UK Life, Driving value through excellence

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1 UK Life, Driving value through excellence Investor and Analyst Event, Wednesday 6 th May 2009 Andrew Moss NUL

2 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 anticipate, target, expect, estimate, intend, plan, goal, believe or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which may be beyond Aviva s control, including, among other things, UK domestic and global economic and 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, the possible effects of inflation or deflation, the timing impact and other uncertainties relating to acquisitions by the Aviva Group and relating to other future acquisitions or combinations within relevant industries, the impact of tax and other legislation and regulations in the jurisdictions in which Aviva and its affiliates operate, as well as the other risks and uncertainties set forth in our 2008 Annual Report to Shareholders. 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, and persons receiving this presentation should not place undue reliance on forward-looking statements. Aviva undertakes no obligation to update the forward-looking statements made in this presentation or any other forward-looking statements we may make. Forward-looking statements made in this presentation are current only as of the date on which such statements are made. Andrew Moss NUL

3 Agenda UK Life in excellent shape Mark Hodges, Chief Executive Officer Driving up profitability & generating capital John Lister, Finance Director Delivering operational excellence Toby Strauss, Chief Operating Officer Break and innovation demonstrations UK Life Management Team Strategic outlook Mark Hodges, Chief Executive Officer Strategic focus David Barral, Marketing Director Questions & answers Lunch 3

4 UK Life: an evolving distinctive position 2001 product positioning Pension 100% Risk 0% Savings 0% NU Savings 100% Pension 0% Risk 100% Consistent strategy & ruthless execution has delivered a distinctive position 4

5 UK Life: an evolving distinctive position 2008 product positioning Pension 100% Risk 0% Savings 0% NU Savings 100% Pension 0% Risk 100% Consistent strategy & ruthless execution has delivered a distinctive position 5

6 Context for strategy: factors shaping the mid term Industry past Growth funded by capital Single premium driving volume IFA channel predominant A Day boom in personal pensions Steady growth in retirement needs Forces for change Recession RDR & TCF Distributor consolidation DB / DC NPSS Demographics Threats & opportunities Capital conservation Margin squeeze Smaller IFA shop window IFA channel orphans Growing role of workplace in retirement Acceleration in atretirement provision The next 3-5 years presents a mixture of opportunity and challenge 6

7 Our strategy will drive consistent outcomes Choices on future direction and focus Successful outcomes Driving in-force value Improved capital efficiency Cash generation Profitable growth We are now in a position to make choices for the next 3 5 years 7

8 Five key strengths A large and distinctive customer base Scale of Aviva customer base opportunity Risk capability Unrivalled data and capability Momentum in Corporate All-round proposition strength Distribution strength and depth Distribution reach and flexibility Brand Global re-brand These advantages will form the basis of our strategic priorities 8

9 Agenda UK Life in excellent shape Mark Hodges, Chief Executive Officer Driving up profitability & generating capital John Lister, Finance Director Delivering operational excellence Toby Strauss, Chief Operating Officer Break and innovation demonstrations UK Life Management Team Strategic outlook Mark Hodges, Chief Executive Officer Strategic focus David Barral, Marketing Director Questions & answers Lunch 9

10 UK Life, Driving Value Through Excellence Strategic priorities Purpose Prosperity & peace of mind Vision One Aviva, twice the value Targets UK Life Market leadership Drive up profitability Generate capital Operational excellence Competitive advantage A distinctive customer heartland 5 areas of strategic focus & action Summary of strategic direction Manage composite portfolio Build global Asset Management Allocate capital rigorously Increase customer reach Boost productivity 98% meet or beat COR 500m cost savings by 2010 Double IFRS EPS by 2012 at the latest x dividend cover on IFRS post tax operating earnings Aviva Investors Globally integrated business Transform the investment model Increase third party business UK Market leadership Address legacy Transform business model Exploit UK synergies Generate capital Europe Scale, growth, capital Seize unique growth opportunities Leverage scale Generate capital N. America Optimise business mix, growth & margin Generate net capital returns Contribute to doubling IFRS EPS by 2012 Asia Pacific Scale, growth Prioritised portfolio Regional operating model Investment required Driving differentiation 10

11 We have a distinctive customer heartland Customers Main needs Competitors Basis of competition High net worth 500k + Mass affluent k Complex wealth management Wealth managers Banks, insurers Distributors Fund managers Performance Advice Planning Middle market 30k 100k Packaged solutions Building wealth Insurers Scale Reach Protection Retail banks Product range Retirement income Brand Mass market 0 30k Loans Short term savings Retail banks Reach Aviva UK Life customer heartland Targeting the mid market plays to our strengths and less competitively crowded 11

12 Positioning based on deep insight Wealth Poor Low Earners Getting By Comfortable Wealthy Achievers Super Rich Life Stage Retired Pre-retired Family Overweight for UK Strong growth predicted 8.6m unserved Higher average value Non-Family Our heartland is not only distinctive but also more profitable 12

13 Opportunity from our existing customer base Existing UK Life customers UK Life Customers by source, m(millions) Direct, 1.3 Have IFA, 3.5 No current advisor, % have no active adviser Scaling back direct acquisition Re-directing advisory resource Generating leads from existing customers Industrialise to match opportunity Partner customers, 0.7 Capitalise on untapped value from our existing customers 13

14 Opportunity from our existing customer base Aviva Life ~7m Customers Protection 33.2% 1.9% Investment 29.1% 9% UK GI Customers 9m Cross product holdings low 1.6% <0.1% 0.4% <1% Healthcare Customers 2.5m Realistic cross holding opportunities Via on-sell and up-sell Pension 23.1% 1.1% Annuity 7.9% 4% RAC Customers 9m Aviva UK-wide opportunity Capitalise on untapped revenue from our existing customers 14

15 Opportunity from our unique Risk capability Strong positions in key product sectors Market share 2008 Underlying market growth Annuities Annuity WP annuity WP Annuities Protection PMI 0% 5% 10% 15% 20% Protection Annuities Life cover - underprovided UK Unrivalled capability Mortality and morbidity Asset / liability expertise Cutting edge risk science Combined understanding from Life, GI and healthcare We will drive significant growth in our high margin Risk lines of business Source: ABI. 15

16 Opportunity from our momentum in Corporate sector Aviva UK Life PVNBP m (1) 2,500 2,000 1,500 1, Corporate pensions BPA Momentum Proposition innovation Case and tender sizes up 82 schemes Q1 BPA foothold Global brand Full wind down solutions Unrivalled combined capability pensions, BPA and healthcare Drive profitable growth in the Corporate sector (1) Aviva UK Life PVNBP on an EEV basis 16

17 Opportunity from our distribution reach post RDR Advisers Today Advisers 2013 UK Life Strategy High net worth 500k + Mass affluent 100k 500k Middle market 30k 100k IFA c. 21,000 Tied / multi tied 9,000 Independents c. 10,000 Provision gap General Advisors 10,000 Commercial focus Grow in-house channel Leverage One-to-many channels Mass market 0 30k Banks, direct 15,000 Banks, direct 19,000 Corporate Bulk acquisition (eg BPA) RBS JV Banks / building socs Post Office Other partners We will shape our distribution portfolio for value and low cost of acquisition 17

18 Opportunity for synergy from Aviva s re-brand What Does Norwich Union Do? Insurance (home or motor insurance) 73% Banking/ financial services 28% Life insurance 10% Mortgages 9% Pensions 8% Savings/ investments 6% Equity release / Lifetime mortgage 2% Transport/ travel 1% Other 11% Jan Mar Jul We will seize re-brand opportunity to become the UK s most recommended insurer 18

19 A strategy that delivers on economic realities 3 year outcome Metric Back book value creation VIF per customer Brand Customer base value Risk businesses Corporate leadership Distribution portfolio Margin and profitability Growth above market Distribution control MCEV margin IFRS profit % PVNBP growth Own customers added Capital efficiency Strain / PVNBP 2010 strategy will drive the same value outcomes as our 2006 focus 19

20 Our strategic focus 1. Capitalise on untapped value from existing customers Scale of customer base opportunity Focussing on our distinctive customer heartland 2. Drive significant profitable growth in our Risk business 3. Drive significant profitable growth in Corporate sector 4. Shape distribution portfolio for value & low cost acquisition Unrivalled data and capability All round proposition strength Distribution reach and flexibility 5. Seize opportunity to become most recommended insurer Global re-brand We have clear strategic focus for

21 Delivery, positioning and a clear way forward Rationalise costs Simplify the legacy Value out of service Manage retention Delivering our 2006 strategic promises Develop the business Strong balance sheet Capital efficiency Trading through the recession Commercial mortgages Re-attribution of the inherited estate Brand re-launch 1. Capitalise on untapped value from existing customers Scale of customer base opportunity 2. Drive significant profitable growth in our Risk business Focussing on our distinctive 3. Drive significant profitable growth in Corporate sector customer heartland 4. Shape distribution portfolio for value & low cost acquisition Unrivalled data and capability All round proposition strength Distribution reach and flexibility 5. Seize opportunity to become most recommended insurer Global re-brand UK Life is in excellent shape for now and the future 21

22 Agenda UK Life in excellent shape Mark Hodges, Chief Executive Officer Driving up profitability & generating capital John Lister, Finance Director Delivering operational excellence Toby Strauss, Chief Operating Officer Break and innovation demonstrations UK Life Management Team Strategic outlook Mark Hodges, Chief Executive Officer Strategic focus David Barral, Marketing Director Questions & answers Lunch 22

23 Questions & answers Andrew Moss NUL

24 Thank you and lunch Andrew Moss NUL

25 UK Life, Driving value through excellence Investor and Analyst Event, Wednesday 6 th May 2009 Andrew Moss NUL

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