Sup I. Actuary Report - Aviva

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Supplemental Independent Actuary's Report on Proposed Insurance Business Transfer of Aviva Insurance Europe SE to Aviva Insurance Limited Reliances 1.7 Whilst I have been assisted by my team, the report is written in the first person singular and the opinions expressed are my own. 1.8 In carrying out my review and producing this Supplemental Report, I have relied without independent verification upon the accuracy and completeness of the data and information provided to me, both in written and oral form, by Aviva. Where indicated, I have reviewed the information provided for reasonableness. I have met in person or conducted conference calls with representatives of Aviva to discuss the information provided to me and specific matters arising out of the considerations and analysis conducted. Where critical pieces of information have been provided orally I have requested and received written confirmation. A schedule of the additional information I have considered is listed in the Appendix. © KPMG LLP. All rights reserved Page 3 of 10 10/10/2012
Supplemental Independent Actuary's Report on Proposed Insurance Business Transfer of Aviva Insurance Europe SE to Aviva Insurance Limited 2. Summary and overall conclusions Approach 2.1 I have sought and received from Aviva additional information in order to consider if any event or change in circumstances has occurred which would cause me to alter the conclusions expressed in the IA Report. The information I have requested has been selected based on my knowledge of developments in the general insurance industry and also from the wider economic environment which I consider likely to have a direct or indirect impact on the Scheme Companies. The areas I have considered include: • Whether the analysis I performed in preparing the IA Report is still valid given the most recent financial and economic information available. • Changes in the Scheme Companies’ business. • Potential operational and structural changes to the Aviva group. • The potential impact of current uncertainties in the economic environment, including the risks arising from potential sovereign debt defaults of eurozone countries, and from potential debt defaults of key eurozone based financial institutions. • Current issues in the insurance industry, including changes in regulation, legal environment and litigation. • Relevant communications received from policyholders relating to the proposed Scheme. • The efficacy of the mutual guarantee provided between AIL’s immediate parent company Aviva International Insurance Ltd and AIL, in the context of the transfer of additional policyholders into AIL. • Proposed changes to remaining AIESE pensions liabilities. • The finalised mechanism of the transfer of assets of AIESE to AIL. • Whether the key assumptions made in forming my conclusions (described in section 2.5 of the IA Report) still apply in practice. Having received additional information I have then considered what impact, if any, this would have on the findings of the analysis I performed in order to form my opinion expressed in the IA report. Additional information considered 2.2 I have received information including: • Updated financial information including the trading performance of each Scheme Company in the 6 months to 30 th June 2012. • Analysis of the exposure of the Scheme Companies to potential eurozone defaults and break-up. • Changes in the business of the Scheme Companies and developments in the plans Aviva has for the levels of capital, operation, structure and business mix of these companies. I have discussed this information with senior management within Aviva, and where appropriate, requested additional information or written confirmation. A list of additional information received is contained in the Appendix to this report. © KPMG LLP. All rights reserved Page 4 of 10 10/10/2012
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Sup I. Actuary Report - Aviva

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