Slide 1: Next chapter of Aviva's growth and Direct Line integration
In Focus: Next chapter of Aviva’s growth and Direct Line integration 13 November 2025 Aviva: Confidential
Slide 2: Cautionary statement and important information
Cautionary statement and important information Cautionary statement This presentation should be read in conjunction with the documents distributed by Aviva plc (the ‘Company’ or ‘Aviva’) through The Regulatory News Service (RNS).This presentation contains, and we may make other verbal or written ‘fo
Slide 3: Agenda
Agenda Amanda Blanc Raising our ambitions Group CEO Charlotte Jones Q3, targets & Direct Line synergies Group CFO Jason Storah Owen Morris Creating the Personal Lines leader in the UK CEO UK&I GI CEO Personal Lines Amanda Blanc Concluding remarks and Q&A Group CEO 3
Slide 4: Key messages
Key messages On track to achieve 2026 Group targets one year early Increasing Direct Line cost synergies to £225m & announcing capital synergies of >£0.5bn, supported by strong progress on integration Raising ambitions with new 3-year targets, powered by diversified model 11% Operating EPS CAGR | >2
Slide 5: Next chapter of Aviva's growth
Next chapter of Aviva’s growth Where we Where we are heading are today3 July 2020 Where we started1 ~670p Capital-light growth Share price Shifting earnings mix beyond 75% 270p ~260% 2 Total shareholder return >£20bn £11bn >£10bn Market cap. Capital returns & dividends Customer advantage Focused the
Slide 6: Strong Q3 2025 – extending track record of performance
Strong Q3 2025 – extending track record of performance Delivering top-line growth… … driving stronger earnings growth GI premiums Operating profit +18% 12% CAGR ~£2.2bn CAGR £12.2bn £10.0bn £1.4bn 9M251 94.4% Op. EPS 39.9p 40.3p 48.0p ~55p COR 2022 2023 2024 2025 2022 2023 2024 2025e Wealth AUM IFRS
Slide 7: Achieving 2026 targets one year early
Achieving 2026 targets one year early Clear track record of delivering on targets Operating profit £2bn On track to achieve by 2026 one year early Cost reduction £750m 2018-2024 SII OFG £1.8bn On track to achieve by 2026 one year early SII OFG £1.5bn by 2024 Cash remittances >£5.8bn 2024-2026 On tra
Slide 8: Increasing Direct Line synergies
Increasing Direct Line synergies Direct Line acquisition supports our strategy Compelling financial benefits Creating the leader in UK Personal Lines £225m Annual incremental Accelerating capital-light pivot cost synergies Up from £125m Further expanding customer reach Material cost & capital synerg
Slide 9: Supported by strong progress on integration
Supported by strong progress on integration Successful 6 months Maintained 54 Strong progress ~£40m delivery strong customer on synergies & Run-rate From recommended Direct Line of Day 1 offer to completion service levels TNPS1 performance cost synergies by end of 2025 Single PL Top Leveraging >£2.5
Slide 10: Further accelerating earnings mix beyond 75% capital-light
Further accelerating earnings mix beyond 75% capital-light Greater than 75% Majority capital-light in 2028 Below 50% capital-light today capital-light in 2022 <25% >75% 34% 66% 53% 47% UK&I FY 2022 HY 2025 2028 Operating Operating Operating profit1 1 profit profit1 incl. Direct Line Canada Capital-l
Slide 11: Even greater opportunity with leading UK customer franchise
Even greater opportunity with leading UK customer franchise Leading UK FS customer franchise & brand Breadth of products to meet lifetime needs… Number of UK customers1 Junior ISA Car Insurance Rescue LBG 28m Workplace Pension 21.7m #1 Health Insurance Protection 2 incl. Direct Line Aviva Brand Trus
Slide 12: Raising ambitions with new 3-year targets
Raising ambitions with new 3-year targets Operating IFRS Return Cash EPS on Equity remittances 11% >20% >£7bn 2025-2028 By 2028 2026-2028 CAGR Cumulative Supported by strength of Aviva’s diversified model 12 across insurance, wealth & retirement Aviva: Confidential
Slide 13: Agenda
Agenda Amanda Blanc Raising our ambitions Group CEO Charlotte Jones Q3, targets & Direct Line synergies Group CFO Jason Storah Owen Morris Creating the Personal Lines leader in the UK CEO UK&I GI CEO Personal Lines Amanda Blanc Concluding remarks and Q&A Group CEO 13
Slide 14: Q3 2025 – another quarter of strong YTD performance
Q3 2025 – another quarter of strong YTD performance Operating profit GI premiums UK&I premiums Canada premiums Operating profit Wealth netprofit Operating flows Insurance sales Operating profit £10.0bn £6.7bn £3.3bn £8.3bn £384m +12% 1 +17% +3%1 +8% (5)% 6% of opening AuM Undiscounted COR Operating
Slide 15: On track to deliver Group targets one year early
On track to deliver Group targets one year early £2bn Operating profit target by 2026 2025 Group Operating Profit incl. 6 months of Direct Line estimated to be ~£2.2bn ~£2.2bn Direct ~£0.15bn Line £1.8bn On track to deliver £2bn op. profit target one year £1.5bn early, driven by continued momentum a
Slide 16: Raising ambitions with new 3-year targets
Raising ambitions with new 3-year targets Operating IFRS Return Cash EPS on Equity remittances 11% >20% >£7bn 2025-2028 By 2028 2026-2028 CAGR Cumulative Supported by strength of Aviva’s diversified model 16 across insurance, wealth & retirement Aviva: Confidential
Slide 17: Underlying earnings growth supplemented by capital returns
Underlying earnings growth supplemented by capital returns 11% On track to deliver ~£2.2bn of Group operating profit for 2025 Targeting 11% operating Equivalent to ~55p operating EPS for 2025 Operating EPS EPS CAGR over 2025-28 CAGR Setting 55p as fixed baseline for the new target 2026 impacted by h
Slide 18: Delivering strong returns across the cycle
Delivering strong returns across the cycle >20% Expecting to deliver ~17% RoE in Strong returns underpinned by growing business and shift IFRS 2025 and targeting >20% by 2028 towards capital light Return on Equity Continued improvement from FY24 despite headwind from >20% initial dilution post Direc
Slide 19: Continued growth in cash remittances
Continued growth in cash remittances >£7bn Targeting at least £7bn of cumulative Increased cash remittances target reflecting addition of Cash cash remittances 2026-28 Direct Line Remittances Continued growth in cash remittances supported by robust subsidiary solvency positions £1.4bn 2025 remittanc
Slide 20: Re-affirming attractive shareholder distributions
Re-affirming attractive shareholder distributions Dividends per share ~5% Mid-single digit growth in dividend cash cost beyond 20251 ~5% 35.7p 2025 Interim DPS: 13.1p 2024 DPS Regular mid- Direct Line uplift 2025 DPS1 Buybacks expected to single digit growth resume in March 20261, increased to refle
Slide 21: Raising incremental cost synergies ambition to £225m
Raising incremental cost synergies ambition to £225m Raising our cost synergy ambitions… … high confidence in underlying sources IT IT Insurance Operations £225m Cloud consolidation and IT licencing Head Office & Central functions Platform and back-office system de-duplication ~25% Removal of duplic
Slide 22: At least £0.5bn of capital synergies expected from Direct Line
At least £0.5bn of capital synergies expected from Direct Line Subject to regulatory approval from the PRA to >£0.5bn of capital synergies expected to include Direct Line in Aviva’s internal model give >10pp improvement to Group solvency >£0.5bn Targeting regulatory and Part VII approvals around the
Slide 23: Agenda
Agenda Amanda Blanc Raising our ambitions Group CEO Charlotte Jones Q3, targets & Direct Line synergies Group CFO Jason Storah Owen Morris Creating the Personal Lines leader in the UK CEO UK&I GI CEO Personal Lines Amanda Blanc Concluding remarks and Q&A Group CEO 23
Slide 24: UK&I GI is material and growing contributor to the Group
UK&I GI is material and growing contributor to the Group Material contributor to Group profit Strong driver ~2.5x of capital-light Higher contribution to Group operating profit since 2022 Retirement UK&I Highly attractive ~31% return profile General Insurance IFRS ~35% General return on equity, HY 2
Slide 25: Clear track record of performance delivery in UK PL
Clear track record of performance delivery in UK PL Delivering strong top-line … expanding leading … maintaining growth, year-on-year… customer franchise… discipline on profit Aviva UK PL premiums1 Aviva UK PL policies in force Aviva UK PL combined ratio +16% CAGR +2.5m (2.3)pp £3.6bn £3.7bn 11.6m 1
Slide 26: Significant opportunity to accelerate with acquisition
Significant opportunity to accelerate with acquisition Leading player in UK Personal Lines Clear commercial benefits of combined group UK PL premiums GWP, 2024 Strong brand Leading customer Aviva Direct Line1 portfolio franchise incl. Direct Line 3.6 3.8 £7.4bn Majority Retail Broad product distribu
Slide 27: Clear approach to integration – well on track
Clear approach to integration – well on track Forward priorities First 100 days Day 1 Realise full value potential & embed target operating model Get a strong grip on business & deliver early successes Take control - ensure Deliver cost & capital synergies, safe & secure transition unlock indemnity
Slide 28: Taking action from Day 1 to transform performance
Taking action from Day 1 to transform performance Single Personal Lines leadership team in place – with strong experience ~4pp Improvement in written COR for Optimising pricing with combined dataset & deployment of new model Direct Line Motor July-September Expanding underwriting footprint & complet
Slide 29: Extensive scope to drive value from integration
Extensive scope to drive value from integration Leadership & Customer Integrating Commercial organisation advantage operations & brands Bring organisation Deliver better Integrate operations Leverage Direct Line together, with customer outcomes - realising benefits brands, products & wider talent po
Slide 30: Strong leadership with proven delivery track record
Strong leadership with proven delivery track record Leadership & organisation Strong, tenured leadership with ✓ depth of insurance expertise CEO, UK PL Owen Morris Aviva Retail Stephen Shaw Direct Line Retail Stuart Curson HNW Ann Owen Broker & Partner Jon Santer ✓ Navigated COVID & high-inflation p
Slide 31: Delivering better customer outcomes and material opportunity
Delivering better customer outcomes and material opportunity Customer advantage Clear opportunity with >12m PL customers Broad Customer retention & growth 6.1m of 4.4m customer Direct Line which New-to-Aviva Ensure retention of Direct Line customers at renewal reach customers customers Invest in upl
Slide 32: Unlocking claims opportunity with unrivalled scale
Unlocking claims opportunity with unrivalled scale Integrating operations Unifying claims with one culture & method… … leveraging strong Aviva capabilities Improving focus on E2E outcomes with unparalleled Strong customer experience scale & rationalising combined supply chain 58 UK GI claims TNPS &
Slide 33: Moving towards simplified technology stack
Moving towards simplified technology stack Integrating operations Building from a strong starting point… … to drive benefits in technology landscape Fit-for-purpose technology already in place Transitioning to Aviva operating model Driving efficiency with BU-function model, CoEs & shared services Di
Slide 34: Very well positioned in UK Personal Lines market
Very well positioned in UK Personal Lines market… Commercial & brands Leading positions … weighted towards more Well positioned to navigate in Home & Motor… profitable Retail channel market cycle & structural trends £7.4bn1 >£35bn Market consolidation s s ~10% Top 10 players account for >80% of the
Slide 35: … with diversified PL portfolio and leading positions
… with diversified PL portfolio and leading positions Commercial & brands Retail ~60% ~40% Intermediated Direct <5% High Net Worth ~20% #1 Serving Direct customers Meeting bespoke needs of mid- Leading UK Direct with comprehensive offering in UK HNW ~30% through to ultra-HNW clients insurer Motor (~
Slide 36: Extending Retail customer reach with leading brands
Extending Retail customer reach with leading brands Commercial & brands Low-cost - PCW Values driven - PCW Mainstream - PCW Direct Broader customer reach PCW Online Direct Signature Clear customer Differentiation Customer Sustainability- Mass-market, More affluent, More affluent Younger Older consci
Slide 37: Step-changing progress on Direct Line PCW
Step-changing progress on Direct Line PCW Commercial & brands Leveraging Aviva PCW success… … to drive improved Direct Line performance PCW track record built over 5 years Full Direct Line PCW roll-out now complete Tripled PCW premiums since Aviva Online launch in 2020 Initial launch in Dec. 2024 –
Slide 38: Clear growth opportunity with new products and partnerships
Clear growth opportunity with new products and partnerships Commercial & brands Rescue Pet Micro-SME Direct Motability Scheme Pet Business Business ~£2bn ~7% ~£2bn ~3% ~£4bn ~6% £1.1bn Market size Market share Market size Market share Market size Market share Motability Scheme GWP, 2024 Vehicle brea
Slide 39: Deepening our competitive advantage
Deepening our competitive advantage Deepening our … and building for sources of advantage… continued future success Leading positions in all segments Expanding customer footprint - leveraging breadth of brand & product portfolio Channel-focused expertise & efficient shared-function model Unlocking d
Slide 40: Agenda
Agenda Amanda Blanc Raising our ambitions Group CEO Charlotte Jones Q3, targets & Direct Line synergies Group CFO Jason Storah Owen Morris Creating the Personal Lines leader in the UK CEO UK&I GI CEO Personal Lines Amanda Blanc Concluding remarks and Q&A Group CEO 40
Slide 41: Key takeaways
Key takeaways Continued strong Aviva performance – another set of targets achieved Strong progress on Direct Line integration, raising expectations on synergies £225m cost synergies | >£0.5bn capital synergies New ambitious 3-year targets, powered by diversified model 11% Operating EPS CAGR | >20% I
Slide 42: Aviva's compelling investment case
Aviva’s compelling investment case The UK’s leading ‘go-to’ diversified insurer Insurance1 with market-leading positions in the UK, Canada and Ireland UK GI #1 Canada GI #2 Ireland GI #3 Accelerating capital-light growth Protection #1 organically and through targeted M&A Health #3 Consistent custome
Slide 43: Q&A
Q&A Amanda Blanc Raising our ambitions Group CEO Charlotte Jones Q3, targets & Direct Line synergies Group CFO Jason Storah Owen Morris Creating the Personal Lines leader in the UK CEO UK&I GI CEO Personal Lines Amanda Blanc Concluding remarks and Q&A Group CEO 43
Slide 44: Appendix
Appendix MI AVIVA
Slide 45: Capital synergies
Capital synergies • Subject to regulatory approval from the PRA to include Direct >£0.5bn Targeting regulatory approval around the end of 2026 Line in Aviva’s internal model Capital synergies • Reflects recognition of diversification benefits between Direct Line and Aviva’s existing businesses Direc
Slide 46: Direct Line impact on Aviva financials
Direct Line impact on Aviva financials Operating profit Combined operating ratio • Direct Line 2025 operating profit of ~£0.15bn reflecting 6 months • NIM, Direct Line’s profitability metric will no longer be reported, with ownership by Aviva primary focus on undiscounted COR in line with Aviva’s GI
Slide 47: Operating earnings per share
Operating earnings per share Operating EPS methodology Operating EPS 2025e 2024 Group operating profit ~£2.2bn £1,767m • Starting point for numerator of operating EPS calculation is operating profit less tax Operating tax ~£(0.5)bn £(407)m Amounts attributable to non-controlling • Adjustment to the
Slide 48: IFRS return on equity
IFRS return on equity >20% Ambition to deliver ~17% RoE in Expected baseline IFRS RoE for 2025 includes IFRS 2025 and targeting >20% by 2028 adjustments to allow for a more comparable Return on Equity assessment of the Group’s growth trajectory: – 2x Direct Line 2H earnings >20% – Denominator of ~£9