2021 Results and Financial Review

Upgrading 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

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