Aviva Plc · LSE:AV.
Aviva — Investor Day (October 2007)
169 slides from Aviva's investor day presentation, Oct 17, 2007
Slide 1: One Aviva Twice the value
One Aviva Twice the value W Union Square October 17th, 2007
Slide 2: Our priority is to realise the full potential of existing businesses
One Aviva Twice the value 17 October 2007 “Our priority is to realise the full potential of Aviva’s existing businesses” Andrew Moss Group Chief Executive
Slide 3: Disclaimer
Disclaimer This presentation may include oral and written “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. These forward-looking statements sometimes use words such as ‘an
Slide 4: Agenda
Agenda 08.30 Aviva plc Andrew Moss Group Chief Executive European region Philip Scott Group Finance Director UK Life Mark Hodges Chief Executive, UK Life UK P&C Igal Mayer Chief Executive, UK P&C 10.10 Coffee Break 10.30 Aviva USA Tom Godlasky Chief Executive, North America Brian Clark EVP & Chief P
Slide 5: Objectives
Objectives • Clearly explain One Aviva Twice the value • Demonstrate the value and potential for future growth of the US business • Showcase the Aviva leadership team
Slide 6: The Aviva Executive team
The Aviva Executive team Andrew Moss Chief Executive Philip Scott Tom Godlasky Finance Director North America Mark Hodges Simon Machell UK Life Asia Pacific Igal Mayer John Ainley UK GI Human Resources Alain Dromer Anupam Sahay Investment Management Strategy
Slide 7: An increasingly global company
An increasingly global company £30 billion HY 2007 sales £24.7bn(1) Asia Pacific 8% 25% Sales General North America 10% Insurance £15 40% billion Europe 9% 33% 75% Long Term Savings UK 42% 58% HY 2000 HY 2007
Slide 8: One Aviva Twice the value
One Aviva Twice the value Purpose Purpose Vision Vision Strategic Group strategy and targets Targets priorities UK Europe N.America Asia Regional / BU strategies Pacific
Slide 9: One Aviva Twice the value: Purpose
One Aviva Twice the value Purpose Purpose Vision Vision Purpose Prosperity & Strategic Group strategy and targets peace of mind priorities Targets UK Europe N.America Asia Regional / BU strategies Pacific
Slide 10: One Aviva Twice the value: Vision
One Aviva Twice the value Purpose Purpose Prosperity & peace of mind Vision Vision Vision Strategic Group strategy and targets One AvivaTargets priorities Twice the value UK Europe N.America Asia Regional / BU strategies Pacific
Slide 11: What it means financially
One Aviva Twice the value What it means financially • Setting ambitious regional and group targets • More effective deployment of capital and resources • Focusing on EPS as a key measure of success and driver of dividends • Further investment in new future growth through new markets and new distribu
Slide 12: What it means organisationally
One Aviva Twice the value What it means organisationally • Building Aviva as a global group • A period of business transformation at Aviva • A regional structure that gets us closer to our customers • Drawing on our collective knowledge and resources to accelerate the pace of growth • Responding to
Slide 13: What it means operationally
One Aviva Twice the value What it means operationally • Clarity of purpose and a shared understanding of who does what • Thinking and acting differently – helping each other to achieve common goals of growth and efficiency • Eliminating complexity and duplication by doing things once • Increasing th
Slide 14: One Aviva Twice the value: Strategic priorities
One Aviva Twice the value Purpose Purpose Prosperity & peace of mind Vision Vision OneTwice One Aviva Avivathe value Strategic priorities ● Manage composite portfolio ● BuildStrategic global Asset Management Group strategy and targets priorities Targets ● Allocate capital rigorously ● Increase custo
Slide 15: One Aviva Twice the value: Composite portfolio
One Aviva Twice the value Purpose Purpose Prosperity & peace of mind Vision Vision One Aviva OneTwice Avivathe value Strategic Long Term savings priorities General Insurance ● Manage composite Composite portfolio ● BuildStrategic global Asset Group strategy and targets Management Targets priorities
Slide 16: One Aviva Twice the value: Benefits
One Aviva Twice the value Purpose Purpose Prosperity & peace of mind Vision Vision One Aviva OneTwice Avivathe value Strategic Benefits • Manufacturing priorities • Distribution • Shared Services ● Manage composite portfolio ● Build global Asset Strategic Group strategy and targets Management Target
Slide 17: Using capital to maximise value for shareholders
One Aviva Twice the value Using capital to maximise value for shareholders Inorganic Purpose Purpose Organic Prosperity & peace of mind Vision Vision Russia One Aviva OneTwice Avivathe value Strategic priorities ● Manage composite portfolio ● BuildStrategic global Asset Management Group strategy and
Slide 18: Capital Position
Capital Position Capital Position 2006 • Capital Position is in target range S&P * • Rating agency capital is the biting capital constraint Economic capital • but there is room for flexibility IGD • Capital buffer required for: 0 2 4 6 8 10 12 14 16 18 20 22 £bn • working capital Requirements Capita
Slide 19: One Aviva Twice the value: Multi-distribution
One Aviva Twice the value Purpose Purpose Prosperity & peace of mind Vision Vision One Aviva OneTwice Avivathe value Multi-distribution Strategic Direct Sales priorities Bancassurance ● Manage composite Independent Agents portfolio ● BuildStrategic global Asset Management Group strategy and targets
Slide 20: Cost Initiatives Underway
One Aviva Twice the value £m 500 Cost Initiatives Underway Purpose Purpose 400 130 23 403 Prosperity & peace of mind 300 250 Vision Vision 200 One Aviva Twice the value Strategic 100 priorities 0 ● Manage composite UK Cost & RAC US Total portfolio Efficiency Integration Integration ● BuildStrategic
Slide 21: One Aviva Twice the value: Targets
One Aviva Twice the value Purpose Purpose Prosperity & peace of mind Vision One Aviva Vision Twice the value Targets Strategic priorities • 1.5 – 2 x dividend cover ● Manage composite • 98% meet or beat COR portfolio • 5 yr 10% international life Group strategy and targets growthTargets ● Build glob
Slide 22: Historic return on capital
Historic return on capital 4 1/2 Year Average RoCE RoCE 13.6% 35 % Unsmoothed RoCE 20.2% 30 % Difference 6.6% 25 % 20 % 15 % 12.5% 10 % target 5% 0% 2003 2004 2005 2006 HY2007 RoCE Unsmoothed RoCE Average Unsmoothed Return of 20.2% versus RoCE of 13.6% demonstrating the additional returns generated
Slide 23: Regionalised growth targets
Regionalised growth targets Europe • Minimum of 10% p.a. average growth in new business sales and profits to 2010 North America • USA to double volume of new business sales within 3 years of acquisition, whilst maintaining margins Asia Pacific • Minimum of 20% p.a. average growth in new business sal
Slide 24: Cost targets
Cost targets Cost Initiatives Underway £m 500 403 9 23 9 400 130 300 250 200 100 0 UK Cost & RAC US Total Efficiency Integration Integration
Slide 25: New cost targets
New cost targets UK Life • £100m new cost savings by end 2009 UK P&C • £200m new cost savings by end 2008 Europe • £50m new cost savings by end 2009
Slide 26: One Aviva Twice the value: Targets
One Aviva Twice the value Purpose Prosperity & Purpose peace of mind Vision One AvivaTargets Vision Twice the value Strategic• 1.5 – 2 x dividend cover priorities• 98% meet or beat COR ● Manage composite• 10% p.a. average growth in portfolio European region Group strategy and targets ● Build global
Slide 27: Focus on earnings per share
Focus on earnings per share New ventures Capital Grow existing Management businesses EPS Operational Investment efficiency return Time
Slide 28: One Aviva Twice the value: Asset Management
One Aviva Twice the value Purpose Prosperity & Purpose peace of mind Vision One Aviva Vision Twice the value Strategic Targets priorities • 1.5 – 2 x dividend cover ● Manage composite • 98% meet or beat COR portfolio • 10% p.a. average growth in ● Build global Asset European region ● Management Allo
Slide 29: One Aviva Twice the value: Regional strategies
One Aviva Twice the value Purpose Prosperity & Purpose peace of mind Vision One Aviva Vision Twice the value Strategic Targets priorities • 1.5 – 2 x dividend cover ● Manage composite • 98% meet or beat COR portfolio • 10% p.a. average growth in ● Build global Asset European region ● Management Allo
Slide 30: Our priority is to realise the full potential of existing businesses
One Aviva Twice the value 17 October 2007 “Our priority is to realise the full potential of Aviva’s existing businesses” Andrew Moss Group Chief Executive
Slide 31: Aviva Europe
Aviva Europe Philip Scott, Group Finance Director
Slide 32: Europe: Scale, growth, capital
One Aviva Purpose Europe Prosperity & Purpose peace of mind Scale, growth, capital One Aviva Vision Twice the value ● Leverage scale Strategic Targets ● Generate capital priorities ● Manage composite portfolio • 1.5 – 2 x dividend cover • 98% meet or beat COR ● Seize unique growth ● Build global Ass
Slide 33: Size and scale - a leading life insurer in Europe
Size and scale - a leading life insurer in Europe APE 2006 Aviva and competitors (€m) Europe inc. UK a h i G G n u fe s a nz al iv Pr go r ti r ic Ax IN L& Li er Av lia Fo Zu Ae en d. Al an G St Source: company accounts & Aviva analysis
Slide 34: A strong life business and a focussed GI presence
A strong life business and a focussed GI presence Spain* Italy Czech 2nd (L&P) 6th (L&P), 13th (GI) 13th (Life) Poland Romania Russia 2nd (Life), 1st (Pen), 20th (GI) 6th (L&P) Presence in L&P** Turkey*** France 2nd (Life), 1st (Pen),14th (GI) 9th (L&P), 15th (GI) Ireland 3rd (L&P), 1st (GI) Netherl
Slide 35: What we have achieved – strong top line growth
What we have achieved – strong top line growth….. PVNBP (Life & Pensions)* Total sales £k £k 20,000 20,000 CAGR 0% A GR +1 £17,018 C £15,581 23% 2% 15,000 A GR +1 15,000 C £13,613 £12,840 4% £12,095 £11,801 £10,355 £10,358 £10,332 10,000 12% 10,000 £9,021 +9% £7,405 £7,778 +14% +15% 5,000 +16% 5,000
Slide 36: Diversified our distribution
… diversified our distribution AE Life & Pensions AE Life & Pensions distribution by channel 2000 distribution by channel 2006 7% 35% 33% 61% 31% 32% Independent Agents/Brokers Tied Agents/Direct Bancassurance Basis 2000 APE Basis 2006 PVNBP Net of minorities
Slide 37: Generating £586m in dividends for the group
… generating £586m in dividends for the group Operational capital generation 2006 1000 £319 £180 Dividend to Group £586m £32 750 Dividends to MI £26 £655 Free capital flow £71m £m 500 250 £69 0 Life inforce Non-life New business Interest costs Dividends Increase in Free profits profits strain paid c
Slide 38: Aviva Europe's contribution to 'One Aviva'
Aviva Europe’s contribution to ‘One Aviva’ • 10% p.a. average growth in life new business volumes* • 10% p.a. average growth in new business contribution** • Cost savings in mature businesses of £50m*** • Meet or beat 98% COR * Headline growth, gross of minorities ** Net of cost of capital, tax and
Slide 39: A portfolio of business in different stages of development
A portfolio of business in different stages of development and with different strategic priorities Aviva’s portfolio of Strategic priorities businesses Mature businesses: Manage for value: maintain market position, France, the Netherlands & Ireland focus on profitability, operational excellence is k
Slide 40: France, the Netherlands and Ireland – manage for value
France, the Netherlands and Ireland – manage for value Europe Strategic priorities • Focus on profitability & maintain market share • Grow distribution through selective acquisitions • Superior customer segmentation and targeting • Excellent customer service & advice • Cost savings from all three bu
Slide 41: Italy and Spain – exploit the bancassurance opportunity
Italy and Spain – exploit the bancassurance opportunity Europe Strategic priorities Spain Italy • Consistently created value on past deals • 64% of distribution • 59% of distribution • Market size: €14.5bn • Market size: €40.9bn • A track record of increasing customer • Market share 11.6% • Market s
Slide 42: Developing relationships – increasing customer penetration
Developing relationships – increasing customer penetration Insurance penetration* of Spanish partner customer base 25% Bancaja Caixa Galicia 20% Unicaja 15% Caja Espana 10% Caja Granada 5% 0% 2000 2001 2002 2003 2004 2005 2006 * Basis: number of customers per bank that purchased an Aviva product div
Slide 43: Significant value creation through European Bancassurance deals
Significant value creation through our European Bancassurance deals Goodwill* 2006 NBC P/E 2001-2006 Net/Net/Net £634m £81m 7.8x …and growth at a reasonable price Source: Aviva *Relates to Aviva Europe businesses only.
Slide 44: CEE – active in the right markets
CEE – active in the right markets and the 2nd largest multinational insurer Top 10 CEE markets by size ($ 2006) Life Market Shares in CEE 2006 4-year CAGR PL* 13% ING 9.7% Aviva CZ 1,946 10% 8.3% HU 1,009 20% Generali** TUR* 927 28% 7.7% SLN 487 27% AIG ROM* 431 49% 5.6% Other*** Allianz SlOV* 392 1
Slide 45: CEE and Russia – continuing growth
CEE and Russia – continuing growth Europe Strategic priorities Build on our excellent foundations 1,000 ** • Customer focus - cross selling & product +12% CAG R innovation 750 • DSF - scale & productivity • Distribution - Bancassurance & selective other £m 500 channels 250 Embedding the ‘One Aviva’
Slide 46: How knowledge sharing contributes to 'One Aviva'
How knowledge sharing contributes to ‘One Aviva’ Annuities from the US Exporting our Direct Motor UK provides data- model from the UK to Poland warehousing for France RAC from UK to Ireland and France Sharing Bancassurance best practices from Spain with Turkey, Russia & other CEE countries
Slide 47: UK Life
UK Life Mark Hodges, Chief Executive, UK Life Creating value through market leadership
Slide 48: UK: Market leadership
One Aviva Twice the value Purpose Prosperity & peace of mind UK Vision One Aviva Twice the value Market leadership Strategic Targets priorities ● Address legacy • 1.5 – 2 x dividend cover ● Manage composite • 98% meet or beat COR • 10% p.a. average growth in ● Transform portfolio European region ● B
Slide 49: Creating value through market leadership
Creating value through market leadership Financial performance: 2005 - 2007 8000 • Creating value from existing business £m Sales - PVNBP 6000 – extracting benefits from scale 4000 Sales up 34% 2000 • Creating value from new business 0 – sales and margin growth H2 05 H1 06 H2 06 H1 07 – further dist
Slide 50: Competitive advantage
Competitive advantage Strong Financial brand strength Product Multi reach distribution
Slide 51: Competitive advantage: product reach
Competitive advantage: product reach 15% A broad product portfolio • Top three position in all markets overall market share • 10.9% overall market share 10% • Value from: 13.8% 10.9% • Scale 5% 9.9% 9.4% • Insight • Flexibility 0% Protection Pensions Savings Annuities = High quality earnings Market
Slide 52: Competitive advantage: multi distribution
Competitive advantage: multi distribution • 14,000 branches • 2,200 branches • 920 advisors • 30,000 advisors selling our products IFA (Networks & • represented on 80% of Service IFA (Nationals & multi-tie panels Providers) Regionals) access to • 1,165 advisors over 35 million • fast growing consume
Slide 53: Winning combination of distribution and product mix
Winning combination Winning combination of balanced distribution and broad product mix Balanced LTSB Norwich • Balanced distribution Union portfolio maximises our customer reach Distribution mix Legal Standard HBOS Life Prudential & General • Not dependent on any one channel or product Friends Provi
Slide 54: Creating value
Creating value Simplify Service the legacy Strong Financial brand strength Sustainable Capital Product Multi low cost base reach distribution • Net generator of Aviva group capital • Capital raising initiatives Growth including reinsurance and TDSL
Slide 55: Creating value: service
Creating value: service Service is a positive attribute • Customers positive • 1st in independent advisor survey • Complaints 64% lower than 2005 • Distributor advocacy up • CII accredited service academy • All service promises being met Customer Distributor 80% satisfaction 80% satisfaction 71% 61%
Slide 56: Creating value
Creating value Simplify Service the legacy Strong Financial brand strength Sustainable Capital Product Multi low cost base reach distribution Growth
Slide 57: Creating value: simplify the legacy
Creating value: simplify the legacy SwissRe strategic partnership …creating £200m NPV from our heritage • Outsourced administration of nearly • Simplification and reduced rework three million policies • Unit cost reduction • 1,000 people transferred to Swiss Re • Reduced cost of change • Customers a
Slide 58: Creating value
Creating value Simplify Service the legacy Strong Financial brand strength Sustainable Capital Product Multi low cost base reach distribution Growth
Slide 59: Creating value: sustainable low cost base
Creating value: sustainable low cost base Sustainable cost model by 2009, underpinning future business development. Swiss Re partnership Outsourced nearly three million Operational review life and pension policies Previously announced benefits. Existing business impact £72m Simplification 00 Simplif
Slide 60: Creating value
Creating value Simplify Service the legacy Strong Financial brand strength Sustainable Capital Product Multi low cost base reach distribution Growth
Slide 61: Creating value: untapped potential
Creating value: untapped potential Segmentation of UK Life & Pensions market • Trusted brand appeals to multiple customer segments Population Life & Pensions Market • Broad customer range Aviva UK Life Customers across wealth and life stage UK Life NBC • Making money across all segments No. of custo
Slide 62: Creating value: growth opportunities
Creating value: growth opportunities Growth opportunity Strategic drivers and enablers £2.5bn protection gap • NPSS • new advice models • cheaper, simpler products £30bn • consumerism and behavioural change savings gap Structural • UK retail distribution review change • trend from DB to DC pension s
Slide 63: Creating value: exploit the opportunities
Creating value: exploit the opportunities Creating value by Maximising value across all customer segments investing in our strengths: Bancassurance Direct IFA Corporate Over 50s life cover Bulk purchase annuities • Leveraging brand SIPP SIPP • Enhancing our Simplified Life e-comm product range enhan
Slide 64: Creating value through market leadership
Creating value through market leadership Financial performance: 2005 - 2007 8000 • Creating value from existing business £m Sales - PVNBP 6000 – extracting benefits from scale 4000 Sales up 34% 2000 • Creating value from new business 0 – sales and margin growth H2 05 H1 06 H2 06 H1 07 – further dist
Slide 65: Competitive advantage: product reach
Competitive advantage: product reach A broad product portfolio… reaching customers at all life stages • Top three position in all markets • Customer needs change over time • 10.9% overall market share • We create value at all life stages 15% Proportion of value created overall market share annuities
Slide 66: UK P&C
UK P&C Igal Mayer, Chief Executive, UK P&C Delivering across the cycle
Slide 67: UK P&C: Delivering the potential in 'One Aviva'
UK P&C: Delivering the potential in ‘One Aviva’ Our purpose Purpose • The leading UK P&C insurer Vision • Capital generator for the group Strategic Targets UK priorities Our priorities Market leadership UK Europe N.America Asia • Delivering across the cycle: ● Address legacy Pacific ● Transform busi
Slide 68: The UK market leader
The UK market leader NUI • Consolidated market – top 6 insurers 14.5% Rest of Market have over 50% market share 36% • NUI is the largest P&C insurer in UK RBSI (including Direct Line) • Top 1 or 2 position in all our major 12.2% classes • Unique business model RSA 9.0% - Balanced mix of personal and
Slide 69: Delivering across the cycle
Delivering across the cycle Consistent top quartile performance and ahead of our peers • UK P&C market is highly COR 140% competitive 130% • Erratic performance 120% demonstrated by some 110% peers 100% 90% • Market discipline needed through cycle 80% 1995 1996 1997 1998 1999 2000 2001 2002 2003 200
Slide 70: Delivering across the cycle
Delivering across the cycle COR • 4 clear strategies to manage the cycle • Premium rating leadership Industry • Flattening the impact of 98% claims inflation NUI • Expense management • Customers and growth • Sustaining capital generation Enhancing performance across the cycle
Slide 71: Rating leadership - pricing discipline
Delivering across the cycle Rating leadership - pricing discipline • Leading position and diversification NU Private Car - Comprehensive Cover across all lines allows us to lead the market 28% 24% • Personal motor: 20% average premium average 16% increase in Sept 06 Change in 16% 12% • Household: 8%
Slide 72: Flattening impact of claims inflation
Delivering across the cycle Flattening impact of claims inflation Impact of claims initiatives on inflation (Major Classes) • Track record of delivering significant cost reduction • 2007: On track to deliver £75m+ of 0 Personal Motor Household Commercial Motor Commercial Property Commercial Liabilit
Slide 73: Step-change in cost excellence
Delivering across the cycle Step-change in cost excellence 1 UK best of breed expense ratio applied to NUI • Investment over last 5 years channel / product mix has laid the ground for making a NUI UK Best of Best of 2 Breed Co. step change on expenses Expenses Breed Personal Lines Motor 16.1% 12.3%
Slide 74: Expense management - the promise of scale
Delivering across the cycle Expense management - the promise of scale • Will deliver through 3 programmes that Inflation and (38) leverage previous IT and infrastructure one-off Costs11 (125+) investment • Programme 1: Prioritisation and focus e.g. (200) • £76m reduction in marketing spend Expense r
Slide 75: Expense management - the promise of scale
Delivering across the cycle Expense management - the promise of scale • Further activity planned to realise ambition Inflation and (38) • Programme 2: Re-engineering service and processing centres one-off Costs11 (125+) • Realise benefits of previous investment (200) • Fewer products from over 70 to
Slide 76: Customers and growth
Delivering across the cycle Customers and growth Customers • There when our customers need us most • 92% of customers say service is good or excellent Growth • Brokers - 47 new deals won this year worth £290m p.a. - Aspiring to be ‘Insurer of Choice’ • Partnerships - New deals over last year - £150m
Slide 77: UK P&C summary
One Aviva Twice the value • UK P&C plays a core role in ‘One Aviva’ • The leading UK P&C insurer • Signs of an improving rating environment • Robust strategies to deliver performance across the cycle • Delivering the promise of scale – Flattening the impact of claims inflation through to 2010 – Cost
Slide 78: Q&A
One Aviva Twice the value pl AVIVA Forward thinking Q&A
Slide 79: Coffee Break
One Aviva Twice the value Coffee Break
Slide 80: One Aviva Twice the value
One Aviva Twice the value 17 October 2007
Slide 81: Investor conference: Tom Godlasky
Investor conference Tom Godlasky Chief Executive, Aviva North America Presentation title here 00.00.00 page 81
Slide 82: Disclaimer
Disclaimer This presentation may include oral and written “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. These forward-looking statements sometimes use words such as ‘an
Slide 83: Aviva North America
Aviva North America • A composite business model • A rapidly growing US life and annuity presence • A Canadian GI business delivering sustained profits • Result is a combined operation with a compelling growth and profitability story Presentation title here 00.00.00 page 83
Slide 84: Delivering 'One Aviva'
Delivering ‘One Aviva’ Our Purpose: N. America • Deliver on the growth Purpose Double scale Prosperity & Purpose potential in the US and Focus : top 5 in peace of mind Canada chosen segments Vision • Explore selected cross- Vision Integrate '07 One Aviva border opportunities Expand products, S
Slide 85: Aviva USA
Aviva USA Presentation title here 00.00.00 page 85
Slide 86: The journey to becoming Aviva USA
Aviva USA The journey to becoming Aviva USA… A company that was… Nov 2006 A company that is today… • Consistently delivering profitable • Significant growth while growth maintaining profit margins • Continuing to increase its market • Achieved $45 million expense penetration synergies in 10 months •
Slide 87: Aviva USA growing
Aviva USA growing… Aviva USA Pro-Forma Quarterly PVNBP Growth 2,000 50% growth in sales for $ millions 1,500 Aviva USA on a pro-forma basis over same period 06 1,000 500 0 Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 NBC reflects value proposition to the company Aviva USA Pro-Forma Quarterly New Business Con
Slide 88: Aviva USA - an integral part of a global operation
Aviva USA - an integral part of a global operation Through HY 2007… 12% 10% • Represented 9% of long term 9% savings sales of Group • Represented 10% of Group new business contribution • Represented 12% of Group Sales New Business Operating operating profit EEV Contribution Profit EEV Aviva USA Shar
Slide 89: The growth continues
The growth continues… Aviva USA Pro-Forma Quarterly PVNBP Growth 2,000 50% growth in sales for Aviva $ millions 1,500 USA on a pro-forma basis over same period 06 1,000 500 0 Q1'06 Q2'06 Q3'06 Q4'06 Q1'07 Q2'07 Q3'07 NBC reflects value proposition to the company Aviva USA Pro-Forma Quarterly New Bus
Slide 90: Key questions
Key questions Where do we go from here? How do we get there? Presentation title here 00.00.00 page 90
Slide 91: U.S. life and pensions market growth
U.S. life and pensions market growth Operating in a marketplace poised for growth Growth in Life and Pensions Assets by Region U.S. Market: Aviva’s presence • Population projected Life & Pensions Assets CAGR (2006-2015) Asia-Pacific (ex. Japan) Strong Asia-Pacific Growing to grow more than Latin Ame
Slide 92: Baby boomers coming of age
Baby boomers coming of age • 80 million Americans will reach retirement age in the next 22 years • First wave of 3.2 million baby boomers turns 62 next year – 365 people every hour Presentation title here 00.00.00 page 92
Slide 93: Where do we go from here… In a word – Growth
Where do we go from here… The charge is very clear… In a word – Growth • Double sales in three years • Maintain margins/drive bottom line results • Achieve economies of scale • Implement shared services and strategic talent management Presentation title here 00.00.00 page 93
Slide 94: Core Competencies
How do we get there… AmerUs Core Competencies • Product innovation • Distribution management • Investment and risk management • Ratings Aviva Leverage • Brand Aviva • Team Presentation title here 00.00.00 page 94
Slide 95: Product innovation from multiple angles
Product innovation from multiple angles Customer Value Customer Protection • Growth potential • Guarantees • Liquidity • New services Product Innovation Marketing Shareholder • Agent recruiting • Profitability management • Brand enhancement • Risk controls • Product differentiation • Business model
Slide 96: Distribution management
Distribution management 2006 Combined Life and Annuity Sales By channel Structured MGA Opportunities: 10% Settlements • Expand existing 11% CMO MGA 5% IMO 66% 10% distribution platform CMO TSA 5% 3% IMO 66% Bank 4 % PPGA • Develop new channels TSA 1% 3% New York • Banks 0.4% PPGA 1% • Brokerages IMO
Slide 97: Investment and risk management
Investment and risk management An integrated process that optimizes results by: • Employing comprehensive policies and procedures • Effectively managing and monitoring key risks: – Interest rates – Liquidity – Hedging – Credit • Approaching risk management as a value generator Presentation title her
Slide 98: Growth is not without challenges
Growth is not without challenges Challenges Responses Increasing competition Market leading share in life and annuity Economic and interest rate Record growth and cycle profitability Regulatory oversight and Tone at the top… governance philosophy Presentation title here 00.00.00 page 98
Slide 99: Ratings: new growth opportunities
Ratings: new growth opportunities • Eliminates the “Gate Keeper” hurdle A+ • Opens new, untapped markets – High net worth individuals – Small business relationships – Geographical expansion (Superior) • Builds upon the brand initiatives “This acquisition has provided Aviva USA significant growth opp
Slide 100: Single Aviva brand
Single Aviva brand The brand development plan transfers equity from multiple AmerUs brands into a strong, single brand and establishes a clear position for Aviva Presentation title here 00.00.00 page 100
Slide 101: Media placement
Media placement The Aviva brand is supported by well-placed ads: • Wimbledon tennis championships on ESPN and NBC (June- July 2007) – Sponsor of ESPN "SportsCenter at Wimbledon“ – Sponsor of NBC's "Strategic insight" feature • AT&T National golf tournament, hosted by Tiger Woods on CBS (July) – "Sho
Slide 102: Branding campaign
Branding campaign Presentation title here 00.00.00 page 102
Slide 103: Team
Team Experienced leadership and proven track record Industry Executive Title Experience Thomas C. Godlasky President & CEO 29 years Gregory D. Boal President – Aviva Capital Management 23 years Michael D. Boltz Executive Vice President & Chief Information Officer 21 years Brian J. Clark Executive Vi
Slide 104: Investor conference: Brian J Clark
Investor conference Brian J Clark EVP & Chief Product Officer Presentation title here 00.00.00 page 104
Slide 105: Aviva USA product strategy
Aviva USA product strategy • Maintain broad, competitive product portfolio • Align initiatives with strategic direction • Partner with distribution to grow the profitable segments • Look for “win-win-win” situations • Manage risk through product design • Optimize competitiveness and new business con
Slide 106: Serving multiple customer needs
Serving multiple customer needs Customer protection needs Premature death Outliving assets Withdrawal Term Structured Immediate insurance settlements annuities Customer asset objectives Deferred Permanent life annuities with with minimal guaranteed savings withdrawals component Permanent life with s
Slide 107: Key product trends
Key product trends Customer demands Aviva USA response • Customer choice Index method choices on fixed products • Growth potential Index crediting • Policy cash value guarantees Principal protection; enhanced minimums • Protect against outliving assets Guaranteed lifetime income riders • Liquidity S
Slide 108: Seeking growth with guarantees
Seeking growth with guarantees Fixed products* Variable products** 36% with 75% with 25% 64% Fixed Indexed Guarantee rate only crediting Rider(s) Variable • Lowest • Higher expected • A la carte riders • Highest expected return return • Guarantee expected • Strongest • Complete specified benefits re
Slide 109: Fixed indexed crediting methodology
Fixed indexed crediting methodology Crediting choice examples Fixed rate of 4% • Asset allocation can be made at issue and policy anniversary 100% of S&P 500 • Index-linked interest is credited only Premium on policy anniversary index growth up to 8% o Principal step-up annually 45% of S&P 500 index
Slide 110: Fixed indexed crediting example
Fixed indexed crediting example Credited Rate by S&P 500 Growth Assumption Crediting choices -10% +10% +20% Fixed rate of 4% 4% 4% 4% Premium 100% of S&P 500 0% 8% 8% growth rate up to 8% 45% of S&P 500 index growth rate; no cap 0% 4.5% 9% Indexed crediting concept offers higher potential without ri
Slide 111: Seeking growth potential with guarantees
Seeking growth potential with guarantees Indexed crediting Variable with guarantees • Credited rate never negative • Fund values volatile • Interest gains locked in • Guarantee floor on long-term benefits • Pay for guarantees via: • Explicit fees for guarantee rider – Limited market participation –
Slide 112: U.S. indexed annuity growth: Phase I
U.S. indexed annuity growth Shorter SC GLWB rider $30.0 $27.2 U.S. Fixed Indexed Annuity $24.5 $25.0 $25.0 $23.4 Premium Sales* ($ Billions) Flat yield Bonuses $20.0 Multi-crediting curve options $14.0 $15.0 $11.7 Single method designs $10.0 $6.5 $5.0 $5.2 $5.4 $4.0 $5.0 $3.0 $1.5 Equity Bear Market
Slide 113: U.S. indexed annuity growth: Phase II
U.S. indexed annuity growth Shorter SC GLWB rider $30.0 $27.2 U.S. Fixed Indexed Annuity $24.5 $25.0 $25.0 $23.4 Premium Sales* ($ Billions) Flat yield Bonuses $20.0 Multi-crediting curve options $14.0 $15.0 $11.7 Single method designs $10.0 $6.5 $5.0 $5.2 $5.4 $4.0 $5.0 $3.0 $1.5 Equity Bear Market
Slide 114: U.S. indexed annuity growth: Phase III
U.S. indexed annuity growth Shorter SC GLWB rider $30.0 $27.2 U.S. Fixed Indexed Annuity $24.5 $25.0 $25.0 $23.4 Premium Sales* ($ Billions) Bonuses Flat yield $20.0 Multi-crediting curve options $14.0 $15.0 $11.7 Single method designs $10.0 $6.5 $5.0 $5.2 $5.4 $4.0 $5.0 $3.0 $1.5 Equity Bear Market
Slide 115: Longevity protection emerging on fixed indexed annuities
Longevity protection emerging on fixed indexed annuities 14 Aviva USA has 27% election rate in 2007 12 12 11 Carriers Marketing 10 GLWB on FIA Aviva USA launched its 8 Guaranteed 7 Lifetime 6 Withdrawal Benefit 4 4 3 2 2 0 Q2 2006 Q3 2006 Q4 2006 Q1 2007 Q2 2007 Q3 2007 Aviva USA recognized early th
Slide 116: Increasing customer liquidity on fixed indexed annuities
Increasing customer liquidity on fixed indexed annuities 20 Average surrender charge term Industry Average* Key product features 15 13.9 13.6 12.7 • 10% free partial withdrawal 13.1 • Confinement waiver 12.4 10 • Terminal illness waiver Aviva USA 10.8 • Full value at death • Market value adjustment
Slide 117: U.S. indexed life growth curve: Phase I
U.S. indexed life growth curve International indices $500 Aviva USA – market share U.S. indexed UL target premium leader since Q4 - 2001 Survivor & $440 $450 SPL $400 sales* ($ Millions) $350 Index UL $352 with NLG $300 multiple $250 Index UL crediting Index with whole life choices $200 innovative $
Slide 118: U.S. indexed life growth curve: Phase II
U.S. indexed life growth curve International indices $500 Aviva USA – market share U.S. indexed UL target premium leader since Q4 - 2001 Survivor & $440 $450 SPL $400 sales* ($ Millions) $350 Index UL $352 with NLG $300 multiple $250 Index UL crediting Index with whole life choices $200 innovative $
Slide 119: Growing demand for universal life death benefit guarantees
Growing demand for universal life lifetime death benefit guarantees No lapse guarantee riders represent: • 48% industry Universal Life sales $2.59 $2.56 $50 $2.60 Aviva UL No Lapse Guarantee Sales Industry UL sales with NLG (LIMRA) • 25% Aviva USA $45 $42.30 $2.50 $40 $35 Industry $2.40 $2.31 ($Mill
Slide 120: Product innovation at Aviva USA
Product innovation at Aviva USA Objective Example • Customer choice Multiple index crediting methods • Customer values IUL innovative guarantee enhances upside • Customer protection Guaranteed lifetime withdrawal benefit • Risk management Indexed crediting on no-lapse guarantee • Profitability manag
Slide 121: An industry first: Wellness for Life Program
An industry first: Wellness for Life Program • Innovative product enhanced by high quality wellness services • Offer incentives to life insurance customers to lead a healthy lifestyle • Provide wellness resources from Mayo Clinic Health Solutions • Innovative, patent-pending approach to providing mo
Slide 122: Helping customers live healthier and save on life insurance
Helping customers live healthier and save on life insurance Presentation title here 00.00.00 page 122
Slide 123: Product innovation to meet customer needs
Product innovation to meet customer needs Customer protection needs Premature Death Outliving Assets Withdrawal Customer Asset Objectives Permanent life with minimal savings component Permanent life with significant Accumulation savings component Wellness-For-Life program Four key initiatives to dri
Slide 124: Product innovation to meet customer needs
Product innovation to meet customer needs Customer protection needs Premature Death Outliving Assets Withdrawal Deferred Customer Asset Objectives Annuities with Permanent life guaranteed with minimal withdrawals savings component GLWB Upgrade Permanent life with significant Accumulation savings com
Slide 125: Product innovation to meet customer needs
Product innovation to meet customer needs Customer protection needs Premature Death Outliving Assets Withdrawal Deferred Customer Asset Objectives Annuities with Permanent life guaranteed with minimal withdrawals savings component Lifetime Pay GLWB Upgrade Permanent life with significant Accumulatio
Slide 126: Product innovation to meet customer needs
Product innovation to meet customer needs Customer protection needs Premature Death Outliving Assets Withdrawal Deferred Customer Asset Objectives Annuities with Permanent life guaranteed with minimal withdrawals savings component Lifetime Pay GLWB Upgrade Permanent life with significant Accumulatio
Slide 127: Investor conference: Mark Heitz
Investor conference Mark Heitz EVP – Sales and Distribution Presentation title here 00.00.00 page 127
Slide 128: Favorable demographics
Favorable demographics U.S. population change by age group: 2000-2010 12 The two age groups most 10 interested in indexed products are growing by 19 million over 8 this decade alone Population change 6 (millions) 4 2 0 0-9 10-19 20-29 30-39 40-49 50-59 60-69 70-79 85+ -2 -4 Age Ranges Source: US Bur
Slide 129: 401(k)/IRA market exploding
401(k)/IRA market exploding Individual Employer retirement plan Rollovers Retirement Accounts (IRA) $11 trillion $300 billion $5 trillion • Greatest concentration of • Seeking safety and • Growing rapidly as Baby investable wealth principal protection Boomers age • Most are 401(k) plans with no • Wa
Slide 130: Customer demand for indexed products
Customer demand for indexed products Why customers purchase annuities Very / somewhat important Earnings would not be taxed until the funds used 88% Was a safe purchase 88% Had a good rate of return 87% Wanted a long-term savings plan 82% Could get payments guaranteed to continue for as long as you
Slide 131: Indexed products – meeting customer demand
Indexed products – meeting customer demand • Pre-packaged retirement savings product 9 Guarantees 9 Tax deferred accumulation 9 Lifetime income 9 Partial free withdrawals 9 Death benefit • Attractive crediting strategies 9 Traditional fixed 9 Indexed 9 Flexibility to change • Principal protection Pr
Slide 132: Insurers gathering retirement assets
Insurers gathering retirement assets Life - $13.4 billion market Annuities - $236.2 billion market Aviva – Aviva – 1% of Indexed UL 1% of Life $0.4 Fixed Annuity market market Indexed $25.3 Term $3.1 Other UL $5.1 Fixed $50.3 Variable Whole Life $160.6 $2.9 Variable $2.0 Indexed UL is fastest growin
Slide 133: Aviva's current distribution
Aviva’s current distribution 2006 Combined life and annuity sales By channel MGA Structured 10% Settlements 11% CMO 9 Multi-channel agent distribution MGA 5% IMO 10% 9 Focused on indexed products 66% CMO TSA 5% 3% 9 More productive distribution IMO Bank 66% 4% PPGA TSA 9 Scalable distribution model
Slide 134: Indexed life market focus
Indexed life market focus ($millions) Year 2006 Market Q4 2006 Market Q2 2007 Market Share Share Share Aviva $127 36% $37 37% $34 31% AIG $45 13% $11 12% $13 12% Aegon $37 11% $10 10% $13 12% National Life $33 9% $10 10% $12 11% Old Mutual $29 8% $6 6% $9 8% $1.3 $1.5 $2.4 $2.5 Others $81 23% $25 25
Slide 135: Indexed annuity market focus
Indexed annuity market focus ($billions) Year 2006 Market Q4 2006 Market Q2 2007 Market Share Share Share Allianz $6.6 26% $1.2 20% $1.4 21% Aviva $2.5 10% $0.8 13% $1.2 18% ING $2.3 9% $0.5 8% $0.4 6% Old Mutual $2.1 8% $0.6 9% $0.5 8% Midland $2.0 8% $0.4 7% $0.4 6% Others (> 32 cos.) $9.8 $1.3 39
Slide 136: Distribution productivity
Distribution productivity Year end 2006 Fixed Number of Indexed Production Number Competitor Annuity Channel Annuity Per Agent of IMOs Agents Premium Independent “A” $6.6 B 170,000 $38,824 200 Agent Proprietary Products/ Aviva $2.5 B 17,000 $147,058 13 Independent Agent Model is scalable Presentatio
Slide 137: Existing distribution growing rapidly
Existing distribution growing rapidly branding 0 09 ratings - 2 increase 0 06 2 scalable NBP model P V ble grow market or ou market share D customer demand demographics Presentation title here 00.00.00 page 137
Slide 138: New distribution opportunities
New distribution opportunities Banks Brokerage firms Independent broker Financial dealers planners Presentation title here 00.00.00 page 138
Slide 139: New potential markets
New potential markets Life Annuity Aviva Aviva $0.2 $2.5 1% 1% New market $1.3 10% Existing New market market $114.7 $ billions $119 49% Existing 50% market $11.9 89% • Banks, financial planners and stockbrokers Huge new markets Presentation title here 00.00.00 page 139
Slide 140: New channels – impact on PVNBP
New channels – impact on PVNBP Additional 12.5% $14 increase in PVNBP $11.7 in 2009 $12 $9.2 $10 $ Billions $8 $6 $10.4 $4 $8.6 $7.2 $2 $0 2007 E 2008 E 2009 E Presentation title here 00.00.00 page 140
Slide 141: 2008 – Aviva enters these new channels
2008 – Aviva enters these new channels 9 Ratings increase in place 9 New products are developed 9 Technology platform being finalized 9 Distribution team nearly assembled 9 Relationships being formed Aviva Branding – A Big Plus Presentation title here 00.00.00 page 141
Slide 142: Investor conference: Greg Boal
Investor conference Greg Boal President – Aviva Capital Management Presentation title here 00.00.00 page 142
Slide 143: Economic update
Economic update Growth Employment GDP YoY Avg. Hourly Earnings YoY NFP (LS) Jobless Claims (RS) Avg. NFP 5.0 200 340 4.0 330 150 320 3.0 000's 000's 100 % 310 2.0 50 300 1.0 0 290 0.0 07-Jan 07-Mar 07-May 07-Jul 07-Sep 05Q1 Q3 06Q1 Q3 07Q1 Q3 NFP =Non-farm payroll Inflation/consumer Commentary Core
Slide 144: Equity market update
Equity market update S&P 500 Corporate earnings – S&P EPS S&P 500 (LS) VIX (RS) 1550 45 14.0% 1500 11.3% 12.0% 35 9.6% Index Level 10.0% 8.6% 1450 7.3% 25 8.0% 6.8% 1400 6.0% 4.4% 1350 15 4.0% 2.0% 1300 5 0.0% 07-Jan 07-Mar 07-May 07-Jul 07-Sep 07Q1A Q2A* Q3E Q4E 2007E 2008E VIX =Measure of volatili
Slide 145: Bond market update
Bond market update Interest rates Yield curve comparison 2Y Treasury 10Y Treasury 2006 Oct 2007 Oct 5.50 5.25 5.25 5.00 5.00 4.75 Yield 4.75 Yield 4.50 4.50 4.25 4.00 4.25 3.75 07-Jan 07-Mar 07-May 07-Jul 07-Sep 4.00 2Y 3Y 5Y 10Y 30Y Investment grade High yield Lehm an Credit Index IG CDS Index Cred
Slide 146: Portfolio positioning
Portfolio positioning Lehman Credit Index 160 140 120 100 Spread 80 60 40 20 07-Jan 07-Feb 07-Mar 07-Apr 07-May 07-Jun 07-Jul 07-Aug 07-Sep Presentation title here 00.00.00 page 146
Slide 147: Portfolio positioning
Portfolio positioning Lehman Credit Index 160 140 • Sold subprime • Underweighted financials 120 • Underweighted home builder industry • Maintained security sell discipline 100 Spread 80 60 40 20 07-Jan 07-Feb 07-Mar 07-Apr 07-May 07-Jun 07-Jul 07-Aug 07-Sep Presentation title here 00.00.00 page 147
Slide 148: Portfolio positioning
Portfolio positioning Lehman Credit Index CMBS AAA Spread 160 140 • Sold subprime • Underweighted financials 120 • Underweighted home builder industry • Maintained security sell discipline 100 Spread 80 60 40 20 07-Jan 07-Feb 07-Mar 07-Apr 07-May 07-Jun 07-Jul 07-Aug 07-Sep Presentation title here 0
Slide 149: Portfolio positioning
Portfolio positioning Lehman Credit Index CMBS AAA Spread 160 140 • Sold subprime • Underweighted financials 120 • Underweighted home builder industry • Maintained security sell discipline 100 Spread 80 60 •Allocated to CMBS from credit 40 20 07-Jan 07-Feb 07-Mar 07-Apr 07-May 07-Jun 07-Jul 07-Aug 0
Slide 150: Aviva Capital Management at a glance
Aviva Capital Management at a glance Who We Are Assets Under Management Business Lines • Specialize in institutional, income driven asset management • SEC registered investment adviser and GIPS® compliant firm Insurance $ 35,474.0 • Assets under management exceed $38.0 billion • 125 member organizat
Slide 151: Insurance asset management
Insurance asset management Overview • Target allocation Strategic Strategic asset asset allocation allocation • Rebalance Asset Asset Liability Liability Management Management Performance Performance •• Product Product Design Design Product Product asset asset • Review results •• Strategic allocatio
Slide 152: Insurance portfolio allocation
Insurance portfolio allocation As of: 30 September 2007 Characteristics Characteristics Percent of total invested assets •• High High quality: quality: A A average average rating rating Allocation ranges and •• Underweight Underweight less less liquid liquid sectors sectors Asset category current al
Slide 153: Fixed product investment model
Fixed product investment model Key risks Customer •Interest rates •Liquidity •Credit Performance provides $100 $92 Minimum guarantee Premium Fixed Performance PORTFOLIO Profitability to Aviva USA income Earnings support crediting Fixed rate for the customer annuity $8 Commission To Agent Presentatio
Slide 154: Indexed product investment model
Indexed product investment model Key risks Customer •Interest rates •Liquidity •Credit •Hedging Performance provides $100 $87 Premium Minimum guarantee Fixed PORTFOLIO Performance income Profitability to Aviva USA Fixed $5 Option payoff credited Option OTC Options to the policyholder annuity Payoff
Slide 155: Effective asset liability management
Effective asset liability management Rate risk 4Q2006 1Q2007 2Q2007 Asset duration* 6.07 6.20 6.30 Liability duration* 6.31 6.67 6.66 Mismatch -0.24 -0.47 -0.36 Tolerance 0.50 0.50 0.50 Liquidity S&P liquidity model Immediate Ratio 272% 274% 267% Rating AAA AAA AAA Ongoing Ratio 249% 251% 245% Ratin
Slide 156: Effective hedging management
Effective hedging management Net delta and delta mismatch (1) 30 3.00% guideline upper lim it (2.5%) 20 2.00% Delta ratio Net delta 10 1.00% 0 0.00% guideline low er lim it (-0.5%) -10 -1.00% Net Delta+ Delta Ratio++ -20 -2.00% Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 (1) Delta represents th
Slide 157: Risk management
Risk management Risk management: essential to successful asset management Three keys 1) Identify 2) Measure or calibrate 3) Manage Presentation title here 00.00.00 page 157
Slide 158: Identify and measure risk
Identify and measure risk Apply sophisticated risk measurement tools • Discriminate between intended versus unintended portfolio risks – Interest rate and credit spread sensitivity – Prepayment sensitivity – Asset class exposure(s) Apply appropriate tools/techniques • Designed to properly measure or
Slide 159: Measuring risk: Credit example
Measuring risk: Credit example Industry approach An example: Rating % TIA * $ Limit ** • Limits defined by rating as % of total A 0.43% 133.3 invested assets BBB 0.35% 108.5 • All maturities equal BB 0.15% 45.5 • No reference to capital B 0.08% 24.8 * Source: Lehman Brothers 2006 peer Study Industry
Slide 160: Measuring risk: Credit example – our approach
Measuring risk: Credit example – our approach Risk management approach All exposures not Inclusive scope as value generator created equal of assets • Credit limits formed from • 30-yr exposure different • Synthetic instruments objective, measurable than 1-yr exposure compared on an apples to inputs
Slide 161: Measuring risk: Credit example - contrasting approaches
Measuring risk: Credit example - contrasting approaches Aviva example: $ Limits * Years to maturity Rating 10 15 20 30 Our approach A 146.9 123.9 95.8 65.9 • Limits defined by relevant risk BBB 85.1 62.5 49.1 34.4 measures BB 33.3 33.3 28.5 20.5 • Rating & maturity B 18.6 18.6 18.6 14.3 * Based upon
Slide 162: Risk management – a value generator
Risk management – a value generator Our FTV framework Disciplined decision process Result Value add Fundamentals Purpose: Provides forward looking opinion on 6 to 12 month basis Combined, provides a comprehensive • Common investment language Technicals • forward looking opinion • Early warning to Pu
Slide 163: Summary
Summary • Forecast • Economy likely to avoid recession • Looking to take advantage of market opportunities • Apply proactive risk management • Execute disciplined investment management process • Portfolio is well structured • Liquid • High quality • Effectively matched and hedged Presentation title
Slide 164: Closing comments
Closing comments One Aviva Twice the value Presentation title here 00.00.00 page 164
Slide 165: Building on success
Building on success… Core activities Measured result AmerUs Product • Meeting the retirement needs of the boomer generation innovation • National leadership in indexed products Core competencies Distribution • Distribution via multiple national channels Achieve management • Tailor delivery to the un
Slide 166: One Aviva Twice the value
One Aviva Twice the value Operating in a market on the Delivering sustainable verge of explosive growth profitable growth $7-10 trillion will be • Double scale in 3 years transferred to heirs • NBC up 60% pro forma HY07 Operating as One Aviva Implementing regional and global best practices Controlli
Slide 167: Q&A
One Aviva Twice the value By AVIVA Forward thinking Q&A
Slide 168: Lunch
One Aviva Twice the value Lunch
Slide 169: One Aviva Twice the value
One Aviva Twice the value 17 October 2007