Aviva sells stake in GAUM Ltd

Aviva PLC
28 November 2002

                                        28 November 2002



Aviva sells stake in Global Aerospace Underwriting Managers Ltd

Aviva plc ('Aviva') has agreed the sale of its 50% shareholding in the managing
agent, Global Aerospace Underwriting Managers Ltd (GAUM). GAUM will be owned by
a consortium comprising Munich Re, Berkshire Hathaway, Converium and RSA.

Aviva's share of GAUM's net assets at 30 June 2002 was £15 million. The sale is
subject to regulatory approval.

In addition, Aviva has resigned its participation from the aerospace pool
managed by GAUM, effective from 1 January 2003.

Enquiries:

Analysts/investors

James Matthews, Head of Investor Relations     + 44 (0) 20 7662 2137


Media

Ian Frater, Head of Group Media Relations      [phone]

Alex Child-Villiers, Financial Dynamics        [phone]



Notes to editors:


  • 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
    worldwide gross written premiums.

  • Aviva's principal business activities are long-term savings, fund
    management and general insurance, with worldwide premium income and
    investment sales from ongoing business of more than £28 billion, and over
    £200 billion in assets under management at 31 December 2001.

  • Aviva's news releases are available on the internet at www.aviva.com

  • A selection of images are available from the Aviva Newscast site at
    www.Newscast.co.uk



                      This information is provided by RNS
            The company news service from the London Stock Exchange