Italy JV

Aviva PLC
28 April 2004


28 April 2004


              AVIVA TO EXTEND BANCASSURANCE DISTRIBUTION IN ITALY


Aviva plc ('Aviva') announces the extension of its current life and savings
distribution partnership in Italy with Banca Popolare Commercio e Industria ('
BPCI'), to the wider Banca Popolari Unite group ('BPU').

This extension will increase Aviva's access to bank branches in Italy by 380 to
3,500 in total. Bancassurance accounts for some 75% of new business sales in
Italy. It further builds upon Aviva's bancassurance partnerships with Unicredito
Italiano, Banca Popolare di Lodi and Banca delle Marche (details in notes to
editors).

BPU was formed in the first half of 2003 following the merger of BPCI with Banca
Popolare di Bergamo-Credito Varesino ('BPB').

Previously, Aviva and UCI, through the life business CU Vita (owned 51% Aviva,
49% UCI), had formed a 50:50 joint venture, Aviva Vita, with BPCI in 2002. Aviva
Vita is controlled by CU Vita. Aviva Vita will be the exclusive provider of life
and pensions products and the agreement is designed to run for 10 years,
although renewed after 5 years.

As part of the arrangements CU Vita will make a further investment in BPU's
subsidiaries BPCI and Banca Carime with Aviva's 51% share of this investment
being €127 million. This will bring Aviva's total investment in the BPU group to
€229 million including the €102 million investment in BPCI committed to in 2002.

The transaction remains subject to due diligence and regulatory approval and is
expected to complete by the end of 2004.


Enquiries:

Analysts / Investors:
Steve Riley, Investor Relations Director                 [phone]

Media:
Hayley Stimpson, Director of External Affairs            [phone]
Sue Winston, Head of Group Media Relations               [phone]


Notes to editors:
     
•    Aviva has a top-ten ranking in the Italian life market through its
     bancassurance network

•    In 2003 new business premiums in Italy were £1.5 billion

•    Aviva's additional major relationships in Italy:
          
     -    1989: Credito Italiano / UniCredito Italiano, currently 520 branches

     -    February 1999: Banca delle Marche currently, 250 branches

     -    July 2000: the original agreement with Banca Popolare di Lodi signed
          in 1998  was extended, currently 1,195 branches (538 through BPL and 
          657 through the life company Eurovita which Aviva jointly controls)

     -    December 2002: BPCI (241 branches) and Banca Carime (326 branches)
     
•    Aviva is the UK's largest insurance group, a leading provider of life
     and pensions to Europe and has businesses in a number of other markets 
     around the world. Aviva is the world's seventh-largest insurer based on 
     worldwide gross written premiums.

•    Aviva's principal business activities are long-term savings, fund
     management and general insurance, with worldwide premium income and retail
     investment sales of £30 billion, and £240 billion of assets under 
     management at 31 December 2003.

•    The Aviva media centre at www.aviva.com/media includes images, company and 
     product information and a news release archive.


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