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Aviva Life International Philip Scott - Group Executive Director, Life International ©Avivaplc Disclaimer This presentation may contain certain “forward-looking statements” with respect to certain of Aviva’s plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward- looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Aviva’s control including among other things, UK domestic and global economic business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Aviva and its affiliates operate. As a result, Aviva’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Aviva’s forward-looking statements. Aviva undertakes no obligation to update the forward-looking statements contained in this presentation or any other forward-looking statements we may make. © Aviva plc Slide 3 Agenda • Introduction – Strategy – Brand – Bancassurance • Presentations by CEOs with a focus on life business: – France – Delta Lloyd – Italy – Spain • Themed buffet lunch • Managing guarantee risk • Key markets for longer-term growth: – Presentation by MD, Aviva Asia Financial Services • Wrap up • Drinks reception and close © Aviva plc Slide 4 Key messages today • Aviva Life International is a major business: – Scale and diversity – Significance in terms of Group profitability • A four-year strategic transformation has been implemented • Bancassurance is a key driver of medium term performance: – Acquisition of underperforming assets – Performance improvement through scale, diversity and expertise • ALI is Aviva’s engine of medium- and long- term growth © Aviva plc Slide 5 What is Aviva Life International? Country with Country with other ALI presence Aviva Group presence © Aviva plc Slide 6 ALI in context – Aviva Group 2003 operating profit (includes life on achieved profit basis) 35% 38% 27% Aviva Life International* UK Life Aviva General Insurance International * Includes GI operations in France, Netherlands, Italy, Turkey and Poland © Aviva plc Slide 7 ALI – implementing Group strategy Netherlands: bancassurance JV with ABN AMRO Entered France: Lithuania life bancassurance from Poland from Q4 2004 China: JV life business Italy: major new from 2003 Spain: created bancassurance leading life agreements business Singapore & HK: bancassurance with DBS India: bancassurance from 2002 © Aviva plc Slide 8 Current key objectives for ALI • Build customer relationships • Build brand equity • Generate value from bancassurance partnerships • Develop businesses with long-term growth potential • Increase value from Group synergies • Defend and enhance margins © Aviva plc Slide 9 Aviva brand strategy • 5 mass-market brands: – Aviva – Norwich Union – Hibernian – Delta Lloyd – Commercial Union • Some niche brands (e.g. Morley, Navigator) Aviva branded Other brands • Consistent brand style and personality for Aviva • Strategy for brand is: – Aviva as the ‘default’ brand – But no ideological commitment to either single or multi-branding © Aviva plc Slide 10 Aviva bancassurance • 23% of Group life & pensions sales APE • Margins 39.7%… vs group average of 26.1% Aviva bancassurance life & pension sales (APE) £m 600 £541m +22% vs 2002 300 0 2000 2001 2002 2003 © Aviva plc Slide 11 Bancassurance strategy • Our strategy is multi-distribution – bancassurance is a tactic in suitable markets • Our diverse range of partnerships is an advantage: – Credibility as a partner – Economies of scale • Service quality is a key priority • We shall work with partner banks to provide a comprehensive offer through channels of customer choice © Aviva plc Slide 12 ALI financial summary - operating profit Annual premium equivalent 2003 2002 £m £m Europe (excluding UK) France 241 223 Italy 194 153 Netherlands (including Belgium and Luxembourg) 224 158 Poland 35 48 Spain 246 189 Other 101 93 International 187 175 Total annualised premiums 1,228 1,039 New business contribution 2003 2002 £m £m Europe (excluding UK) France 70 69 Italy 45 38 Netherlands (including Belgium and Luxembourg) 62 21 Poland 3 10 Spain 134 87 Other (3) (5) International 46 39 Total new business contribution before effect of 357 259 solvency margin, gross of tax © Aviva plc Slide 14 Life Achieved Operating Profit 2003 2002 £m £m Europe (excluding UK) France 220 228 Italy 70 52 Netherlands (including Belgium and Luxembourg) 189 200 Poland 104 111 Spain 158 83 Other 9 (2) International 81 78 Total achieved operating profit before tax 831 750 Modified statutory life operating profit 2003 2002 £m £m Europe (excluding UK) France 179 142 Italy 30 24 Netherlands (including Belgium and Luxembourg) 107 111 Poland 103 66 Spain 50 27 Other (4) (19) International 38 9 Total modified statutory life operating profit 503 360 © Aviva plc Slide 15 Aviva France Bruno Rostain ©Avivaplc • Aviva’s market position and prospects • Antarius (Crédit du Nord) • AFER • Financial results and conclusions • Appendix: Aviva’s unit-linked fund performance © Aviva plc Slide 18 French life market France market premium income in €bn 100 Non bancassurance 75 CAGR = 4.4% 50 25 0 1999 2001 2003 (estimation) Bancassurance Agents Sales force Brokers Direct The French Life market by distribution The French Life & Health market channel (premiums received) by class of business (estimated at end Dec. 2003) Direct & Others 6% Protection 17% Sales force 16% Banks Group Individual Brokers 61% pensions 7% 9% savings & Agents pensions 8% 76% Source: Fédération Française des Sociétés © Aviva plc d’Assurances (2002) Slide 19 Aviva’s market position and prospects - Strong track record in existing sectors Aviva France new business By distribution 2003 premium by type of business In €m Group Protection 3 000 pensions 2.5% 0.5% 2 500 CAGR = 2 000 7.9% 1 500 compared 1 000 to 4.4% for 500 the market 0 1999 2001 2003 Agents Sales force Captive Brokers Other Brokers Direct Savings 97% – focus on individual savings and pension business – 3.5% market share, ranking it 7th in terms of reserves and 10th in terms of new business – higher proportion of unit-linked business than the market as a whole – high degree of control over its distribution channels Existing channels have outperformed market growth © Aviva plc Slide 20 Aviva’s market position and prospects - High degree of control over distribution, with a focus on profitability Aviva Direct Epargne Actuelle: Direct sales a captive broker dedicated to AFER Médéric Epargne 100% Independent brokers 51% Direct & Brokers Others Other captive brokers Aviva Vie Sales Salaried network Agents 450 staff force Aviva Assurances Banks Tied agents 76% Aviva owns UFF: a network of customer financial advisors interface 800 staff 50% Antarius (Crédit du Nord) Joint venture Bank distribution from Oct. 2004 Capital link with © Aviva plc % of ownership Slide 21 French Life insurance market € bn CAC 40 3.5 Unit-linked fund turnover (monthly market average) CAC 40 3.0 7000 2.5 2.0 “DSK” tax 5000 efficient products 1.5 commence 1.0 3000 0.5 0.0 1000 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 Q1 04 Unit-linked sales are historically highly geared to market levels Life and savings turnover on a monthly average © Aviva plc Sources: Euronext and Fédération Française des Sociétés d’Assurances Slide 22 Aviva’s market position and prospects - Aviva is positioned to benefit from market improvement Unit-linked share of individual savings 100% 80% Aviva France – Total 60% France Market Aviva France - 40% AFER Aviva France - 20% non AFER 0% 1999 2000 2001 2002 2003 1Q04 • Aviva France non-AFER business is mostly unit-linked, more so than the market • Aviva France’s objective is to pursue and increase its sales development in unit- linked products supported by Aviva Gestion d’Actifs award-winning performance © Aviva plc Slide 23 • Aviva’s market position and prospects • Antarius (Crédit du Nord) • AFER • Financial results and conclusions • Appendix: Aviva’s unit-linked fund performance © Aviva plc Slide 24 Antarius (CdN) joint venture – Key benefits for Aviva • Partnership with Crédit du Nord begins 1st October 2004 for a minimum of 12 years • Exclusive distribution for most product types through CdN’s network of over 600 branches with access to a 1.2+ million strong customer base • Collaboration in Life follows successful cooperation in General insurance • Aviva to provide administration management and fund management of euro funds on its own systems • The IT development costs have been taken in the Profit and Loss accounts © Aviva plc Slide 25 Antarius (Crédit du Nord) business model Crédit du Nord Aviva France 50% 50% Commercial Managing entity Antarius Network • Administration • Technical Antarius • Accounting contracts • Legal CdN asset management • Fund management of unit-linked funds Aviva Gestion d’Actifs • Fund management of Euro funds © Aviva plc Slide 26 Antarius (CdN) outperformed peers • 2003 new business: €769m representing around 70% of non AFER new business • Mathematical reserves at 31/12/2003: €3.4bn (of which 40% unit-linked) Cumulative new business growth over
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