Aviva Italy Italy s pre-eminent bancassurer Cesare Brugola

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1 Aviva Italy Italy s pre-eminent bancassurer Cesare Brugola Avivaplc

2 Agenda Growth market and Aviva s positioning Bancassurance partnerships Products Shareholder value Future opportunities Slide 77

3 The Italian Life Market High Growth of almost 20% Per Annum Over Last 6 Years twice as fast as any other European market m Premium Income * * 70000* Source: ANIA - * estimates Slide 78

4 The Italian Life Market Generali Group 13,916,720 Allianz Group 8,945,350 San Paolo - Fideuram Group 7,181,340 Unipol Group Poste Vita 5,061,150 4,489,480 Aviva top five by end 2005? Cattolica Group 2,819,920 Aviva Group 2,469,878 Monte Dei Paschi Di Siena Group 2,389,900 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 Source: ANIA, Total Premium Income 2003 Slide 79

5 Italian market and Aviva s positioning Bancassurance partnerships Products Shareholder value Future opportunities Slide 80

6 2000 Broadening and Building Partnerships New bancassurance partnership with UniCredito New bancassurance partnership with Banca delle Marche New bancassurance partnership with Banca Popolare di Lodi New bancassurance partnership with Banca Popolare Commercio e Industria (now Banche Popolari Unite) Extended distribution through former ING Bank distributors BPU agreement extended to include BPB branches 2004 A.P.E. EURO Millions Annual Growth Rate: 43% 95.1m 202.9m 243.5m 279.5m 50 0 Source: Aviva plc Slide 81

7 A Network of Networks AVIVA Italia Holding SpA 100% Commercial Union Assicurazioni SpA 50% (Banca delle Marche 50%) Commercial Union Life SpA 50% (Banca delle Marche 50%) Commercial Union Insurance SpA 100% Commercial Union Vita SpA 50% (UniCredit Banca 49%) FINOA Srl 50% (Bipielle Investimenti SpA 50%) Commercial Union Italia SpA 100% AVIVA Vita Spa 50% (BPU S.c.r.l. 50%) Commercial Union Previdenza SpA 100% Eurovita Spa 80.96% (other Banks 19.04%) Commercial Union Vita SpA 1% Slide 82

8 Bancassurance through Joint Ventures UNICREDITO Valle d Aosta UNICREDITO Piemonte UNICREDITO Liguria UniCredit Banca Retail UniCredit Private Bank UniCredit Banca d Impresa CU Vita BPL GROUP Banca Popolare di Lodi Bipielle Adriatico Banco di Chiavari Cassa di Risparmio di Trento Banca Popolare di Mantova CU Previdenza Cassa di Risparmio di Asti Cassa di Risparmio di Bolzano Banca del Fucino Banco di Romagna Banca Popolare di Puglia e Basilicata Cassa di Risparmio di Carpi Cassa di Risparmio di Cento Cassa di Risparmio di Cesena Cassa di Risparmio di Rimini Tercas Banca di Ciociaria Eurovita BPU GROUP Banca Popolare Commercio e Industria Banca Popolare di Bergamo CARIME Aviva Vita Banca Delle Marche GROUP Banca Delle Marche CARILO CU Life Slide 83

9 and also Distribution Agreements Banca Popolare del Cassinate Credito Valtellinese CU Vita CU Vita BCC di Bene Vagienna CN BCC di Pianfei e Rocca De Baldi CN BCC del Chianti Fiorentino FI Banca del Mugello Fiorenzuola FI BCC di Casalgrasso e Sant Albano Stura CN BCC di Caraglio e della Riviera dei Fiori CN Cassa Rurale di Folgaria TN BCC dell Alto Garda TN BCC di Manzano UD BCC di Civitanova Marche MC Banca della Ciociaria FR BCC di San Marzano di San Giuseppe TA BCC Don Rizzo Alcamo TP Cassa Rurale di Tenno - Val di Non Cles TN CU Vita * BCC = Banca di Credito Cooperativo Slide 84

10 National Network over 3,400 branches and 2,500 financial advisors Share of APE in % 17% UCI BPL BPL Eurovita Branches Financial Advisors 1, % BDM 253 7% BPU BPCI CARIME BPB N/A 12% 100% BCC (*) Other TOTAL ,420 2,467 (*) former Nad.Ned. distributors Further opportunities with less developed bank networks... Slide 85

11 Opportunity to Increase Customer Penetration 30% 20% PENETRATION CU LIFE B.D. MARCHE 2% * EUR 0.3m * CU PREVIDENZA EUROVITA BPL 4,4% AVIVA VITA * EUR 0.3m BPCI/CARIME 2% EUR 0.4m * CU VITA UNICREDITO 23% EUR 2.25M * * 2003 NB PREMIUM PER BRANCH BANK RETAIL CUSTOMERS 500,000 1,000,000 1,500,000 2,000,000 Source : AVIVA Slide 86

12 Outperforming Bank Owned Distribution New Business per Branch 2 m. New Business SanPaolo IMI Unicredit MPS Banca Lombarda Intesa CRF Market Average Aviva Companies CU Vita Source : Estimates based on bank annual reports 2003 Slide 87

13 Aviva strongly positioned for the future 40% Insurance Reserves vs Total Assets Under Management % Insurance Reserves / Total AUM 35% 30% 25% 20% 15% 10% 5% 438 CR Firenze 3,359 Unicredit 770 Banca Lombarda 3,087 Intesa 1,836 MPS 3,168 SanPaolo IMI Number of branches 0% Source : Estimates based on bank annual reports 2003 m. Insurance Reserves per branch Slide 88

14 Aviva Italy Bancassurance Model Bank Group Investment X% Dividends 100% 50% Investment Investment 50% Dividends Dividends Bank Branches Life Subsidiary Return on capital employed for Italy Life in 2003: 12% (post tax) Slide 89

15 Investments in Italian Bank Partners Aviva usually takes an equity stake in the partner bank, in return for access to distribution The total shareholder s strategic investment in partner banks is 694m as at 31 March 2004 The amount in listed securities is 352m Future agreed shareholder investments in partner banks but not yet arranged amount to 179m Investments purchased at market value (independent review of value for non-listed investments) For non-listed strategic investments, we include a protection clause in the partnership agreement relating to the realisation value of our investment in the bank Slide 90

16 Why Bank Partners Choose Aviva What Aviva offers Reputation for local bancassurance expertise; coupled with Aviva s worldwide experience Developed administration platform, web enabled for fast, cost effective processing at bank branch Benefits for our partners No learning curve, high sales productivity potential Proven, efficient platform, no implementation risks, low expense base Short time to market for new products; reputation for innovation Highly responsive to market opportunities. Full range of competitive products offered Strong, stable management team with an entrepreneurial approach Experienced team with high motivation to ensure success Strategic investment in Bank and share of JV company Long term shareholder in bank and growing share of profits in JV company Proven corporate governance model Slide 91

17 Italian market and Aviva s positioning Bancassurance partnerships Products Shareholder value Future opportunities Slide 92

18 Italian Life Market/Favourable Aviva Product Mix Higher proportion of Unit Linked and Index Linked products, without in-house guarantees and lower capital (solvency margin) requirement. The Market in 2003 Aviva in 2003 Traditional 47% Unit-Index Linked 53% Traditional 38% Unit-Index Linked 62% Source: ANIA - Individual Life total sales 2003 AVIVA - New Business in 2003 Slide 93

19 Overview of Aviva product mix/characteristics Unit Linked 50% Minimum underlying returns on SP policies purchased from Investment Banks, with counterparties rated Aa3/AA - or above. No guarantees on RP policies. (Aviva market leader with UCI) Index Linked 12% Structures purchased from counterparties rated Aa3/AA - or above, exactly matching product benefits Capitalisation 27% Traditional, including Term Assurance 11% Minimum returns between 0% and 2.5% (2.5% on single premium policies only). Normally a fixed profit margin to Aviva, rather than a percentage of investment return which is variable Similar to capitalisation policies but with a higher level of death benefit. Growing term assurance portfolio of annual premium policies covering mortgages and bank loans Source: AVIVA 2003 New Business Slide 94

20 Market Leading Product Development Success Product Innovation: Anticipation of market needs and resistant design: First insurer to launch Unit Linked products on the market Experienced development team, with acknowledged product leadership in market place. Close working with partner throughout development process ensures success Short speed to market: Automated systems and processes able to deliver product from specification to launch in 2 weeks. In 2003, a total of 25 new products were introduced through the various distribution channels Operational Excellence: Products supplied by innovative workflow and service delivery Worldwide product experience: World class expertise available from Aviva Group Slide 95

21 Italian market and Aviva s positioning Bancassurance partnerships Products Shareholder value Future opportunities Slide 96

22 Strong New Business Growth New Business Premium - APE New Business Contribution (1) m m 45m 153m m m m 30 28m m m st quarter st quarter (1) Pre tax, pre cost of capital Slide 97

23 Consistent New Business Margin - % st quarter Diversification of bank partners Economies of scale (e.g. one system platform) Low expense base Product pricing disciplines Management of product mix Mutual benefit through the JV Life Company Source : Aviva, New Business Contribution/APE on a pre tax, pre cost of capital basis Slide 98

24 Strong Profit Record Modified Statutory Profit (1) Life Achieved Operating Profit (2) 35 30m 30 26m 25 21m 24m m 20 m m 55m 52m 70m (1) UK GAAP Basis, Gross of Tax (2) Gross of Tax Slide 99

25 Leading Cost Base 2002 Expense Ratios (Life) Total Premium per Employee (Life & Non Life) 2.16% 5.2 m Expense as Proportion of premium income 0.97% 2.3 m Consolidated Aviva Life Companies Top 15 Life Companies Aviva Companies Premium per Staff Italian Market Source: ANIA Slide 100

26 Italian market and Aviva s positioning Bancassurance partnerships Products Shareholder value Future opportunities Slide 101

27 Strong medium-term growth drivers Ageing ratio/pensions State pension costs as a % of GDP Privately funded pension assets as % of GDP Traditional retirement promise as a % of final salary 100% 75% 50% 25% 0% <65 > Italy France UK Europe ,8 % of GDP 67% Over 65s will increase from 22% today to 31% in 2021 and 49% in % in 2002 the highest in Europe (EU average 12.2%) Total reserves in bn of which 1.3 bn Individual policies 67.3% one of the highest in Europe By 2050, overall population reduced from 58 m to 51 m 2.1m PF members and 0.5m individual policies at end 2003 Source: ISTAT COVIP - ANIA Slide 102

28 Strong medium-term growth drivers Replacement ratio (% final salary) (Employee, age 60, 35 years contribution) Forecasted importance of private pension State pension Private pension TOTAL Source: COVIP / Rapporto di strategia nazionale sulle pensioni Slide 103

29 Pensions Opportunity Government Pension Reforms currently in Parliament Gradual postponement of retirement age towards 40 years working service Reduce the possibility of early retirement on a full pension and introduce incentives in order to convince employees to postpone retirement TFR: new rules allowing transfer to the Private sector Reduction in pension contributions for new employees Enhanced fiscal incentives (reduction of capital gain tax during the accumulation period) Increase in contribution ceiling for tax relief Slide 104

30 Pensions Opportunity Life Assurers role Opportunities Our plans 13 bn contribution from employers each year to TFR TFR re-evaluation rate: 3.4% actual performance in 2003 versus 5.7% average for Pension Funds Insurers of open pension funds Providers of annuities to members retiring from service with pension fund benefits Insurers of risk benefits And naturally distribution of own individual products (PIP) through bank branches Distribution of own individual product (PIP) through financial advisors Aviva is Strongly Positioned for Pension Developments Source: COVIP Slide 105

31 Aviva Italia Summary Italy s pre-eminent bancassurer Expanding its distribution network With a cost competitive advantage Innovative With a fast & proven development capability In one of the most exciting growth markets Slide 106

32 European Bank Groups Appendix 1 Capitalization (in billion) 1 HSBC RBS UBS Barclays BNP Paribas BSCH HBOS DB BBVA LTSB Credit Suisse SocGen ABN AMRO CA-CL UCI Dexia Intesa Nordea Bank Std. Chartered S. Paolo IMI Danske Bank Banco Popular AIB Bank of Ireland Abbey National Svenska Commerzbank HVB SEB Banesto BCP MPS BPVN Capitalia Northern Rock BNL BPU BES Banca Lombarda Bankinter BPM 2.0 BPL 2.2 BPL Investimenti 1.6 Reti Bancarie 1.4 Source: Thomson Datastream and The Boston Consulting Group 2004 Slide 107

33 The Italian Financial Model: Illustration of a Six Year Single Premium Investment Bond Appendix 2 % of Single Premium Year 1 Years 2-6 Initial Charge (after commission to bank) : 2.0% Nil Annual Charge (after commission to bank) : 0.5% 0.5% Life Company Expenses : 0.9% 0.3% Life Company Profit : 1.6% 0.2% Margin (Discounted Profit Flow over 6 years) = 2.5% of single premium 25% of APE Note: All figures gross of tax Slide 108

34 Slide 109

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