatility coupled with lower future premium expected due
to policyholders exercising premium holiday options.
Key strategies in 2010
• Target High End market as core customer cluster; Improving control on channels; Optimize cost and efficiency through
centralised shared services platforms; Implement localization and development of talent; Establish professional
investment management capability.
• JV partnership (26% Aviva share) with Dabur Group launched in June 2002.
• Ranked 11th among the private players in the market on FYP basis as at end of August 2009**.
• Multi distribution: 33 bancassurance partners, c.29,000 tied agents and alternative channels (incl. Telemarketing).
India • 3Q09 sales substantially lower than PY primarily due to loss of major bancassurance partners in 2008 (via takeover) and
the impact of negative investor sentiment on unit linked sales.
Key strategies in 2010
• Agency expansion in selective high potential locations to maximise opportunities; Enhance agent/ sales manager
productivity, aiming to maximize sales resource and effectively utilise existing infrastructure; Improve persistency; Improve
the Business Model with particular emphasis on cost optimisation.
* source: China Insurance Regulatory Commission; ** source: Insurance Regulatory and Development Authority Investor presentation November
December 2009 97
Developing BUs
Singapore • DBS partnership deal extended to 2015. Introducing Insurance Specialists model in DBS branches.
• Sales significantly impacted mainly due to market issues with bank channel sales arising from bank sales of Lehman bonds.
Ranked 5th in Singapore on APE basis as at Q2 20091
Hong Kong • DBS partnership deal extended to 2015. Introducing Insurance Specialists model in DBS branches.
• Lower Q3 sales due to capital conservation strategy and bank channel sales impact of Lehman Bonds issue.
South Korea • Substantial increase of volumes through our successful partnership with Woori Bank.
• Korea to continue its aggressive multi-distribution expansion.
• We have considerably improved our propositions and customer services by leveraging our regional shared services
Malaysia platform.
• Life sales decreased largely due to the decision not to launch low margin tranche products through CIMB to preserve
capital.
• Ranked 7th in Malaysia with 6.5% market share in terms of total new premiums as at Q2 20092.
Taiwan • Significant decrease in volumes due to our decision to change strategy to focus on profitable products.
• Our strategy is to improve our penetration of First Bank’s large customer base (over 5 million).
• We signed a distribution agreement with LOLC, a local leader in the leasing sector, increasing our motor business by c.
Sri Lanka
50%
• We are implementing significant measures to reduce lapses and COR.
• Sales are adverse mainly due to weak consumer sentiment driven by market volatility in the first part of the year.
1. source: Life Insurance Association, Singapore; 2. source: Life Insurance Association, Malaysia;
December 2009 98
Aviva Investors
Aviva Investors – executing the strategy
Significant progress towards developing a global asset

Aviva Investors management business
• Globally • Launched in September 2008, £222bn funds under management at

integrated 30 June 2009 and ranked top 20 institutional investor globally
business
• Net new business flows of £3bn in first half of 2009, with £2bn from
third party clients
• Transform the
investment • Cross border sales gaining traction – notably Global High Yield fund
model (Europe, UK and Taiwan) and Absolute Tactical Asset Allocation
(Europe and UK, entering US).
• Increase third
party business • Building global ways of working - global credit research built and
being used by over 130 investment professionals

Aviva Investors today
AUM by geography AUM by asset class AUM by client
Poland 1.1%
Australia 1.7% Other 4.4%
Spain 0.4% Intermediary 4.6%
Ireland 3.4% Cash 10.7% Institutional
North America 10.8%
12.8%
Real estate
9.8%
Equities
France 19.9%
27.6% Fixed income
UK 53.0% 55.2%
Internal 84.6%
£222 billion in assets under management
Data as of 30 June 2009

Aviva Investors today
Proportion of Aviva Investors

to Group IFRS operating profits
2,500
FY H1 H1
Operating profit £m 2008 2008 2009 5.0%
Aviva Investors
2,000
UK 64 28 14
Profits in £ millions
Europe 35 20 15
North America 14 13 8 1,500
Asia 1 - (1)
5.0%
Total 114 61 36 3.4%
1,000
Cost: income ratio 71% 65% 79%
Cost: AUM bps 11.6 10.9 12 500
AUM £bn 236 235 222
0
FY 2008 H1 2008 H1 2009
• Operating profits of £36m reflects lower investment markets
Aviva Group* Aviva Investors
* Excluding Aviva Investors

Business structured to meet client needs

Positioned for growth
Achieved to date:
• Third party and cross border sales – progress made in cross border sales
• Investment performance - improving, with more work to do
• Continuing to transform and integrate the global business
• Attracting talent to lead a high performance organisation

Contacts
Further contacts
Aviva Investor Relations Aviva Media Relations

www.aviva.com/investor-relations www.aviva.com/media
Charles Barrows Hayley Stimpson

External Affairs Director
Investor Relations Director
hayley.stimpson@aviva.com
charles.barrows@aviva.com
Sue Winston
Head of Group Media Relations
Susie Yeoh
sue.winston@aviva.com
Investor Relations Manager
susie.yeoh@aviva.com Vanessa Rhodes
Senior Manager, Group Media Relations
vanessa.rhodes@aviva.com

Aviva UK: Investor Update December 2009

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Aviva UK: Investor Update December 2009

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Investor Presentation

Investor presentation December 2009 2

Investor presentation December 2009 3

Asia Pacific 6% 20%

• Manage composite • 98% meet or beat COR

UK Europe N. America Asia Pacific

Investor presentation December 2009 6

Europe North America 1.0% 0.5%

£10 bn Group Total 2.1% 2.1%

HY1 2008 HY1 2009

• 10% local currency reduction in premiums, excluding 2008 Dutch

£2.8bn £2.3bn • Cost and commission action taken to build sustainable

HY1 2008 HY1 2009

Investor presentation December 2009 8

£2,700m (£38m) £72m (£80m)

Investor presentation December 2009 9

2005 2008 +/-

Life & Pensions sales (PVNBP)(1) £9,185m £11,669m +27%

Life & Pensions margin(1,2) 2.9% 3.5% +60bp

Cost overrun £140m £40m 71%

New business IRR 10.6% 14.0% +340bp

Existing Business operating return £372m £679m +83%

EV operating profit £589m £883m +50%

IFRS operating profit £382m £751m +97%

2005 2008 +/-

New business capital strain(1) £488m £293m -40%

Strain % of L&P sales (PVNBP)(2) 5.3% 2.5% -2.8pps

Free surplus generation £365m £704m +93%

£500m dividend paid over the last three years

Delivering value to group

• Execution of strategy is improving the

• Actively exiting poor performing business

• Improving current year profits

IFRS operating profit(2) £314m £282m -10%

Investor presentation December 2009 13

Quantum Leap – ‘game changing’ for the industry

IPO – ‘strategic management’

Investor presentation December 2009 14

Twelve federated businesses One Pan European Business

One Head Office

Pan European distribution

Customer centric product catalogue

Multiple systems Shared systems

Simplified structure under

Sub optimal capital allocation Fungible capital, state of the art

Investor presentation December 2009 15

Sale of Australian business completed

Reattribution of the inherited estate

Successful IPO of Delta Lloyd

Investor presentation December 2009 16

Managing for profit

Balance sheet strength at 30 September 2009

Long Term savings

Investor presentation December 2009 19

• Globally integrated asset management business

• Accelerate the transformation of our investment model

• Enhance capability to sell & service clients across borders

• Invest in people, technology and solutions development

• Increase 3rd party business

• Accelerate profit contribution to Group

Investor presentation December 2009 21

Investor presentation December 2009 22

Area of bubble = Projected increase Aviva’s presence

in Life & Pensions assets to 2017