2021 Results and Financial Review

Strong 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

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