A new racing challenge Dee Caffari, supported by Aviva, is the first woman in history to sail single-handed, non-stop, around the world against the prevailing winds and currents.
2006 has been a year of considerable progress and I fully expect these positive trends to continue through 2007.
In September, we conducted our second global employee survey, and our first to cover all business units in the group. The results of the survey are helping us to identify the differing needs of employees around the world, share examples of good practice and provide a fulfilling and supportive work environment.
In addition to reporting on our financial performance, it is important that as a forward thinking company we are aware of our wider responsibilities and report on the non-financial aspects of our performance. We consider that our employees and customers are fundamental to the success of our business; as such, they form the basis for our non-financial measures, and include: – Leadership and employee engagement
O therinform ation Aviva plc Annual Report and Accounts 2006 13
Meeting targets for our external hire, internal promotion and voluntary staff turnover rates
Improving on our two star (out of five) Financial Adviser Service Awards (FASA) rating in our UK life operations
‡ The global financial services benchmark and our global employee climate survey measure employee engagement using slightly different definitions. Using the global financial services definition our employee engagement score was 70% (3% below the benchmark) and our leadership score was 55% (2% below the benchmark).
† Profits on the sales of retail fund management products in the Netherlands have been reclassified from other operations to fund management following the recognition of a separate fund management segment locally.
Our unallocated interest charges comprise internal and external interest on borrowings, subordinated debt and intra-group loans not allocated to local business operations. Also included is net pension income, being the expected return on pension scheme assets less the interest charge on pension scheme liabilities. Interest costs in the year were lower at £458 million (2005: £468 million). External interest costs were lower at £230 million (2005: £248 million) as senior debt was repaid at the end of 2005 while internal interest costs amounted to £228 million (2005: £220 million). Net pension income increased to £77 million (2005: £32 million) due to a larger increase in the expected return on assets than the interest cost on the liabilities, reflecting gains in 2005 and accelerated deficit funding payments.
Extracting value from the back book of our life business p32-41 Read more about our performance and future direction on pages 32 to 41 of this report p42-49 Read more about our performance and future direction on pages 42 to 49 of this report p24-31 Read more about our performance and future direction on pages 24 to 31 of this report
We commenced a major bancassurance partnership in Ireland with Allied Irish Banks
Increasing activity in central and eastern Europe, which is one of the fastest economic growth areas in the world
We purchased Eagle insurance in Sri Lanka and commenced two bancassurance partnerships
Individual customer satisfaction improved throughout the year with the percentage of customers who are either extremely or very satisfied rising from 62% to 71%. Customer service complaints fell by 40%. This is the result of improvements to our overall service proposition, including the introduction of several successful “service promises”. For example, following the redesign of our bond sales process, we promised to process all new business within five days and, by the end of 2006, we were achieving this in 99.8% of cases.
We improved our Financial Adviser Service Awards rating to two stars, reflecting our continued investment in improving service levels for advisers. Independent research shows that over the year the percentage of advisers who rate our service as excellent or good has increased from 35% to 52%. Adviser service complaints are down 53%, the lowest level for three years. This progress was made alongside strong sales growth and the implementation of required changes to our pension product set for Pension Simplification (A-Day).
We delivered record total sales, including investment sales, up 31% to £13,601 million (2005: £10,345 million). This result was driven by strong sales of pensions, bonds and collective investments.
In the corporate market we will continue to quote on bulk purchase annuity business, only writing business where this adds value. We will also use our unique ability to combine life, general insurance and healthcare products to grow our position in the corporate benefit market.
The team works in partnership with Macmillan Cancer Support and advises customers of the wide range of services the charity provides to people affected by cancer. In addition, Norwich Union has donated £35,000 to Macmillan Cancer Support to help fund a Macmillan nurse and consultant for teenagers and young adults at Southampton General Hospital. We previously helped to fund the building of a Macmillan support and information centre at the hospital, which continues to make a real difference to the lives of people affected by cancer.
Aviva Italy is the country’s seventh-largest life insurer, with a market share of 7% at November 2006. Our distribution is principally through bancassurance and we have significant partnership relationships with UniCredit Group, Banca delle Marche, Banche Popolari Unite (BPU) and Banca Popolare Italiana (BPI).
Awareness of the Delta Lloyd mutual funds has improved markedly in the past two years following distinctive marketing campaigns. This development has been supported by recognition of strong investment performance that in 2006 included two Standard & Poor’s cash fund awards over three and five years.
We received a licence to operate in Russia from March 2006, and plan to build a leadership position, with a 10% market share and a top-five position, within the next five years.
Compared with other foreign life insurance players, Aviva-COFCO was recognised for its professionalism, integrity, and the Aviva parentage.
IFRS IFRS Combined Net profit operating operating written Underwriting before tax profit ratio** premium result £m £m % £m £m
The Australian financial services market is one of the fastest growing in the world, due in part to compulsory superannuation contributions. We are well placed to take advantage of this rapidly expanding market. Recently announced changes to pension laws and strongly favourable tax legislation are expected to have a positive impact on the platform and fund management industry.
An important aspect of our capital management process is the setting of target rates of return for individual business units. The targets are adjusted to make allowance for risks faced by those business units. Management remuneration is partly based on performance against these targets, therefore encouraging focus on creation of value for the shareholder.
Total capital employed 26,413 23,019 Financed by: Equity shareholders’ funds and minority interests 19,668 16,356 Direct capital instrument 990 990 Preference shares 200 200 Subordinated debt 2,937 2,808 External debt 1,258 1,002 Net internal debt 1,360 1,663
Net internal debt represents the upstream of internal loans from business operations to corporate and holding entities net of tangible assets held by these entities.
– Minimum capital requirements (ie the level of solvency capital at which the local regulator is empowered to take action).
The required capital levels discussed above are used in the calculation of our embedded value to assess the cost of locked-in capital. At 31 December 2006, the aggregate regulatory capital, based on the requirements of the EU minimum test amounted to £4.3 billion (31 December 2005: £3.9 billion). As at this date, the actual net worth held in our long-term businesses was £8.9 billion (31 December 2005: £7.2 billion), which represents 206% (31 December 2005: 183%) of these minimum requirements. The increase in this ratio reflects the impact of favourable equity market performance on the net worth and acquisition of AmerUs.
We recognise that such risk is inevitable from the businesses that we run, and that a certain level of market risk is acceptable in order to deliver benefits to both policyholders and shareholders.
For each type of market risk, we have developed clear policies and procedures on how that risk should be monitored and managed, either within our business units or at a group level. Our group investment committee (GIC) is responsible for overseeing market risk and asset liability management.
If we cannot entirely remove exposure through matching, we also use a variety of derivative instruments including futures, options, swaps, caps and floors in order to hedge against unfavourable market movements in interest rates.
We use derivatives in a number of our businesses to enable efficient investment management, to hedge investment risks, or as part of structured retail savings products. Derivatives can involve complex financial transactions and to minimise the risks involved we have set minimum standards we expect our businesses to adopt when using derivatives and our group derivatives committee monitors exposures, the control framework, and approves any proposed transactions that fall outside the local business unit policy limits.
Business unit management teams must be satisfied that all material risks falling outside our risk appetite are being mitigated, monitored and reported at an appropriate level. Any risks with a high impact level are continually monitored centrally.
Insurance product classification E Insurance and participating investment contract liabilities J Goodwill, AVIF and other intangible assets M Impairment of financial investments R Fair value of derivative financial instruments S Deferred acquisition costs and other assets U Provisions and contingent liabilities X Pension obligations Y Deferred tax Z
We will continue to build our reputation as an employer of choice and a responsible corporate citizen. Our people and CSR agendas are at the heart of that ambition and I look forward to reporting next year on the progress we have made in 2007.
Alongside this, Oxfam is increasing its work with communities to find longer-term solutions.
The policy is reinforced by specific measures to tackle the challenge posed by financial crime. We have implemented policies that meet the requirements of applicable legislation, regulatory guidance and industry best practice regarding anti-money laundering, fraud management and malpractice reporting worldwide.
– Providing customers with good service and information that is clear, balanced, fair and not misleading when they buy our products
Our decision to go carbon neutral is a significant step. We believe climate change to be the most important environmental issue facing the world. As a forward thinking company, we are playing our part in addressing this challenge and would encourage other businesses to follow suit.
It was very gratifying that so much money was raised by these events on both sides of the Atlantic to help fund research into ways of combating breast cancer.
Wim Dik (68) Senior independent non-executive director Appointed to the board in December 1999. Currently chairman of the supervisory board of Zesko Holding B.V. (telecommunications) and Tele Atlas N.V. (information systems), a non-executive director of Unilever N.V. and Unilever plc (consumer) and of LogicaCMG plc (computer services). Former Minister for Foreign Trade in the Netherlands. A former chairman of Nederlandse Unilever Bedrijven B.V. (consumer) and former chairman and chief executive officer of KPN Royal Dutch Telecom (telecommunications). A former chairman of the supervisory board of Holland Casino (gaming) and a former member of the supervisory boards of TNT Post Group (mail services), Vos Logistics (transport) and ABN AMRO N.V. (banking).
Chairman of the corporate social responsibility committee and member of the nomination and risk and regulatory committees.
Directors The following persons served as directors of the Company during the year: Guillermo de la Dehesa Wim Dik Mary Francis Richard Karl Goeltz Richard Harvey Andrew Moss Carole Piwnica Philip Scott Lord Sharman of Redlynch Derek Stevens (retired 31 December 2006) Patrick Snowball André Villeneuve (retired 31 December 2006) Russell Walls
Group employees The Group’s statement on its employees is set out in the Business Review.
O therinform ation Aviva plc Annual Report and Accounts 2006 77
Senior independent director The main responsibility of the senior independent director is to be available to shareholders should they have concerns that they have been unable to resolve through normal channels, or when such channels would be inappropriate. The senior independent director is also responsible for leading the Board’s discussion on the Chairman’s performance and the appointment of a new chairman, when appropriate. Wim Dik served as the senior independent director throughout 2006.
During 2006 the Chairman and the non-executive directors met on one occasion in the absence of the executive directors and there was one meeting of the non-executive directors chaired by the senior independent director at which the Chairman was not present.
The Company has policies aimed at safeguarding and supporting the independence and objectivity of the external auditors. The policies regulate the appointment of former audit employees to senior finance positions in the Group and set out the approach to be taken by the Group when using the services of the auditor.
Share ownership requirements In line with investor guidelines, the Group Chief Executive and the executive directors are required to build, over a five-year period, a shareholding in the Company equivalent to 1.75 times annual salary and 1.5 times annual salary respectively.
It is the Company’s policy to set the fees paid to its Chairman and non-executive directors at the median level for international companies of similar size and complexity. Non-executive directors receive a basic annual fee in respect of their Board duties. A further fee is paid to directors (other than the Chairman) in respect of their membership and, where appropriate, chairmanship of Board committees. Fees are reviewed regularly and are set by the Board to attract individuals with the range of skills and experience appropriate for a major international company. In determining the level of fees paid to the non-executive directors, the Board receives recommendations from the executive directors who consider the non-executive directors’ duties and responsibilities, together with the time commitment required in preparing for and attending meetings, and the amounts paid by competitors and similar-sized companies.
In 2006, customer and employee metrics were introduced to balance the financial objectives of the Annual Bonus Plan and to ensure that Aviva acted in the interests of all its stakeholders. As a result, 50% of the objectives were financial, 10% related to customer measures and 10% to employee morale and leadership. The final 30% of the bonus measures related to personal objectives. This split ensures that the environmental, social and governance responsibilities of Aviva are encouraged and that the performance measures address the broad range of Aviva’s objectives. The committee reviews the Annual Bonus Plan targets annually and has discretion to make changes.
O therinform ation Aviva plc Annual Report and Accounts 2006 97
Dec 01 Dec 02 Dec 03 Dec 04 Dec 05 Dec 06
Committee Membership – Audit £10,000 pa – Remuneration £10,000 pa – Nomination £5,000 pa – Risk and Regulatory £5,000 pa – Corporate Social Responsibility £5,000 pa
Guillermo de la Dehesa 144 144 – – – – – – – – Wim Dik 200 200 – – – – – – – – Mary Francis 1,000 1,000 – – – – – – – – Richard Karl Goeltz 2,500 2,500 – – – – – – – –
The Company’s investments In the Company balance sheet, subsidiaries and joint ventures are stated at their fair values, estimated using applicable valuation models underpinned by the Company’s market capitalisation.
The realised gain or loss on disposal of an investment is the difference between the proceeds received, net of transaction costs, and its original cost or amortised cost as appropriate. Unrealised gains and losses represent the difference between the carrying value at the year end and the carrying value at the previous year end or purchase value during the year, less the reversal of previously recognised unrealised gains and losses in respect of disposals made during the year.
(M) Goodwill, AVIF and intangible assets Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net assets of the acquired subsidiary, associate or joint venture at the date of acquisition.
Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Gains and losses on disposal of property and equipment are determined by reference to their carrying amount.
(Q) Derecognition and offset of financial assets and financial liabilities A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where: – The rights to receive cash flows from the asset have expired; – The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third-party under a “pass-through” arrangement; or
Financial guarantees are recognised initially at their fair value. They are subsequently measured at the higher of the expected receivable or liability under the guarantee and the amount initially recognised less any accumulated amortisation.
For a variety of reasons, certain derivative transactions, while providing effective economic hedges under the Group’s risk management positions, do not qualify for hedge accounting under the specific IFRS rules and are therefore treated as derivatives held for trading. Their fair value gains and losses are recognised immediately in other trading income.
To the extent that a loan is uncollectible, it is written-off as impaired. Subsequent recoveries are credited to the income statement.
Equity compensation plans The Group offers share award and option plans over the Company’s ordinary shares for certain employees, including a Save As You Earn plan (SAYE plan), details of which are given in the Directors’ remuneration report and in note 28.
Operating profit before tax attributable to shareholders’ profits 228 Fund management 155 124 2,471 General insurance and health 1,680 1,551
UK 382 44 974 1,400 France 258 26 35 319 Netherlands 172 32 137 341 Other Europe 255 10 218 483 United States (4) – – (4)
The transaction has been accounted for as the acquisition of 75.01% of Ark Life and the disposal of 24.99% of HLH. The realised gain on disposal of the Group’s 24.99% interest in HLH was £86 million.
The residual goodwill of £57 million represents future synergies expected to arise in the combined life operations.
(iv) AmerUs Group Co On 15 November 2006, the Group acquired 100% of the common stock of AmerUs Group Co. (AmerUs) for US$69 in cash per common share of AmerUs. AmerUs is a leading provider of equity-indexed life and annuity products to the United States retirement and savings markets, and the acquisition establishes a leading presence for the Group in these selected high-growth segments.
Sale of RAC non-core businesses During 2006, the Group completed the disposal of the Manufacturer Support Services (MSS) and Lex Vehicle Leasing (LVL) divisions, which had been acquired with the RAC Group in 2005. The decision to sell was part of the Group’s wider strategy to integrate RAC and exit non-core operations.
(ii) Sale of LVL On 31 May 2006, the sale of Aviva’s 50% stake in Lex Vehicle Leasing (Holdings) Limited to HBOS plc was completed. Under the terms of the joint venture agreement, the change of control of RAC provided HBOS with the right to acquire Aviva’s interest in LVL which HBOS chose to exercise. The proceeds consisted of a net cash receipt of £227 million, from which Aviva’s estimated contribution of £16 million to the statutory debt funding of the RAC plc defined benefit pension scheme had been deducted. The gross consideration was therefore £243 million. In additional to the disposal of the investment in the joint venture of £239 million, HBOS will make an equivalent contribution to the statutory debt funding of the defined benefit pension scheme, estimated at £16 million. The sale resulted in a profit of £18 million before tax. A further £3 million profit arose on the sale of the Lex brand.
General Long-term Fund insurance business management and health Other Total For the year ended 31 December 2006 £m £m £m £m £m
Segment result before tax 2,100 154 1,811 (512) 3,553 Finance costs on central borrowings – – (2) (228) (230) Adjusted for the following: Impairment of goodwill – – – 94 94 Amortisation and impairment of acquired value of in-force business 100 – – – 100 Amortisation and impairment of intangibles 32 1 18 19 70
Financial Services Compensation Scheme and other levies – – (6) – (6) Short-term fluctuation in return on investments backing general insurance and health business – – (149) – (149) Profit on the disposal of subsidiaries and associates (12) – (88) (122) (222)
Capital expenditure (excluding business combinations) Intangible assets 44 – 6 2 52 Property and equipment 26 3 11 166 206
11 – Auditors’ remuneration The total remuneration payable by the Group, excluding VAT and any overseas equivalent thereof, to its principal auditors, Ernst & Young LLP, and its associates in respect of the audit of these financial statements is shown below, together with fees payable in respect of other work.
Deferred tax charged to equity includes £29 million credit (2005: £213 million credit) in respect of pensions and other post-retirement obligations, and a deferred tax charge of £43 million (2005: £49 million credit) in respect of unrealised gains on investments.
Profit for the year 2,385 4 2,389 1,592 306 1,898 Minority interests (185) 11 (174) (131) – (131)
(b) Property management undertakings (i) As part of their investment strategy, the UK and certain European long-term business policyholder funds have invested in a number of property limited partnerships (PLPs), either directly or via property unit trusts (PUTs), through a mix of capital and loans. The PLPs are managed by general partners (GPs), in which the long-term business shareholder companies hold equity stakes and which themselves hold nominal stakes in the PLPs. The PUTs are managed by a Group subsidiary.
(d) Expense charged to income statement The total expense recognised for the year arising from equity compensation plans was as follows: £m £m
(i) Share options The fair value of the options was estimated on the date of grant, based on the following weighted average assumptions: Weighted average assumption 2006 2005
29 – Shares held by employee trusts Movements in the carrying value of shares held by employee trusts comprise: Number £m Number £m
Equity shares in subsidiaries 850 320 Share of earnings 284 153 Share of other reserves 308 399
Preference shares in General Accident plc 250 250 Preference shares in other subsidiaries 6 6
– Prudent lapse assumptions have been introduced for these blocks of protection business. Prudent assumptions will be lower than expected for policies with positive reserves and higher than expected for policies with negative reserves.
(c) General insurance and health liabilities Provisions for outstanding claims Delays occur in the notification and settlement of claims and a substantial measure of experience and judgement is involved in assessing outstanding liabilities, the ultimate cost of which cannot be known with certainty at the balance sheet date. The reserves for general insurance and health are based on information currently available; however, it is inherent in the nature of the business written that the ultimate liabilities may vary as a result of subsequent developments.
(e) Provision for unearned premiums Movements The following changes have occurred in the provision for unearned premiums (UPR) during the year: £m £m
Notes to the consolidated financial statements continued 38 – Financial guarantees and options continued (c) Overseas life businesses In addition to guarantees written in the Group’s UK life businesses, our overseas businesses have also written contracts containing guarantees and options. Details of the significant guarantees and options provided by overseas life businesses are set out below.
Delta Lloyd has certain unit-linked contracts which provide a guaranteed minimum return at maturity from 4% pa to 2% pa. Provisions consist of unit values plus an additional reserve for the guarantee. The additional provision for the guarantee was £76 million (2005: £127 million). An additional provision of £43 million (2005: £77 million) in respect of investment return guarantees on group segregated fund business is held. It is estimated that the provision would increase by £163 million (2005: £293 million) if yields were to reduce by 1% pa and by £25 million (2005: £44 million) if equity markets were to decline by 10% from year end 2006 levels.
Other provisions comprise many small provisions throughout the Group for obligations such as costs of compensation, litigation, staff entitlements and reorganisation.
Amount of (gains)/losses (270) (831) (205) Percentage of the scheme assets at the end of the year 2.9% 10.1% 3.3%
Notes to the consolidated financial statements continued 43 – Borrowings (a) Carrying amounts The following table provides information about the maturity periods of the Group’s borrowings.
In May 2002, in accordance with FSA requirements, the Group commenced sending out the second phase of endowment policy update letters, which provide policyholders with information about the performance of their policies and advice as to whether these show a projected shortfall at maturity. The Group will send these updates annually to all mortgage endowment holders, in accordance with FSA requirements. The Group has made provisions totalling £128 million (2005: £195 million) to meet potential mis-selling costs and the associated expenses of investigating complaints. It continues to be the directors’ view that there will be no material effect either on the Group’s liability to meet the expectations of policyholders or on shareholders.
The Company and several of its subsidiaries have guaranteed the overdrafts and borrowings of certain other Group companies. The total exposure of the Group and Company is £7 million (2005: £7 million) and £109 million (2005: £109 million) respectively but, in the opinion of the directors, no material loss will arise in respect of these guarantees and indemnities.
In aggregate, the Group has at its disposal total available capital of £19.5 billion (2005: £18.0 billion), representing the aggregation of the solvency capital of all of our businesses. This capital is available to meet risks and regulatory requirements set by reference to local guidance and EU directives.
Receivables and other financial assets 89.8% 8.8% 0.6% 0.4% 0.3% 0.1% 8,098
O therinform ation Aviva plc Annual Report and Accounts 2006 203 50 – Risk management continued Embedded derivatives The Group has exposure to a variety of embedded derivatives in its long-term savings business due to product features offering varying degrees of guaranteed benefits at maturity or on early surrender, along with options to convert their benefits into different products on pre-agreed terms. The extent of the impact of these embedded derivatives differs considerably between business units.
O therinform ation Aviva plc Annual Report and Accounts 2006 205 50 – Risk management continued Analysis of maturity of liabilities For each main category of insurance and investment business, the following table shows the gross liability at 31 December 2006 analysed by remaining duration. The total liability is split by remaining duration in proportion to the cash-flows expected to arise during that period.
Life insurance and Investment contracts The nature of long-term business is such that a number of assumptions are made in compiling these financial statements. Assumptions are made about investment returns, expenses, mortality rates, and persistency in connection with the in-force policies for each business unit. Assumptions are best estimates based on historic and expected experience of the business. A number of the key assumptions for the Group’s central scenario are disclosed elsewhere in these statements for both IFRS reporting and reporting under EEV methodology.
Impact before tax on shareholders’ equity (£m) Interest Interest Equity/ Equity/ Gross loss rates rates property property Expenses ratios +1% –1% +10% -10% +10% +5%
Fair value assets are recognised as “Derivative financial instruments” in note 23(a). Fair value liabilities are recognised as “other financial liabilities” in note 44.
As part of the ongoing Group restructuring, the Company acquired all the shares in Norwich Union Limited from General Accident plc (GA) in December 2005. The acquisition was at fair value, settled via an intercompany loan, and gave rise to a profit on disposal in GA. The Company carries its investment in GA at its fair value less the balance on this loan. In April 2006, GA declared a dividend of £6,380 million which has been settled against the loan. This does not result in any further impairment of the Company’s net investment in GA and therefore the dividend has not been reflected through the income statement.
Profit sharing and incentive plans 1 – Equity compensation plans (see (iv) below) 17 6 Termination benefits 2 1
Earnings per share – EEV basis For the year ended 31 December 2006 2006 Earnings per share 2006 2005
Bonus rates on participating business have been set at levels consistent with the economic assumptions and Aviva’s medium-term bonus plans. The distribution of profit between policyholders and shareholders within the with-profit funds assumes that the shareholder interest in conventional with-profit business in the United Kingdom and Ireland continues at the current rate of one ninth of the cost of bonus.
The total annual return on equities is calculated as the return on 1-year bonds plus an excess return. The excess return is assumed to have a lognormal distribution. The model also generates property total returns and real yield curves, although these are not significant asset classes for Aviva outside the UK.
Valuation of debt Borrowings in the EEV consolidated balance sheet are valued on an IFRS basis, consistent with the primary financial statements. At 31 December 2006 the market value of the Group’s external debt, subordinated debt, preference shares including General Accident plc preference shares of £250 million (classified as minority interests) and direct capital instrument was £5,991 million (31 December 2005: £5,868 million).
Netherlands Delta Lloyd N.V. and its principal subsidiaries: Delta Lloyd ABN AMRO Verzekeringen Holding BV (51.0%) Delta Lloyd Asset Management N.V. Delta Lloyd Bankengroep N.V. (Banking) Delta Lloyd Levensverzekering N.V. Delta Lloyd Schadeverzekering N.V. Delta Lloyd Zorgverzekering NV OHRA Schadeverzekeringen N.V. OHRA Levensverzekeringen N.V.
A range of shareholder frequently asked questions and practical help on transferring shares and updating details is available online at www.aviva.com/shareholders.
Annual General Meeting The 2007 Annual General Meeting of the Company will be held at the Barbican Centre, Silk Street, London EC2Y 8DS on Thursday, 26 April 2007 at 11.00am. The Notice of Meeting, together with details of the business to be conducted at the Meeting, is being circulated to shareholders with this Annual Report, and can also be viewed on the Company’s website www.aviva.com/agm.
Corporate and single company Peps Barclays Stockbrokers Limited Tay House 0870 514 3263 www.stockbrokers.barclays.co.uk 300 Bath Street