2021 Results and Financial Review

IFRS 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

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