© Aviva plc

Aviva International - strong, balanced and profitable growthTidjane Thiam Managing Director, Aviva International

© Aviva plc

We aim for sustainable and profitable growth

• The right markets

• The right capabilities- Provider of choice for customers- Partner of choice for distributors

• The right people

© Aviva plc

We start from a good place: good spread of positions across markets

• Netherlands (LTS & GI)

• Spain (LTS)

• Ireland (LTS & GI)

• Canada (GI)

• Poland (LTS)

• Singapore (LTS)

• China* (LTS)

• Turkey (LTS)

• Lithuania (LTS)

• Sri Lanka (LTS &GI)

Top 5 positions Within top 10 Market presence

* Among foreign players

• France (LTS)

• Italy (LTS)

• Australia (LTS)

• India (LTS)

• Hungary (LTS)

• Romania (LTS)

• USA (LTS)

• France (GI)

• Italy (GI)

• Turkey (GI)

• Poland (GI)

• Hong Kong (LTS)

• Czech Republic (LTS)

• Russia (LTS)

LTS – Long Term SavingsGI – General Insurance

© Aviva plc

Global Personal Financial Assets 2004100% = $102tn

Cash & Deposits

21%

Direct Investments

16%

Mutual Funds

8%

OccupationalPensions

11%Life and Pensions

12%

Home Equity

32%

Managed asset classes

Managed asset classes are a significant opportunity

© Aviva plc

…across the three major economic zones

Source: Mercer Oliver Wyman

North America

Europe

Japan

ROW

Asia excl. Japan

Latin America

Life & Pensions Assets 2004 ($bn)

Life

& P

ensi

ons

Ass

ets

CA

GR

(200

4-20

15) Aviva’s presence

Growth In Life and Pensions assets by region

None

StrongGrowingArea of bubble = Projected increase

in Life & Pensions assets to 2015

© Aviva plc

We will continue to invest in growing our GI presence

Strong positions to start from…

Leading positions in the UK, Ireland, Canada and the Netherlands

Well-established businesses supporting our LTS strategy in France, Italy, Poland and Turkey

…and many opportunities

• Leverage strengths in key capabilities to gain market share and increase profitability

• Add new distribution channels (e.g. banks, direct distribution)

• Acquire selectively to build scale

© Aviva plc

We aim for sustainable and profitable growth

• The right markets

• The right capabilities- Provider of choice for customers- Partner of choice for distributors

• The right people

© Aviva plc

Satisfied customers are the ones that create lasting value

Creating value through customer satisfaction –Aviva France

• They bring in new customers by referring your company to their families and friends

• They are prepared to buy other products from you as they trust you

* Client satisfaction rating equal to 5/10** Client satisfaction equal to 8/10

0%

50%

100%

Moderately satisfied * Very satisfied **

Recommending Aviva Wish to buy again

© Aviva plc

Creating value through customer insights – Aviva India

Product development using continuous research into customer needs

© Aviva plc

You only improve what you measure

Customer Satisfaction

Customer Advocacy

(customers are ready torecommend to others)

2005 2007

• Measured by 50%of our businesses

• Measured by 87%of our businesses

• Measured by 100% of our businesses

• Measured by 100%of our businesses

We aim at being the provider of choice for our customers

(customers are pleased about how company suits their needs)

© Aviva plc

We aim for sustainable and profitable growth

• The right markets

• The right capabilities- Provider of choice for customers- Partner of choice for distributors

• The right people

© Aviva plc

To win, we need to excel at reaching customers through their preferred distribution channels

Others

Tied Agents

Emerging Developing Mature Type A Mature Type B

Others

IFAs / Brokers

Bancassurance including JVs

Others

Tied Agents

IFAs / Brokers

Bancassurance including JVs

Tied Agents

Bancassurance including JVs

Others

IndiaPolandChina

FranceSpain, Italy

NetherlandsAustralia, USA

IFAs / Brokers

Tied Agents

Examples:

© Aviva plc

What we have achieved – diversified distribution

AI Life & Pensions distribution by channel 2000

AI Life & Pensions distribution by channel 2005

Broad access to customersNet of minorities

Basis 2000 APE Basis 2005 PVNBP

38%

7%

55%

34%26%

40%

Independent Agents/BrokersTied Agents/DirectBancassurance

© Aviva plc

Aviva operates the Direct Sales Force model in markets with differing degrees of maturity

UK

France

Netherlands

Life Premiums per Capita ($)

Life

Pre

miu

ms

as a

% o

f GD

P

Source: Sigma

Building proprietary distribution

0%1%2%3%4%5%6%7%8%9%

10%

0 500 1,000 1,500 2,000 2,500 3,000 3,500

China, IndiaC&EE

© Aviva plc

UniCredit

BdM

BPI

BPU

Crédit du Nord

ABN AMRO

DBS Singapore

DBS Hong Kong

Caixa Galicia

Unicaja

Caja Espana

Caja de Granada

Bancaja

Bancassurance: a strategy for the long term

Net of minorities, 2000 PVNBP calculated using 2003 capitalisation factor. Excludes distribution agreements, other than DBS

Bancassurance2000

Bancassurance2005

PVNBP £373m

PVNBP £2,602m

© Aviva plc

Insurance penetration of Spanish partner customer bases

Bancassurance growth from customer base penetration

Basis: Different customers in each Business Unit divided by the number of active customers in each Savings Bank.

0%

5%

10%

15%

20%

25%

2000 2001 2002 2003 2004 2005

Bancaja

Caixa GaliciaUnicaja

Caja Espana

Caja Granada

© Aviva plc

Bancassurance growth from extended distribution reach

Partners’ network has grown fourfold in five years

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2000 2001 2002 2003 2004 2005

Caja España Caja GranadaUnicajaCaixa GaliciaBancajaN

o. o

f bra

nche

s

© Aviva plc

Working with independent agents

• Aviva actively supporting the development of the independent financial planning channel

• Strong experience dealing with independent agents:- Aviva Singapore ranked 1st in the IFA sector- Aviva Australia positioned as

‘the home of the independents’- Aviva USA growing strongly through

independent agent distribution

© Aviva plc

We aim for sustainable and profitable growth

• The right markets

• The right capabilities- Provider of choice for customers- Partner of choice for distributors

• The right people

© Aviva plc

The right people: the importance of our teams

• Aviva’s decentralised model empowers local management teams

• Employee engagement is critical to delivering Aviva’s values

• Senior management bonuses partly linked to Business Unit scores for leadership and employee engagement

© Aviva plc

We aim for sustainable and profitable growth

• The right markets

• The right capabilities- Provider of choice for customers- Partner of choice for distributors

• The right people

© Aviva plc

This strategy has produced excellent results: among the fastest growing of our peers in Europe

Growth in Life premiums - Aviva vs. Peers in Europe excluding UK (CAGR 2000-2005, in %)

10

1

3

10

2

Aviva Allianz Axa Generali ING

Source: Annual Reports; Total Life and Pensions GWP

© Aviva plc

High growth can be achieved in large developed markets…

15.2

0.5

11.2

34.2

Aviva Italy Aviva France Delta Lloyd Aviva Spain

Aviva Businesses’ performance relative to national markets (CAGR 2000-2005)

2000-05 market CAGR

Note: Total PVNBP Growth net of minorities, constant currency (Source Aviva) - Life & Pensions Market Premium Growth (Source: Axco, Aviva) 12005 market premiums based on Delta Lloyd estimate of 1% growth

+5.9%+13.1% - 3.0%+1.3%1

© Aviva plc

…and we are adept at successfully entering new markets

35

74

2003 2004 2005

+197% p.a.

2003 2004 2005GeneraliAIAPrudentialAviva

-14

13

512

12

1234

Market position

Aviva PVNBP

India

31

15

7

2003 2004 2005

+112% p.a.

Aviva PVNBP

• 22 bancassurance deals giving access to more than 41m customers

• Extending presence into Sri Lanka

China

Basis foreign JVs