#1It takes AVIVA Aviva plc 2021 results 2 March 2022 For 325 years AVIVA 1#2Disclaimer & important information Cautionary statements This document should be read in conjunction with the documents distributed by Aviva plc (the 'Company' or 'Aviva') through The Regulatory News Service (RNS). This announcement contains, and we may make other verbal or written 'forward-looking statements' with respect to certain of Aviva's plans and current goals and expectations relating to future financial condition, performance, results, strategic initiatives and objectives. Statements containing the words 'believes', 'intends', 'expects', 'projects', 'plans', 'will', 'seeks', 'aims', 'may', 'could', 'outlook', 'likely', 'target', 'goal', 'guidance', 'trends', 'future', 'estimates', 'potential' and 'anticipates', and words of similar meaning, are forward-looking. By their nature, all forward-looking statements involve risk and uncertainty. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aviva believes factors that could cause actual results to differ materially from those indicated in forward-looking statements in the announcement include, but are not limited to: the impact of ongoing uncertain conditions in the global financial markets and the local and international political and economic situation generally (including those arising from the Russia-Ukraine conflict); market developments and government actions (including those arising from the evolving relationship between the UK and the EU); the effect of credit spread volatility on the net unrealised value of the investment portfolio; the effect of losses due to defaults by counterparties, including potential sovereign debt defaults or restructurings, on the value of our investments; changes in interest rates that may cause policyholders to surrender their contracts, reduce the value or yield of our investment portfolio and impact our asset and liability matching; the unpredictable consequences of reforms to reference rates, including LIBOR; the impact of changes in short or long-term inflation; the impact of changes in equity or property prices on our investment portfolio; fluctuations in currency exchange rates; the effect of market fluctuations on the value of options and guarantees embedded in some of our life insurance products and the value of the assets backing their reserves; the amount of allowances and impairments taken on our investments; the effect of adverse capital and credit market conditions on our ability to meet liquidity needs and our access to capital; changes in, or restrictions on, our ability to initiate capital management initiatives; changes in or inaccuracy of assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, lapse rates and policy renewal rates), longevity and endowments; a cyclical downturn of the insurance industry; the impact of natural and man-made catastrophic events (including the impact of COVID-19) on our business activities and results of operations; the transitional, litigation and physical risks associated with climate change; our reliance on information and technology and third-party service providers for our operations and systems; the impact of the Group's risk mitigation strategies proving less effective than anticipated, including the inability of reinsurers to meet obligations or unavailability of reinsurance coverage; poor investment performance of the Group's asset management business; the withdrawal by customer's at short notice of assets under the Group's management; failure to manage risks in operating securities lending of Group and third-party client assets; increased competition in the UK and in other countries where we have significant operations; regulatory approval of changes to the Group's internal model for calculation of regulatory capital under the UK's version of Solvency II rules; the impact of actual experience differing from estimates used in valuing and amortising deferred acquisition costs (DAC) and acquired value of in- force business (AVIF); the impact of recognising an impairment of our goodwill or intangibles with indefinite lives; changes in valuation methodologies, estimates and assumptions used in the valuation of investment securities; the effect of legal proceedings and regulatory investigations; the impact of operational risks, including inadequate or failed internal and external processes, systems and human error or from external events and malicious acts (including cyber attack and theft, loss or misuse of customer data); risks associated with arrangements with third parties, including joint ventures; our reliance on third-party distribution channels to deliver our products; funding risks associated with our participation in defined benefit staff pension schemes; the failure to attract or retain the necessary key personnel; the effect of systems errors or regulatory changes on the calculation of unit prices or deduction of charges for our unit-linked products that may require retrospective compensation to our customers; the effect of simplifying our operating structure and activities; the effect of a decline in any of our ratings by rating agencies on our standing among customers, broker-dealers, agents, wholesalers and other distributors of our products and services; changes to our brand and reputation; changes in tax laws and interpretation of existing tax laws in jurisdictions where we conduct business; changes to International Financial Reporting Standards relevant to insurance companies and their interpretation (for example, IFRS 17); the inability to protect our intellectual property; the effect of undisclosed liabilities, separation issues and other risks associated with our business disposals; and other uncertainties, such as diversion of management attention and other resources, relating to future acquisitions, combinations or disposals within relevant industries; the policies, decisions and actions of government or regulatory authorities in the UK, the EU, the US, Canada or elsewhere, including changes to and the implementation of key legislation and regulation. Please see Aviva's most recent Annual Report for further details of risks, uncertainties and other factors relevant to the business and its securities. Aviva undertakes no obligation to update the forward looking statements in this announcement or any other forward-looking statements we may make. Forward-looking statements in this report are current only as of the date on which such statements are made. This report has been prepared for, and only for, the members of the Company, as a body, and no other persons. The Company, its directors, employees, agents or advisers do not accept or assume responsibility to any other person to who this document is shown or into whose hands it may come, and any such responsibility or liability is expressly disclaimed. As a reminder Throughout this presentation we use a range of financial metrics to measure our performance and financial strength. These metrics include Alternative Performance Measures (APMS), which are non-GAAP measures that are not bound by the requirements of IFRS and Solvency II. A complete list and further guidance in respect of the APMS used by the Group can be found in the 'Other information' section of the 2021 Full Year Results Announcement. All references to 'Operating profit' represent 'Group adjusted operating profit'. Important information regarding B Share Scheme and illustrative consolidation ratio The illustrative share consolidation referenced in this document refers to a ratio of 75 for 100. This is an illustrative consolidation ratio only based upon the average market capitalisation of Aviva over the last five trading days in February, adjusted for the 2021 final dividend. The actual consolidation ratio to be applied is expected to be published on or around 4 April 2022 and may be calculated on a different basis depending on share price volatility, with the directors retaining absolute discretion to determine the final ratio, including by reference to share price movement after the date of this press release amongst other things. The aim of the consolidation is to seek to ensure that the market price of Aviva ordinary shares (along with other data points for comparability) remains consistent after the B Share Scheme. The estimated proceeds under the B Share Scheme of approximately 100 pence per share are subject to change. Full details of the B Share Scheme (including mechanics, eligibility, consolidation ratio and proceeds) will be set out in an explanatory circular which will be made available on or around 4 April 2022. The B Share Scheme and share consolidation remain subject to shareholder approval and customary conditions including no material deterioration in market conditions or the company's financial position. This illustrative consolidation ratio is not and should not be taken as an expectation or used as the basis of any investment decision. In particular, the actual consolidation ratio applied in the B Share Scheme could result in different estimated DPS amounts for 2022 and 2023 than those referred to in the document. AVIVA 2#3Agenda Strategic update Amanda Blanc, Group CEO 2021 results and financial review Jason Windsor, Group CFO Delivering Aviva's Promise Amanda Blanc, Group CEO Q&A AVIVA 3#4Strategic update Amanda Blanc For 325 years AVIVA 4#5Foundations in place for next phase of strategy 1 Focus the portfolio Completed 2 Rebuild financial Completed strength 3 Transform Accelerating performance New phase: Delivering Aviva's Promise Today's updates: Capital return Dividend guidance the business Investment in Upgraded targets AVIVA 5#6Focus the portfolio What have we achieved? Where does that leave us today? Decisive plan to refocus Aviva Swift execution 3 attractive core markets with leading positions Unique position of strength, serving all customer needs Growth opportunities in all our markets. 8 disposals completed Highly synergistic business model £7.5bn proceeds received Entirely focused on where we can win AVIVA 00 6#7Rebuild financial strength What have we achieved? £1.9bn external debt reduction Where does that leave us today? Return £4.75bn² capital to shareholders £0.7bn internal loan reduction Plans to de-lever by a further £1bn over time SII debt leverage ratio <30% All footnotes on pages 64-66 Capacity to reinvest for growth FY21 Solvency II cover ratio¹ 244% Efficient capital management framework Attractive and sustainable cash generation AVIVA 7#8Significant performance momentum into 2022 2021 financial progress¹ Excellent performance across key markets Aviva is growing... +23% Life sales +6% Gl premiums² £6.2bn BPA premiums - highest level on record +17% S&R net flows 4pp GI COR improvement £244m Net cost reduction 2018-213 £10bn S&R net flows - meeting target one year early Costs are falling... 7pp Lower Aviva Investors cost:income ratio >4m Workplace scheme members, up 6% +16% Operating profit ex UK Life management actions 5.4m UK GI customers Profitability is improving... 92.9% GI COR 43 Group TNPS #1 For UK GI broker sentiment Cash generation is growing +22% £1.66bn of cash remittances Momentum and confidence for success in 2022 and beyond All footnotes on pages 64-66 MAVIVA 8#9Substantial capital return¹ Total capital return All footnotes on pages 64-66 £1.0bn Sting buybac £4.75bn Capital return details Total capital return of £4.75bn B Share Scheme of £3.75bn¹ announced today Adds to existing Buyback programme of £1.0bn Targeting B Share Scheme completion in May 2022² £3.75bn B Share Scheme Share consolidation at illustrative ratio¹ of 75 for 100 Total capital return and debt reduction of £7.5bn, utilising all of the disposal proceeds AVIVA 9#10Clear dividend guidance Cash cost DPS DPS growth 2021 ~£830m 22.05p +5% • 20221 ~£870m ~31.5p ~40% 20231 ~£915m ~33p ~5% From 2023 All footnotes on pages 64-66 Low-to-mid single digit growth in DPS • Clear dividend guidance for 2022 & 2023 ⚫ Reflects significant strategic progress and our confidence in outlook • • Attractive payout level with longer-term sustainability Surplus capital above 180% Solvency II cover ratio² is available to reinvest in the business, or return to shareholders over time AVIVA 10#11Confidence to invest for the future On top of £4.75bn¹ shareholder return we have the capacity and confidence to invest for the future £200m for efficiency Investing over 2022-23 to drive the next phase of cost reduction and reach our target of £750m reduction gross of inflation by 2024 All footnotes on pages 64-66 £300m for growth £385m Succession Wealth Investing over 2022-24 to drive targeted profitable growth and achieve £100m operating profit benefits by 2025 Acquisition of Succession Wealth to build out our Advice capability in Wealth, delivering double digit return on investment AVIVA 11#12Delivering Aviva's Promise The leading UK provider and go-to customer brand for all insurance, wealth and retirement solutions, with strong franchises in Canada and Ireland Upgraded Group targets¹ 1. Cash remittances >£5.4bn 2022-2024 Increased from >£5bn 2021-2023 Building on a unique position of market strength... ...with a clear strategy to drive further profitable growth... 2. SII Operating own funds generation £1.5bn Per annum by 2024 New target ...underpinning sustainable cash generation and a growing dividend 3. Cost reduction² All footnotes on pages 64-66 £750m³ (£400 net4) 2018-24 Increased from £500m³ (£300m net4) 2018-22 AVIVA 12#132021 results and financial review Jason Windsor For 325 years AVIVA 13#14Financial highlights All footnotes on pages 64-66 Cash remittances¹ ₤1.66bn +22% Solvency II Operating own Funds Generation (SII OFG)¹ £1.2bn flat Life sales 1,2 £36.7bn +23% Solvency II cover ratio³ 244% +42pp Costs 1,4 GWP1 £2.86bn -8% vs 2018 £8.8bn +6% AVIVA 14#15Strong growth in cash generation Cash remittances from continuing operations £1.37bn All footnotes on pages 64-66 +22% £1.66bn New 2022-24 target >£5.4bn £1.8bn £1.3bn net FY20 FY21 FY22 FY23 outlook FY24 outlook • On track to meet existing target of >£5bn (2021-23), growing toward £1.8bn in 2023 (£1.3bn net of centre costs and debt costs) Updating cash target to >£5.4bn cumulative from 2022-24 • Supports sustainable growth in business and dividend AVIVA 15#16Strategic flexibility from strong capital position SII cover ratio¹ Capital framework Total: £4.75bn capital return Capital c.180% Existing £1bn (11)% share buyback (41)% Centre liquidity c.£1.5bn 202% (11)% 191% 186% Leverage <30% (1)% (5)% 244% FY20 FY21 B Share Scheme² Further One-off £1bn debt pension reduction payment Pro forma estimated at FY21 All footnotes on pages 64-66 Pro forma SII debt leverage: 28% Pro forma centre liquidity: £1.7bn Maintain AA credit rating metrics Expected impact of Succession acquisition Adjusted for Succession Surplus capital above 180% available for: Investment in the business Bolt-on M&A - Return to shareholders over time AVIVA 16#17Dividend well covered, with growing SII OFG and cash New dividend policy¹ 2021 total dividend c.£830m/22.05p Growing Solvency II OFG2 Delivered through growth in business unit SII OFG and lower central and debt costs £1.2bn c.40% DPS growth 2022 illustrative c.£870m/c.31.5p¹ 2023 illustrative c.£915m/c.33p¹ Growing DPS at low-to-mid single digits thereafter Potential for further returns to Shareholders over time Growing cash remittances² +£0.3bn £1.5bn >£5.4bn >£5bn 2021-23 2022-24 2021 2024e All footnotes on pages 64-66 AVIVA 17#18B Share Scheme and share consolidation Expected timeline 2 March Today's Announcement 1 Key points £3.75bn of capital to be returned via B Share Scheme in May 20221,2. Delivering on promise to return >₤4bn capital by June 2022 On or around 4 April Shareholder circular published (incl. notice of general meetings & consolidation ratio) 9 May General Meeting 16/17 May Issue/redemption & cancellation of B Shares Shareholders will receive: One B Share for each existing ordinary share at the record time and date Estimated cash value of c100p per B share¹ Simultaneous share consolidation of approx. 75 ordinary shares for 100 existing ordinary shares¹ By 31 May² Settlement All footnotes on pages 64-66 AVIVA 18#19Upgrading cost savings ambition Significant cost savings achieved to date¹ £244m cost reduction, net of inflation 3,098 130 (374) 2,8542 2018 Inflation Gross cost reduction 2021 • • On track to meet ambition of >£300m net reduction vs 2018 baseline in 2022 despite inflationary headwinds £244m cost reduction 2018-21, absorbing c.£130m of inflation All footnotes on pages 64-66 Upgrading cost target to £750m¹ £750m cost reduction 2018-24 gross of inflation³ Equates to £400m net savings vs 2018 baseline Cost to achieve of c.£200m recognised over 2022-23 Key levers to achieve Digitise & automate Rationalise product portfolio Streamline tech stack Property portfolio Simplification AVIVA 19#20UK & Ireland Life Cash remittances Ambition All footnotes on pages 64-66 £1.2bn +21% Savings & Retirement net flows £10bn +17% Solvency II OFG £953m -10% -7% ex. management actions & other VNB Costs¹ £668m -1% £1.1bn VNB: 5-7% growth per annum -3% Operating profit £1.4bn -25% -6% ex. management actions & other AVIVA 20#21Excellent Savings & Retirement growth AUM and flows £10bn £128bn £14bn £152bn FY20 Net flows Market movements and other FY21 Operating profit & SII OFG Operating profit £147m £119m FY20 FY21 Record net flows reaching £10bn for the first time, one year ahead of ambition • 244k net new customers in workplace Ambition • Operating profit up 24% reflecting growing asset base and strong revenue growth. VNB of £178m also up strongly, by 27% Solvency II OFG of £103m flat, despite improved operating performance as expenses on the growing Platform business are required to be fully recognised up front Savings & retirement: net flows at least 10% CAGR¹ (2021-24) All footnotes on pages 64-66 AVIVA 21#22Strong profitability in Protection & Health VNB and new business margin Operating profit & SII OFG 6.8% 7.9% £188m £167m New business margin VNB Operating profit £229m £189m FY20 FY21 Sales¹ marginally lower in 2021 reflecting large Group scheme wins in 2020 • Strong improvement in margins, up 1.1pp to 7.9% benefiting from improved mix and launch of Expert Select proposition Ambition • VNB: UK&I Life 5-7% growth per annum FY20 FY21 Profit up 21% despite lower volumes driven by improved margins and strong performance from existing business in Group protection SII OFG £132m, up 81%, driven by higher new business margin and strong Group Protection performance All footnotes on pages 64-66 AVIVA 22#23Annuities and equity release sales growth and profitability Annuity and equity release sales¹ £7.9bn £7.5bn VNB, SII OFG & operating profit £6.2bn £6.0bn BPA VNB IA & ER £1.6bn £1.7bn FY20 FY21 4.7% 3.6% New business margin £356m £280m FY20 FY21 Strong performance in H2 of £5.4bn and FY21 BPA sales¹ of £6.2bn, up significantly from £4.0bn in 2019 • Annuities supported by £2.1bn illiquid assets originated by Aviva Investors ⚫ VNB and SII OFG (£392m, 2020: £513m) both lower owing to reduced spreads Operating profit £645m (2020: £815m) also lower with contribution from new business of £362m (2020: £462m) reflecting low spread environment Ambition All footnotes on pages 64-66 VNB: UK&I Life 5-7% growth per annum AVIVA 23#24General insurance - UK, Ireland and Canada Cash remittances Ambition All footnotes on pages 64-66 £417m +38% GWP Solvency II OFG £8.8bn +6% £671m +9% COR Costs¹ 92.9% -3.9pp £1.1bn Combined operating ratio: <94% Operating profit £762m -5% +52% AVIVA 24#25UK general insurance Commercial lines Personal lines FY21 FY20 Change FY21 FY20 Change GWP (£m) 2,609 2,262 15% GWP (£m) 2,334 2,377 (2)% Underwriting (£m) 109 (117) Underwriting (£m) 121 180 (33)% COR 94.6% 106.4% (11.8)pp COR 94.6% 92.3% 2.3pp PYD and weather* 3.6% 2.0% PYD and weather* (0.4)% (1.1)% COR excl. PYD and weather 91.0% 104.4% COR excl. PYD and weather 95.0% 93.4% • Strong GWP growth of 15% driven by balance of new business and retention, as well as rate increases • Strong improvement in COR driven by profitable new business growth, rate environment and a reduction in Covid claims in the period (favourable) / unfavourable • GWP 2% lower - robust performance in adverse pricing conditions and with lower volumes in Travel due to Covid Personal lines COR increase driven by lower frequency benefits vs 2020 partly offset by growth in higher margin retail business and ongoing simplification AVIVA 25#26• Canada general insurance Commercial lines Personal lines FY21 FY20 Change FY21 FY20 Change GWP (£m) 1,268 1,153 10% GWP (£m) 2,187 2,118 3% Underwriting (£m) 140 (100) Underwriting (£m) 153 262 (42)% COR 86.8% 110.2% (23.4)pp COR 92.6% 87.2% 5.4pp PYD and weather* (1.5)% 3.7% PYD and weather* (0.4)% (0.9)% COR excl. PYD and weather 88.3% 106.5% COR excl. PYD and weather 93.0% 88.1% GWP growth of 10% driven by continued rate strengthening and a shift to higher value policies, with average premium up 9.1% Strong improvement in COR primarily driven by decreased Covid related claims (favourable) / unfavourable • GWP up 3% due to higher new business and retention, partially offset by rate reductions in Ontario motor COR increased 5.4pp driven largely by higher catastrophic weather losses and contingent profit commission, partially offset by enhanced pricing and underwriting AVIVA 26#27Aviva Investors FY21 FY20 Change £m £m % Operating profit 41 25 64% Revenue¹ 403 381 6% Controllable costs excl. implementation costs (345) (356) (3)% Cost income ratio 86% 93% (7)pp ● Net flows excluding liquidity funds & cash (£bn) 1.5 (1.1) 237% of which external (£bn) 3.3 1.4 137% AUM (£bn) 268 260 3% SII Operating own funds generation 36 26 38% Ambition Cost:Income ratio <75% All footnotes on pages 64-66 • Operating profit growth up 64% driven by 6% increase in revenue reflecting higher average AUM and asset origination fees and reduction in cost base External net flows up to £3.3bn (FY20: £1.4bn) 69% of AUM in funds above benchmark over 1 year (FY20: 55%) and 65% over three years (FY20: 56%) AVIVA 27#28Summary messages All footnotes on pages 64-66 Completed our disposal programme - 8 businesses sold for £7.5bn Delivered on our promise to shareholders - £4.75bn capital return¹ Financial performance is encouraging – momentum as we move into 2022 - We are in a strong and confident position – clear guidance on dividend outlook² AVIVA 28#29Delivering Aviva's Promise Amanda Blanc NV For 325 years AVIVA 29#30Clear strategy and plans to deliver Aviva's promise The leading UK provider and go-to customer brand for all insurance, wealth and retirement solutions, with strong franchises in Canada and Ireland Growth Customer Efficiency Sustainability Targeted growth capitalising on the structural opportunities across Insurance, Wealth, Retirement Solutions & BPA Powering up the Aviva brand, building engaging customer experience, and leading with customer- centric innovation Simplifying and transforming our cost base, and working towards top quartile efficiency for all businesses Delivering on our market leading commitments across Climate Champion, Stronger Communities and Sustainable Business AVIVA 30#31Building on a unique position of market strength Market-leading positions in all core segments # market position¹ Retirement Solutions Individual Annuities Equity Release BPAs All footnotes on pages 64-66 Wealth Workplace #1 Individual Wealth #4 Aviva Investors Heritage £268bn AuM £82bn AuM AVIVA Insurance UK GI #1 Customer acquisition and Canada Gl #3 growth engines Ireland GI #3 Protection #2 Health #3 #1 #3 #2 Growth Unique advantage of highly synergistic model A leading customer platform 18.5m Customers, #1 trusted brand, distribution strength, customer engagement & service efficiencies Scale of shared capabilities cost & investment efficiencies, shared talent & know-how, synergies of in-house asset manager Diversification and integration benefit £2bn capital diversification, earnings diversification, capital allocation flexibility AVIVA 31#32Attractive growth opportunities in all key markets' All footnotes on pages 64-66 Wealth Growth £1.6tn+ wealth assets in 2020 growing to £2.1tn in 2024 £37tn+ estimated global ESG assets by 2025 £44bn UKGI market growing at 2% AVIVA Insurance Retirement Solutions & BPA £40bn Canada market growing at 5% £14bn UK Protection & Health market growing at 3-4% £2tn shift in DB liabilities to BPAs with £30-£50bn flows p.a. 1 in 4 people in the UK will be 65+ by 2039 £40bn+ of assets moving into retirement assets p.a. AVIVA 32#33Driving targeted profitable growth Focus areas Growth priorities Wealth Formerly Savings & Retirement Aviva Investors Momentum 2021 Growth Ambition Launch full range of advice models to capture assets at retirement Proposition enhancements to develop market leading Master Trust offering Execute new retail solutions and direct channel strategy to capture 'mass affluent' £10bn net flows Enhance Al partnership with UK Life to support the BPA and Wealth growth agendas £3.3bn external NFF Grow externally, capitalising on strength in Real Assets and ESG/Climate Transition 10%+ CAGR¹ (2021-24) Wealth net flows (formerly Savings & Retirement) Bulk Purchase Annuities Technology investment for growth and efficiency Enhance reinsurance and asset origination capabilities £6.2bn premiums Health & Protection Grow Consumer and SME segments in Health; enhance value-based proposition Grow share across the UK Protection market £188m VNB Expand in UK Mid-Market and across UK Corporate & Specialty 92.9% COR General Insurance Market leadership in PL through growth in profitable segments, and innovation Digital direct in Canadian Personal; accelerate growth across Canadian CL 6% GWP growth All footnotes on pages 64-66 5-7% p.a. UK&I Life VNB growth Investing £300m over 2022-24 for £100m operating profit benefit by 2025 <94% GI COR AVIVA 33#34Building an integrated proposition for Wealth Start investing Grow personal wealth Workplace Growth Transition to retirement In retirement AVIVA Pensions & Adviser platform Primary customer acquisition engine Introduction to investing Early wealthify Savings Direct AVIVA Investing Retain and attract new customers through hybrid advice Advice Supporting customers with AVIVA more complex retirement needs AVIVA Retirement Solutions Accompany customers through retirement New propositions to retain customers and attract new flows Current propositions with strong market positions Ambition to grow from £150bn AuM today: at least 10% CAGR¹ net flows 2021-24 All footnotes on pages 64-66 AVIVA 34#35Succession Wealth - accelerating our strategy Growth Adds advice to our UK Wealth capabilities • • • • Significantly enhances our position in the fast growing Wealth market Accelerates our ability to offer high-quality advice to our customers Helps retain more of the c.£6bn p.a. of assets moving to our competitors Aviva's scale and capabilities to support Succession in serving their existing customers SUCCESSION WEALTH Participates across the wealth value chain c.200 financial planners; 18 offices £385m purchase price Double digit medium term Rol £9.5bn of advice assets¹ for around 19,000 clients¹ £24m pro forma² 2022 EBITDA -5pp estimated SII impact All footnotes on pages 64-66 Active IFA consolidator Experienced management team AVIVA 35#36Customers at the heart of what we do Customer Leading customer franchises 16m customers The only UK & Ireland insurer able to serve all customer needs, with market-leading positions Customers at the heart of our strategy Trusted brand Transparent products 60% Consideration (+16pp vs. nearest competitor) money marketing AWARDS 2021 Best Protection Provider 43 Excellent service 58% Trust (+6pp vs. nearest competitor) Insurance Times awards Commercial Lines Insurer of the Year 2021 Group TNPS £30bn+ Claims paid in 2021 2.5m customers Easy to interact with 5.7m⭑ MyAviva Registrations 38m Logins across MyAviva web & app Top 3 Gl market position Partnership with RBC - Canada's leading financial services provider Brilliant for intermediaries #1 for UK GI Broker sentiment Sustainable and ethical WWF #1 in IFA study in Health Insurance GBC Good Business Charter INSURANCE ASSET RISK 2021 Real asset manager of the year AVIVA 36#37Building an engaging digital customer experience Customer Bringing One Aviva to our customers Fixing and enhancing digital customer journeys to improve connected customer experience through MyAviva Driving customer satisfaction and product holdings 2021 2024 ambition Registered customers 5.7m >8m Satisfaction with service 51% >70% Building engaging, mobile-led experience and services to deepen customer relationships Personalised interactions 9:41 Home Welcome back, James App primary channel 43% >65% Direct sales completed online 69% >85% Harnessing data to deliver richer interactions, better meet customer needs Customer marketability 39% >60% Insurance 2 products Investments Total: £9,420.18 Personal Pension Current earnings: Workplace Pension Current earnings: Retirement Total: £97,6 £62,312.11 +£312.60-5.1% £4,412.84 +£57.21-3.4% Holistic view of products Transfer in progress Related content Convenient and accessible tools TOOL Combine your Pensions You could spend more in retirement by combining existing pension pots. a What is this? Home Suppen Offers Connected experiences across channels AVIVA 37#38Leading with customer-centric innovation New approach to innovation Designing, testing and learning of new customer propositions at pace MOCO MyFuture Planner Commercial Property Telematics Financial coaching for Partnering with e the under 35s Partnering with SimpliSafe envizage Building next generation businesses FOUNDERS fabric FACTORY AVIVA zero 5 years partnership Al driven pension tracer Carbon conscious insurance Investment in the start-up ecosystem for strategic insight and financial return Tembo 30k plans created in first year of operating Ge wealthify 2x AUM every 6-9 months £50m venture investment in sustainable funds Customer Aviva Zero: disruptive green proposition AVIVA zero Thank you for choosing AVIVA zero Car insurance £353.45 per year Comprehensive cover Thank you You're insured with us! All done. What happens next? comparethemarket We're generating your quote defagto EXPERT RATED Aviva Zero is comprehensive Defaqto 5-star expert-rated cover https://zero.aviva.co.uk/ Embedded carbon offset feature New cloud-based technology Dynamic pricing powered by machine learning Accelerated growth AVIVA 38#39Simplifying and transforming our cost base Making good progress on key levers¹ Momentum 2021 All footnotes on pages 64-66 Ambition -11% IT simplification -25% IT applications Product simplification Digitisation & automation -30% -65% UKGI PL products 52% >75% UK customer journeys We are moving headquarters St Helen's 80 Efficiency EightyFen Property footprint -36% Square feet -40% original target -30% Organisation simplification -7% People cost 2019-21 Further opportunities 47% reduction in HQ footprint² £7m cost reduction p.a. 700+ tonnes CO₂ savings p.a. Smart working fully adopted Investing £200m over 2022-23 to complete our £750m cost reduction target³ by 2024 AVIVA 39 39#40Working towards top quartile efficiency Basis 2020 2021 Ambition 20245 UK&I Life Costs¹/AUM² 38bps 35bps > 30bps Aviva Investors Costs¹/ Al revenue³ 93% 86% <75% Distribution UK&I GI 36% ratio4 34% 32% Efficiency Key levers Operating model efficiency, Retirement Solutions system, cost reduction and simplification in Heritage Fund and fee simplification, improved operational efficiency and leveraging existing cost base to deliver growth Product simplification, new policy admin system, digitisation of customer journeys, offshoring Distribution Canada 34% ratio4 34% 30% Digital claims service transformation and retail personal lines systems modernisation All footnotes on pages 64-66 AVIVA 40#41Leading UK Financial Services on sustainability Stronger Communities With you today, for a better tomorrow Champion Climate Sustainable Business Progress so far UK infrastructure & real estate investment £4.3bn 2021 Pre-tax profits invested in communities 2% 2021 charitytimes Awards Winner corporate adviser ESG Manager of the Year Award 2021 WINNER Sustainable transition loans Investment in green assets £7.6bn originated as at FY21 Insurance POST THE BRITISH INSURANCE AWARDS 2021 £783m FTSE4Good SUSTAINALYTICS 99th percentile 25th out of 295 global insurers Stonewall WWF SHOPPING GOOD S ETHICAL G GUIDE UIDE a WARD 3 COMPANY AWA GOLD EMPLOYER 2022 Ambition Sustainability • >13% UK population saving and retiring with Aviva • ESG choices for customers • £10bn UK infrastructure & real estate investment by 2024 • Net zero company by 2040 60% reduction in carbon intensity of all assets by 2030 • 40% women in leadership by 2024 . TCFD disclosure assured and summary voted at AGM Focus for 2022: executing climate transition plan, aligning underwriting and investment policies, offering simple and easy ESG choices to customers AVIVA 41#42Delivering Aviva's Promise Substantial progress Disposals complete; financially stronger; performance improving Significant operating momentum Conviction that we have the right strategy 4 important updates today Capital return, dividend, business investment, targets Clear and deliverable plan For growth, efficiency and cash generation Compelling investment case for Aviva AVIVA 42#43Q&A Amanda Blanc Group CEO Jason Windsor Group CFO AVIVA 43#44Appendices N For 325 years AVIVA 44#45Solvency II AVIVA 45#46Solvency II position Cover ratio¹ 202% +11pp +10pp (7)pp (13)pp (9)pp +50pp 244% OCG £1,561m (521) 317 (154) 1,765 (874) Surplus¹ 13,000 13,074 (1,506) £m 2,047 (1,000) £m Own funds¹ SCR¹ All footnotes on pages 64-66 31 December BU generation 2020 Debt & Centre costs Other 2 Non-operating generation Dividends³ (ordinary + preference) Debt issuance / repayment Share buyback Disposals 31 December 2021 25,770 1,947 (598) 296 (1,310) (874) (1,506) (1,000) (575) 22,150 (12,770) (182) 77 21 1,156 2,622 (9,076) AVIVA 46#47Pro forma centre liquidity and SII debt leverage Centre liquidity £4.1bn Feb-21 All footnotes on pages 64-66 £6.6bn £(0.1)bn £(3.75)bn £1.7bn £(1.0)bn £(0.1)bn SII debt leverage 31% (3)% 4% 28% 27% Feb-22 Remaining B Share buyback Scheme¹ £1bn debt pension estimated Further One-off Pro forma FY20 FY21 B Share Scheme 1 reduction payment at Feb-22 Further £1bn debt reduction Pro forma estimated at FY21 Centre liquidity and leverage remain strong following capital return and deleveraging AVIVA 47#48Solvency II ROE – revised methodology At 31 December 2021, Solvency II ROE and Solvency II RoC measures have been amended following a review of the basis of preparation The change in approach is more relevant as it: • Improves comparability of Solvency II return across Life and General Insurance business • removes distortions that would otherwise arise when the Group is temporarily holding excess capital 2020 Reported Change 2020 Restated 2021 Numerator (£m) 1,626 37 1,663 1,648 Denominator (£m) 16,578 (3,110) 13,468 14,574 Group SII ROE 9.8% 2.5% 12.3% 11.3% Group SII ROE from continuing 11.7% 10.7% Solvency RoE The denominator has been adjusted to exclude excess capital above the Group's target Solvency Il shareholder cover ratio (180%) and a consistent change has been made to exclude the return on the excess cash in the numerator In the numerator, Transitional Measures on Technical Provisions (TMTP) run-off has been replaced with the economic cost of holding equivalent capital to the opening value of TMTP operations Group ambition Growing from 10.7% to >12% over time AVIVA 48#49Solvency II return on capital/equity SII ROE 2021 2020 Change £m £m % 12.3% Life new business Existing business 513 698 (27) % 740 772 (4) % (0.9)% Non-life capital generation 737 824 (11) % Debt & centre costs (incl. pref/DCI costs) (638) (637) - % (0.1)% 11.3% Management actions & other¹ 296 6 Operating own funds generated (UT1) post TMTP adjustment 1,648 1,663 (1) % FY20 Opening capital Own funds generation FY21 Opening own funds (UT1) post excess capital adjustment 13,468 SII ROE (%) 14,574 11.3% 12.3% (1.0) pp 8 % Market SII ROC UK & Ireland Life 7.7% 6.6% UK & Ireland General Insurance 14.1% 13.1% 19.9% Canada Aviva Investors 21.6% 9.3% 6.3% 2020 2021 2020 2021 2020 2021 2020 2021 AVIVA 49 All footnotes on pages 64-66#50Solvency II return on capital/equity (FY21) Solvency II operating own funds generation Impact of new Earnings from existing business (life) business (life) Non-life capital generation Management Solvency II OFG (post actions & other¹ Total TMTP adjustment) Opening own funds Solvency II Return on capital/equity 2021 UK & Ireland Life UK & Ireland General Insurance² Canada Aviva Investors UK, Ireland, Canada and Aviva Investors International investments £m £m £m £m £m £m £m % 360 314 279 953 996 15,073 6.6% 330 9 339 339 2,401 14.1% 326 6 332 332 1,534 21.6% 36 36 36 385 9.3% 360 314 692 294 1,660 1,703 19,393 8.8% 63 62 62 (1) 124 124 909 13.6% Corporate centre costs and other operations (3) (340) 1 (342) (344) Group external debt costs and other interest (255) (255) (255) Continuing operations 423 373 97 294 1,187 1,228 Discontinued operations 00 90 321 45 45 2 458 458 6,362 7.2% Solvency II operating own funds generation at 31 December 1,645 1,686 14,574 11.3% Less DCI and preference shares³ (38) Solvency II return on equity at 31 December 1,648 14,574 11.3% All footnotes on pages 64-66 AVIVA 50 50#51Solvency II return on capital/equity (FY20) Solvency II operating own funds generation Impact of new Earnings from existing Non-life Management Solvency II OFG (post business (life) business (life) capital generation actions & other¹ Total TMTP adjustment) Opening own funds Solvency II Return on capital/equity 2020 UK & Ireland Life UK & Ireland General Insurance² Canada Aviva Investors UK, Ireland, Canada and Aviva Investors International investments £m £m £m £m £m £m £m % 449 273 335 1,057 1,101 14,241 7.7% 344 (15) 329 329 2,509 13.1% 284 3 287 287 1,442 19.9% ☐ 26 26 26 413 6.3% 449 273 654 323 1,699 1,743 18,605 9.4% 20 45 45 (2) 63 63 643 9.8% Corporate centre costs and other operations (7) (262) (9) (278) (285) Group external debt costs and other interest (296) (296) (296) Continuing operations 469 311 96 312 1,188 1,225 Discontinued operations 229 410 170 (306) 503 503 7,422 6.8% Solvency II operating own funds generation at 31 December 1,691 1,728 13,468 12.3% Less DCI and preference shares³ (65) Solvency II return on equity at 31 December 1,663 13,468 12.3% All footnotes on pages 64-66 AVIVA 51#52Solvency II own funds UK & Ireland Life UK & Ireland General Insurance Canada Aviva Investors UK, Ireland, Canada and Aviva Investors International investments Discontinued operations Group centre costs and Other Estimated Solvency II shareholder own funds Opening own funds 1 January 2021 £m Closing own funds 31 December 2021 £m 15,073 13,831 2,401 2,338 1,534 1,746 385 400 19,393 18,314 909 982 6,362 (894) 2,854 25,770 22,150 17,358 15,697 Estimated unrestricted shareholder tier 1 own funds Estimated unrestricted shareholder tier 1 own funds (post-excess 14,574 9,884 capital adjustment) AVIVA 52 42#53Solvency II sensitivities (Group shareholder view) Changes in economic assumptions Sensitivity 25 bps increase in interest rate 50 bps increase in interest rate 100 bps increase in interest rate 25 bps decrease in interest rate 50 bps decrease in interest rate FY21 post capital deployment Impact on surplus FY20 Impact on cover ratio Impact on surplus Impact on cover ratio £bn £bn 0.2 pp 5 pp 0.3 pp 5 pp 0.3 9 pp 0.6 9 pp 0.4 15 pp 0.8 15 pp (0.2) (4)pp (0.3) (5)pp (0.3) (8)pp (0.8) (11)pp 50 bps increase in corporate bond spread¹ 0.2 5 pp 0.0 2 pp 100 bps increase in corporate bond spread¹ 50 bps decrease in corporate bond spread¹ Credit downgrade on annuity portfolio² 10% increase in market value of equity 25% increase in market value of equity 10% decrease in market value of equity 25% decrease in market value of equity 20% increase in value of commercial property 20% decrease in value of commercial property 20% increase in value of residential property 20% decrease in value of residential property 0.4 11 pp (0.1) 3 pp (0.4) (8)pp (0.1) (3)pp (0.5) (8)pp (0.5) (6)pp 0.1 1 pp 0.2 1 pp 0.3 2 pp 0.5 3 pp (0.1) Opp (0.2) (0.3) (2)pp (0.6) (1)pp (5)pp 0.3 5 pp 0.8 (0.5) (8)pp (1.1) 8 pp (11)pp 0.4 7 pp 0.6 6 pp (0.6) (9)pp (0.7) (7)pp Changes in non-economic assumptions 10% increase in maintenance and investment expenses 10% increase in lapse rates (0.7) (10)pp (1.0) (9)pp (0.3) (3)pp (0.3) (2)pp 5% increase in mortality/morbidity rates - life assurance (0.2) (2)pp (0.2) (2)pp 5% decrease in mortality rates - annuity business 5% increase in gross loss ratios (1.4) (19)pp (1.6) (16)pp (0.2) (3)pp (0.3) (3)pp All footnotes on pages 64-66 53 AVIVA 53#54Solvency II regulatory own funds tiering and debt leverage £m £m % of own % of own Regulatory view 2021 2020 funds funds % of SCR 2021 % of SCR 2020 Regulatory view £m £m 2021 2020 2021 2020 Unrestricted Tier 1 19,120 20,850 75% 71% 153% 127% Solvency II regulatory debt² 6,330 8,316 Senior notes 651 1,112 Restricted Tier 1 967 1,317 4% 5% 8% 8% Commercial paper 50 108 Tier 2 5,363 6,740 21% 23% 43% 41% Total debt 7,031 9,536 Tier 3¹ 123 355 1% 1% 2% Est. regulatory own funds Est. regulatory own funds, senior notes and commercial paper 26,274 30,482 25,573 29,262 100% 100% 205% 178% Solvency II debt leverage ratio 27% 31% All footnotes on pages 64-66 AVIVA 54 54#55Subordinated and senior debt profile £1,002m £502m 6.125% £588m £517m £756m £700m £663m Restricted Tier 1 Tier 2 Senior £600m £500m £400m £390m £400m £253m 5.125% 3.375% 6.125% 6.125% 3.875% £500m 6.875% 4.0% 8.25% £264m 0.625% 1.875% 4.375% £263m 4.0% 2022 2023 2024 2025 2026 2027 2029 2030 2035 2038 All debt instruments have been presented at optional first call dates at nominal values converted to GBP using 31 December 2021 rates. AVIVA 55#56Assets AVIVA 56#57Total managed assets Assets by type of liabilities covered £m 310,588 296,068 46,180 50,270 Shareholder assets by type £m 101,867 99,751 162,541 Participating funds Policyholder funds Shareholder funds Annuity & non-profit GI, Health 78,075 & other 82,142 146,047 99,751 101,867 FY21 FY20 23,792 17,609 FY20 FY21 FY20 represents assets from continuing operations only. Assets from discontinued operations excluded to provide consistent year on year comparison. AVIVA 57#58Shareholder assets Shareholder assets by type £m 97,203 94,474 25,368 29,437 25,057 24,134 Government debt Corporate bonds Other debt Mortgage loans 9,127 10,168 Other 22,034 21,663 12,888 11,801 FY20 FY21 FY20 represents assets from continuing operations only. Assets from discontinued operations excluded to provide consistent year on year comparison. Corporate debt by rating 9% 15% 36% 25% 15% AAA AA A BBB Government debt by rating 21% AAA A AA BBB 70% Less than BBB Non-rated Less than BBB Non-rated 5% -4% AVIVA 58#59Shareholder assets - corporate bonds and loans Corporate bonds by industry 8% 6% 10% 5% 5% 2% 18% 24% 22% Loans by type Total: £33,464m 65% 1% 11% 23% Financials - banks Utilities Consumer services Communications Industrial Finacials insurance & other Oil & gas Other Loans & advances to banks Healthcare, Infrastructure & PFI other loans Mortgage loans Other Real estate AVIVA 59#60Shareholder assets - mortgage loans Mortgage loans Total: £21,663m 12% 33% 55% Healthcare, infrastructure & PFI Commercial Securitised mortgage loans & equity release Commercial real estate portfolio FY21 commercial total: £7,225m LTV 58% 56% 55% 56% 61% 56% FY16 FY17 FY18 FY19 FY20 FY21 Balance 1 in arrears (£m) FY16 FY17 FY18 FY19 FY20 FY21 Loan 2.2x 2.5x 2.8x 2.9x 2.7x 2.7x interest cover FY16 FY17 FY18 FY19 FY20 FY21 AVIVA 60 60#61Additional information AVIVA 61#62IFRS 17 - preparation is well advanced • • Background IFRS 17 is a comprehensive new accounting standard, effective from 1 January 2023 (subject to UK Endorsement) which predominantly impacts profit recognition for long term insurance contracts The stated aim is to better match earnings recognition with the lifetime of the contracts, with no change to overall lifetime profits Key Messages Cash flows and underlying capital generation of our businesses are not impacted No impact on our dividend guidance or planned capital returns Solvency II metrics are not impacted and remain the key basis under which we manage the business No impact on financial targets we have announced today Aviva is well prepared for implementation of IFRS 17 Aviva has been preparing for the implementation of IFRS 17 since 2018 and is in the advanced stages of this program We have dedicated resources, actively working across the business focused on implementation of the new accounting standard Significant progress has been made on accounting interpretation, albeit approach to annuity profit recognition is under review, and the UK Endorsement Board has identified this as a priority for resolution We have built and are in the process of testing enhanced systems and models to automate financial reporting We will provide a further update on IFRS 17 in Q4 2022 Contractual service margin • IFRS 17 introduces the concept of a contractual service margin (CSM) liability that defers future unearned profit on insurance contracts. The recognition of a CSM for our life businesses is expected to result in a material reduction in the IFRS net asset value of the Group on transition to IFRS 17, with a stock of future profits held on the balance sheet as a liability and released over time. All footnotes on pages 64-66 AVIVA 62#63Footnotes AVIVA 63 63#64Footnotes (1) The estimated Solvency II position represents the shareholder view only £3.75bn B Share Scheme (subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position) in addition to existing £1bn share buyback Slide Reference Footnote 1. 7 2. 1. From continuing operations 8 2. Gross written premiums 3. 1. 9 2. 1. 10 2. 11 1. Controllable costs excluding IFRS 17 & implementation costs Subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position. There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposal Settlement of B Share Scheme for American Depositary Share holders expected to take place in early June 2022 There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposals. Illustrative dividends are subject to change. The Board has not approved or made any decision to pay any dividend in respect of any future period. The 2022 and 2023 DPS figures have been calculated to show the estimated dividend per share following the share consolidation using an illustrative consolidation ratio The estimated Solvency II position represents the shareholder view only Subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position. There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposal Cash remittances and SII own funds generation targets are expressed after £300m cost of growth initiative and £200m cost of efficiency initiatives. Cost reduction target excludes both of these items Controllable costs excluding IFRS 17, implementation costs and planned investment in growth 1. 2. 12 3. Gross of inflation 4. Net of inflation 1. 2. 14 3. 4. 15 1. From continuing operations References to sales represent present value of new business premiums (PVNBP) The estimated Solvency II position represents the shareholder view only Controllable costs excluding IFRS 17 & implementation costs Centre costs exclude £300m of Group funded growth and efficiency initiatives incurred across the 3 years 2022-24 1. The estimated Solvency II position represents the shareholder view only 16 نم Subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position. There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposals AVIVA 64#65Footnotes (2) Slide Reference 1. 17 Footnote There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposals. Illustrative dividends are subject to change. The Board has not approved or made any decision to pay any dividend in respect of any future period. The 2022 and 2023 DPS figures have been calculated to show the estimated dividend per share following the share consolidation using an illustrative consolidation ratio 2. From continuing operations 1. 18 2. 1. 19 2. Subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position. There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposals Settlement of B Share Scheme for American Depositary Shareholders expected to take place in June 2022 Controllable costs excluding IFRS 17, cost implementation and planned investment in growth £2,856 million reported controllable costs adjusted by £2 million in respect of the impacts of foreign exchange movements and non-insurance operations relating to Europe and Asia which are excluded from our cost savings target (consistent with 2018 baseline) Based on a blended inflation assumption of CPI and Aviva wage inflation. 3. 20 1. Controllable costs excluding IFRS 17 & implementation costs 21 1. 22 1. Compound annual growth rate References to sales represent present value of new business premiums (PVNBP) 23 1. References to sales represent present value of new business premiums (PVNBP) 24 1. 27 1. 1. 28 2. Controllable costs excluding IFRS 17 & implementation costs Represents Aviva Investors revenue. Further guidance in respect of the APMs used by the Group can be found in the 'Other information' section of the 2021 Results Announcement 3.75bn B Share Scheme (subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position) in addition to existing £1bn share buyback There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposals. Illustrative dividends are subject to change. The Board has not approved or made any decision to pay any dividend in respect of any future period. The 2022 and 2023 DPS figures have been calculated to show the estimated dividend per share following the share consolidation using an illustrative consolidation ratio Aviva's analysis using latest information available including company reporting, Fundscape, Hymans Robertson, LaingBuisson Healthcover, Swiss Re Group Watch, Corporate adviser, Fundscape and Insurance Ireland. Individual Wealth refers to Advised 31 1. Wealth 32 1. Aviva estimates. Sources used include Oliver Wyman, ONS, MSA, PPF Purple Book 2021, Hymans Robertson and LCP 33 1. 34 1. 1. 35 2. Compound annual growth rate Compound annual growth rate As at 31 December 2021. Includes assets under administration of £1.3 billion and 2,000 clients related to 4 announced transactions which are expected to complete during 2022. Proforma basis including full run-rate contribution from 4 announced transactions which are expected to complete during 2022 AVIVA 99 65#66Footnotes (3) Slide Reference Footnote 1. 39 2. 3. Momentum and ambitions against 2020 baseline, unless otherwise stated Based on occupied floor space as at 31 Dec 2021 Gross of inflation 1. 2. Controllable costs excluding IFRS 17 and implementation costs and planned investment in growth Average AUM 40 40 3. 4. Represents Aviva Investors revenue. Further guidance in respect of the APMs used by the Group can be found in the 'Other information' section of the 2021 Results Announcement Represents the ratio of earned expenses, excluding IFRS17 and implementation costs and planned investment in growth, plus earned commission divided by net earned premiums Subject to actual business mix achieved 5. 1. The estimated Solvency II position represents the shareholder view only 2. Other includes the impact of capital actions, non-economic assumption changes and other non-recurring items 46 3. 47 1. 49 1. 1. 50/51 2. 3. Dividends includes £17 million of Aviva plc preference dividends and £21 million of General Accident plc preference dividends, £549 million for the final dividends in respect of the 2020 financial year and £287 million for the interim dividend in respect of the 2021 financial year Subject to shareholder approval and other customary conditions, including no material deterioration in market conditions or the Company's financial position. There are important notices relating the B Share Scheme and illustrative share consolidation ratio and illustrative future dividend per share on page 2 of this presentation. Please read these notices in full in order to obtain a comprehensive understanding of the Company's proposal Management actions & other includes the impact of capital actions, non-economic assumption changes and other non-recurring items Management actions & other includes the impact of capital actions, non-economic assumption changes and other non-recurring items For UK General Insurance only, capital held for internal risk appetite purposes is used instead of opening shareholder Solvency II own funds to ensure consistency in measuring performance across markets. This is only applicable to UK General Insurance Solvency II return on capital and not to the aggregated Group solvency II return on equity measure Preference shares includes £21 million of dividends and £250 million of capital in respect of General Accident plc. The corporate bond spread sensitivity is applied such that even though movements vary by rating and duration consistent with the approach in the solvency capital requirement, the weighted average spread movement equals the headline sensitivity. Fundamental spreads remain unchanged. 1. 53 2. An immediate full letter downgrade on 20% of the annuity portfolio credit assets (e.g. from AAA to AA, from AA to A) 1. Tier 3 regulatory own funds at 31 December 2021 consist of £123 million net deferred tax assets (2020: £96 million). There is no subordinated debt included in Tier 3 regulatory own funds (2020: £259 million) 54 2. Solvency II regulatory debt consists of Restricted Tier 1 and Tier 2 regulatory own funds and Tier 3 subordinated debt 62 1. Subject to UK Endorsement Board AVIVA 99 66