News Release AVIVA PLC 2020 PRELIMINARY RESULTS ANNOUNCEMENT A refocused Aviva, transforming at pace Resilient financial performance • Operating profit1,‡# of £3,161m (2019: £3,184m) and IFRS profit for the year of £2,910m (2019: £2,663m) • Core business unit operating profit1,‡# of £2,492m (2019: £2,558m) • Cash remittances‡# of £1,500m (2019: £2,597m) • Core business cash remittances‡# of £1,359m (2019: £1,409m excluding UK Life special remittance) Sales of Aviva France and Aviva Italy in 2021 – major progress in our strategic transformation • On completion will significantly strengthen capital and liquidity: excess capital by c.£3.0bn and centre cash by c.£3.9bn • Build on announced sales of Singapore, Vietnam, Hong Kong, Indonesia and Turkey Robust financial strength • Solvency II shareholder cover ratio‡# of 202% (2019: 206%) and centre liquidity‡ of £4.1bn (2019: £2.4bn) • Solvency II debt leverage ratio‡ of 31% (2019: 31%) Delivering against our capital framework • Expect £1.7bn debt reduction in H1 2021 including £800m tender offer announced today • Investing for cash generative growth in our Core markets • Expect to return to shareholders excess capital above 180% Solvency II shareholder cover ratio‡# • Total dividend of 21p (2019: 15.5p per share) with a final proposed dividend of 14p per share Targeting sustainable growth across the UK, Ireland and Canada • Momentum with record trading in Savings & Retirement, BPA and Group Protection • New cumulative cash remittance‡# target of over £5bn between 2021-23 with guidance for £1.8bn in 2023 • First major insurer globally to target Net Zero greenhouse emission status by 2040 Amanda Blanc, Chief Executive Officer, said: “Over the past year we have supported our customers in the most challenging of circumstances. Across the whole of Aviva our people have been outstanding and I cannot thank them enough for all they have achieved. 2020 was a year of significant change for Aviva. We have taken major steps forward in simplifying the business, most recently with the sale of Aviva France and today’s announcement of the sale of the rest of our Italian operations. Our strategic focus is now on the UK, Ireland and Canada where we have leading positions. We are putting customers at the heart of everything we do and I am confident we will transform Aviva’s financial performance and deliver greater value for our shareholders. I recognise we have much more to do and we are getting on with it. Our performance in 2020 demonstrates the resilience of our Core businesses and our growth potential. We delivered record sales in group protection; record sales of bulk purchase annuities; and record net flows‡ in savings and retirement, where we are the largest provider of workplace pensions in the UK. Aviva is financially strong and following the completion of the major disposals, we will be in a position to make a substantial return of capital to our shareholders. We are also announcing today an £800m debt tender offer. This allows us to accelerate our debt reduction plans and lower debt by a total of £1.7bn in the first half of this year. Aviva is proud to be the UK’s leading insurer. We are the only insurer in the UK to meet the needs of customers at every stage of their lives. Our potential is clear and we are determined to realise it for the benefit of our customers, our people and our shareholders.” # Symbol denotes key financial performance indicators used as a base to determine or modify remuneration. ‡ Denotes Alternative Performance Measures (APMs) and further information can be found in the ‘Other information’ section. 1 Operating profit represents Group adjusted operating profit which is a non-GAAP APM. Operating profit is not bound by the requirements of IFRS. Further details of this measure are included in the ‘Other information’ section. Aviva plc Preliminary Announcement 2020 Cash remittances‡# 2020 2019 £m £m Change Core markets 1,359 1,909 (29)% Manage-for-value markets 127 613 (79)% Other 14 75 (81)% Group cash remittances 1,500 2,597 (42)% Profit 2020 2019 Sterling % £m £m change Core markets 2,492 2,558 (3)% Manage-for-value markets Continuing operations1 999 899 11% Discontinued operations2 312 251 25% Market operating profit 3,803 3,708 3% Corporate centre and Other Group operations (272) (204) (33)% Group debt costs and other interest (370) (320) (16)% Group adjusted operating profit3,‡# 3,161 3,184 (1)% IFRS profit for the year4 2,910 2,663 9% Sterling % 2020 2019 change Operating earnings per share5‡# 60.8p 60.5p — Basic earnings per share 70.2p 63.8p 10% Controllable costs‡ Restated6 2020 2019 Sterling % £m £m change Excluding cost reduction implementation and IFRS 17 costs Core markets 2,735 2,821 (3)% Corporate centre and Other Group operations 250 253 (1)% Cost reduction implementation and IFRS 17 costs7 105 64 64% Core markets, Corporate centre and Other Group operations 3,090 3,138 (2)% Manage-for-value markets 845 884 (4)% Controllable costs 3,935 4,022 (2)% Solvency II operating capital generation (OCG)‡# 2020 2019 Sterling % £m £m change Core markets8 1,948 1,850 5% Manage-for-value markets Continuing operations1 6 805 (99)% Discontinued operations2 166 62 168% Market operating capital generation 2,120 2,717 (22)% Corporate centre costs and Other8 108 (174) 162% Group external debt costs (296) (284) (4)% Group operating capital generation 1,932 2,259 (14)% Solvency II operating own funds generation‡ and Solvency II return on capital‡/equity‡# Solvency II operating own funds generation Solvency II return on capital/equity 2020 2019 Sterling % 2020 2019 £m £m change % % Change Core markets 1,740 1,853 (6)% 9.3% 10.4% (1.1)pp Manage-for-value markets 497 850 (42)% 6.2% 11.4% (5.2)pp Group centre costs and Other (250) (162) (54)% N/A N/A N/A Solvency II return on capital 1,987 2,541 (22)% 8.1% 10.8% (2.7)pp Group operating own funds generation and return on equity9 1,691 2,257 (25)% 9.8% 14.3% (4.5)pp Capital Position 31 December 31 December 2020 2019 Change Estimated Solvency II shareholder cover ratio10,‡# 202% 206% (4)pp Estimated Solvency II surplus10 £13.0bn £12.6bn 3% Solvency II net asset value per share10,‡ 442p 423p 4% Solvency II debt leverage ratio‡ 31% 31% — Dividend 2020 2019 Interim dividend per share 7.00p 9.50p Second interim dividend per share — 6.00p Final dividend per share 14.00p — Total dividend per share 21.00p 15.50p # Symbol denotes key financial performance indicators used as a base to determine or modify remuneration. ‡ Denotes APMs and further information can be found in the ‘Other Information’ section. 1 Continuing operations include our businesses in France, Italy, Poland and Other (our joint ventures in Turkey, India, China and Aviva Singlife). 2 Discontinued operations include our businesses in Hong Kong, Indonesia, Vietnam, Aviva Singapore and Friends Provident International Limited (FPI). 3 Operating profit represents Group adjusted operating profit which is a non-GAAP APM. Operating profit is not bound by the requirements of IFRS. Further details of this measure are included in the ‘Other information’ section. 4 IFRS profit for the year represents IFRS profit after tax. 5 Operating earnings per share is derived from the Group adjusted operating profit APM. Further details of this measure are included in the ‘Other information’ section. 6 Following a review of the presentation of claims handling costs, to achieve consistency in our reporting, comparative amounts have been restated by £83 million for the year ended 31 December 2019 to include previously excluded claims handling costs attributable to the Life & Health business from the UK, Ireland and Poland in controllable costs. 7 Includes costs related to initiatives taken to further reduce our cost base and IFRS 17 implementation costs. 8 Following a review of the presentation of intercompany loan interest, comparative amounts for the year ended 31 December 2019 have been amended to reclassify net interest expense from UK & Ireland Life to Corporate centre costs and Other of £69 million as a non-operating item. The change has no impact on the Group’s operating capital generation. 9 Includes Group centre, debt costs and other items not allocated to the markets. 10 The estimated Solvency II position represents the shareholder view only. See note 3 for more details Aviva plc Preliminary Announcement 2020 Chief Executive’s Overview Being there for customers when it really matters is exactly why we exist, and I am proud of how Aviva has responded in this most dramatic of years. Our colleagues have been truly fantastic, responding quickly and ensuring that we provided excellent customer service throughout the year. I’m pleased with how much progress we have made in the short period of time since I became CEO, but it is not lost on me that there is much more to do. Aviva has significant untapped potential, and I am determined to realise it. Our performance in 2020 has been very resilient with operating profit1,‡# from Core markets just 3% lower at £2,492 million (2019: £2,558 million) despite the direct and indirect impact of COVID-19. Cash remittances from Core were £1,359 million (2019: £1,409m excluding UK Life special remittance). Trading in many of our key markets has been strong, with record years for both our Savings & Retirement business and in bulk purchase annuities. We’re also making good progress in reducing our expenses though more needs to be done to reach top quartile efficiency that we strive for across all of our Core markets.