Aviva Spain Bancassurance partner for life

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1 Aviva Spain Bancassurance partner for life Gerardo Arostegui 10 November 2003

2 Disclaimer This presentation may contain certain 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. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Aviva s control including among other things, UK domestic and global economic 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, inflation, deflation, the timing impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Aviva and its affiliates operate. 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. Aviva undertakes no obligation to update the forward-looking statements contained in this presentation or any other forward-looking statements we may make.

3 Market potential Aviva s market position and model Products Shareholder Value 2

4 Strong medium-term growth drivers Dependency ratios are increasing... Spanish PPS (i) one of the most generous underdeveloped private savings market (Dependency ratio %) UK EU Spain (Replacement ratio %) UK France Germany Italy Spain (Investments/GDP %) Spain Germany EU UK Source: European Commission, CEA (i) PPS = Public pension schemes 3

5 Market potential Aviva s market position and model Products Shareholder Value 4

6 Aviva is the market leader in H from top 30 in 2000 Life insurance ranking 1H 2003 Premiums ( m) Growth (%) Market Share (%) Aviva Mapfre + C Madrid La Caixa BBVA Generali C Catalunya Ibercaja B Sabadell CAM Allianz SCH 1, Source: ICEA 5

7 Spanish bancassurance partnerships at a glance Business Aviva s EV Number of commenced consideration (1) acquired customers Region Bancaja Aug m 47m 2.4 m Valencia Unicaja Oct m 14m 2.0 m Andalusia Caixa Galicia Oct m 6m 2.3 m Galicia Caja España Jan m 12m 1.3 m Castilla y Leon Caja de Granada May m m Andalusia 505m 79m (1) Future consideration subject to performance. Source: Aviva 6

8 Aviva s bancassurance network has leading market shares in territories that account for c.70% of Spanish GDP - Strong multi-regional presence in fastest growing regions in Spain - Growing presence in attractive areas outside home regions (Madrid, Catalunya) - 9 million customers, 3,672 branches - 4th largest bank network 5% Caixa Galicia 2% 2% 6% 13% 17% 6% 2% 1% 4% 2% 3% Caja España 10% Bancaja 19% 2% Key: %s show proportion of GDP Unicaja Caja Granada 4% Source: INE 7

9 An under penetrated bank client base Life insurance & pension reserves as % of total customer funds 2002 La Caixa Mapfre - Caja Madrid Bancaja Banco Sabadell Ibercaja CAM Caixa Catalunya BBVA ex-america Banco Popular SCH ex-america Banco Atlántico Bankinter Banco Pastor Caja España Caixa Galicia Unicaja Caja Granada (1) 1.7% 6.9% 5.7% 5.6% 4.8% 4.2% 3.6% 2.9% 7.1% 10.0% 16.0% 14.9% 13.5% 13.3% 12.6% 12.0% Pensions penetration Life insurance penetration 18.0% (1) Company data. Includes funds currently at CASER and other providers Source: ICEA, Inverco, Annual reports 8

10 One factory business model Aviva Spain 100% 50% (1) Aviva Vida Aseval 50% Bancaja TPA 50% (1) Unicorp Vida Bia Galicia C. España Vida Ag. C. Granada (2) 50% Unicaja Caixa Galicia Caja España Caja Granada Key features Management control Exclusive and perpetual distribution agreements One factory, 87 people Economic alignment through 50/50 JV Agents, specialised life sales force and brokers Bancassurance (1) 50% + management control (2) In the case of Agencia Caja Granada 50% stake is owned by Unicorp Vida. Aviva has, therefore, 25% economic exposure Exclusive and perpetual distribution agreements Third party agreements 9

11 A proven and successful bancassurance process Analyse Bank client database Selection of target customer (CRM) No health issue Issue policy in branch Storage in database accessible in branches Client comes into branch Physical presence activated Prompt alert Explanatory phase Product simulation Customer acceptance / data completion Accepted Issue policy by insurer Client data Product offer Health issue Issue proposal to insurer Not accepted Selling arguments Source: Aseval 10

12 An attractive proposal for our partners What Aviva offers Benefits for our partners Broad-based partnership Worldwide bancassurance experience and local product expertise Developed platform, Aseval World class best practices Upfront and earn-out payments and means to increase income from life and pensions business Earn-in components to protect Aviva Broader financial services No learning curve, full range of competitive products today Access to proven, efficient platform, no implementation risks Implementation of value creation measures in life and pensions business Main effects - strengthen capital base for further growth - focus on high margin products - further motivates organisation to push life and pension sales while reducing the risk assumed by Aviva 11

13 Market potential Aviva s market position and model Products Shareholder Value 12

14 Overview of Aviva product mix / characteristics Risk 41% of our risk premiums bundled with bank loans. Client less sensitive to policy pricing, leading to high margins. Pensions Pension plans focus on fixed income ( 79% of our AUM). Attractive tax treatment which increases with duration. This leads to high margins and duration, which leads to strong NBV margins. Unit-linked Unit-linked products are similar to other markets. Capitalisation Make up majority of life savings products. Offer guaranteed rates over first 3 or 6 months of plan. Aviva continuously re-prices guarantees as market conditions change, securing a stable financial margin. 13

15 Flexing the product mix New business sales (APE) in Aviva Spain 2002 Full Year Pension 27% Discrete Q Life & Savings 66% Life Risk 9% Life Risk 19% Life & Savings 64% Pension 15% Source: Aviva 14

16 Market potential Aviva s market position and model Products Shareholder Value 15

17 Transforming Aviva s position in the Spanish market New business sales (APE) m APE First bancassurance deal m

18 Strong growth in profitability Bancassurance: new business contribution pre-tax and cost of capital Bancassurance: Life achieved pre-tax operating profit ( m ) m 2003 ( m ) m

19 Strong margins supported by pricing, low expenses and scale advantages 100.0% Bancassurance Quarterly Margins 80.0% 60.0% 40.0% 20.0% Average margin 54% 29% Post COC & tax 0.0% Q Q Q Q Q Q Source: Annual reports 18

20 Spanish protection products are inherently more profitable than UK products... UK protection product cashflow Pricing: less competitive pressure Loyal client base Low expenses in Spanish bancassurance years Spanish protection product cashflow...which leads to lower strain and significantly higher margins years 19

21 Low costs underpin attractive margins One factory efficiency benefits whole network Acquisition and administration costs (% of premium, H1 2003) % 5 (%) % 1.95% 0 Source: ICEA Aseval (Aviva) Other large bancassurers Total Spanish life market 20

22 Profitable cash-flow from early stages of growth business 35 Bancassurance pre-tax MSSB evolution FY 23 m FY 16 FY HY HY HY 0 Source: Annual reports m 03 21

23 Growing Embedded Value 505m ( 448m goodwill(i)) invested in Spanish bancassurance Aviva s 50% share: NBC Post COC, Post Tax 26.5m for 9m 2003 Current implied multiple of 12x NBC to goodwill 200 Bancassurance EV evolution (Aviva 50% share) ( m ) m 2003 (i) Includes estimated value of deferred consideration EV value generation Total acquired EV 22

24 Shareholder returns linked to value creation vs 10 year business plans 17,5% Example bancassurance business case Key features 15,0% Incentivisation earn-outs IRR 12,5% 10,0% 7,5% 5,0% Protection capped future payments earn-ins conservative projections 2,5% 0,0% Minimum price Earn-in payments Earn-out payments Maximum price -75% -45% -15% 15% 45% 75% exit penalties at market value Outperformance of 10 year business plan Source: Aviva 23

25 Aviva Spain summary Spain s leading life business in 3 years - Strong growth prospects - Attractive product pricing - Expense advantage - Strong margins Shareholder value visible at early stages of business development 24

26 Appendix 25

27 Main features of Aviva s bancassurance products Product Description Risk (linked) Coverage Main features Death Financial entity beneficiary for outstanding Linked to personal loans/mortgages Seguro Financiación Seguro Préstamos Risk (non-linked) Death Total disability x2 sum assured on accident Overdraft settlement Critical illness (only for Vida Oro) x3 sum assured on car accidents (optional Vida Oro) 2nd medical opinion on critical illness debt on personal loans/mortgages. Excess of sum assured over outstanding debt paid to beneficiaries appointed by insured Optional single /regular premium or annual renewable for mortgages Annual renewable insurance maturing when beneficiary turns actuarial age of 70 (complementary coverage concludes at 65) Sum assured grows automatically by 5% every year Overdraft settlement up to a maximum limit of Eur 3,000 26

28 Main features of Aviva s bancassurance products (continued) Product Description Savings Coverage Main features Survivorship: Payment of accumulated savings at settlement of plan Death: technical reserve of survivorship +extra 10% Minimum guaranteed variable yield Quarterly yield higher than minimum established by DGS Surrender penalty in first 2 years Minimum duration of plan: three years + 1 month Optional single/regular premium Annuities Survivorship: payment of Guaranteed annuity with underlying immediate annuity investment over 30 years Death: Payment of initial premium Only eligible above actuarial age of 55 + extra 5% Ability to withdraw (without penalty), at any time, at market value of underlying investment Savings products reprice quarterly, minimising interest rate risk for Aviva 27

29 Main features of Aviva s bancassurance products (continued) Product Description Unit-linked Coverage Main features Survivorship: payment of market value of participation at settlement or withdrawal Death: payment of market value on death + 10% of contributions PPA Retirement Death Disability Investment risk is borne by policyholder Flexible asset mixed based on policyholder risk/return preference Ability to switch funds within basket of investment funds without penalty Optional single/regular premium Ability to withdraw without penalty Half-year guaranteed variable yield higher than minimum established by DGS (Spanish regulator) Favourable tax treatment Exceptionally cash granted in event of unemployment or critical disease 28

30 Main features of Aviva s bancassurance products (continued) Product Description Pensions Retirement Death Disability In the three events lump sum equals to market value of pension assets Investment risk is borne by pension-holder Exceptionally cash granted in event of unemployment or critical disease Favourable tax treatment similar to that of the pensions plan Payment is lump sum, income or combination of both Ability to switch without penalty and at market value accumulated pension assets between plans of different pension managers 29

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