Interim Results - Part 4

Aviva PLC 09 August 2007 Aviva plc HY06 Part 4 of 4 Appendix A Group capital structure Page Capital employed by segment 75 Deployment of equity shareholders' funds 76 Sensitivity analysis 77 Shareholders' funds, including minority interests 78 Analysis of return on capital employed 79 ----------------------------------------------------------------------------------------------------------------------- Page 75 A Group capital structure The Group maintains an efficient capital structure from a combination of equity shareholders' funds, preference capital, subordinated debt and borrowings, consistent with the Group's risk profile and the regulatory and market requirements of its business. The European Embedded Value basis provides a more relevant reflection of the performance of the Group's life operations year on year than results under IFRS. Accordingly, the Group's capital structure is analysed on this basis. The Group's capital, from all funding sources, has been allocated such that the capital employed by trading operations is greater than the capital provided by its shareholders and its subordinated debt holders. As a result, the Group is able to enhance the returns earned on its equity capital. Capital employed by segment 30 June 31 December 2007 2006 £m £m Long-term savings 20,517 19,664 General insurance and health 5,460 5,175 Other business 758 1,059 Corporate (30) (19) --------------------------------------------------------------------------------------------------------------------- Total capital employed 26,705 25,879 --------------------------------------------------------------------------------------------------------------------- Financed by Equity shareholders' funds and minority interests 21,545 19,668 Direct capital instrument 990 990 Preference shares 200 200 Subordinated debt 2,949 2,937 External debt 1,257 1,258 Net internal debt (236) 826 --------------------------------------------------------------------------------------------------------------------- 26,705 25,879 ===================================================================================================================== At 30 June 2007 the Group had £26.7 billion (restated 31 December 2006: £25.9 billion) of total capital employed in our trading operations which is efficiently financed by a combination of equity shareholders' funds, preference capital, direct capital instruments, subordinated debt and internal and external borrowings. In the six months to 30 June 2007, the total capital employed increased by £0.8 billion reflecting growth in long-term saving operations; driven by operational results and the movement in equity markets over the period. In addition to its external funding sources, the Group has a number of internal debt arrangements in place. These have allowed the assets supporting technical liabilities to be invested into the pool of central assets for use across the Group. They have also enabled the shareholders to deploy cash from some parts of the business to others in order to fund growth. Although intra-group loans in nature, they are counted as part of the capital base for the purpose of capital management. All internal loans satisfy arms length criteria and all interest payments have been made when due. The presentation of internal debt represents the upstream of internal loans from business operations to corporate and holding entities net of tangible assets held by these entities. The corporate net liabilities represent the element of the pension scheme deficit held centrally. Net internal debt has moved to a net asset position due to the timing of dividend upstreaming from subsidiaries and the restructuring of internal loan agreements. The ratio of the Group's external debt plus subordinated debt to shareholders' funds was 18.5% (31 December 2006: 20%). Fixed charged cover on an EEV basis, which measures the extent to which external interest costs are covered by EEV operating profit, was 10.6 times (31 December 2006: 10.3 times). At 30 June 2007 the market value of the Group's external debt, subordinated debt, preference shares, including both the Aviva plc preference shares and the General Accident plc preference shares of £250 million, within minority interests, and direct capital instrument was £5,696 million (31 December 2006: £5,991 million), with a weighted average cost of 4.3% (31 December 2006: 3.9%). The Group WACC is 7.6% and has been calculated by reference to the cost of equity and cost of debt at the relevant date. The cost of equity at 30 June 2007 was 8.5%, based on a risk free rate of 5.5%, an equity market premium of 3% and a market beta of 1.03. ----------------------------------------------------------------------------------------------------------------------- Page 76 A Group capital structure (continued) Deployment of equity shareholders' funds In order to better reflect shareholder risk the presentation of deployment of equity shareholders' funds has been revised at 30 June 2007. The objective of the revised presentation is to provide a better indication of shareholder market risk. In order to do this we have 'looked through' unitised investments which are classified as 'other' within the IFRS balance sheet and made adjustments for minority holdings that are fully consolidated on the balance sheet. In addition, we have explicitly shown the market risks within the staff pension schemes. 31 December 30 June 2007 2006 ----------------------------------------------------------------------- ----------- Cash, Other net Loans & assets & Debt Other Pension Equities Property securities investments liability Total Total £m £m £m £m £m £m £m Total assets included in the statutory IFRS balance sheet 58,924 16,539 151,599 36,517 36,981 300,560 292,722 Goodwill* (3,129) (3,129) (3,127) Acquired value of in-force business and intangible assets (2,836) (2,836) (2,728) Liabilities of the long-term, General & other businesses excluding pension fund deficit and debt (50,962) (13,943) (146,161) (32,361) (37,589) (281,016) (272,664) Minorities and other investments reclassification** 985 55 (672) (3,100) 2,732 - - ---------------------------------------------------------------------------------------------------------------------- Shareholder assets 8,947 2,651 4,766 1,056 (3,841) 13,579 14,203 Pension fund 5,883 724 2,780 239 (9,684) (58) (973) ---------------------------------------------------------------------------------------------------------------------- Adjusted shareholder assets 14,830 3,375 7,546 1,295 (13,525) 13,521 13,230 Goodwill* 3,129 3,127 Additional and acquired value of in-force long-term business and intangible assets*** 10,055 9,522 ---------------------------------------------------------------------------------------------------------------------- Assets backing total capital employed in continuing operations 26,705 25,879 External debt (1,257) (1,258) Net internal debt# 236 (826) Subordinated debt (2,949) (2,937) ---------------------------------------------------------------------------------------------------------------------- 22,735 20,858 Minority interests (2,409) (2,137) Direct capital instrument (990) (990) Preference capital (200) (200) ---------------------------------------------------------------------------------------------------------------------- Equity shareholders' funds 19,136 17,531 ====================================================================================================================== Notes: * Includes goodwill relating to the joint venture with the Royal Bank of Scotland Group. ** Minority and other investments reclassification represents the reallocation of unit trusts to their constituent parts net of net asset value attributable to unit holders. *** Additional and acquired value of in-force long-term business and intangible assets includes £36 million internally-generated AVIF of Turkey Life, which is classified as held for sale at 30 June 2007. # Net internal debt represents the upstream of internal loans from business operations to corporate and holding entities net of tangible assets held by those entities. ----------------------------------------------------------------------------------------------------------------------- Page 77 A Group capital structure (continued) Sensitivity analysis The sensitivity of the Group's shareholders' funds on an EEV basis at 30 June 2007 to a 10% fall in global equity markets or a rise of 1% in global interest rates is as follows: 31 December 30 June Equities Interest rates 2006 2007 down 10% up 1% £bn £bn £bn £bn 19.7 Long-term savings* 20.5 19.6 19.8 6.2 General insurance and other 6.2 5.6 6.0 (5.0) Borrowings** (4.0) (4.0) (4.0) -------------------------------------------------------------------------------------------------------------------- 20.9 Shareholders' funds 22.7 21.2 21.8 ==================================================================================================================== These sensitivities assume a full tax charge/credit on market value assumptions. * Assumes EEV assumptions adjusted to reflect revised bond yields. ** Comprising internal, external and subordinated debt, net of corporate tangible net assets. The table above incorporates the effect on the value of the pension scheme assets of a 10% decrease in equity and a 1% increase in fixed income bond yields. The latter sensitivity also assumes an equivalent movement in both inflation and discount rate (i.e. no change to real interest rates) and, therefore, incorporates the offsetting effects of these items on the pension scheme liabilities. A 1% increase in the real interest rate only has the effect of reducing the pension scheme liability by £1.5 billion thereby enhancing shareholders' funds by £1.1 billion (after deducting tax). Risk management - Equity hedges The following table shows the material equity derivatives currently within the Group's shareholder funds that are used as part of a long-term strategy to manage equity risk. It excludes derivatives used for portfolio management purposes: Market fall Derivative Notional required before Outstanding £bn* protection starts** Duration (a) 0.8 19% 3-5 months (b) 0.4 17% 9-21 months Notes: * The notional amount represents the market value as at 30 June 2007 of the equities covered by the hedge. ** The 'market fall before protection starts' shows the percentage the market could fall from the 30 June 2007 positions before the derivative moves into the money. *** We use different methods to reduce the cost of derivatives. We have limited the downside protection on derivative (a) and we have created a zero cost collar by selling some of the upside on derivative (b). ----------------------------------------------------------------------------------------------------------------------- Page 78 A Group capital structure (continued) Shareholders' funds, including minority interests. 30 June 2007 31 December 2006 Closing shareholders' funds Closing shareholders' funds ------------------------------- ----------------------------- Internally Internally Note IFRS net generated Total IFRS net generated Total assets AVIF equity assets AVIF equity £m £m £m £m £m £m Life assurance 1,2 United Kingdom 3,150 3,687 6,837 3,326 3,403 6,729 France 1,275 1,110 2,385 1,221 1,070 2,291 Ireland 983 64 1,047 971 48 1,019 Italy 703 140 843 688 115 803 Netherlands (including Belgium and Germany) 3,184 972 4,156 2,860 977 3,837 Poland 195 533 728 202 517 719 Spain 1,003 566 1,569 845 530 1,375 Other Europe 59 51 110 61 45 106 Europe 7,402 3,436 10,838 6,848 3,302 10,150 North America 5 2,324 (35) 2,289 2,315 (27) 2,288 Asia Pacific 422 131 553 380 116 496 ----------------------------------------------------------------------------------------------------------------------- 13,298 7,219 20,517 12,869 6,794 19,663 ----------------------------------------------------------------------------------------------------------------------- General insurance and health 1,2 United Kingdom 3,092 - 3,092 2,887 - 2,887 France 271 - 271 333 - 333 Ireland 501 - 501 423 - 423 Netherlands 710 - 710 684 - 684 Other Europe 157 - 157 161 - 161 Europe 1,639 - 1,639 1,601 - 1,601 North America 711 - 711 666 - 666 Asia Pacific 18 - 18 22 - 22 ----------------------------------------------------------------------------------------------------------------------- 5,460 - 5,460 5,176 - 5,176 ----------------------------------------------------------------------------------------------------------------------- Other business 1,2 758 - 758 1,059 - 1,059 Corporate (30) - (30) (19) - (19) External debt (1,257) - (1,257) (1,258) - (1,258) Internal debt 236 - 236 (826) - (826) Subordinated debt (2,949) - (2,949) (2,937) - (2,937) ----------------------------------------------------------------------------------------------------------------------- (3,242) - (3,242) (3,981) - (3,981) ----------------------------------------------------------------------------------------------------------------------- Shareholders' funds, including minority interests 15,516 7,219 22,735 14,064 6,794 20,858 ======================================================================================================================= Comprising: Equities 14,830 - 14,830 14,343 - 14,343 Property 3,375 - 3,375 3,263 - 3,263 Cash, loans and debt securities 7,546 - 7,546 7,102 - 7,102 Other investments 1,295 - 1,295 1,446 - 1,446 Other net assets and pension liability (13,525) - (13,525) (12,924) - (12,924) Intangible assets 3 5,965 7,219 13,184 5,855 6,794 12,649 Borrowings (3,970) - (3,970) (5,021) - (5,021) ----------------------------------------------------------------------------------------------------------------------- Shareholders' funds, including minority interests 15,516 7,219 22,735 14,064 6,794 20,858 ======================================================================================================================= Notes IFRS net assets shown above include the allocation of tax assets and liabilities and hence differ from segmental net assets disclosed on pages 68 and 70. 1. Goodwill of £3,129 million (31 December 2006: £3,127 million) has been allocated as follows: life assurance £1,526 million (31 December 2006: £1,533 million); general insurance and health £398 million (31 December 2006: £390 million); other businesses £1,205 million (31 December 2006: £1,204 million). 2. Intangibles of £775 million (31 December 2006: £638 million) have been allocated as follows: life assurance £343 million (31 December 2006: £211 million); general insurance and health £276 million (31 December 2006: £287 million); other businesses £156 million (31 December 2006: £140 million). ----------------------------------------------------------------------------------------------------------------------- Page 79 A Group capital structure (continued) Notes (continued) 3. Total intangible assets of £13,184 million (31 December 2006: £12,649 million) comprise goodwill of £3,129 million (31 December 2006: £3,127 million); acquired value of in-force long-term business and intangibles of £2,836 million (31 December 2006: £2,728 million) and additional value of in-force long-term business of £7,183 million (31 December 2006: £6,794 million). The associated deferred tax liability on the intangibles of £703 million (31 December 2006: £738 million) is included within other net assets. 4. The post-tax pension fund deficit of £28 million (31 December 2006: £673 million) has been allocated as follows: life operations £56 million (31 December 2006: £179 million), general insurance and health: £(59) million (31 December 2006: £458 million), other business £1 million (31 December 2006: £17 million) and corporate of £30 million (31 December 2006: £19 million). 5. AVIF is negative for the US life business due to the embedded value being below its balance sheet value on an IFRS basis. This is due to the cost of locked-in required capital under EEV which is not recognised under IFRS. 6. Internally generated AVIF of £7,219 million includes £36 million internally generated AVIF of Turkey Life which is classified as held for sale at 30 June 2007. Analysis of return on capital employed For the six months ended 30 June 2007 Opening shareholders' funds Annualised including minority return on Operating return (Note 1) interests Capital ------------------------ ------------------ ---------------- Before tax After tax Note £m £m £m % Life assurance United Kingdom 413 290 6,729 8.8% France 225 147 2,291 13.2% Ireland 37 32 1,019 6.4% Italy 72 44 803 11.3% Netherlands (including Belgium and Germany) 166 122 3,837 6.5% Poland 71 58 719 16.8% Spain 107 75 1,375 11.2% Other Europe 1 1 106 1.9% Europe 679 479 10,150 9.7% North America 112 73 2,288 6.5% Asia Pacific 47 35 496 14.6% -------------------------------------------------------------------------------------------------------------------- 1,251 877 19,663 9.1% -------------------------------------------------------------------------------------------------------------------- General insurance and health United Kingdom 215 150 2,887 10.7% France 31 20 333 12.4% Ireland 80 70 423 35.8% Netherlands 70 51 684 15.5% Other Europe 22 15 161 19.5% Europe 203 156 1,601 20.4% North America 70 45 666 14.0% Asia Pacific 3 2 22 19.0% -------------------------------------------------------------------------------------------------------------------- 491 353 5,176 14.1% -------------------------------------------------------------------------------------------------------------------- Fund management 45 31 305 21.4% Other business (45) (31) 754 (8.1)% Corporate (48) 3 (19) (29.1)% External debt (41) (29) (1,258) 4.7% Net internal debt 2 (24) (17) (826) 4.2% Subordinated debt (88) (62) (2,937) 4.3% -------------------------------------------------------------------------------------------------------------------- 1,541 1,125 20,858 11.1% Less: Minority interests (124) (2,137) 11.9% Direct capital instrument - (990) - Preference capital (9) (200) 8.5% -------------------------------------------------------------------------------------------------------------------- Return on equity shareholders' funds 992 17,531 11.6% ==================================================================================================================== Notes 1. The operating return is based upon Group operating profit, which is stated before impairment of goodwill, amortisation of additional value of in-force business, exceptional items and tax including policyholder tax, adjusted for the short-term fluctuation in investment return. 2. The net internal debt return before tax of £(24) million comprises investment return of £69 million and Group internal debt costs and other interest of £(93) million. ----------------------------------------------------------------------------------------------------------------------- Page 80 A Group capital structure (continued) Analysis of return on capital employed (continued) For the year ended 31 December 2006 Opening Shareholders' funds Operating return including minority Return on (Note 1) interests Capital ----------------------- ------------------- ---------- Note Before tax After tax £m £m £m % Life assurance United Kingdom 744 521 6,524 8.0% France 402 264 2,067 12.8% Ireland (40) (35) 482 (7.3)% Italy 110 68 727 9.3% Netherlands (including Belgium and Germany) 329 235 3,055 7.7% Poland 162 132 658 20.0% Spain 221 143 1,228 11.7% Other Europe (13) (10) 95 (10.5)% Europe 1,171 797 8,312 9.6% North America 32 21 332 6.3% Asia Pacific 86 64 430 14.9% -------------------------------------------------------------------------------------------------------------------- 2,033 1,403 15,598 9.0% -------------------------------------------------------------------------------------------------------------------- General insurance and health United Kingdom 957 670 2,907 23.0% France 63 41 362 11.3% Ireland 172 150 545 27.5% Netherlands 139 98 553 17.7% Other Europe 54 38 167 22.8% Europe 428 327 1,627 20.1% North America 148 96 848 11.3% Asia Pacific 4 3 17 17.6% -------------------------------------------------------------------------------------------------------------------- 1,537 1,096 5,399 20.3% -------------------------------------------------------------------------------------------------------------------- Other business 65 45 1,876 2.4% Corporate (83) (112) (36) 311.1% External debt (61) (43) (1,002) 4.3% Net internal debt 2 (77) (54) (1,481) 3.6% Subordinated debt (169) (118) (2,808) 4.2% -------------------------------------------------------------------------------------------------------------------- 3,245 2,217 17,546 12.6% Less: Minority interests (208) (1,457) 14.3% Direct capital instrument (37) (990) 3.7% Preference capital (17) (200) 8.5% -------------------------------------------------------------------------------------------------------------------- Return on equity shareholders' funds 1,955 14,899 13.1% ==================================================================================================================== Notes 1. The operating return is based upon Group operating profit, which is stated before impairment of goodwill, amortisation of additional value of in-force business, exceptional items and tax including policyholder tax, adjusted for the short-term fluctuation in investment return. 2. The net internal debt return before tax of £(77) million comprises investment return of £151 million and Group internal debt costs and other interest of £(228) million. ----------------------------------------------------------------------------------------------------------------------- Page 81 Shareholder services Managing your shareholding: Shareholders who have any queries in respect of their shareholding should contact the Company's Registrar, Lloyds TSB Registrars. Contact details can be found below. In addition to assisting with general queries, the Registrar can also help with the following: Amalgamating different share accounts - If shareholders received more than one copy of the Company's communications, it could be because there is more than one record for the shareholder on the share register. To avoid duplicate mailings the Registrar can arrange for accounts to be amalgamated. Dividend payments direct to your bank account - As an alternative to having dividends paid by cheque, shareholders can, if they wish, have them credited directly into their bank or building society account on the dividend payment date. Having the dividend paid directly into their bank account offers shareholders the benefits of avoiding the risk of cheques being lost in the post, and is more convenient as payment is credited automatically on the payment date. The tax voucher is sent to the shareholder's registered address as usual. Shareholders wishing to set up a dividend mandate can do so via the Company's website www.aviva.com/dividendmandate. For overseas shareholders, a TAPS (Transcontinental Automated Payment Service) is available, which allows shareholders in many countries to have dividends credited direct to their bank accounts in local currencies. Consolidated Tax Vouchers - Private shareholders who currently receive dividends paid directly into their bank or building society account receive one consolidated tax voucher each year instead of a voucher with each dividend payment, unless they request otherwise. Scrip Dividend - The Aviva Scrip Dividend Scheme (the 'Scheme') provides shareholders with the opportunity to receive their dividends in the form of new ordinary shares in the Company instead of cash. Shareholders who have not joined the Scheme but wish to do so should contact Lloyds TSB Registrars and request a mandate form. The completed mandate form will need to be received by Lloyds TSB Registrars no later than 19 October 2007 in order to be effective for the 2007 interim dividend. Further details are included on the Company's website www.aviva.com/scripdividend. A range of shareholder frequently asked questions including practical help on transferring shares and updating details is available online at www.aviva.com/shareholders. Corporate Nominee Shareholders can hold their shares through the Company's nominee service, Aviva Share Account Limited. Shareholders' names will not appear on the public register but they will continue to have a right to receive shareholder communications and attend the Annual General Meeting. For further details contact the Registrar. Share Dealing The Company has arranged the following services that can be used to buy or sell Aviva shares. Alternatively, if shareholders hold a share certificate they can also use any bank, building society or stockbroker offering share dealing facilities to sell their shares. Shareholders in any doubt about buying or selling their shares should seek professional financial advice. Share dealing facilities for UK shareholders/share account members - • You can buy or sell shares via the internet or by telephone through Shareview Dealing, a share dealing service provided by Lloyds TSB Registrars. For internet purchases and sales log on to www.shareview.co.uk/dealing and for telephone purchases and sales call 0870 850 0852 between 8.00am and 4.30pm, Monday to Friday. All 0870 numbers are charged at national rates, and are only available if you are calling from the UK. Lloyds TSB Registrars is authorised and regulated by the Financial Services Authority, registered number 119278. • To buy or sell shares over the telephone, shareholders can contact Barclays Stockbrokers on 0870 549 3002 (for shareholders with a share certificate) or 0870 549 3001 (for shareholders with a share account statement). To check instructions and maintain high quality service standards, Barclays Stockbrokers may record and monitor calls. New Business Development hours are 8.00am to 6.00pm Monday to Friday, excluding Bank Holidays. Barclays Stockbrokers is authorised and regulated by the Financial Services Authority, registered number 124247. • NatWest Stockbrokers provide a Share Dealing Service either over the telephone or at certain NatWest branches for Aviva Share Account holders only. For more information contact NatWest Stockbrokers on 0845 122 0689. NatWest Stockbrokers Limited ('NWS') is a member of the London Stock Exchange and PLUS. NWS is authorised and regulated by the Financial Services Authority, registered number 124395. Registered Office: Waterhouse Square, 138-142 Holborn, London EC1N 2TH. Registered Number 1959479, England. NWS is operated by a joint venture between The Royal Bank of Scotland Group plc and The Toronto-Dominion Bank. Share dealing facilities for overseas shareholders - To sell Aviva shares over the telephone, shareholders can contact Barclays Stockbrokers on +44 (0)141 352 3959. Non UK residents will need to provide various documents in order to use this service and details will be provided on registration. Please note that regulations prevent this service from being offered to US, Canadian and Australian residents. Settlement proceeds will be sent to either a UK sterling bank account or by sterling cheque. ----------------------------------------------------------------------------------------------------------------------- Page 82 Shareholder Information ShareGift - The Orr Mackintosh Foundation operates a purely voluntary charity share donation scheme for shareholders who wish to dispose of small numbers of shares when the dealing costs or minimum fee makes it uneconomical to sell them. Details of the scheme are available from ShareGift at www.sharegift.org or can be obtained from the Company's Registrar. Keeping Your Shareholder Information Safe - In our 2007 AGM mailing to shareholders we included an insert advising shareholders to be vigilant in reducing the opportunities for share related fraud and identity theft. We have been contacted by a growing number of shareholders who have been approached by organisations claiming to be 'investment specialists' acting on behalf of Aviva. Unfortunately, it is possible for such organisations to obtain names and addresses and holdings from the Aviva Share Register and Annual Returns which are both public records. Aviva has not appointed or authorised any 'investment specialists' to contact shareholders and you should be wary of any unsolicited calls or offers of advice. If you do receive such calls you should try and find out as much information about them as possible and report the matter to the Financial Services Authority (the 'FSA'). The FSA maintains a register of authorised persons and also on its website a list of unauthorised overseas firms who are targeting UK investors. See the FSA website www.fsa.gov.uk for more information. You should also inform the Company's Registrar, Lloyds TSB Registrars, on 0870 600 3952. Share price - Shareholders can access the current share price of Aviva plc ordinary shares at www.aviva.com or alternatively can call 0906 843 2197. Calls are currently charged at 60 pence per minute at all times. The average time to access the share price is approximately one minute. Group financial calendar for 2007 ---------------------------------------------------------------------------------------------------------------------- Announcement of third quarter long-term savings new business figures 25 October ---------------------------------------------------------------------------------------------------------------------- Ordinary Shares Ex-dividend date* 19 September ---------------------------------------------------------------------------------------------------------------------- Record date* 21 September ---------------------------------------------------------------------------------------------------------------------- Scrip dividend price available* 26 September ---------------------------------------------------------------------------------------------------------------------- Last date for scrip dividend forms to be received in order to be effective for 2007 19 October ---------------------------------------------------------------------------------------------------------------------- Dividend payment date 16 November ---------------------------------------------------------------------------------------------------------------------- *Please note, these dates differ from the provisional dates announced on 9 November 2006. Preference Shares 8 3/8% cumulative irredeemable preference shares ---------------------------------------------------------------------------------------------------------------------- Ex-dividend date 29 August ---------------------------------------------------------------------------------------------------------------------- Record date 31 August ---------------------------------------------------------------------------------------------------------------------- Second payment date 30 September ---------------------------------------------------------------------------------------------------------------------- 8 3/4% cumulative irredeemable preference shares ---------------------------------------------------------------------------------------------------------------------- Ex-dividend date 28 November ---------------------------------------------------------------------------------------------------------------------- Record date 30 November ---------------------------------------------------------------------------------------------------------------------- Second payment date 31 December ---------------------------------------------------------------------------------------------------------------------- Useful contact details Detailed below are the contact details that shareholders may find useful if they have a query in respect of their shareholding. Please quote Aviva plc, as well as the name and address in which the shares are held, in all correspondence. If you have a shareholder reference, please have this available as well. General shareholding, Lloyds TSB Registrars The Causeway 0870 600 3952 administration queries www.shareview.co.uk Worthing and Aviva share account queries email: aviva@lloydstsb-registrars.co.uk West Sussex BN99 6DA ---------------------------------------------------------------------------------------------------------------------- Corporate and single company Peps Barclays Stockbrokers Limited Tay House 0870 514 3263 www.stockbrokers.barclays.co.uk 300 Bath Street Glasgow G2 4LH ---------------------------------------------------------------------------------------------------------------------- Individual Savings Accounts ('ISAs') Lloyds TSB Registrars The Causeway 0870 242 4244 (ISA Manager) Worthing West Sussex BN99 6DA ---------------------------------------------------------------------------------------------------------------------- Internet sites Aviva owns various internet sites, most of which interlink with each other. Aviva Group www.aviva.com ---------------------------------------------------------------------------------------------------------------------- UK long-term savings and general insurance www.norwichunion.com ---------------------------------------------------------------------------------------------------------------------- Fund management www.morleyfm.com ---------------------------------------------------------------------------------------------------------------------- Aviva worldwide internet sites www.aviva.com/websites ---------------------------------------------------------------------------------------------------------------------- 2007 Annual General Meeting - voting results The voting results, including proxy votes and votes withheld, from Aviva's Annual General Meeting held on 26 April 2007 can be viewed on the Company's website at www.aviva.com/investors. E-Communications At the 2007 Annual General Meeting, a resolution was passed to amend the Company's Articles of Association to take full advantage of the provisions in the Companies Act 2006 in relation to electronic communications. In particular, the provisions enable all communications between the shareholder and the Company to be made in electronic form. Documents will be supplied via the Company's website to shareholders who have not requested a hard copy or provided an e-mail address to which documents or information may be sent. If you wish to continue to receive hard copy documents and have previously not elected to do so, you should write to the Registrar. The wider use of electronic communications enables faster receipt of documents, reduces the Company's printing, paper and postage costs and has a positive impact on the environment. If you have not already done so, to receive communications electronically, log onto www.aviva.com/shareholders and register for shareholder e-communications. Aviva plc Registered Office: St Helen's, 1 Undershaft, London EC3P 3DQ Telephone +44 (0)20 7283 2000 www.aviva.com Registered in England Number: 2468686 End of Part 4 of 4 A PDF version of this announcement can be found at www.aviva.com END OF ANNOUNCEMENT This information is provided by RNS The company news service from the London Stock Exchange SELA

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