Re Joint Venture

Aviva PLC
27 November 2002

27 November 2002

AVIVA'S DELTA LLOYD TO ENTER INTO A BANCASSURANCE AGREEMENT WITH ABN AMRO IN THE
NETHERLANDS

Aviva plc ('Aviva') announces that its Dutch-based business, Delta Lloyd Group
('Delta Lloyd'), has agreed in principle to enter into a bancassurance agreement
with ABN AMRO in The Netherlands for life and general insurance.

ABN AMRO is a top three bank in The Netherlands and this partnership will give
Delta Lloyd access to over five million customers through ABN AMRO's nationwide
network of 570 branches.

As part of this transaction, Delta Lloyd will acquire management control and a
51% stake in a new joint venture comprising ABN AMRO's life and general
insurance businesses. This confirms Delta Lloyd's position as a top-five player
in the Dutch insurance market.

The partnership is for 30 years and Delta Lloyd will provide life and general
insurance products through ABN AMRO on an exclusive basis. The initial total
consideration is €262.5 million, payable in cash on completion. An additional
maximum amount of €25 million is payable by Delta Lloyd over the next five years
if the joint venture meets certain performance criteria.

Total net assets of ABN AMRO's life and general insurance business as at 31
December 2001 were €224 million. Life gross written premiums for 2001 were €705
million. Non-life gross written premiums for 2001 were €195 million.

The agreement will add bancassurance to Delta Lloyd's existing distribution
capability in The Netherlands. Delta Lloyd currently operates via independent
insurance intermediaries under the Delta Lloyd brand and directly to consumers
through its OHRA brand.

Delta Lloyd pro forma 2001 post joint venture figures (pre joint venture) are as
follows: Total GWP of €4.6 billion (€3.7 billion), of which life premiums
represent €2.9 billion (€2.2 billion) and non-life premiums represent €1.7
billion (€1.5 billion).

The transaction is subject to regulatory approval and is expected to complete
before the end of March 2003.

Tony Wyand, Aviva Group Executive Director, said: 'This deal strengthens our
position as a leading European bancassurer. The combination of our insurance
experience and ABN AMRO's strong retail expertise position us well to take
advantage of the growing bancassurance distribution being seen in The
Netherlands.'

Niek Hoek, CEO of Delta Lloyd, commented: 'This transaction completes the
multi-distribution strategy on which our development is based. The combination
of our insurance know-how and administrative expertise with ABN AMRO's
distribution capability will create one of The Netherlands' principal
bancassurance combinations.'

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

Media (UK):
Ian Frater, Head of Group Media Relations         [phone]

Alex Child-Villiers, Financial Dynamics           [phone]

Media (Netherlands):

David Brilleslijper, Director of Communications [phone]

Delta Lloyd



Notes to editors:

Delta Lloyd

  • Delta Lloyd Group provides a broad range of products under the brand names
    Delta Lloyd and OHRA. These are supplied through the channel of distribution
    chosen by the consumer, and range from simple saving products to complex
    insurance products and financial planning. Delta Lloyd works intensively and
    exclusively with independent insurance intermediaries, whereas OHRA targets
    the consumer directly. As well as a leading insurance company, the group
    also includes an Asset Management Division, a Banking Group and divisions in
    Germany, Belgium and Luxembourg.

Aviva and bancassurance

  • Aviva is the largest provider of life and pensions to Europe, the UK's
    largest insurance group and has substantial positions in other markets
    around the world. Aviva is the world's seventh-largest insurer based on
    gross worldwide premiums.
  • Aviva's principal business activities are long-term savings, fund
    management and general insurance, with worldwide premium income and retail
    investment
  • Aviva has significant experience in bancassurance with sales from this
    channel now accounting for 20% of the group's life and pension sales. The
    group has the following major bancassurance arrangements:

  • UK: Partnership with the Royal Bank of Scotland giving access to more than
    2,500 branches and 10 million customers for life and pensions products
  • Spain: Partnerships with five leading Spanish savings banks, giving access
    to 3,500 branches and approximately nine million customers
  •
  • Italy: Partnerships with UniCredito Italiano, Banca Popolare di Lodi,
    Banca delle Marche and Banca Popolare Commercio e Industria, giving access
    to life and pensions sales to four million customers through almost 2,500
    branches
  • Singapore: Partnership with DBS (Development Bank of Singapore) giving
    access to approximately four million customers for life and general
    insurance products
  • Hong Kong: Partnership with DBS giving access to approximately one million
    customers for life and general insurance products
  • France: We have recently announced an agreement in principle to establish
    a bancassurance partnership with Credit du Nord, which would cover 600
    branches and 1.3 million customers from late 2004.




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