Statement re Presentations

Aviva PLC
27 November 2002

                                                                27 November 2002

Presentation to investors and analysts on Aviva's businesses in France, Italy
and Spain

Aviva plc is hosting a seminar for investors and analysts at 14.00 CET today
with presentations from the management of its French, Italian and Spanish
operations.

Aviva is the largest provider of life and pensions products to Europe and the
only UK company with substantial businesses in continental Europe. In 2001,
continental Europe accounted for just under half of the group's life profits
with a compound annual growth rate of 13% since 1997.

During the presentations today, Aviva will provide details on its two new
distribution deals in France:

  • A memorandum of agreement has been signed with the provident company
    Mederic to establish a new joint venture company giving Aviva access to
    75,000 companies, representing 1 million individuals.
  • Discussions concluded to enter a bancassurance partnership with Credit du
    Nord giving Aviva access to 1.3 million customers, through some 600
    branches.

Tony Wyand, Group Executive Director with responsibility for continental Europe,
commented on the presentation's main themes:

'The development in continental Europe of life and pensions and profitable
general insurance businesses, particularly where it supports life distribution,
is a central feature of the Group's overall strategy. We have well established
positions in The Netherlands, France and Ireland and we have, over the past few
years, through a growing number of bancassurance relationships, built major
operations in both Italy and Spain.

'Our businesses in continental Europe are capable of out-performing their local
markets. In particular, the Spanish and Italian bancassurance businesses have
significant cost advantages.

'Our track record in developing bancassurance relationships distinguishes us
when compared to other insurers. We have announced that we will extend our
bancassurance strategy into France in 2004 through an agreement with Credit du
Nord giving us access to its 1.3 million customers. In addition, in France, we
have signed a memorandum of agreement with the provident company Mederic, to
gain access to a further one million potential customers.

'A combination of high levels of state pension promises and ageing populations
in many of the countries in continental Europe offer significant opportunities
for growth in life and pensions. Aviva is in a strong position to benefit from
both pension reform and the growth in individual savings that are the inevitable
consequences of these dynamics.'

Slides from the presentations will be available on the Group's website,
www.aviva.com at GMT 13.00, 14.00 CET and in addition the presentation will be
webcast live, commencing at 13.00 GMT, 14.00 CET. The presentation is scheduled
to finish at 16.00 GMT, 17.00 CET and 11.00 EST.

In order to view the webcast please go to Aviva's website, www.aviva.com and
click onto the webcast link on the home page. You will need either Real Player
or Windows Media Player in order to view the webcast. These are available to
download from www.rawfinancial.com/tech_help/help.htm. There is also a link to
this site from the live webcast pages on www.aviva.com.

Enquiries:

Analysts / Investors:

Steve Riley, Investor Relations Director               [phone]

James Matthews, Head of Investor Relations          [phone]

Media:

Ian Frater, Head of Group Media Relations           [phone]

Alex Child-Villiers, Financial Dynamics                [phone]

Notes to editors:


Aviva


On 1 July 2002, CGNU plc changed its name to Aviva plc. Aviva's businesses in
France, Italy and Spain will change their name to Aviva in late 2002 through to
early 2003.


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 retail investment sales
from ongoing business of more than £28 billion, and over £200 billion of assets
under management at 31 December 2001.




Key points from the presentations:

France

France - life operations

  • Growth outstripping the French market between 1998 and 2001
  • Top-ten market position and fourth amongst the traditional insurers
  • Number one in savings association business with AFER
  • A multi-distribution approach with direct control over almost 60% of its
    distribution
  • Extending distribution through Mederic in 2003 and bancassurance with
    Credit du Nord from late 2004.
  • Focused on higher margin products: individual savings and protection and
    unit-linked products with average margins over 30% and margins sustainable
    at this level
  • Low cost provider: AFER administration costs 0.1% of reserves; non-AFER
    administration costs 0.43% of reserves, a 30% reduction over 4 years
  • High asset quality: 99% of bond portfolio graded BBB and above, low
    shareholder equity exposure
  • The French business has growth opportunities

      • expanding distribution
      • pressure to reduce social charges
      • a government prepared to reform pensions

New distribution agreements in France

Mederic

A memorandum of agreement has been reached between CGU France and Mederic to
establish a new joint venture company, Mederic Epargne, that will offer a wide
range of life insurance products to Mederic's client base of 75,000 companies,
representing some one million individuals. Discussions are continuing on the
implementation details, which are expected to conclude by the end of the year,
and sales are expected from the second quarter of 2003.

In addition, as part of the partnership, CGU France has sold its group
protection business to Mederic, a specialist in this market, for consideration
of € 56 million. The group protection business in France had new business
premiums of €192 million in 2001.

The sale is subject to regulatory approval and is expected to complete by
mid-2003 and will be backdated to 1 January 2003. Normal staff consultation
procedures in France will be followed.



Credit du Nord

CGU France has completed discussions to enter a bancassurance partnership with
Credit du Nord, a French banking group and subsidiary of Societe Generale, in
co-operation with Cardif, a French life insurance company.

This agreement will add bancassurance distribution in France to the existing
multi-distribution capability of CGU France.

In October 2004 CGU France will acquire Cardif's 50% shareholding, and take
management control, of Antarius, the life insurance subsidiary of Credit du
Nord. CGU France will provide product design and administration services for new
business written by Antarius from that date. Products will be sold under the
Antarius brand to Credit du Nord's 1.3 million customers, through 620 branches,
for a minimum term of 12 years.

In addition, from October 2004, CGU France will manage and administer the
in-force portfolio of Antarius. These policies had funds under management of
€2.5 billion at the end of 2001. Cardif will continue as the insurer of life
insurance contracts written with Credit du Nord's clients between 1977 and 1996.

The net assets of Antarius at 31 December 2001 were €56 million and this
excludes any value of in-force business. The consideration payable by CGU France
for its 50% stake in Antarius will be based on the net assets of Antarius and
the value of in-force at October 2004. Antarius had premium income of €547
million in 2001.

The agreement is subject to regulatory approval.

France - general insurance

  • Focus on personal and small commercial lines of business
  • De-risked the business through the sale of Courtage, a commercial lines
    broker business
  • Rating increases expected to continue into 2003
  • Cross-selling life products: in 2001, life sales through tied-agents were
    €434 million, health €192 million and general insurance €618 million
  • Sophisticated 'accident year' information used to drive differential
    rating by agent

  • First half 2002 combined operating ratio of 100%, seasonality and an
    estimated €20 million exposure to the floods in southern France in September
    will increase this slightly for the full year

France - asset management

  • Award winning asset manager supports life sales
  • Cost efficient: management and administration costs of 2.6 basis points of
    funds under management

Italy

  • Life market has grown from €26 billion in 1998 to €46 billion by 2001
  • Aviva's life operation is the 6th largest provider in the market
  • Introduced bancassurance for life sales and unit-linked products to the
    market
  • Bancassurance relationships with UniCredito Italiano, Banca Popolare di
    Lodi and Banca delle Marche give access to 4 million customers across a
    national network
  • A low cost operation with one back office and highly automated sales
    processes
  • Pension reform offers a significant growth opportunity
  • General insurance is focussed on personal and small commercial lines with
    a combined operating ratio of 102% for full year 2001 and half-year 2002


Spain

  • Developed into a top-five life business in 2 years
  • Fourth largest bancassurance network with access to some 3,500 branches
    and 9 million customers
  • Expected Internal Rate of Return of around 12% from our bancassurance
    deals over a 10-year plan
  • Penetration of bank customers is low
  • Aseval is a proven bancassurance platform with some of the lowest costs in
    the market
  • Customer loyalty with low price sensitivity will continue to support high
    margins in individual product classes and average margins will be impacted
    by product mix
  • A number of projects to develop non-bancassurance distribution are
    underway
  • Low risk asset portfolio with limited equity exposure and high quality
    bonds
  • Growth opportunities in Spain

- low long-term savings penetration of bank customers


        - significant pensions opportunity

        - tax changes in 2003 including PPA, a guaranteed capitalisation
        product, that will have the same tax advantages as pension plans

- continuing roll-out of products


        - developing non-bancassurance distribution

  • General insurance business sold in 2002 for 2.9 times net asset value

ENDS


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            The company news service from the London Stock Exchange