Aviva UK Life Seminar

Aviva PLC
08 October 2004

8th October 2004



Aviva UK life seminar



Norwich Union Life, Aviva plc's UK life business, is holding a seminar today for
investors and analysts commencing at 10.30am UK time.



The seminar will be hosted by Gary Withers, Chief Executive of Norwich Union
Life and his management team.



The key points from the seminar are:



The UK long-term savings market is forecast to grow by around 8% compound from
the end of 2004 to the end of 2007, but with the growth accelerating in 2006 and
2007.



Norwich Union Life is well placed to grow both sales and value in this period
with an emphasis in the near-term on extracting a higher return from the
business.



  • Value
          • targeting an increase in internal rate of return (IRR) on new
            business to 15% by 2007 (1H 04: 12%)
          • estimated gross annualised cost savings of £130 million by 2007
            (from 2003 cost base) from re-modelling the business including
            previously announced offshoring and outsourcing plans



  • Market share
          • scope to increase market share to 15-20% (1H04: 12%) in the medium
            term, but the focus will be profitable growth on our terms



  • Brand
          • highest awareness and most trusted in the UK life sector



  • Products
          • top 3 position in all major product categories



  • Distribution
          • strongest distribution network in the UK life sector
          • over 14% market share in the IFA sector
          • exclusive bancassurance relationship with The Royal Bank of
            Scotland Group and 19 building societies
          • retail relationship with Tesco
          • very well placed for new distribution models



The presentation slides will be available at http://www.aviva.com/index.asp?
PageID=46&year=&filter=business from 10.30am UK time on Friday, 8 October 2004.



A recording of the seminar will be available at http://www.aviva.com/index.asp?
PageID=46&year=&filter=business from midday Monday, 11 October 2004.



Enquiries:

Analysts / Investors:

Steve Riley, investor relations director          [phone]

James Matthews, head of investor relations        [phone]



Media:

Hayley Stimpson, director of external affairs     [phone]

Sue Winston, head of group media relations        [phone]





Notes to Editors:

•         Aviva is one of the leading providers of life and pensions to Europe
with substantial positions in other markets around the world, making it the
world's fifth-largest insurance group based on gross world-wide premiums.



•         Aviva's principal business activities are long-term savings, fund
management and general insurance, with world-wide premium income and retail
investment sales from continuing operations of £ 30 billion and assets under
management of more than £240 billion.



•         The Aviva media centre at http://www.aviva.com/index.asp?pageid=4
includes images, company and product information and a news release archive.




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