Aviva Plc · LSE:AV.

Aviva — Morgan Stanley 10th Annual European Financials Conference (March 2014)

17 slides from Aviva's conference presentation, March 2014

1. Slide 1: Morgan Stanley 10th Annual European Financials Conference

   Morgan Stanley 10th Annual European Financials Conference Mark Wilson Chief Executive Officer March 2014 1

2. Slide 2: Disclaimer

   Disclaimer Cautionary statements: This 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 announcement contains, and we may make other verbal or written “forward-looking statements” wi

3. Slide 3: Who is Aviva and what is the attraction?

   Who is Aviva and what is the attraction? • Largest insurance company1 in the UK • Businesses in selected international markets including France, Canada, Poland and Singapore • Established 317 years ago • 34 million customers • The world’s largest bancassurer, with 23% of our sales through this chann

4. Slide 4: Where is Aviva?

   Where is Aviva? Cash generator Growth Turnaround Operating profit Value of new business FY13 FY13 7% Market 17% Growth Market Cash generators Turnaround position Markets position 21% 9% UK Life 1 Turkey pensions 2 Ireland UK GI 1 Poland Life 2 Italy 74% 72% Canada GI 2 Singapore Life 5 Spain France

5. Slide 5: Investment Thesis – Cash flow plus growth

   Investment Thesis – “Cash flow plus growth” IFRS Cash Op Cash flow Cash remitted to Group from Business units flow Profit Expenses VNB COR UK Life     - UK General Insurance    -  France      1. Life Value of new business “VNB” Canada    -  Growth 2. GI Underwriting result Aviva Inv

6. Slide 6: Cash flow: where to from here?

   Cash flow: where to from here? 2011 2012 2013 45% 49% 72% £1,859m £1,772m £1,596m £127m £1,269m £904m £724m Operating Capital Generation (1) Remittance (1) Focus areas • Move the remittance to greater than 80% • Continue structural simplification • Operating expense reduction to flow through to bott

7. Slide 7: Expenses

   RSA Cost comparison 3 Expenses 35 Total expense ratio vs. peer group 2012 % 32.8 31.2 31.1 1.6 30 29.0 28.6 28.2 28.1 28.0 27.5 29.6 25 20 A RSA B Peer C D E F G Average Adjustment due to central costs not included RSA Headline ratio in RSA’s headline expense ratio that are generally included in pee

8. Slide 8: Expenses

   RSA Cost comparison 3 Expenses 35 Total expense ratio vs. peer group 2012 % 32.8 31.2 31.1 1.6 30 29.0 28.6 28.2 28.1 28.0 27.5 29.6 25 20 Aviva A RSA B Peer C D E F G Average Adjustment due to central costs not included RSA Headline ratio in RSA’s headline expense ratio that are generally included

9. Slide 9: How much more can expenses fall?

   How much more can expenses fall? Material progress made on 2014 target Operating Expense Ratio £3,366m £3,234m £400m £3,006m Target -3ppt 57% 54% Baseline 2011 2012 2013 2012 2013 Expense ratio: Operating expenses Actions taken in 2013 Operating income • Delayering and efficiency savings Integration

10. Slide 10: Return on Capital

    What Return on Equity should a steady state Aviva produce? 3 filters (strategic, execution, and financial) enable us to identify priorities A. Strategic filters Reinvestment plan - Illustrative, for NB and for Strategic Spend - Focus and prioritise investment to align Cut - off point with Group stra

11. Slide 11: Where is growth going to come from?

    Where is growth going to come from? Cash Generators Growth Markets VNB VNB • Move to Digital • Predictive analytics • Economic growth £601m • Ageing population £179m • Favourable demographics £539m • Cost income ratio £120m • Strategic partners • Back book management • Distribution agreements 2012 2

12. Slide 12: Growth in value of new business and capital efficiency

    Growth in value of new business and capital efficiency FY12 FY13 VNB/Capital Strain improved by 112ppt since 2010 UK & Ireland 412 7% 441 France 119 39% 166 185% Poland 35 46% 51 130% Turkey 30 23% 37 93% 73% Asia* 55 65% 91 Italy 29 48% 15 2010 2011 2012 2013 VNB and Strain net of taxation and mino

13. Slide 13: 2013 Results - key metrics

    2013 Results - 5 key metrics Cash flow Operating profit Operating expenses £1,269m £2,049m £3,234m £3,006m £1,926m 6% 7% 40% £904m 2012 2012 2013 2012 2013 2013 Value of new business Combined operating ratio Final dividend 9.4p £835m 97.0% 97.3% 9.0p 0.3 4% ppt £738m 13% 2012 2013 2012 2013 2012 201

14. Slide 14: Our purpose and accompanying value set

    Our purpose and accompanying value set 14

15. Slide 15: Q&A

    AVIVA Q&A

16. Slide 16: Appendix

    AVIVA Appendix

17. Slide 17: Operating Expense Ratio

    Operating Expense Ratio Operating Expense Ratio -3pps 57% 54% 2012 2013 Components of Operating Expense Ratio £ million FY12 FY13 Regional Operating Profit 2,599 2,701 Less Corporate Centre (136) (150) Group Operating profit excluding Debt Costs and 2,463 2,551 Pension income Add operating expenses

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