Aviva in Spain also-ran to market-leader in four years

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1 Goldman Sachs European Financials Conference Navigating the Sea of Change" 8 June 2005 Aviva in Spain also-ran to market-leader in four years Philip Scott, Group Executive Director, Life International Aviva in Spain Slide 1 Aviva plc

2 Transforming Aviva s Position in the Spanish Market Long Term Savings Gross Written Premium m First bancassurance deal Aviva in Spain Slide 2 Aviva plc Source: Aviva

3 Aviva in Spain, Long-standing but sub-scale composite business Aviva s market view: - No prospect of market leadership or exceptional returns in GI - Profitable growth in Life and Savings, but - bank distribution required in regional markets Implications of market view and Group strategy: - Bancassurance partnership - GI withdrawal Aviva in Spain Slide 3 Aviva plc

4 Aviva s bancassurance strategy Key strategic elements Partnerships with savings banks Multiple small / mid-sized partnerships Partnership structure Perceived risks Strength of business model No single transformational deal Cannibalisation Benefits Strong regional franchises First acquired JV was a first-class operation Customer penetration upside Economies of scale, not available individually Limited direct competition between partners Interests aligned equity in JVs and earn-outs Re-use of systems, processes and products Genuine opportunity for Aviva to add value Excellent distribution franchise across most of the country Aviva in Spain Slide 4 Aviva plc

5 Development of Aviva s Spanish business Start of mutual funds industry Plus Ultra acquisition of British Life Start of pension externalisation JV with Unicaja JV with Caja España JV with Caja Granada Development and consolidation of product in the networks JV with Bancaja established JV with Caixa Galicia Sale of Plus Ultra Seguros & re-branding of Aviva Vida y Pensiones Aviva in Spain Slide 5 Aviva plc Source: Aviva, Aseval

6 Making the transactions work Deal Criteria - Strong franchise - Cultural fit - Willingness to adopt Aviva model Managing the Integration - Relationship management - Migration to Aseval platform - Adoption of Aseval products, processes and procedures Aviva in Spain Slide 6 Aviva plc

7 Realising the upside: increasing penetration 25.00% Total Insurance Clients/Total Potential Clients 20.00% 15.00% 10.00% 5.00% Aseval Unicorp Vida Bia Galicia Caja España Vida General Vida 0.00% Further Potential For Growth Aviva in Spain Slide 7 Aviva plc

8 Aviva in Spain business model Aviva Spain 100% 50% (1) Aviva Vida y Pensiones Aseval 50% Bancaja TPA 50% 50% (1) Unicorp Vida Bia Galicia C. España Vida Ag. C. Granada (2) Unicaja Caixa Galicia Caja España Caja Granada Key features Management control Exclusive and perpetual distribution agreements One factory 91 people Innovative non-bancassurance channels 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 Aviva in Spain Slide 8 Aviva plc

9 Continued low costs underpin attractive margins Acquisition and administration costs (% of premium, 2004) % 4 % % 2.56% 2.75% 0 Aseval Aviva bancassurance cons. Other large bancassurers Total Spanish life market Increased competitive advantage against the market Source: Aviva in Spain Slide 9 Aviva plc ICEA

10 Strong Margins Supported by Pricing Low Expenses and Scale Advantages 100.0% Bancassurance Gross Margins 80.0% 60.0% EV basis EEV basis 40.0% 20.0% 0.0% Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q Margins driven by changes in product mix Source: Annual reports Aviva in Spain Slide 10 Aviva plc

11 Aviva Spain: growing embedded value 505m (of which 448m goodwill¹) invested in Spanish bancassurance Aviva s 2004 share: NBC post CoC, post tax 37m Bancassurance EV evolution (Aviva share) (3) (2) 176 (3) EV value generation ( m ) (2) (2) (2) 79 (2) Total acquired EV (1) Includes estimated value of deferred consideration (2) Achieved profit basis (3) EEV basis Aviva in Spain Slide 11 Aviva plc

12 Aviva Vida y Pensiones Relaunched in 2002 Traditional distribution channels - financial advisors - brokers - agents Championing the Aviva brand in Spain Aviva in Spain Slide 12 Aviva plc

13 Key strengths of Aviva s model Bancassurance Partnership Distribution Efficiency Management Penetration upside Agent distribution Unique Specialisation Quality of advice Brand Aviva in Spain Slide 13 Aviva plc

14 Key Success Factors Patience Focus People Core Technical Expertise Aviva in Spain Slide 14 Aviva plc

15 Aviva in Spain Slide 15 Aviva plc

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