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In Focus: Wealth 16 October 2026
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2 Cautionary statement and important information Cautionary statement This presentation should be read in conjunction with the documents distributed by Aviva plc (the ‘Company’ or ‘Aviva’) through The Regulatory News Service (RNS).This presentation contains, and we may make other verbal or written ‘forward-looking statements’ with respect to certain of Aviva’s plans and current goals and expectations relating to future financial condition, performance, results, strategic initiatives and objectives and other future events and circumstances (including, climate and other sustainability-related plans and goals). Statements including those containing the words ‘believes’, ‘intends’, ‘expects’, ‘projects’, ‘plans’, ‘will’, ‘seeks’, ‘aims’, ‘may’, 'might', ‘could’, 'should', ‘outlook’, ‘likely’, ‘target’, ‘goal’, ‘guidance’, ‘trends’, ‘future’, ‘estimates’, ‘potential’, 'possible', ‘objective’, ‘predicts’, ‘ambition’ and ‘anticipates’, and words of similar meaning, are forward-looking. By their nature, all forward-looking statements are subject to known and unknown risks and uncertainty. Accordingly, there are or will be important factors that could cause actual results - and Aviva's related plans, expectations and targets - to differ materially from those indicated in these statements. Factors that could cause actual results to differ materially from those indicated in forward-looking statements in the presentation include: the impact of ongoing uncertain conditions in the global financial markets and the national and international political and economic situation generally (including those arising from the current conflict in the Middle East and wider geopolitical landscape); market developments and government actions; the effect of credit spread volatility on the net unrealised value of the investment portfolio; the effect of losses due to defaults by counterparties, including potential sovereign debt defaults or restructurings, on the value of our investments; the impact of changes in short or long-term interest rates and inflation reduce the value or yield of our investment portfolio and impact our asset and liability matching; the impact of changes in equity or property prices on our investment portfolio; fluctuations in currency exchange rates; the effect of market fluctuations on the value of options and guarantees embedded in some of our life insurance products and the value of the assets backing their reserves; the amount of allowances and impairments taken on our investments; the effect of adverse capital and credit market conditions on our ability to meet liquidity needs and our access to capital; changes in, or restrictions on, our ability to commence capital management initiatives; changes in or inaccuracy of assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, lapse rates and policy renewal rates), longevity and endowments; a cyclical downturn of the insurance industry; the impact of natural and man-made catastrophic events (including pandemics) on our business activities and results of operations; the transitional, litigation and physical risks associated with climate change; failure to understand and respond effectively to the risks associated with sustainability; our reliance on information and technology and third-party service providers for our operations and systems; the risks associated with adoption of and reliance on new and rapidly advancing technologies, such as artificial intelligence and quantum computing; the impact of the Group’s risk mitigation strategies proving less effective than anticipated, including the inability of reinsurers to meet obligations or unavailability of reinsurance coverage; poor investment performance of the Group’s asset management business; the withdrawal by customers at short notice of assets under the Group’s management; failure to manage risks in operating securities lending of Group and third-party client assets; increased competition in the UK and in other countries where we have significant operations; regulatory approval of changes to the Group’s internal model for calculation of regulatory capital under the UK’s version of Solvency II rules; the impact of recognising an impairment of our goodwill or intangibles with indefinite lives; changes in valuation methodologies, estimates and assumptions used in the valuation of investment securities; the effect of legal proceedings and regulatory investigations; the impact of operational risks, including inadequate or failed internal and external processes, systems and human error or from external events and malicious acts (including cyber attacks, phishing / vishing attacks, and theft, loss or misuse of customer data); risks associated with arrangements with third parties, including joint ventures; our reliance on third-party distribution channels to deliver our products; funding risks associated with our participation in defined benefit staff pension schemes; the failure to attract or retain the necessary key personnel, including quality financial advisers and underwriters; the failure to act in good faith, resulting in customers not achieving good outcomes and avoiding foreseeable harm; the effect of systems errors or regulatory changes on the calculation of unit prices or deduction of charges for our unit-linked products that may require retrospective compensation to our customers; the effect of a decline in any of our ratings by rating agencies on our standing among customers, broker-dealers, agents, wholesalers and other distributors of our products and services; changes to our brand and reputation and the potential loss of or damage to customer relationships, whether related to changes in customer habits or not; changes in laws and legal or public policy, in particular; changes in tax law and interpretation of existing tax laws in jurisdictions where we conduct business; changes to International Financial Reporting Standards relevant to insurance companies and their interpretation; the inability to protect our intellectual property; the effect of undisclosed liabilities and other risks associated with our business disposals; uncertainties relating to announced and future acquisitions, combinations or disposals within relevant industries including diversion of management attention and other resources and the Group's ability to integrate and deliver expected benefits within the assumed timeframe; the impact of exposure to Lloyd's related risks following the acquisition of Probitas, including dependence on Lloyd’s credit rating, solvency position and the maintenance of Lloyd’s own licence and approvals to underwrite business and commitment to certain financial and operational obligations, including to make contributions to funds at Lloyd’s; the policies, decisions and actions of government or regulatory authorities in the UK, the EU, the US, Canada or elsewhere, including changes to and the implementation of key legislation and regulation (for example, FCA Consumer Duty and Solvency UK). Please see Aviva's most recent Annual Report and Accounts for further details of risks, uncertainties and other factors relevant to the business and its securities. Forward looking statements should therefore be construed in light of such aforementioned factors. Aviva undertakes no obligation to update the forward-looking statements in this presentation or any other forward-looking statements we may make. Forward-looking statements in this presentation are current only as of the date on which such statements are made and readers are cautioned not to place undue reliance on such forward-looking statements. Such statements should be regarded as indicative and illustrative only, and Aviva does not provide any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. The information in this presentation does not constitute an offer to sell or an invitation to buy shares in Aviva plc or an invitation or inducement to engage in any other investment activities. As a reminder Throughout this presentation we use a range of financial metrics to measure our performance and financial strength. These metrics include Alternative Performance Measures (APMs), which are non-GAAP measures that are not bound by the requirements of IFRS and Solvency II. Further guidance in respect of the APMs used by the Group, including a reconciliation to the financial statements (where possible), can be found within the Other Information section of the Aviva plc Half Year Financial Results Pack 2026. All references to ‘Operating profit’ represent Alternative Performance Measure ‘Group adjusted operating profit’. The financial performance of our business units are presented as UK & Ireland General Insurance, Canada General Insurance, Insurance, Wealth & Retirement (IWR), Aviva Investors and International investments (consisting of our investments in India and China).
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3 Agenda Aviva’s growth platform in Wealth 3-year highlights and long-term potential The next phase of organic growth Workplace | Adviser Platform | Direct Wealth, Advice & Targeted Support Amanda Blanc Group CEO Doug Brown CEO, IWR Michele Golunska MD, Wealth Takeaways and Q&A
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Aviva’s growth platform in Wealth Amanda Blanc 4
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5 Key messages New technology creating even more exciting opportunities Unlocking Aviva’s customer advantage with strong foundations A major opportunity in UK Wealth, Aviva uniquely positioned … and significant growth potential beyond with Direct Wealth and other opportunities Confident in greater than £500m operating profit ambition by 2032… >25m Global customers #1 #2 #1 Insurance Health #3 UK&I GI #1 Canada GI #2 Protection #1 Retirement BPA Individual Annuities #1 #4 Equity Release #1 Wealth #1 Workplace Adviser Platform Direct Wealth Advice 5
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6 A major opportunity in UK Wealth, Aviva uniquely positioned Aviva positioned to take advantageMajor growth opportunity in UK Wealth Lifetime connected Wealth offering meeting all customer needs Aviva customer franchise, #1 trusted UK FS brand & strong foundations Strongly positioned for future regulatory change & AI Scale, operating leverage & breadth of proprietary data £2.7tn Market size, 2025 >10% Market growth p.a. Net flows & asset growth £7.5tn Market size, 2035 £10bn Profit pool, 2035 Workplace #1 Adviser Platform by net flows #2£261bn Wealth AUM Wealth player#1 Advisers225 6 Direct WealthGrowth opportunity
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7 Driving lifetime customer relationship Critical part of our corporate proposition Unlocking Aviva’s customer advantage with strong foundations D2C ISA Workplace pension D2C investments Financial advice & estate planning Guided Retirement, annuities & ER Acquisition engine Strong foundations in place MyAviva app Single view of customer LLM-ready starting with retail Marketing tech & personalisation: 21.8m Aviva UK customers 5.1m Workplace customers £1.6tn Investible assets1 26k Workplace schemes 32% Corporates with 2+ Aviva policies 93% Penetration across Corporate IFAs & EBCs D2C JISA Pension consolidation D2C savings £1bn AUM Workplace scheme with Aviva Group Life Cover & health wellbeing services FTSE 100 utilities company 1. Investible assets held by Aviva customers, including assets held outside Aviva.
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8 New technology creating even more exciting opportunities Transforming our business to capture opportunityTechnology & regulation driving market change 8 Regulation favouring scale £20bn UK M&A Wealth deal value in 2025 Innovative models with AI, tech & data 48% UK neo-broker asset growth in 2025 New distribution channels 53% UK consumers use AI often to assist with purchases AI powering customer decisions & actions 56% UK investors using AI to help manage money Customer franchise & brand Scale & capacity to invest AI foundations & proprietary data Regulated platforms Aviva moats : Engaging customers & improving operations Future-ready business Next-gen Direct Wealth Future of advice LLM distribution Pension transfers Agentic operations Retirement guidance Organic growth opportunity
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9 Confident in >£500m profit by 2032 and potential beyond Building track record of profitable growth Well on track for £280m operating profit by 2027 & greater than £500m by 2032… … primarily underpinned by growth in Workplace & Adviser Platform Highly confident in organic growth potential beyond Direct Wealth | LLM distribution | Targeted Support | Low-cost advice | Positive regulatory developments £88m £124m £175m £280m 2019 2022 2025 2027 2032 >£500m 2x Wealth operating profit … … … …
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3 - year highlights and long - term potential Doug Brown 10
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11 #1 in Wealth, leader in Workplace and Adviser Platform £234bn £221bn 2 £220bn £212bn 3 £190bn £175bn £147bn £141bn Wealth AUM, 2025 Workplace Advised 1 Direct Net flows 2023-25 +£29bn +£16bn +£18bn +£15bn +£8bn n/a +£14bn 11 Aviva #1 with outperformance on flows Adviser Platform Digital platform for advisers to manage client investments Workplace Administration of employer pension schemes & Master Trusts £73bn #2 by net flows AUM H1 2026 £172bn #1 by AUM c.460k Customers H1 2026 5.1m Advice Regulated financial advice & holistic wealth management Direct Wealth D2C platform for customers to manage their own wealth £10bn Assets under advice £5bn Building organically c.20k c.120k £261bn H1 2026 Building capabilities £(9)bn Sources: Aviva analysis of company & Fundscape reporting. Excludes unbundled investment only Workplace where reported. 1. Aviva includes Adviser Platform and IPP. 2. Excludes £11bn of individual annuities from Open Book AUM. 3. Disclosure by segment unavailable. Prior disclosures indicate legacy assets included.
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12 Accelerating profitable growth Strong momentum across all businesses Significant performance momentum since 2023 In Focus 2019 2022 2025 H1 2026 £113bn £147bn £234bn £261bn +9% CAGR +18% CAGR … … AUM Direct Wealth Advised 1 Workplace … Op. profit £88m £124m £175m £102m Net flows £7bn £9bn £11bn £8bn Customers 4.3m 5.1m 5.7m c.6m Workplace 1.7k scheme wins & accelerating in Master Trust with £8bn win of exclusive Mercer partnership 22% Op. profit growth 2022-25 CAGR Adviser Platform 10% customer growth p.a. & enhanced HNW offering with bond – 70% sales to new customers 28% Op. profit growth 2022-25 CAGR 1.7x AUM 2022-H1 26 Direct Wealth Strong sales to existing customers, leading on pension consolidation & building out proposition Advice £1.5bn Aviva referrals H1 26, +19% YoY Accelerating referrals from Aviva & flows onto Aviva Adviser Platform 12 1. Includes Adviser Platform and IPP.
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13 Opening profit jaws as we scale 36bps39bpsRevenue margin Expense margin 1 29bps33bps 35bps 27bps Driving sustained improvementsStrong margin improvement since 2023 Disciplined growth in diversified portfolio Disciplined pricing, enhancing revenue mix & investing in areas of opportunity – e.g., Adviser HNW, Direct Wealth Improving opex & cost of acquisition Lowering opex through automation & AI, outsourcing & offshoring; leveraging strength of Aviva brand & existing customer base to lower marketing cost & cost to acquire Aiming for continued profit margin improvement over time Natural 1-2bps revenue margin compression p.a. More than offsetting revenue margin compression 6.3 7.0 8.1 2023 2024 2025 … 2032…2027 9-10 1. Calculated as Wealth expenses divided by Wealth average AUM. Realising benefits of scale Leveraging optimised technology architecture with Diligenta, FNZ and Salesforce Operating profit margin (bps)
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14 Double-digit growth rates across all our markets Playing into fast-growing Wealth market >40% UK adults under-saving for retirement 35% UK personal savings in equities vs. 77% in US £0.3tn £0.8tn £0.4tn 2020 £0.7tn £1.3tn £0.8tn 2025 £2tn £3tn £2tn 2035 £1.5tn £2.7tn £7.5tn UK Wealth market, on-platform AUM CAGR 2025-35 12-17% 9-11% 10-12% Direct Wealth Advised Workplace 8% UK Pensions min. contribution rate today vs. 12% proposed 1 +13% CAGR >10% CAGR … regulation supporting growth Upside from addressing under-saving… Pension Schemes Act Targeted Support Pension Commission Pension Dashboard >£1.8tn addressable cash 1. 12% minimum contribution rate has been proposed by Pensions UK.
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15 Retirement Solutions Securing income in retirement Supporting lifetime needs of all customers Powering Wealth growth… Lifetime connected wealth offering is significant advantage Workplace Supporting pension needs of all customers through their lifetime, primary customer acquisition & engagement engine Advice & Adviser Platform Supporting complex needs of affluent customers Direct Wealth Serving more investment needs of mass-affluent & affluent customers through accumulation & retirement … and value chain capture c.70% Direct Wealth sales to existing customers c.15% Pensions outflows recaptured >£2.5bn Pension consolidation in 2025 £1.5bn Referrals to advice in H1 2026 with 17% conversion Revenue Margin 50-100bps Ongoing adviceAdvice fees 5-25bpsInvestment fees Aviva Investors c.25bpsPlatform charge Serving more investment needs of Workplace customers Capturing flows from all Wealth channels to Retirement Solutions Starting out RetirementAccumulation
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16 MyAviva app Single view of customer & wealth LLM-ready starting with retail Marketing tech & personalisation Increased ability to reach customers Engaging & supporting customers Unlocking Aviva customer opportunity 2.4m 40% of Wealth customers with 2+ Aviva policies c.6m Wealth customers +0.8m since 2022 4m contactable Workplace customers Targeted Support >85% of Wealth customers with access to MyAviva Education, guidance & engagement tools Launching Wealth on ChatGPT app Personalisation & always-on support with Virtual Assistant NEW
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17 Already embedding AI Embracing AI with exciting opportunities to accelerate Exciting new opportunities to accelerate growth Next-gen Direct Wealth Exploring opportunities to accelerate with innovative propositions leveraging AI & tech LLM distribution Aviva Wealth on ChatGPT app, LLM-optimised content on MyAviva Future of advice Leveraging technology to improve adviser productivity & close advice gap Engaging customersImproving operations Live in 2027 Simulating customer decisions with AI, accelerating proposition development Launched in 2026 Retirement guidance Proposition development Pension transfers Agentic operations 50% Expected reduction in back-office effort Further automation of pension transfers with Agentic AI Back-office automation – e.g., quality assurance 50% Expected quality assurance time saved AI-powered coaching complementing always-on Targeted Support
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18 £88m £124m £175m £280m 2019 2022 2025 2027 2032 >£500m c.15% CAGR Confident in >£500m profit by 2032 and potential beyond … Wealth operating profit … … … Well on track for £280m operating profit by 2027 & greater than £500m by 2032… … primarily underpinned by growth in Workplace & Adviser Platform Highly confident in organic growth potential beyond Direct Wealth | LLM distribution | Targeted Support | Low-cost advice | Positive regulatory developments
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19 Focused on three priority areas to unlock next phase of growth Leading from #1 Workplace position 1 Scaling leading Adviser Platform 2 Direct Wealth, Advice & Targeted Support 3 Primary drivers of £500m operating profit ambition Growth potential beyond
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1 Leading from #1 Workplace position Michele Golunska 20
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21 Workplace operating profit growth Key profit engine and critical contributor to Wealth ambition £91m £98m £128m 2022 2023 2024 2025 £163m22% CAGR 21 ∆ 22-25 AUM £109bn £153bn£129bn£93bn 18% CAGR Net flows £6.9bn £7.1bn£6.7bn£5.8bn 7% CAGR Op. profit margin 9.7bps 11.6bps10.8bps9.6bps +2.0bps Large, profitable and fast-growing business Strongly positioned to benefit from Pension Schemes Act Clear opportunities to continue accelerating Resilient flows through regular payroll contributions Market leader with room to grow in uniquely attractive, high-growth Wealth market Customers 4.6m 5.0m4.8m4.4m +0.6m Op. profit
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22 Uniquely attractive fast-growing Workplace market Uniquely attractive marketFast-growing market, fuelled by regular contributions Reliable, recurring contributions 8% auto-enrolment contributions from payroll, increasing in line with wage inflation Flows resilient to market downturns c.85% inflows from existing scheme contributions High levels of scheme retention c.99% asset retention in Aviva book … Significant upside potential 12% proposed auto-enrolment rate to close savings gap1 2015 2025 2035 2045 Future net contributions Historical AUM growth & future investment return Workplace market AUM 2x ~£760bn ~£190bn 4x ~£4tn ~£2tn 3x Auto-enrolment contrib. increased to 8% 2018/19 Introduction of auto-enrolment 2012 … … 1. 12% minimum contribution rate has been proposed by Pensions UK.
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23 Workplace AUM, 2025 23 Net flows 2023-25 £21bn n/a £19bn £8bn £15bn £2bn n/a #1 employee proposition, bringing Aviva breadth to members Market-leading scale driving operating leverage Go-to partner for intermediaries and corporates 5.1m customers driving regular contributions of £1.1bn per month Thought-leader with track record of innovation 1.5x since 2023 In Focus Growing from leadership position Strong market leader with deep competitive advantage Clear right to continue winning Contract/Own Rules Trust Master Trust £153bn £116bn £114bn £74bn £62bn £42bn £38bn Sources: Corporate Adviser, Go-group & Aviva analysis of company reporting. AUM and net flows are bundled business only where reporting allows - some peers may include investment only business.
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24 Leading positions in all segments with room to grow 2025 market AUM Market CAGR 2022-25 c.£280bn c.35% c.£140bn c.25% c.£80bn c.20% c.£500bn 26% #1 in market17% Contract & Own Rules Trust Large & Mega >1000 members Medium 100-1000 members Small <100 members Master Trust growth is a key priority Aviva share Master Trust c.£270bn c.8% c.10% incl. Mercer partnership 27% Investment only Market size reducingc.£170bn Do not participate Accelerating Aviva Master Trust Outgrowing market as top 3 commercial provider +30% AUM CAGR 2022-25 Partnering with intermediaries & on sector-specific solutions +£8bn Mercer MT AUM transferring 2026-27 Going after strategic partnerships Sources: Broadridge Analytics Solutions & Aviva analysis.
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25 Market-leading offering for members #1 recommended by intermediaries Go-to partner for EBCs and corporate IFAs Leading investment proposition Rated top 3 default provider by intermediaries Engagement, guidance & advice Financial wellbeing & 6k retirement consultations p.a. Retirement options #1 for retirement capability & innovation “… always at the top of the pile” – EBC in NMG survey “… experience with Aviva was absolutely remarkable” Leading MyAviva app 4.6 digital experience & access to broader offering 1 Leading service #1 likelihood to recommend, 42% NPS vs. (8)% market avg. #1 for business capability #1 ranked proposition & meeting needs of all scheme types & sizes Leading value for money #1 on value for money for both EBCs & Corporate IFAs Respected master trust board of trustees Representation from all major EBCs & leading industry bodies 1. iOS app rating in October 2026.
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26 Leading at-scale defaults with range of choices for schemes Market-leading investment propositions with Aviva Investors First choice for schemes c.70% of Aviva Workplace schemes select an Aviva default Top-rated default provider Rated best-in-class by intermediaries Default of choice for members c.65% of Workplace flows to Aviva Investors £51bn AUM #2 Investment performance1 Launched at end of 2025 My Future Focus Mix of public & private assets with active & passive funds New solution with 20-25% allocation to private markets Passively managed, focused on public markets £37bn AUM #3 Investment performance1 My Future My Future Vision Multi-manager approach On track for Mansion House Accord with allocation to private markets 1. Based on reporting by Hymans Robertson as at 30 June 2026 for defaults over £25bn, which is the proposed new minimum scale requirement from 2030.
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27 Well positioned for Pension Schemes Act Aviva helping to shape future as thought-leader in market Main default arrangement to reach at least £25bn 10% of default funds in private markets by 2030 Shift from cost to value and risk-adjusted returns focus Guided Retirement default solution for members Two defaults already at scale – ready to capitalise on disruption if competitors consolidate Launched My Future Vision private markets default, supported by Aviva Investors private assets High-performing Workplace default funds – each with over £30bn AUM 1 Leading annuities & equity release provider & offering Guided Retirement flex-then-fix solution Why Aviva is in strong position 1. Based on reporting by Hymans Robertson as at 30 June 2026 for defaults over £25bn, which is the proposed new minimum scale requirement from 2030.
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28 Clear priorities to continue accelerating Going after growth headroom in Workplace Accelerating Master Trust Scaling Aviva Master Trust & going after strategic partnerships Retaining assets into retirement Default Guided Retirement for Workplace & Master Trust, driving flows into annuities Capitalising on Aviva customer advantage Driving referrals into Direct Wealth & Advice Making Direct Wealth available alongside Workplace offering, customer targeting, Advice referrals Bringing full Aviva offering to Workplace members Leveraging MyAviva to offer full suite of Aviva products – General Insurance, Protection, Health 27% Market AUM CAGR 2022-25 20% p.a. Expected AUM growth for retirement in Workplace 1m Affluent customers in Aviva Workplace 5.1m Workplace customers H1 2026
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2 Scaling leading Adviser Platform Michele Golunska 29
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30 Very strong momentum in Adviser Platform AUM Adviser Platform asset growth 30 £39bn £44bn £54bn £65bn 2022 2023 2024 2025 +18% CAGR At scale with strong growth momentum – on track to become material profit contributor Rapidly building leadership position & outperforming peers in high-growth market Platform of choice for advisers with differentiated value proposition Continuing to invest behind next phase of growth - proposition, transforming advice Op. profit 28% CAGR£10m £30m£23m£14m Op. profit margin +1.4bps2.4bps 5.1bps4.6bps3.7bps Net flows 10% CAGR£2.7bn £5.1bn£4.6bn£3.8bn ∆ 22-25 Accelerating margin expansion as we scale, diversify revenue streams & drive efficiency
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31 Rapidly building a leadership position – aiming for top 3 £110bn £105bn £77bn £77bn £65bn £65bn £61bn 1 £55bn Adviser Platform AUM, 2025 Step-change in AUM driven by outperformance on flows Net flows 2023-25 n/a £12bn #2 in market £10bn £(9)bn n/a £(10)bn Net flows as % of AUM 2023-25 n/a 19% (12)% 32% #1 in market 12% n/a (20)% £6bn £16bn 24% Expecting market to double supported by structural trends Inter- generational wealth transfer Rising tax & financial complexity IFA firm consolidation £0.8tn Platform AUM, 2025 2 £2tn Platform AUM, 2035 2 AI presents risk of disruption to Advice but also opportunity Regulated platform is natural hedge against Advice disruption AI enables access to advice for broader audience Increase in adviser productivity with AI +3 Since 2022 Ambition to reach top 3 31 Sources: Aviva analysis of company reporting & Fundscape press releases. 1. AUM as at Q1 2026. 2. Out of £1.3tn total advice assets in 2025 & £3.3tn in 2035. Total includes both assets on platform & assets with vertically integrated players.
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32 32 #1 Recommended platform by advisers Adviser platform of choice with clear differentiators Trusted, financially strong partner with long- term commitment to advice market & clients #1 brand with leading trust & reliability Compelling value proposition fully aligned with Consumer Duty – key focus for advisers #1 value for money Highly regarded distribution team & strategic partnership capability for UK's largest firms Distribution strength Industry-leading capability reducing adviser admin by c.80% - key for consolidator clients First-to-market asset transition capability Open architecture platform 130+ integrations & access to 90+ DFMs, seamlessly embedding within adviser workflows Sources: Rankings by Defaqto and Investment Trends.
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33 Driving next phase of growth in Adviser Platform New revenue with MPS proposition 1 Launched Succession Wealth MPS on Adviser Platform with more to come Continue to extend into HNW segment Continuing to expand proposition, building on success of onshore bond launch Expanding client base into families Building full family-linking capabilities launching in early 2027 White-labelled low-cost, digital-first advice Winning with consolidators & national firms Leveraging leading asset transition to win as advice market consolidates 1% Firms now advise on 50% of assets - FCA #1 priority Segment for IFAs based on Investment Trends survey £7tn UK inter-generational wealth transfer before 2050 2x Increase in MPS assets in UK since 2023, >£200bn Solving adviser productivity - opportunity to differentiate Highlighted by IFAs is manual data entry – Intelliflo survey #1 challenge 1. MPS = Model Portfolio solutions.
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3 Direct Wealth, Advice & Targeted Support Michele Golunska 34
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35 Critical component of connected lifetime proposition Direct Wealth is critical component of Aviva Wealth proposition Retirement Solutions Workplace Advice & Adviser Platform Direct Wealth Serving more investment needs of Workplace customers Capturing flows from all Wealth channels to Retirement Solutions Starting out RetirementAccumulation Direct Wealth Serving more investment needs of Aviva customers Strong platform for pension consolidation & upgrade Recapturing outflows to D2C competitors Retaining assets in retirement Role of Direct Wealth
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36 Significant growth potential in Direct Wealth Fast-growing D2C market 20m UK retail investors £7tn to be transferred to younger investors by 2050 Consumer shift to digital & AI Aviva has clear right to win 36 Underpinned by Deep market & regulatory expertise Strong foundations to access customer opportunity – MyAviva, single view of customer, proprietary data & marketing tech, LLM-ready Aviva trusted brand, customer & pensions franchise Direct Wealth Proven ability to build & scale innovative offerings – e.g., Find & Combine, Adviser Platform, Aviva Zero D2C market AUM … …2022 2025 2035 £0.4tn £0.7tn >£3tn 18% CAGR 12-17% CAGR Base case Upside case £2tn Sources: Market forecast based on Aviva analysis of Platforum & Fundscape growth forecasts.
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37 Strong foundations in place Invested to build foundations in Direct Wealth MyAviva experience – transformed customer journeys, 74% online experience score AI-powered find & combine, pension consolidation – £0.6bn pension transfers 2026 YTD Range of product wrappers – ISA, GIA, SIPP, pension consolidation, JISA Broad investment range – 6,900 funds available, high-performing core fund range with Aviva Investors Direct Wealth Clear roadmap to continue building out proposition – e.g., ETFs, MPS, family-linking What is coming next £5bn AUM, H1 2026 vs. £2.9bn in 2022 c.120k Customers, H1 2026 2x since 2022 £0.6bn Net flows, 2025 2x since 2022
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38 Unlocking flows from Aviva customers Leveraging MyAviva as a gateway to everything Aviva Material progress unlocking customer opportunity Made Wealth more accessible by integrating all propositions into MyAviva Stepping up how we support customer decisions with Targeted Support Now unlocked 10m Aviva customers through marketing permissions & terms of business Leveraging single view of customer to target right customers with right proposition Direct Wealth c.70% Direct Wealth sales to existing customers Equal Contribution from Aviva Workplace & Insurance customers Making Direct Wealth available alongside Workplace offering - coming soon
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39 Technology driving market change Opportunity to significantly accelerate organic growth Opportunity to accelerate organic growth with trusted brand… Hyper-personalised, AI-led experience & enhanced proposition to meet evolving customer needs Playing into LLM distribution Modern technology ready for regulatory-compliant agentic trading & innovation Direct Wealth AI powering customer decisions LLMs increasingly used for financial research & unregulated advice Investments re-invented New technology-led asset classes & ways to trade – e.g., crypto, tokenisation Competition for customers with near-zero headline fees, offset by diverse revenue streams Revenue models disrupted Innovative models emerging Innovative models leveraging AI, technology & data to re-invent traditional offering
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40 Critical component of connected lifetime proposition Advice remains important to support Aviva customers Retirement Solutions Workplace Advice & Adviser Platform Direct Wealth Serving more investment needs of Workplace customers Capturing flows from all Wealth channels to Retirement Solutions Starting out RetirementAccumulation Clear role for in-person advice to support more complex needs Advice Customer preference for human-led financial advice – 7 in 10 adults Tax complexity driving demand for tax efficient instruments – trusts, bonds Rising importance of estate planning - £7tn inter-generational wealth transfer Technology making advice more accessible for wider set of customers
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41 Transformed in-house Advice, connecting it to Aviva 41 225 advisers Whole-of-market & restricted advice National coverage Mass-affluent & HNW proposition c.£500k average customer case size Succession Wealth today Created more connected & scalable advice proposition Connecting proposition Built referral engine, connecting advice to Aviva customers who need it £1.5bn H1 2026 referral value, with 17% conversion #1 IFA for flows to Aviva Platform & Aviva Investors Brought in Aviva platform & investments to strengthen proposition Transformed foundations >60 IFAs integrated into operating model Invested in integrating IFA firms with complementary capabilities 25% Increase in adviser productivity YoY Simplified operating model improving productivity & adviser effectiveness Advice Ranked #6 in top 100 advisers in UK
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42 Clear priorities to continue scaling with Aviva customers Step-change cost-to-serve Scaling Aviva referral engine Improving conversion Accelerating flows to platform Low-cost digital-first advice Further transforming productivity through technology, AI & automation Scaling lead generation & referrals from Workplace, sourcing from rest of Aviva Delivering personalised engagement at scale across customer journey Bringing more customer assets onto Aviva Platform & investments Lowering cost-to-serve by 50% & making £100k case sizes economically viable Advice 42
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43 Low-cost advice expands Aviva customer opportunity Digital onboarding Goal optimisation engine Workflow automation Dynamic recommendations 50% Lower cost-to-serve with digital / human hybrid £100k Case sizes economical with use of capability 4x Larger Aviva customer opportunity with low-cost advice Advice
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44 Supporting even more customers with Targeted Support Unmet need for support >40% UK adults not on track for adequate retirement 83% UK adults do not feel confident in retirement planning <9% UK adults with access to bespoke financial advice 44 Targeted Support Free personalised support delivering actionable recommendation & driving better customer outcomes Education & guidance Tools & education to support customers in making good decisions New Personalised recommendations for complex needs & holistic Wealth management for affluent customers Targeted Support Regulated advice Mass-market Mass-affluent Affluent
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45 Significant engagement with campaigns Range of support available Customers trust Aviva for financial education and support Education Building understanding of investing & retirement saving Guidance within journeys Supporting with key decisions – e.g., Guided Retirement Engagement tools Turning awareness into action – e.g., retirement forecaster Easy access to information & always–on personalised guidance with conversational Virtual Assistant What is coming next Also critical for LLM search optimisation 3.4m Total views for Investing Master Plan series since March 2026 3.7m Total views for Pensions Playbook series in first month Targeted Support
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46 Launched Targeted Support with focus on Pensions Under-saving for retirement Actionable suggestions to help customers understand pension adequacy and their path to retirement NEXT 3-6 MONTHS At-retirement decisions Targeted recommendations on how best to access your pension 2027 Upgrading legacy pensions Proactive campaign & suggestions to upgrade to modern, more flexible Direct Wealth SIPP LIVE Turning Targeted Support into always-on, responsive conversations Agentic Targeted Support underpinned by proprietary knowledge base Leveraging regulatory- compliant modelling Surfaced through Virtual Assistant to provide always-on support For eligible customers and use cases Targeted Support Actions executed on regulated platform - Workplace, Direct Wealth
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47 Key takeaways Leading positions and strong progress in Workplace and Adviser Platform A major opportunity in UK Wealth, Aviva uniquely positioned New technology creating even more exciting opportunities to accelerate … and significant growth potential beyond with Direct Wealth and other opportunities Confident in greater than £500m operating profit ambition by 2032…
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Appendix 48
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49 End-to-end lifetime offering MyAviva app Leading multi-asset funds Single view of customer & wealth Starting out 25-34 Retirement 55+ Accumulation 35-54 Mass-affluent (e.g. >£100k investible assets) All customers Affluent (e.g. >£300k investible assets) Wealthify (DFM) Cash savings ISA & GIA Workplace Pension Bonus sacrifice Investment advice Drawdown Low-cost advice Targeted Support Guided Retirement Annuities & Equity Release 2 Targeted Support Holistic wealth management Estate planning ISA, GIA & SIPP Pension consolidation Targeted Support Pension consolidation Targeted Support Financial planning Model portfolios Bonds Workplace Direct Wealth Advice c.70% Direct Wealth sales to existing customers c.15% Pensions outflows recaptured1 c.65% Workplace flows into Aviva Investors funds Start investing & saving for the future Grow & maximise Wealth for the future Secure future for customers & loved ones 1. Based on outflows across Heritage pensions, Workplace, Adviser Platform & IPP as at H1 2026. 2. Forms part of Retirement Solutions.
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50 Invested in customer foundations Single view of customer MyAviva app Marketing tech & personalisation LLM-ready LLMs as distribution channel & engagement engine A single digital front door to Aviva Single master record across all Aviva UK lines – incl. >17m customers & c.4m prospects 1 Personalising experience, content & offers at scale, based on customer insight >85% Wealth customers with access to MyAviva c.1PB Customer data on Snowflake platform +90% Customer contacts in last 3 years #1 LLM searchability for most Aviva products Driving lifetime customer relationships 21.8m UK customers 7.2m UK customers with 2+ Aviva policies 1. Direct Line customers being integrated into single view of customer.