AVIVA France, Italy, Spain Paris seminar, November 2002 Tony Wyand Group Executive Director

Disclaimer This presentation may contain certain “forward“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. results. By their nature, all forwardforward-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 economic and business conditions, market related risks such as fluctuations fluctuations in interest rates and exchange rates, the policies and actions of regulatory regulatory authorities, the impact of competition, inflation, deflation, the the timing impact and other uncertainties of future acquisitions or combinations within within relevant industries, as well as the impact of tax and other legislation 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 expectations set forth in Aviva’s forward forward--looking statements. Aviva undertakes no obligation to update the forward looking statements statements contained in this presentation or any other forward looking statements statements we may make. 2

Seminar programme 14.00 Introduction & overview 14.20 France Overview General Insurance Investment Mgmt Life business

Tony Wyand Bernard Pottier Etienne Silhol Bernard Pottier Bruno Rostain

15.20 Break 15.30 Italy

Cesare Brugola

16.10 Spain

Gerardo Arostegui

16.50 Summary & close

Tony Wyand

17.00 Reception

3

Aviva has Europe’s strongest life platform g Aviva

is the largest provider of life & pensions to Europe

g …..with

substantial market positions in continental Europe

Spain

New business sales (APE) Europe (ex UK) 9 months 2002

Rank: 5th

Italy

The Netherlands Rank: 4th

14%

17% 6%

16%

Rank: 6th

13% 25%

France Rank: 10th

9%

Poland Rank: 2nd

Ireland Rank: 4th

Other

4

Growth cocktail = High state pensions and ageing populations State pension for average worker as % of final salary (i)

Worker to pensioner ratios (ii) 2000

2040e

Spain

2.7

1.4

Italy

2.4

1.1

France

2.7

1.5

2.5

1.2

2.6

1.5

Germany UK

0

25

50

75

100%

Undeliverable state pensions Sources : (i) Goldman Sachs : (ii) CES ifo: (ages 20-59 / over 60s)

5

Attractive trading environment g Lower

regulatory environment than UK

g Sustainable g Single

margins

country platforms required

g Emergence

of equity-linked culture stalled………..

Market equity exposure 2001

42% UK

19%

18%

France

Spain

14%

Equities - Direct ownership - Mutual funds - Life & pensions

Italy 6

Source: Deutsche Bundesbank, Banque de France, Banca d’Italia, ONS, Banco de España, Goldman Sachs estimates.

Aviva aligns distribution to country models

Multidistribution

Direct sales

Bancassurance 7

Distribution key to capturing growth

Aviva’s investment in bancassurance is achieving substantial and profitable growth g Track

record important (understand banking culture / incentives / pricing)

g “Warm”

client bases totaling 14m customers across France, Italy and Spain

g Deals

priced to meet target returns

g Efficiency

is the key to bancassurance margins

8

Aviva is Europe’s bancassurer *

19 UK Building Societies

* Effective from 2004

9

Opportunities in Eastern Europe “Asia on our doorstep” g Expect g Large g

above western EU GDP growth

populations

Aviva’s current exposure 140m

g Life

penetrations under 1%

g Pension g

reforms underway

Aviva captured 30% of Polish pensions market 10

Eastern Europe - EU accession brings economic benefits Poland Poland •• 1992 1992 £5m £5m greenfield greenfield investment investment •• In In 2001: 2001: •N private pensions pensions (30%of (30%of market) market) •Noo 11 private •20% •20%of of total total life life market market •40% of individual •40% of individual life life •Over •Over 2m 2m customers customers

Turkey Turkey

•• Life Life launch launch 1996 1996 •• 13% 13%market market share, share, No. No. 33

Czech Czech Republic Republic •• Launched Launched 1997 1997

Romania Romania

•• Launched Launched 2000, 2000, top top 55

Hungary Hungary

•• Acquisition Acquisition of of Top-6 Top-6 life life assurer assurer 2001 2001

Lithuania Lithuania

•• Launched Launched 2001 2001 •• 9% market 9% market share share 11

Profitable development in continental Europe g 47%

£m

of group’s life profit

(34% in 1997)

Life achieved operating profit*

13% pa CAGR

800

400

0

1997

1998

*Operating profit before tax and exceptional items

1999

2000

2001

12

Profitable development of life businesses in continental Europe Annualised H1 2002 return* 16.8% 13.4% 11.8%

France

Italy

*Life achieved operating profit post tax / opening embedded value

Spain

13

French, Italian and Spanish life businesses are within a flexible capital structure Aviva plc

CGUII plc Life

NU Insurance

Australia

UK Life

General

Major overseas subsidiaries

France Capital

Dividends

Italy Spain

14

High quality capital position g

Financing organic growth g

France

-

self-financing including funding for Crédit du Nord and Médéric deals

g

Italy

-

self-financing for organic growth

g

Spain

-

requires small capital funding over next 3 years reflecting early development stage

g

High quality assets

g

Matched positions on guarantees

15

France, Italy, Spain g Outstanding

growth opportunities

g Pre-eminent

distribution skills

g Strong

local management

16

Appendix

18

Continental European key developments g

Substantial investment in future growth

g

Exited subscale or volatile businesses

Bancassurance 2000: Bancaja, Spain 2001: Unicaja, Spain Caixa Galicia, Spain

Disposals 2000: German GI 2001: Belgium GI 2002: Portugal GI CGU Courtage

Caja Espana, Spain

Royal St George Banque

Nagelmackers, Netherlands

Plus Ultra

2002: Caja Granada, Spain BPCI, Italy Mederic joint venture, France 2004: Credit du Nord,France

19

Aviva France Paris Seminar November 2002

Bernard Pottier Chief Executive

France: historical perspective 1885 Commercial Union Northern in France (b ranch) in France

1985 Commercial Union French company (non life)

L EPARGNE DE FRANCE

1856 Abeille

1902 La Paix

1976 Abeille and La Paix merge to form Groupe Victoire

1984 Acquisition of l’Epargne de France (life and savings)

GA

1879 1901 Lion Fire Norwich Union Insurance Co in France in France

1902 amalgamated into the Yorkshire Insurance Co. 1967 becomes part of GA

1991 Creation of Eurofil

1994 Commercial Union acquires Groupe Victoire 1998 CGU France

2000 CGU France merges with Norwich Union France

2002 renamed

Aviva

1

1994 - 2005: Key milestones g

1994: A major step, the acquisition of Groupe Victoire g an old established French company g profit minded, high quality management g where we developed financial, planning and reporting discipline

g

1998: Merger with General Accident France

g

2000: Merger with Norwich Union France

g

2001: Sale of CGU Courtage (€ 301m before fees and other charges) Sale of Royal St Georges Banque (€ 27m before fees and other charges)

g

2002 - 2004: Partnership with Crédit du Nord

g

2005: Move from the centre of Paris to Bois-Colombes

2

France: one of the Group’s “Big Engines”, with solid results France is, on average, the second largest contributor to total Group premium income and to profit (after the UK)

Big engines: Aviva has established, profitable long-term savings businesses in the UK, France, Ireland and the Netherlands and rapidly built successful businesses in Italy and Spain

UK GAAP Results (in € m) * 1995

1996

1997

1998

1999

2000

2001

H1 02

1995 - 2002 Total

68

138

268

215

240

318

502

225

1,974

Result on Life Modified 103 Statutory Operating basis

160

212

232

226

221

392

163

1,709

Result including LAOP

* Excluding GA pre-1998 and Norwich Union pre-2000; cost of 1999 storms in France excluded from 1999 results (€ 58m) & 2000 results (€ 148m) At year-end published rates of exchange

3

French premium income NWP by type of business excluding CGU Courtage (first half-year figures 2002: € 2 215m)

AFER 42%

Life 76%

General Insurance 20% Health 4%

NonAFER 34%

4

2001: A large spread of distribution channels, focus on Life and non volatile GI business - breakdown of net premium income by distribution channel

Life AFER: € 1 827m Epargne Actuelle 33%

Life Non AFER: € 1 754m

Other dedicated intermediaries 15% Others 6%

AFER Brokers 28%

Agents 18%

UFF 21%

NUD 3%

Sales force

28%

Agents 9%

59% controlled

Independant Brokers 34% Ex NUF : 26%

Captive Brokers 6%

Ex AV: 8%

General Insurance: € 912m (excluding CGU Courtage) Others 1%

Agents 93%

Direct Marketing 6%

99% controlled

5

Multidistribution strength (1): the market Life

Direct & Others 6% Sales force 17% Brokers 9%

General Insurance

Banks 60%

Agents 8%

French market

Source : Fédération Française des Sociétés d’Assurances

Banks 8% Direct & Others 5% Mutuelles Agents 34% 35%

Brokers 18%

French market

6

Multidistribution strength (2): our answers Life

General Insurance

Norwich Union Direct Médéric Abeille vie & UFF

Abeille vie & Norwich Union France

Direct & Others 6% Sales force 17% Brokers 9%

Banks 60%

Eurofil

Crédit du Nord

Sogessur, Bred, Crédit du Nord

Banks 8% Direct & Others 5% Mutuelles Agents 34% 35%

Agents 8%

Abeille assurances

Brokers 18%

Abeille assurances CGU Courtage

French market

French market

Widest distribution of any French insurer (except those channels we have decided to exit)

7

Multidistribution: companies specialising by market 2001GWP: € 5.1 bn

Group staff number: 2 756 (excluding sales force and agents)

Martin Bride Finance Director

Aviva France (ex CGU France)

Bruno Rostain Life

Aviva Vie

Etienne Silhol General Insurance

Aviva Direct

Marcel Nicolaï Asset Management

Aviva Gestion d’Actifs

Aviva Assurances

(ex Victoire Asset Management)

(ex Abeille vie) (ex Norwich Union Direct) (ex Abeille assurances) 2001 GWP (in €m) 3 517 Staff number 628

180 106

915 918

g

ProCapital (40%)

56 359

55

g

Médéric Epargne (51%) - 2003

g

Antarius (50%) - 2004

B-to-B financial service provider

76% stake Bank / sales force

g

Sogessur (35%) GI Bancassurance

Bancassurance

8

Aviva France

General Insurance Paris Seminar November 2002

Etienne Silhol Chief Executive

g

Key value factors of our operation

g

Management tools and actions

g

Drivers for the future

1

Distribution, not just risk carrier 1.2 million clients

Eurofil € 56 m Aviva agents Life € 434 m Abeille General Insurance € 618 m

Aviva Assurances tied agents: 900 points of sales, strong local franchise g

Health € 192 m

Premiums through Aviva assurances and Eurofil, 2001

g

Eurofil: n° 2 in the direct market

2

Tied agents network: a strong network GI business Aviva share of agent channel

5,8%

6,2%

6,0%

5,6%

2,3% 2,4%

6,1%

6,0%

5,6%

2,3%

2,2%

6,7%

gaining share of agent channel

g

maintaining share of overall GI market

2,5%

2,3%

2,2%

g

2,3%

„Av iva share of total

1994 1995 1996 1997 1998 1999 2000 2001 3 Sourc e : FFSA

Tied agents network: a strong network Life distributed through agents 8,2%

Aviva share of agent channel

6,5% 5,5%

4,6%

g

5,1%

5,0%

4,8%

4,5%

2,0% 1,6%

2,1%

1995

Sourc e : FFSA

1996

1,4% 1,6%

1,6%

1994

regaining share of overall life market, banks excluded g

Aviva share of total, banks excluded 1,7%

gaining share of agent channel

1,3%

1997

1998

1999

2000

2001

4

Tied agents network: key features g

Personal and small commercial lines

g

From n° 5 in 1998 to n° 3 network for Aviva life in 2001

g

Regional not big cities

g

Franchise is good local care at decent price

g

Agent typically has 1 or 2 employees

g

Also paying small claims

g

N° 4 in agricultural risks

g

N° 4 in individual health top-up

5

Tied agents network: stable relationship, high persistency rates g

Exclusive agents: - commission-based income, however Aviva owns client base - agent only gives an Aviva quote

g

Local relationship brings high persistency

Household only

84

Motor only

85

Health only

% of clients still insured at one year anniversary related to product(s) purchase

85

Household + Motor

94

Household + Motor + Health 75

98 6 80

85

90

95

100

Tied agents network: strong growth of life distribution Number of active agents

Aviva’s third largest channel for life sales 420 365

256

3

1000

Volume (€m) 3

800

227 305 398

Rank 600

3

255

270

239

196

very active 272 236

400

not active

5 200

moderately active

456

515 372

297

0 1998

1999

2000

2001

1998

1999

2000

2001

7

Platform for bancassurance, direct and standard claims

g

g

Bancassurance partnerships 160 000 clients Focus on selling the second contract ²

1.39

1.43

1.30

1999

2000

2001

Contracts per client

g

Claims platform for Aviva Assurances (TSA) ²

70% use of preferred garage 8

g Key

value factors of our operation

g Management

g Drivers

tools and actions

for the future

9

Management tools: Accident Year 99 COR target 102%

101

104

105

103

107

103

Excl. stor ms

119 +5.7% +4.5% +3.3% +2.7%

Portfolio exposure Net Written premium

+1.8%

Net COR (inverted scale)

+1.2% +0.5%

+0.2%

-0.1% -0.6%

-2.2%

-1.9% -2.7%

-4.2%

1995

1996

Aviva assurances

1997

1998

1999

2000

2001

10

Management tools: network segmentation g

Heartland position and Agency value index based on results, quality and growth in profitable lines

g

Agency’s position on the grid determines our actions

A

B

Results C

D

44

59 Reorganisation, sales animation and training

49

11

Internal growth, delegation

173

88

Underwriting quality, Profit-sharing

41

19

Focus on underwriting and admin. quality

18

25 D

187 76

72

Region 9, Reorganisation

45

C

21

3 B

Development

A

11

Management tools: agents rating control

g

Quotation and sales exclusively based on our rate : competitors rate does not interfere

g

Underwriting delegated to agents strictly automated by IT

g

For Motor, underwriting agent quality audits retroact on their price 12

Market dynamics confirmed Overall market premium growth + 5%

+ 3%

+5%

+6%+6%+6%

+6% +4%

+3%

+2%

+ 1%

-0% -1%

-1%

"Having re-emerged from several years of stagnation, the French P&C industry has not only enjoyed a growth in premiums in 2000 and 2001 but is also expected to experience further growth in the next cycle" Jean-Luc Lepreux, SVP at Moody's September 2002

-3%

-5% 19 92 19 93 1 994 1 99 5 1 99 6 199 7 199 8 19 99 20 00 20 01

13

Source FFSA

Market dynamics confirmed Overall market growth of motor premium per vehicle

Change in Motor liability claims frequency 3%

+2,5%

+5% 2%

+3%

+1%

1%

+5% +5% +4% +2%

-1%

+2%

+1% +2% -3% -3%

-1%

0% -0,5%

-1% -1,6%

-2%

-3% -3%

-3,0%

-3,1%

1995

1996

-5%

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

-3,0%

-3,0%

2000

2001

-4%

1997

1998

1999

14

Source FFSA

Market dynamics confirmed Overall market growth of household premium

Overall market growth of commercial lines premium +11% +9%

+8% +7%

+6% +5%

+4%

+6% +6%

+2% +4%

+3%

+5% +5%

+3% +4% +1% +1% +1%

0

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

+10%

+4%

+10%

+7% +5% +5%

+7% +4%

+1%

-2% -2%

-1%

-4% -3% -5% 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 15

Source FFSA

Aviva Rate increases Achieved in 2002

Perspectives for 2003

g

Motor private: +3% (5% decrease of frequency)

+ (April)

g

Personal fire: +5%

+ (April)

g

Health: +3.5% (January)

+5.6%

+3% (September)

g

Commercial lines: +6% to +10% (7% average)

From +6% to +30% (double digit average)

16

Focus on delivering results General insurance combined operating ratio (%)

103

104

100 AXA: 106.0 AGF: 106.6

H1 2001

2001

(1) H1 2002 excludes CGU courtage

H1 2002 (1)

17

g Key

value factors of our operation

g Management

g Drivers

tools and actions

for the future

18

Drivers for the future Development extends out of cities

Source : Insee 1999

Housing development areas Active rural areas Traditional rural areas

19

Drivers for the future Our agents network is well positioned for out-of-city development

Source : Insee 1999

Aviva agents network

20

Drivers for the future Our agents network is a key growth engine for Life and Health 62% of agents Now : 66% of agents sell Health

sell ASR (individual pensions product launched in May)

1998 : 33% of agents sell Health 50%

55%

57%

62%

33%

9%

1998

1999

2000

2001

2002

May

June

July

August

Sept

Oct

21

Drivers for the future « Multidetention path »: increase cross selling g

g

HELIOS business model:

- Commercial efficiency Number of contracts for new clients after 6 months

Growth of prototypes compared to the rest of the network 20% 14% 11%

1.58 7%

Helios Agents Rest of network

GI new Health new business business

1.33

- Claims efficiency: use of Carglass TSA platform: 90% + Agents: 24% Currently

Test

22

Drivers for the future Turning our agent network into a competitive advantage g

2002: 60 agents hired / 700 candidates

New agents perform better g

106.8% 94.2%

55.9%

46.7%

34.3% 16.3% GI business

Life business

New Agents

Health Rest of network

4-year progression of new agents appointed in 1997 compared to the rest of network

23

In summary Agents are a key channel for Life, Health and profitable GI g

Group platform for partnership, direct and agents claims g

g

Strong management tools and rating controls

Further improvement expected from rating momentum, claims and network efficiencies g

24

Appendix

25

General insurance product mix hail and construction 9% commercial lines 16%

personal motor 31%

commercial motor 9%

health 22%

personal fire 13%

Breakdown of Aviva GI GWP 2001

26

Aviva France Aviva Gestion d’Actifs Paris Seminar November 2002

Bernard Pottier Chief Executive

Aviva Gestion d’Actifs g

Aviva France’s in-house asset management arm

g

€ 46.7 bn under management at 30 June 2002

g

N° 3 amongst insurance Groups for UCITs funds under management

g

A pro-active low cost organisation: administration costs around 2.6 bp

g

2001 Pre-tax profit: € 18 m 1

Aviva Gestion d’Actifs: 2001 portfolio Portfolio by customer Others 6%

Bond risk analysis

UFF GI 3% 1%

Life Non- AFER 22%

Rating >= A 31%

Life AFER 68%

Private

Govt. & public sector bonds 59%

Rating BBB 4% Below BBB 1% Semi-public & other state-related 5%

Breakdown of UK GAAP consolidated French life assets at 30 June 2002 Total: £ 27.9bn Property 1.9%

Assets c overing linked liabilities 19.9% Equities 0.9%

Backing Technical funds £ 26.6bn (95.3%) Fixed interest & other 63.0%

Equities 10.5%

Fixed interest & other 3.8%

Backing Shareholders’ funds £ 1.3bn (4.7%)

2

Aviva Gestion d’Actifs performance: a considerable competitive advantage for life sales End October 2002

Year to date

1 year

3 years

Number of funds

35

35

34

Top quartile

49%

57%

65%

1st and 2nd quartiles

71%

80%

94%

1st, 2nd and 3rd quartiles

91%

94%

97%

3

Aviva Gestion d’Actifs: an award winning asset manager 2002

Product

Product range Mieux Vivre Votre Argent

Best insurance asset manager Investir

Le Revenu

Award for unit trusts over 5 years

N° 1, international bonds (10 years) Victoire Oblig International

Le Revenu

La Trib une / Standard & Poor's

La Trib une / Standard & Poor’s

Best asset manager over 3 years

N° 1, international bonds (3 years)

Best performance over 3 years Best performance over 1 year

Victoire Oblig International

2001

L ’Agéfi

N° 1, international bond Victoire Oblig International

2001

La Trib une

N° 1, international bonds over 10 years Victoire Oblig International La Vie Financière

N° 1, fund management over 3 years Victoire Oblig International , Victoire Convertibles

Mieux Vivre Votre Argent

Best insurance asset manager La Trib une Best Performance over 1 year

4

Aviva France Life operation Paris Seminar November 2002

Bruno Rostain Chief Executive

Agenda z

Growth dynamics of French life market

z

Aviva vie’s position in market

z

Lines of business strategy

z

Control of distribution

z

New opportunities

z

Margin and cost management

z

Summary

1

French Life Insurance Market Opportunities z

A stable, favourable legal and tax environment

z

Positive demographics

z

Pressure to reduce social charges

z

A government prepared to reform pensions

Life insurance already the predominant vehicle for households’ savings z

2

French Life Insurance Market

Sustained growth in the market CAGR : 9% € bn

80 60 40 20 0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

Life and savings turnover – ordinary business Source : Fédération Française des Sociétés d’Assurance

3

French Life Insurance Market

Distribution channel stabilising 100%

Other

90% 80% 70%

Branch networks of financial organisations

60% 50% 40% 30%

Tied sales forces

20%

Brokers General agents

10% 0% 1991 1992 1993 1994 1995 1996 1997 1998 1999

Life and savings turnover – ordinary business Source : Fédération Française des Sociétés d’Assurance

2000 2001

4

French market products overview I

MAIN CATEGORIES :  Savings and pensions plans for individuals, self employed and small firms  Protection plans for individuals (term insurance, funeral plans …) I

SAVINGS AND PENSION PLANS :  Unit linked products  Premiums : voluntary or programmed contributions  Tax framework : capital gains tax free after 8 years, capital gains when changing unit also tax free, reduced inheritance tax.  Large range of funds : G mutual funds (unit linked funds) G «French» with profit fund with guaranteed bonuses (no « terminal bonus » and guaranteed surrender values, no « market adjustment factor »). These guarantees are matched by assets mainly invested in long term bonds. 5

French Life Insurance Market

A market in which unit-linked funds have established their position € bn

40

Unit-linked fund turnover

CAC 40

CAC

10000

30

7500

20

5000

10

2500

0

0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

Life and savings turnover – 2002: 12 months rolling at 9/2002 Sources : Euronext and Fédération Française des Sociétés d’Assurance

6

Aviva Life operation

A Top Ten player in the French life market 4th traditional insurer CNP Crédit Agricole Axa BNP - Paribas Crédit Mutuel Generali AGF Société Générale Crédit Lyonnais

4% AVIVA

Traditional insurers

Groupama GAN La Mondiale

Bancassurance

Banque Populaire

0%

2%

4%

6%

8%

10%

12%

14%

2001 Life and savings turnover

Source : Fédération Française des Sociétés d’Assurance

16%

18%

20%

Market share 7

Aviva Life operation

Leading market positions N°1 in savings association business with Afer N°1 in direct sales of individual protection insurance with Aviva Direct (ex Norwich Union Direct) Ranked 4th by turnover in the French life and savings market in 2001 (excluding banks’ subsidiaries) Ranked 3rd by reserves in the French life and savings market in 2001 (excluding banks’ subsidiaries) Aviva Gestion d’Actifs (ex Victoire Asset Management) best performing fund manager over 1 and 3 years (La Tribune-Standard & Poor’s) 8

Aviva Life operation

Base 100 in 1998

Growth faster than the market +52% Aviva APE (*)

150

+43% Aviva +30% Market 125

+22% Traditional Networks

100

1998

1999

2000

2001

(*) APE: Annual Premium Equivalent = new business i.e. regular premiums + single premiums / 10

Life premium income - 2002 : 12 months rolling 3Q2002 Source : Fédération Française des Sociétés d’Assurance

2002 9

Aviva Life operation

Focused on the most profitable segments of the market z Individual savings and protection (93% of total premium income) z Unit linked products z Distribution through controlled networks (including long term partnerships) offering the medium term prospect of stable new business margins 40%

Gross Margin of New Business

30%

20%

10%

0% 1999

2000

2001

1H2002

10

Aviva Life operation

Focused on the most profitable segments of the market … Share of unit linked funds within new business (i.e. 1% solvency margin versus 4% )

80% 70% 60%

Non-Afer

50% 40% 30% 20%

Market

10%

Afer

0% 1999

2000

2002 : 3Q2002 - 12 months rolling

Source : Fédération Française des Sociétés d’Assurance

2001

2002 11

Aviva Life operation

… while maintaining the ability to stabilise production in a market currently unfavourable towards unit-linked funds Cumulative APE in € m

Afer including SFER

200

160

150

120

100

80

50

40

0

0

3m

6m

9m

Non-Afer

Cumulative APE in € m

12m

2001

6m

3m

2002

Change in accumulated savings-pensions APE since January

9m

12m 12

Aviva Life operation controls 59% of its distribution Other captive brokers

Aviva Life operation

Aviva vie Direct sales forces

51% 76%

UFF: a network of financial advisors

Aviva Assurances

Médéric Epargne

50%

from 2003 100%

Aviva Direct Direct Sales

tied agents

Capital link with % of ownership • Aviva own distribution channels • future JVs

Antarius

Epargne Actuelle:

bank distribution

a captive broker dedicated to AFER

from 2004

Independent brokers

13

AFER: number 1 savings association Scale competitive advantage z 560 000 members reserves of € 26.2 bn at end 2001 € 1.8 bn premium income 2001 z Very strong brand: 29 awards attributed by the financial press to the product and to asset management performed by Aviva Gestion d’Actifs (presently VAM) z Low loadings and low administration cost (0.1% of mathematical reserves vs market average of 0.33%) z Choice of three investment funds: bond fund (industry reference in the French market) and 2 unit-linked funds

€ bn 30

Growth in funds invested since the creation of AFER (key profit driver)

24 18 12 6 0 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001

z Customer loyalty: 42% of new members introduced through customers 98% of members are satisfied with AFER a 2001 lapse ratio of 2.2% excluding death and 3.3% including death

14

AFER : a dedicated and highly efficient organisation Aviva Gestion d’Actifs Asset management

SEV

Aviva Vie Co-Insurer

75%

Gie AFER

AFER Association

Co-Insurer

• Administrative management • Development and networks other than Aviva ‘s • Staff of 110 managing 650 000 policies

560 000 members 15

Aviva Life operation

Two examples of controlled and profitable distribution Epargne Actuelle Union Financière de France

16

Epargne Actuelle A highly efficient and profitable Afer distributor • 184 000 customers • 32 agencies, 67 sales staff, 17 administrative staff • € 8.75bn of reserves • 34% of Afer premium income (40% of unit linked) Key features strong direct marketing knowledge generating referrals for face-to-face selling highly efficient : premium income of almost € 7m per employee 17

Union Financière de France a medium-sized operator which is growing in strength iHighly professional sales network offering investment advice iAn accumulator of assets invested mainly in equity oriented products and real estate iEmphasis on training, corporate culture and very high loyalty of salesmen (more than 93% in 2001 for fully trained people) Number of customers

Key figures at 31/12/2001 150 000

142 750 customers (+12% in 2 years) Average life savings retention rate 95.6% Gross savings collected: € 748m of which 40% in life insurance Over 700 fully trained sales advisers 170 trainees working 33 branch offices Assets managed: € 5.5bn

125 000

100 000 1997

1998

1999

2000

2001

Sept. 2002

18

Aviva vie Non AFER

Marketing tools and administration capacities ready for growth Aviva vie has reorganised its direct sales forces by: z sharply reducing the number of networks z developing modern tools to support sales persons: Š Training, PCs, sales software, Š Ready-to-use marketing operations on the existing portfolio and towards prospects z giving customer service tools including platform to deal directly with direct sales forces’ clients requirements Our IT systems and customer service ability now provide opportunities to develop profitable partnerships and further reduce costs

19

Costs reduction Impact of CGU - NU merger a 10% staff reduction

Administration costs as % of reserves (non-Afer savings)

Staff number 1180 1160 1162 1140

1137

1125

1120 1100

1137 1115

1119

0,60%

1111

0,55%

1132 1099

1080

Merger savings

0,49%

1060 1040

1055

1020 1000 Q4 1999

0,44%

1052 1033

Q3 2000

Q4 2000

Q1 2001

Q2 2001

Q3 2001

1047 Q4 2001

1998

1999

2000

2001

A further decrease in unit costs is expected as fixed costs will be spread over more activities through new partnerships ...

0,43%

2002

20

Crédit du Nord partnership

„

A long-term partnership will be put into place in 2004

Crédit du Nord

Aviva France 50%

50%

Antarius

Exclusive distribution agreement Administration management and fund management of euro funds

Key Figures 2001 „ A strong customer base: 1.3 million clients for the Crédit du Nord Group „ Written premiums: € 547m of which 58% was unit-linked fund business „ Reserves at 31/12/2001: € 2 542m „ Based on 2001 figures, Antarius represents 50% of new non-Afer business 21

Médéric partnership Use of Médéric customer data base

Médéric a group protection know -how

Aviva vie a saving know-how

Administration management

Transfer of Group protection portfolio 80%

49%

From 2Q2003

Asset management 51%

20%

Joint Venture Médéric Epargne Life company

Médéric Epargne Développement Distribution company

Médéric is one of the leading Provident Institutions with 2.7 million customers and 1 million beneficiaries

22

Life operation results : resilience in turbulent financial markets in €m Annual Premium Equivalent (APE) Gross New Business Margin

2000

2001

1H01

1H02

363

375

195

176

28,4% 33,9%

274

3Q02 268

28,8% 31,0%

Gross Life Achieved Operating Profit

334

366

177

179

UK Statutory Result (MSSB)

234

258

121

115

0,0

0,0

0,0

0,0

UK Unrealised Capital Gains (UCG)

829

470

723

315

Solvency ratio excl. French UCG *

1,14

1,19

1,22

1,21

Solvency ratio incl. French UCG *

2,69

2,55

2,66

2,25

Provision pour Risque d'Exigibilité

3Q01

* average ratio for the life operation UK unrealised capital gains do not include UCG on bonds French unrealised capital gains include UCG on bonds

23

In a competitive market, Aviva Life operation has the potential to increase value Focus remains on profit through g

individual business versus group business

g

unit-linked funds versus guaranteed rate products

g

controlled distribution

g

cost reduction programs

g

rationalise information systems after mergers Excellent growth platform

g

a solid customer base

g

Aviva Gestion d’Actifs’ excellent track record as a fund manager Development will come from

g

existing distribution with capacity to grow

g

cross sell to GI customers

g

new distribution partnerships 24

Aviva France Paris Seminar November 2002

Bernard Pottier Chief Executive