Ifrs

IFRS condensed consolidated financial statements
Condensed consolidated income statement

Condensed consolidated statement of comprehensive income
Condensed consolidated statement of changes in equity
Condensed consolidated statement of financial position
Condensed consolidated statement of cash flows
Notes to the condensed financial statements

A2 Exchange rates
A3 Subsidiaries, joint ventures and associates
A4 Segmental information
A5 Tax
A6 Earnings per share
A7 Dividends and appropriations
A8 Insurance liabilities
A9 Liability for investment contracts
A10 Reinsurance assets
A11 Effect of changes in assumptions and estimates during the period
A12 Unallocated divisible surplus
A14 Pension obligations and other provisions
A15 Cash and cash equivalents
A16 Related party transactions
A20 Analysis of general insurance
A21 Funds under management
A22 Operational cost base
New business
B1 Geographical analysis of life, pension and investment sales
B2 Product analysis of life and pensions sales
B3 Trend analysis of PVNBP cumulative
B4 Trend analysis of PVNBP discrete
B5 Geographical analysis of regular and single premiums life and pensions sales
B6 Geographical analysis of regular and single premiums investment sales
B7 Life and pensions new business net of tax and non-controlling interests
Capital management
C1 Capital management objectives and approach
C2 Capital performance
C3 Group capital structure
C4 Regulatory capital
C5 IFRS Sensitivity analysis
Analysis of assets
D1 Total assets
D2 Total assets Valuation bases/fair value hierarchy
D3 Analysis of asset quality
D4 Pension fund assets
D5 Available funds
Shareholder services
2012 financial calendar
Condensed consolidated income statement

For the six month period ended 30 June 2012
Income
Gross written premiums
Premiums ceded to reinsurers
Premiums written net of reinsurance
Net change in provision for unearned premiums
Net earned premiums
Fee and commission income
Net investment income
Share of (loss)/profit after tax of joint ventures and associates
(Loss)/ profit on the disposal and re-measurement of subsidiaries and associates
Expenses
Claims and benefits paid, net of recoveries from reinsurers
Change in insurance liabilities, net of reinsurance
Change in investment contract provisions
Change in unallocated divisible surplus
Fee and commission expense
Other expenses
Finance costs
(Loss)/profit before tax

Tax attributable to policyholders returns
(Loss)/profit before tax attributable to shareholders profits
Tax (expense)/credit
Less: tax attributable to policyholders returns
Tax attributable to shareholders profits
(Loss)/profit after tax
(Loss)/profit from discontinued operations
(Loss)/profit for the period
Attributable to:
Equity shareholders of Aviva plc
Non-controlling interests
Earnings per share

Basic (pence per share)
Diluted (pence per share)
Continuing operations Basic (pence per share)

Continuing operations Diluted (pence per share)
1. Statements have been prepared in accordance with the Basis of Preparation
Note
Reviewed
Reviewed1
6 months 2012
6 months 2011
Full yea
Continuing operations
Continuing operations Discontinued operations
13,765
15,398
2,118
30,000
(903)
(940)
(75)
(1,673)
12,862
14,458
2,043
28,327
(212)
(290)
(56)
(236)
12,650
14,168
1,987
28,091
632
719
97
1,479
8,687
5,787
436
5,991
(76)
152
28
(123)
(30)
(11)
(32)
565
21,863
20,815
2,516
36,003
(13,646)
(13,063)
(1,475)
(26,934)
186
(1,139)
(909)
(3,730)
(1,210)
(1,957)
(94)
1,224
(2,506)
101
(19)
2,721
(2,389)
(2,341)
(192)
(4,554)
(2,394)
(1,422)
(291)
(3,297)
(360)
(339)
(262)
(798)
(22,319)
(20,160)
(3,242)
(35,368)
(456)
655
(726)
635
(21)
178
(477)
658
(726)
813
A5
(225)
(190)
202
(51)
A5
21
(3)
(178)
(204)
(193)
202
(229)
(681)
465
(524)
584
(524)
A5
(524)
(681)
(59)
60
(745)
125
225
64
(184)
(165)
(681)
(59)
60
(26.0)p
4.1p
5.8p
(26.0)p
4.0p
5.7p
(26.0)p
15.4p
17.0p
(26.0)p
15.1p
16.7p
A6
Audited
Full year 2011
m
Discontinued operations
2,118
(75)
2,043
(56)
1,987
97
436
28
(32)
2,516
(1,475)
(909)
(94)
(19)
(192)
(291)
(262)
(3,242)
(726)
(726)
202
202
(524)
Condensed consolidated statement of comprehensive income

(Loss)/profit for the period from continuing operations

(Loss) for the period from discontinued operations
Total (loss)/profit for the period
Other comprehensive income from continuing operations:

Investments classified as available for sale
Fair value gains
Fair value gains transferred to profit on disposals
Impairment losses on assets previously revalued through other
comprehensive income now taken to the income statement
Owner-occupied properties
Fair value (losses)/gains
Share of other comprehensive income of joint ventures and associates
Actuarial gains/(losses) on pension schemes
Other pension scheme movements
Foreign exchange rate movements
Aggregate tax effect shareholder tax
Other comprehensive income, net of tax from continuing operations
Other comprehensive income, net of tax from discontinued operations

Total other comprehensive income, net of tax
Total comprehensive income for the period from continuing operations

Total comprehensive income for the period from discontinued operations
Total comprehensive income for the period
Attributable to:
Equity shareholders of Aviva plc
Reviewed
Reviewed
Audited
6 months
6 months
Full year
2012
2011
2011
(681)
465
584
(524)
(524)
(681)
(59)
60
261
56
414
(50)
(38)
(148)
21
(1)
(60)
(134)
123
22
996
(30)
(22)
(226)
209
(254)
(118)
(21)
(261)
147
614
82
82
229
696
(679)
612
1,198
(442)
(442)
(679)
170
756
(703)
234
923
24
(64)
(167)
(679)
170
756
Condensed consolidated statement of changes in equity

Balance at 1 January
(Loss)/profit for the period
Other comprehensive income
Total comprehensive income for the period
Dividends and appropriations
Shares issued in lieu of dividends
Capital contributions from non-controlling interests
Effect of deconsolidation of Delta Lloyd
Non-controlling interests share of dividends declared in the period
Transfer to profit on disposal of subsidiaries
Non controlling interests in (disposal)/acquired subsidiaries
Changes in non-controlling interest in existing subsidiaries
Shares acquired by employee trusts
Reserves credit for equity compensation plans
Reclassification to financial liabilities
Aggregate tax effect shareholder tax
Issue of fixed rate tier 1 notes
Balance at 30 June/31 December
Reviewed
Reviewed
Audited
6 months
6 months
Full year
2012
2011
2011
15,363
17,725
17,725
(681)
(59)
60
229
696
(679)
170
756
(474)
(460)
(813)
38
184
307
25
68
(2,370)
(2,370)
(66)
(76)
(126)
(3)
(11)
(11)
(3)
(29)
23
18
48
(205)
16
392
14,605
15,205
15,363
Condensed consolidated statement of financial position

As at 30 June 2012
Assets
Goodwill
Acquired value of in-force business and intangible assets
Interests in, and loans to, joint ventures
Interests in, and loans to, associates
Property and equipment
Investment property
Loans
Financial investments
Reinsurance assets
Deferred tax assets
Current tax assets
Receivables
Deferred acquisition costs and other assets
Prepayments and accrued income
Cash and cash equivalents
Assets of operations classified as held for sale
Total assets
Equity
Capital
Ordinary share capital
Preference share capital
Capital reserves
Share premium
Merger reserve
Shares held by employee trusts

Other reserves
Retained earnings
Equity attributable to shareholders of Aviva plc

Direct capital instruments and fixed rate tier 1 notes
Total equity
Liabilities
Gross insurance liabilities
Gross liabilities for investment contracts
Unallocated divisible surplus
Net asset value attributable to unitholders
Provisions
Deferred tax liabilities
Current tax liabilities
Borrowings
Payables and other financial liabilities
Other liabilities
Liabilities of operations classified as held for sale
Total liabilities
Total equity and liabilities
Note
A10
A15
Reviewed
Reviewed
Audited
30 June
30 June
31 December
2012
2011
2011
1,794
2,823
2,640
1,649
2,396
2,021
1,689
2,154
1,700
979
1,427
1,118
445
467
510
11,001
11,236
11,638
26,918
24,828
28,116
213,270
228,006
216,058
7,239
6,570
7,112
262
136
238
74
112
140
8,456
9,271
7,937
6,444
5,956
6,444
3,176
3,390
3,235
25,251
23,106
23,043
3,962
728
426
312,609
322,606
312,376
729
716
726
200
200
200
929
916
926
1,170
1,184
1,173
3,271
3,271
3,271
4,441
4,455
4,444
(14)
(32)
(43)
1,514
1,729
1,562
4,854
5,303
5,954
11,724
12,371
12,843
1,382
990
990
1,499
1,844
1,530
14,605
15,205
15,363
A8
148,003
149,515
150,101
A9
107,386
119,284
110,644
A12
3,162
3,273
650
11,138
8,735
10,352
1,097
1,103
992
1,324
1,166
1,171
200
249
232
8,071
8,882
8,450
11,061
12,029
11,230
2,927
2,822
2,828
3,635
343
363
298,004
307,401
297,013
312,609
322,606
312,376
A14
A13
Condensed consolidated statement of cash flows

Cash flows from operating activities

Cash generated from continuing operations
Tax paid
Net cash from/(used in) operating activities continuing operations
Net cash (used in)/from operating activities discontinued operations
Total net cash from/(used in) operating activities
Cash flows from investing activities
Acquisitions of, and additions to subsidiaries, joint ventures and associates, net of cash
acquired
Disposals of subsidiaries, joint ventures and associates, net of cash transferred
New loans to joint ventures and associates
Repayment of loans to joint ventures and associates
Net new loans to joint ventures and associates
Purchases of property and equipment
Proceeds on sale of property and equipment
Purchases of intangible assets
Net cash (used in)/from investing activities continuing operations
Net cash (used in)/from investing activities discontinued operations
Total net cash (used in)/from investing activities
Cash flows from financing activities
Proceeds from issue of ordinary shares and fixed rate tier 1 notes, net of transaction costs
Treasury shares purchased for employee trusts
New borrowings drawn down, net expenses
Repayment of borrowings
Net drawdown/(repayment) of borrowings
Interest paid on borrowings

Preference dividends paid
Ordinary dividends paid
Coupon payments on direct capital instruments
Capital contributions from non-controlling interests
Dividends paid to non-controlling interests of subsidiaries
Changes in controlling interest in subsidiary
Net cash (used in)/from financing activities continuing operations
Net cash from/(used in) financing activities discontinued operations
Total net cash (used in)/from financing activities
Total net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Effect of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at 30 June/31 December
Reviewed
Reviewed
Audited
6 months
6 months
Full Year
2012
2011
2011
3,693
(1,425)
107
(90)
(198)
(434)
3,603
(1,623)
(327)
(15)
(15)
3,603
(1,638)
(342)
(43)
(119)
(114)
54
51
877
(3)
(19)
(18)
17
(3)
(18)
(1)
(30)
(39)
(97)
11
34
48
(53)
(29)
(123)
(64)
(120)
590
(512)
(512)
(64)
(632)
78
392
(3)
(29)
1,192
718
3,646
(1,373)
(254)
(3,602)
(181)
464
44
(318)
(290)
(708)
(9)
(9)
(17)
(427)
(267)
(431)
(58)
25
68
(66)
(76)
(126)
(1)
(607)
(153)
(1,257)
(516)
(516)
(607)
(669)
(1,773)
2,932
(2,939)
(2,037)
22,401
24,695
24,695
(338)
504
(257)
24,995
22,260
22,401
A2 Exchange rates
Eurozone
Average rate (1 equals)
Period end rate (1 equals)
United States
Average rate ($US1 equals)
Period end rate ($US1 equals)
6 months
6 months
Full year
2012
2011
2011
0.82
0.87
0.87
0.81
0.90
0.84
0.63
0.62
0.63
0.64
0.62
0.65
A3 Subsidiaries, joint ventures and associates

(a) Acquisitions
Assets
Reinsurance assets
Other assets
Total assets
Liabilities
Insurance liabilities
Other liabilities
Total liabilities
Total net assets
Net assets acquired (50%)
Cash consideration
Goodwill arising on acquisition of this holding
(b) Disposal of subsidiaries, joint ventures and associates
United Kingdom
RAC Limited
Non-core operations
Australia
Other small operations
(Loss)/profit on disposal from continuing operations
Loss on disposal from discontinued operations
Total (loss)/profit on disposal
(c) Assets and liabilities of operations classified as held for sale
Assets
Goodwill
Intangible assets
Interests in, and loans to, joint ventures and associates
Investment property
Financial Investments
Receivables and other financial assets
Total assets
Liabilities
Liability for investment contracts
Other liabilities
Total liabilities
Net assets
Book value and fair

value
m
79
59
6
144
(130)
(2)
(132)
12
6
7
1
6 months
6 months
Full Year
2012
2011
2011
(21)
532
(3)
23
(9)
(8)
10
(30)
(11)
565
(32)
(32)
(30)
(43)
533
30 June
30 June
31 December
2012
2011
2011
284
108
229
14
14
12
31
26
3,039
347
765
158
62
10
3,962
728
426
(1,633)
(149)
(344)
(1,798)
(204)
(194)
(19)
(3,635)
(343)
(363)
327
385
63
A4 Segmental information
(a) Operating segments
(i) Segmental income statement for the six month period ended 30 June 2012

Internal reinsurance revenue
Net written premiums
Net earned premiums

Inter-segment revenue
Share of profit of joint ventures and associates
Loss on the disposal of subsidiaries and associates
Segmental income
Amortisation of acquired value of in-force business
Impairment of goodwill and other intangibles, depreciation and other amortisation expense
Other operating expenses
Impairment losses on AVIF and tangible assets*
Inter-segment expenses
Finance costs
Segmental expenses
Profit/(loss) before tax

Profit/(loss) before tax attributable to shareholders
Adjusted for non-operating items:
Reclassification of corporate costs and unallocated interest
Investment return variances and economic assumption
changes on long-term business
Short-term fluctuation in return on investments backing
non-long-term business
Economic assumption changes on general insurance and
health business
Impairment of goodwill, associates and joint ventures
Amortisation and impairment of intangibles
(Profit)/loss on the disposal of subsidiaries and associates
Integration and restructuring costs
Exceptional items
Share of Delta Lloyds non-operating items (before tax),
as an associate
Share of Delta Lloyds tax expense, as an associate
Operating profit/(loss) before tax attributable
to shareholders
* Impairment losses, and reversal of such losses, recognised directly in other comprehensive income were 8 million and nil re
** Other developed markets include Czech Republic, Romania, Hungary, Group Reinsurance and agencies in runoff.
Aviva Investors operating profit includes 1 million profit relating to the Aviva Investors Pooled Pension business.
# Other group activities include Delta Lloyd as an associate.
(ii) Segmental income statement for the six month period ended 30 June 2011

Net earned premiums

Segmental income
Finance costs
Segmental expenses
Profit/(loss) before tax attributable
to shareholders
Investment return variances and economic assumption changes on long-term business
Short-term fluctuation in return on investments backing non-long-term business
Economic assumption changes on general insurance and health business
Impairment of goodwill
Exceptional items
Share of Delta Lloyds non-operating items (before tax), as an associate
Operating profit/(loss) before tax
attributable to shareholders
* Impairment losses, and reversal of such losses, recognised directly in other comprehensive income were 8 million and nil re
(iii) Segmental income statement for the year ended 31 December 2011

Net earned premiums

Share of profit/(loss) of joint ventures and associates
Profit/(loss) on the disposal of subsidiaries and associates
Segmental income

Amortisation of acquired value of in- force business
Finance costs
Segmental expenses
Profit/(loss) before tax attributable
to shareholders
Investment return variances and economic assumption changes on long-term business
Short-term fluctuation in return on investments backing non-long-term business
Economic assumption changes on general insurance and health business
Exceptional items
Operating profit/(loss) before tax
attributable to shareholders
* Impairment losses, and reversal of such losses, recognised directly in other comprehensive income were 21 million and nil
(iv) Segmental statement of financial position as at 30 June 2012
Goodwill
Investment property
Loans
Deferred acquisition costs
Other assets
Total assets
Long-term business and outstanding claims provisions
Unearned premiums
Other insurance liabilities
External borrowings
Other liabilities, including inter-segment liabilities
Total liabilities
Total equity
Capital expenditure (excluding business combinations)
(v) Segmental statement of financial position as at 30 June 2011
Goodwill
Investment property
Loans
Other assets
Total assets
Unearned premiums
External borrowings
Other liabilities, including inter segment liabilities
Total liabilities
Total equity
(vi) Segmental statement of financial position as at 31 December 2011
Goodwill
Investment property
Loans
Other assets
Total assets
Unearned premiums
Borrowings
Other liabilities, including inter- segment liabilities
Total liabilities
Total equity
(i) Segmental income statement products and services for the six month period ended 30 June 2012
Gross written premiums*


Net earned premiums

Segmental income
Depreciation and other amortisation expense
Impairment losses
Finance costs
Segmental expenses
Profit/(loss) before tax from continuing operations
Tax attributable to policyholder returns
Adjusted for:
Non-operating items from continuing operations (excluding Delta Lloyd as an associate)
Operating profit/(loss) before tax attributable to shareholders profits from continuing
operations
Operating profit/(loss) before tax attributable to shareholders profits from discontinued
operations
Operating profit/(loss) before tax attributable to shareholders profits
* Gross written premiums includes inward reinsurance premiums assumed from other companies amounting to 137 million, of
million relates to long-term business.
** General insurance and health business segment includes gross written premiums of 610 million relating to health business.
Other includes Delta Lloyd as an associate, head office expenses, such as group treasury and finance functions, and certain
(ii) Segmental income statement products and services for the six month period ended 30 June 2011

Net earned premiums

Segmental income
Impairment losses
Finance costs
Segmental expenses

Adjusted for:
operations
operations
million relates to long-term business.
** General insurance and health business segment includes gross written premiums of 589 million relating to health business.
Other includes the RAC, up to the date of disposal, head office expenses, such as group treasury and finance functions, and
segments.
(iii) Segmental income statement products and services for the year ended 31 December 2011

Net earned premiums
Net investment income/(expense)

Share of (loss) of joint ventures and associates
Profit/(loss) on the disposal of subsidiaries and associates
Segmental income

Amortisation of acquired value of in-force business on insurance contracts
Impairment losses
Finance costs
Segmental expenses
Profit/(loss) before tax attributable to shareholders from continuing operations
Adjusted for:
operations
Operating profit/(loss) before tax attributable to shareholders profits from discontinued
operations
133 million relates to long-term business.
** General insurance and health business segment includes gross written premiums of 1,107 million relating to health busines
Other includes the RAC, up to the date of disposal, head office expenses, such as group treasury and finance functions, and
segments.
(iv) Segmental statement of financial position products and services as at 30 June 2012
Goodwill

Investment property
Loans
Other assets
Total assets
Borrowings
Total liabilities
Total equity
* Avivas continuing associate interest in Delta Lloyd is included within other.
(v) Segmental statement of financial position products and services as at 30 June 2011
Goodwill
Investment property
Loans
Other assets
Total assets

Net asset value attributable to unit holders
Borrowings
Total liabilities
Total equity
(vi) Segmental statement of financial position products and services as at 31 December 2011
Goodwill
Investment property
Loans
Other assets
Total assets
Borrowings
Total liabilities
Total equity

Developed Markets
United Kingdom & Ireland
Life
GI
France
United States
Canada
3,246
2,408
2,562
1,955
1,121
(512)
(140)
(26)
(64)
(36)
(3)
(7)
(2)
(4)
2,731
2,261
2,534
1,891
1,081
(18)
(42)
(85)
(26)
2,713
2,219
2,449
1,891
1,055
236
75
63
19
2,949
2,294
2,512
1,894
1,074
2,923
256
2,996
1,093
78
11
(21)
5,883
2,529
5,512
2,987
1,152
(4,781)
(1,448)
(2,785)
(1,356)
(608)
1,151
49
(375)
(1,044)
(2)
(681)
(168)
(46)
(355)
(1,537)
(7)
(9)
(72)
(41)
(29)
(1)
(901)
(9)
(813)
(935)
(382)
(215)
(361)
(22)
(10)
(10)
(46)
(2)
(37)
(2)
(107)
(29)
(2)
(10)
(5)
(5,702)
(2,404)
(5,259)
(3,691)
(987)
181
125
253
(704)
165
(20)
161
125
253
(704)
165
13
301
(44)
(92)
(36)
(33)
(3)
18
(1)
787
21
112
21
12
54
483
207
195
111
173
ehensive income were 8 million and nil respectively.
nsurance and agencies in runoff.
tors Pooled Pension business.
Developed Markets
Life
GI
France
United States
Canada
4,111
2,502
3,075
1,607
1,068
(619)
(78)
(25)
(62)
(39)
(2)
(4)
(4)
3,492
2,422
3,046
1,545
1,025
(42)
(107)
(82)
(18)
3,450
2,315
2,964
1,545
1,007
232
92
75
16
3,682
2,407
3,039
1,545
1,023
2,759
195
935
1,062
103
112
(3)
(8)
6,553
2,599
3,969
2,607
1,126
(4,655)
(1,638)
(2,432)
(1,269)
(623)
170
170
(380)
(929)
(30)
(741)
(904)
(43)
(102)
388
(6)
(10)
(74)
(40)
(15)
(1)
(27)
(8)
(629)
(895)
(429)
(122)
(328)
(30)
(9)
(49)
(1)
(34)
(2)
(92)
(26)
(3)
(8)
(6)
(6,144)
(2,435)
(3,770)
(2,515)
(997)
409
164
199
92
129
414
164
199
92
129
(1)
23
(20)
(16)
54
(22)
20
12
26
35
13
16
504
244
215
107
118
Developed Markets
Life
GI
France
United States
Canada
7,925
4,941
5,305
3,745
2,164
(999)
(192)
(66)
(125)
(70)
(11)
(6)
(11)
6,926
4,738
5,233
3,620
2,083
(57)
(60)
(22)
(46)
6,869
4,678
5,211
3,620
2,037
503
199
147
10
38
7,372
4,877
5,358
3,630
2,075
5,497
449
(896)
1,650
236
(41)
528
37
12,828
5,854
4,508
5,280
2,311
(9,647)
(3,159)
(5,366)
(2,554)
(1,308)
(2,383)
99
62
(1,614)
(1)
949
583
(86)
358
1,334
(35)
(19)
(199)
(260)
(36)
(7)
(55)
(18)
(1,423)
(1,846)
(806)
(421)
(673)
(60)
(4)
(31)
(133)
(6)
(71)
(3)
(277)
(52)
(18)
(22)
(11)
(12,851)
(5,060)
(4,241)
(5,053)
(2,014)
(23)
794
267
227
297
186
163
794
267
227
297
20
543
47
(101)
54
140
(64)
86
149
66
54
11
(528)
(37)
46
37
30
22
35
989
489
471
194
254
Developed Markets
Life
GI
France
United States
Canada
23
1,013
50
177
52
141
526
44
1,257
148
174
40
48
116
18
7,798
17
1,270
22,281
341
844
3,192
81
86,868
3,059
55,455
31,731
3,789
1,472
551
207
1,839
277
21,966
4,143
13,213
1,873
1,118
142,016
9,216
71,326
39,284
5,377
70,509
5,641
13,636
31,573
2,502
377
2,245
426
1,140
94
72
97
47,085
46,026
2,699
2,063
1,759
1,389
4,640
2,771
166
11,496
(2,835)
2,648
2,385
412
135,690
5,147
69,207
36,823
4,151
135,690
5,147
69,207
36,823
4,151
36
13
Developed Markets
Life
GI
France
United States
Canada
159
1,024
774
51
447
20
155
916
48
1,737
163
174
54
51
106
28
8,427
27
1,204
20,510
566
972
2,626
97
91,053
3,588
63,335
28,039
3,753
1,666
606
244
2,320
278
18,011
3,761
12,445
1,894
1,200
142,184
9,646
78,569
36,682
5,455
69,879
5,662
15,236
28,870
2,634
354
2,443
443
1,118
84
99
102
50,430
52,735
2,806
2,177
1,253
1,040
3,587
2,799
151
9,064
(1,656)
3,034
2,071
423
135,743
6,533
76,387
33,898
4,277
135,743
6,533
76,387
33,898
4,277
22
20
12
Developed Markets
Life
GI
France
United States
Canada
24
1,016
800
50
326
67
155
681
47
1,274
152
229
44
50
113
19
8,431
20
1,246
23,440
524
949
3,067
80
90,262
3,171
55,074
30,613
3,683
1,594
566
207
1,950
274
17,144
3,548
11,856
1,752
1,183
142,724
8,956
69,689
38,983
5,336
72,704
5,857
13,679
30,697
2,538
350
2,209
353
1,122
95
85
100
48,456
47,346
2,833
1,712
249
1,279
3,362
2,945
159
8,983
(3,434)
2,538
2,188
456
136,429
4,729
67,612
35,877
4,216
136,429
4,729
67,612
35,877
4,216
55
79
21
Long-term business
General insurance and

health**
Fund management
Other
Total
8,810
4,955
13,765
(563)
(340)
(903)
od ended 30 June 2012
8,247
4,615
12,862
(212)
(212)
8,247
4,403
12,650
305
30
174
123
632
8,552
4,433
174
123
13,282
8,314
422
(51)
8,687
84
84
22
(99)
(76)
(21)
(9)
(30)
16,888
4,835
260
(36)
21,947
(10,799)
(2,847)
(13,646)
175
11
186
(1,210)
(1,210)
(2,506)
(2,506)
(95)
(95)
(975)
(12)
(10)
(34)
(1,031)
(1,413)
(1,557)
(213)
(433)
(3,616)
(31)
(10)
(41)
(81)
(3)
(84)
(90)
(14)
(29)
(227)
(360)
(17,025)
(4,432)
(252)
(694)
(22,403)
(137)
403
(730)
(456)
(21)
(21)
(158)
403
(730)
(477)
1,168
58
30
(74)
1,182
523
523
(107)
(107)
1,010
461
38
(388)
1,121
1,010
461
38
(388)
1,121
er companies amounting to 137 million, of which 83 million relates to property and liability insurance and 54
of 610 million relating to health business. The remaining business relates to property and liability insurance.
reasury and finance functions, and certain financing costs and taxes not allocated to business segments.
iod ended 30 June 2011
Long-term business

health**
Fund management
Other
Total
10,404
4,994
15,398
(654)
(286)
(940)
9,750
4,708
14,458
(290)
(290)
9,750
4,418
14,168
322
207
182
719
10,072
4,426
207
182
14,887
5,244
369
170
5,787
94
94
132
20
152
(11)
(11)
15,448
4,795
305
361
20,909
(10,106)
(2,957)
(13,063)
(1,195)
56
(1,139)
(1,957)
(1,957)
101
101
(98)
(98)
(78)
(9)
(6)
(19)
(112)
(1,206)
(1,462)
(250)
(595)
(3,513)
(6)
(31)
(3)
(40)
(89)
(4)
(1)
(94)
(36)
(19)
(22)
(262)
(339)
(14,670)
(4,426)
(278)
(880)
(20,254)
778
369
27
(519)
655
781
369
27
(519)
658
301
86
15
71
473
1,082
455
42
(433)
1,146
185
11
(6)
191
1,267
456
53
(439)
1,337
er companies amounting to 110 million, of which 49 million relates to property and liability insurance and 61
of 589 million relating to health business. The remaining business relates to property and liability insurance.
group treasury and finance functions, and certain financing costs and taxes not allocated to business
1 December 2011
Long-term business

health**
Fund management
Other
Total
20,250
9,750
30,000
(1,085)
(588)
(1,673)
19,165
9,162
28,327
(236)
(236)
19,165
8,926
28,091
715
54
377
333
1,479
19,880
8,980
377
333
29,570
5,469
725
(207)
5,991
227
227
(10)
(2)
(111)
(123)
(28)
24
569
565
25,339
9,677
630
584
36,230
(20,989)
(5,945)
(26,934)
(3,727)
(3)
(3,730)
1,224
1,224
2,721
2,721
(269)
(269)
(332)
(19)
(16)
(64)
(431)
(2,714)
(2,994)
(483)
(833)
(7,024)
(48)
(60)
(19)
(127)
(216)
(11)
(227)
(224)
(36)
(51)
(487)
(798)
(24,574)
(9,068)
(550)
(1,403)
(35,595)
765
609
80
(819)
635
178
178
943
609
80
(819)
813
1,180
326
19
(50)
1,475
(10)
(10)
34
34
2,123
935
99
(845)
2,312
185
11
(6)
191
2,308
936
110
(851)
2,503
er companies amounting to 243 million, of which 110 million relates to property and liability insurance and
of 1,107 million relating to health business. The remaining business relates to property and liability insurance.
group treasury and finance functions, and certain financing costs and taxes not allocated to business
June 2012
Long-term business

health
Fund management
Other*
Total
627
1,066
28
73
1,794
1,390
137
45
77
1,649
2,052
610
2,668
343
35
12
55
445
10,102
144
755
11,001
26,370
423
125
26,918
200,683
9,516
45
3,026
213,270
3,502
991
13
4,506
37,823
7,456
540
4,539
50,358
282,892
19,774
683
9,260
312,609
132,823
15,180
148,003
107,386
107,386
3,162
3,162
6,048
5,090
11,138
2,840
5,231
8,071
15,737
(2,827)
383
6,951
20,244
267,996
12,353
383
17,272
298,004
14,605
312,609
June 2011
Long-term business

health
Fund management
Other*
Total
1,615
308
28
872
2,823
2,161
151
39
45
2,396
2,513
1,061
3,581
337
44
129
18
68
467
493
11,236
24,828
10,614
24,165
663
214,421
9,978
81
3,526
228,006
4,270
1,040
13
5,323
32,630
7,122
461
3,733
43,946
292,726
19,441
641
9,798
322,606
133,901
15,614
4,653
4,082
8,735
2,879
6,003
8,882
13,181
(1,595)
414
5,712
17,712
277,171
14,019
414
15,797
307,401
119,284
3,273
149,515
119,284
3,273
15,205
322,606
December 2011
Long-term business

health
Fund management
Other*
Total
1,466
1,067
29
78
2,640
1,742
145
44
90
2,021
2,035
778
2,818
395
34
16
65
510
10,686
152
800
11,638
27,511
605
28,116
203,247
9,391
43
3,377
216,058
3,755
986
14
4,755
31,449
6,717
495
5,159
43,820
282,286
19,102
641
10,347
312,376
134,860
15,241
150,101
110,644
110,644
650
650
4,659
5,693
10,352
3,016
5,434
8,450
12,793
(3,170)
374
6,819
16,816
266,622
12,071
374
17,946
297,013
15,363
312,376
Developed Markets
Italy, Spain and other**
Higher Growth
markets
Aviva Investors
Other Group
activities#
Total
1,804
669
13,765
(55)
(70)
(903)
20
(4)
1,769
595
12,862
(30)
(11)
(212)
1,739
584
12,650
61
34
141
632
1,800
618
141
13,282
1,149
242
(2)
(48)
8,687
89
89
(99)
(76)
(4)
(5)
(30)
2,945
866
230
(152)
21,952
(2,266)
(402)
(13,646)
564
(157)
186
(302)
10
(23)
(1,210)
(577)
(37)
(2,506)
(5)
(2)
(95)
(34)
(4)
(10)
(2)
(1,031)
(228)
(177)
(189)
(316)
(3,616)
(41)
(2)
(89)
(1)
(3)
(203)
(360)
(2,848)
(771)
(225)
(521)
(22,408)
97
95
(673)
(456)
(1)
(21)
97
94
(673)
(477)
(26)
56
(9)
212
(14)
55
(31)
18
21
(205)
603
164
30
21
79
186
523
523
(107)
(107)
175
91
35
(349)
1,121
Aviva Investors Other Group activities#
Developed Markets
Italy, Spain and other** Higher Growth markets

m
2,345
690
15,398
(67)
(52)
(942)
13
(1)
2,291
637
14,458
(30)
(11)
(290)
2,261
626
14,168
84
45
175
719
2,345
671
175
14,887
314
202
28
189
5,787
89
89
15
20
152
(11)
2,659
888
294
209
20,904
(2,034)
(412)
(13,063)
13
(153)
(1,139)
(221)
11
(59)
(1,957)
(150)
(35)
101
(4)
(4)
(98)
(8)
(6)
(7)
(112)
(304)
(174)
(199)
(433)
(3,513)
(2)
(40)
(3)
(89)
(1)
(2)
(201)
(339)
(2,709)
(778)
(267)
(634)
(20,249)
(50)
110
27
(425)
655
(2)
(50)
108
27
(425)
658
(9)
203
(3)
187
28
15
80
20
56
11
11
20
111
191
110
41
(384)
1,146
Developed Markets
Italy, Spain and other** Higher Growth markets

m
4,586
1,334
30,000
(108)
(115)
(1,675)
34
(4)
4,512
1,215
28,327
(25)
(26)
(236)
4,487
1,189
28,091
174
80
328
1,479
4,661
1,269
328
29,570
(747)
(158)
79
(119)
5,991
219
219
(12)
(84)
(123)
23
(23)
565
3,902
1,112
653
(226)
36,222
(4,118)
(782)
(26,934)
(115)
222
(3,730)
(131)
46
(137)
1,224
1,053
(24)
2,721
(11)
(5)
(269)
(28)
(8)
(17)
(2)
(431)
(567)
(369)
(424)
(495)
(7,024)
(31)
(1)
(127)
(6)
(219)
(2)
(3)
(413)
(798)
(3,950)
(926)
(582)
(910)
(35,587)
(48)
186
71
(1,136)
635
(8)
178
(48)
178
71
(1,136)
813
(34)
285
22
796
62
74
266
90
11
15
217
392
12
10
171
(23)
23
(565)
10
31
93
268
57
(10)
(10)
34
34
334
229
91
(739)
2,312
Developed Markets
Italy, Spain and other
Higher Growth
markets
Aviva Investors
Other Group
activities#
Total
609
71
28
1,794
644
21
44
1,649
646
609
2,668
18
13
12
445
1,153
755
11,001
15
39
125
26,918
23,269
5,587
739
2,773
213,270
125
35
4,506
3,050
732
602
3,661
50,358
27,732
7,144
2,585
7,929
312,609
14,278
4,923
143,062
320
168
4,676
265
9,524
51
2,001
107,386
(823)
163
3,162
19
5,090
11,138
89
5,043
8,071
1,577
349
289
3,923
20,244
24,986
5,654
2,290
14,056
298,004
14,605
24,986
5,654
2,290
14,056
312,609
81
Developed Markets
Italy, Spain and other Higher Growth markets
Total
715
72
28
2,823
741
30
39
2,396
12
591
16
1,061
3,581
22
11
18
467
1,078
493
11,236
17
40
24,828
28,050
6,081
1,001
3,106
228,006
172
37
5,323
2,299
766
516
3,054
43,946
32,029
7,628
2,696
7,717
322,606
16,597
5,503
144,381
338
151
4,847
287
11,027
100
2,186
119,284
(303)
146
3,273
25
4,083
8,735
99
5,833
8,882
1,067
345
309
3,055
17,712
28,852
6,245
2,495
12,971
307,401
15,205
28,852
6,245
2,495
12,971
322,606
70
Developed Markets
Italy, Spain and other Higher Growth markets
Total
650
71
29
2,640
678
23
44
2,021
600
15
776
2,818
18
13
16
510
1,133
800
11,638
16
40
28,116
23,895
5,398
884
3,078
216,058
129
35
4,755
2,780
519
579
4,459
43,820
28,168
6,699
2,700
9,121
312,376
15,130
4,732
145,337
296
153
4,483
281
9,821
51
2,137
110,644
(1,435)
124
650
18
5,693
10,352
89
5,255
8,450
1,422
232
309
4,122
16,816
25,342
5,292
2,446
15,070
297,013
15,363
25,342
5,292
2,446
15,070
312,376
17
20
214
Total
2,118
17,516
(73)
(1,015)
(2)
2,043
16,501
(56)
(346)
1,987
16,155
97
816
2,084
16,971
436
6,223
89
28
180
(32)
(43)
2,516
23,420
(1,475)
(14,538)
(909)
(2,048)
(94)
(2,051)
(19)
82
(1)
(99)
(9)
(121)
(471)
(3,984)
(2)
(42)
(89)
(262)
(601)
(3,242)
(23,491)
(726)
(71)
(726)
(68)
820
1,007
60
140
20
61
32
43
111
191
1,337
Total
2,118
32,118
(73)
(1,748)
(2)
2,043
30,370
(56)
(292)
1,987
30,078
97
1,576
2,084
31,654
436
6,427
219
28
(95)
(32)
533
2,516
38,738
(1,475)
(28,409)
(909)
(4,639)
(94)
1,130
(19)
2,702
(1)
(270)
(9)
(440)
(471)
(7,495)
(2)
(129)
(219)
(262)
(1,060)
(3,242)
(38,829)
(726)
(91)
178
(726)
87
820
1,616
60
326
90
392
176
32
(533)
268
57
(10)
34
191
2,503
A5 Tax
(a) Tax charged/(credited) to the income statement
(i) The total tax charge/(credit) comprises:
Current tax
For this year
Prior year adjustments
Total current tax from continuing operations
Deferred tax
Origination and reversal of temporary differences
Changes in tax rates or tax laws
Write-down of deferred tax assets
Total deferred tax from continuing operations
Total tax charged to income statement from continuing operations
Total tax credited to income statement from discontinued operations
Total tax charged/(credited) to income statement
(ii) The Group, as a proxy for policyholders in the UK, Ireland and Singapore, is required to record taxes on investment
income and gains each year. Accordingly, the tax benefit or expense attributable to UK, Ireland and Singapore
insurance policyholder returns is included in the tax charge. The tax charge attributable to policyholders returns
included in the charge above is 21 million (HY2011: 3 million credit; FY 2011: 178 million credit).
(iii) The tax charge/(credit) can be analysed as follows:
UK tax
Overseas tax
(b) Tax charged/(credited) to other comprehensive income

(i) The total tax charge comprises:
Current tax from continuing operations

In respect of pensions and other post-retirement obligations
In respect of foreign exchange movements
Deferred tax from continuing operations

In respect of pensions and other post-retirement obligations
In respect of fair value gains on owner-occupied properties
In respect of unrealised gains on investments
Tax charged to other comprehensive income arising from continuing operations

Tax credited to other comprehensive income arising from discontinued operations
Total tax charged to other comprehensive income
(c) Tax credited to equity
Tax credited directly to equity in the period amounted to nil (HY 2011: nil; FY 2011: 16 million). The FY 2011 amount of
of coupon payments on direct capital instruments.
(d) Tax reconciliation
The tax on the Groups loss before tax differs from the theoretical amount that would arise using the tax rate of the home co
follows:
Total (loss)/profit before tax
Tax calculated at standard UK corporation tax rate of 24.5%

Reconciling items
Different basis of tax policyholders
Adjustment to tax charge in respect of prior years
Non-assessable income
Non-taxable loss on sale of subsidiaries and associates
Disallowable expenses
Different local basis of tax on overseas profits
Change in future local statutory tax rates
Movement in deferred tax not recognised
Tax effect of loss from associates and joint ventures

Other
Total tax charged to income statement
Total loss before tax

Reconciling items
Non-taxable loss on sale of subsidiaries and associates
Tax effect of profit from associates and joint ventures
Other
Total tax credited to income statement
Total profit/(loss) before tax

Reconciling items
Non-taxable profit on sale of subsidiaries and associates

Tax effect of profit from associates and joint ventures
Other
Total tax charged/(credited) to income statement

UK corporation tax at a rate of 24.5% (2011: 26.5%) in respect of the policyholder tax
deduction
Other life insurance regime impacts
Different basis of tax policyholders per tax reconciliation
6 months
6 months
Full year
2012
2011
2011
214
249
539
(10)
(1)
(16)
204
248
523
31
(67)
(514)
(18)
(29)
(28)
38
70
21
(58)
(472)
225
190
51
(202)
(202)
225
(12)
(151)
6 months
6 month
Full year
2012
2011
2011
10
74
(304)
215
(86)
153
225
(12)
(151)
6 months
6 months
Full year
2012
2011
2011
ired to record taxes on investment

o UK, Ireland and Singapore
utable to policyholders returns
178 million credit).
(1)
(28)
(88)
(10)
11
(8)
(11)
(17)
(96)
52
29
260
(1)
77
98
129
38
357
118
21
261
(3)
(3)
118
18
258
: 16 million). The FY 2011 amount of 16 million was wholly in respect
arise using the tax rate of the home country of the Company as
6 months 2012
Shareholder
Policy-holder
Total
(477)
21
(456)
(117)
(112)
17
17
(63)
(63)
327
327
(33)
(1)
(34)
(18)
(18)
31
31
71
71
(2)
(2)
204
21
225
6 months 2011
Shareholder
Policy-holder
Total
(68)
(3)
(71)
(18)
(1)
(19)
(27)
(27)
(18)
(18)
(34)
(34)
14
14
37
37
32
34
(27)
(27)
34
34
(11)
(11)
(18)
23
(9)
(3)
(12)
Full Year 2011

Shareholder
Policy-holder
Total
87
(178)
(91)
23
(47)
(24)
(129)
(129)
(25)
(25)
(60)
(60)
(135)
(135)
215
215
84
(2)
82
(32)
(32)
(5)
(5)
(41)
(41)
27
(178)
(151)
6 months 2012
6 months 2011
Full Year 2011
21
(3)
(178)
(5)
47
(2)
(23)
17
(27)
(129)
A6 Earnings per share

(a) Basic earnings per share
(i) The profit attributable to ordinary shareholders is:
Profit /(loss) before tax attributable to shareholders profits

Share of Delta Lloyds tax expense as an associate
Tax attributable to shareholders profits
Profit/(loss) for the period
Amount attributable to non-controlling interests
Cumulative preference dividends for the period
Coupon payments in respect of direct capital instruments
(DCI) and fixed rate tier 1 notes (net of tax)
Profit/(loss) attributable to ordinary shareholders from continuing operations
Profit/(loss) attributable to ordinary shareholders from discontinued operations
Profit/(loss) attributable to ordinary shareholders
(ii) Basic earnings per share is calculated as follows:
Operating profit attributable to ordinary shareholders
Non-operating items:
Investment return variances and economic assumption
changes on long-term business
Short-term fluctuation in return on investments backing
non-long-term business
Economic assumption changes on general insurance and
health business

Amortisation and net impairment of intangibles
(Loss)/profit on the disposal of subsidiaries and associates
Integration and restructuring costs and exceptional items
Share of Delta Lloyds non-operating items
(before tax) as an associate
(Loss)/profit attributable to ordinary shareholders from
continuing operations
(Loss)/profit attributable to ordinary shareholders
from discontinued operations
(b) Diluted earnings per share
(i) Diluted earnings per share is calculated as follows:

Dilutive effect of share awards and options
Diluted earnings per share from continuing operations 1
Diluted earnings per share from discontinued operations 1
Diluted earnings per share
1. Losses have an anti-dilutive effect. Therefore the basic and diluted earnings have remained the same.
(ii) Diluted operating profit per share on operating profit attributable to ordinary shareholders is calculated as follows:

Diluted operating profit per share from continuing operations

Diluted operating profit per share from discontinued operations
Diluted operating profit per share
6 months 2012
6 months 201
Operating profit
Non-operating items
Total
Operating profit
Non-operating items
1,121
(1,705)
(584)
1,146
(481)
(28)
135
107
(9)
1,093
(1,570)
(477)
1,137
(479)
(316)
112
(204)
(292)
99
777
(1,458)
(681)
845
(380)
(90)
26
(64)
(107)
85
(9)
(9)
(9)
678
(1,432)
(754)
729
(295)
93
(411)
678
(1,432)
(754)
822
(706)
6 months 2012
6 months 201
Before tax
Net of tax, noncontrolling interests,

preference dividends
and DCI
Per share
Before tax

and DCI
1,121
678
23.4
1,146
729
(212)
(150)
(5.2)
(187)
31
16
0.5
(80)
(53)
(18)
(14)
(0.5)
(8)
(6)
(603)
(603)
(20.8)
(20)
(20)
(164)
(115)
(3.9)
(56)
(101)
(30)
(29)
(1.0)
(11)
(14)
(186)
(149)
(5.1)
(111)
(97)
(523)
(388)
(13.4)
(8)
(6)
107
(7)
(477)
(754)
(26.0)
658
434
(726)
(318)
(477)
(754)
(26.0)
(68)
116
6 months 2012
6 months 201
Total
Weighted average
number of shares
Per share
Total
Weighted average
number of shares
(754)
2,902
(26.0)
434
2,825
41
48
(754)
2,943
(26.0)
434
2,873
(318)
2,825
48
(318)
2,873
(754)
2,943
(26.0)
116
2,873
remained the same.
holders is calculated as follows:
6 months 2012
6 months 201
Total
Weighted average
number of shares
Per share
Total
Weighted average
number of shares
678
2,902
23.4
729
2,825
41
(0.4)
48
678
2,943
23.0
729
2,873
93
2,825
48
93
2,873
678
2,943
23.0
822
2,873
6 months 2011
Full year 2011
Total
Operating profit
Non-operating items
Total
665
2,312
(1,465)
847
(7)
(39)
(34)
658
2,273
(1,460)
813
(193)
(625)
396
(229)
465
1,648
(1,064)
584
(22)
(150)
109
(41)
(9)
(17)
(17)
(43)
(43)
434
1,438
(955)
483
(318)
93
(411)
(318)
116
1,531
(1,366)
165
6 months 2011
Full year 2011
Per share
Before tax

and DCI
25.8
2,312
1,438
50.5
0.1
(796)
(476)
(16.7)
(1.9)
(266)
(198)
(7.0)
(0.2)
(90)
(67)
(2.4)
Per share
(0.7)
(392)
(359)
(12.6)
(3.6)
(171)
(178)
(6.3)
(0.5)
565
552
19.5
(3.4)
(325)
(244)
(8.5)
(0.2)
10
15
0.5
(34)
15.4
813
483
17.0
(11.3)
(726)
(318)
(11.2)
4.1
87
165
5.8
6 months 2011
Full year 2011
Per share
Total
Weighted average
number of shares
Per share
15.4
483
2,845
17.0
(0.3)
50
(0.3)
15.1
483
2,895
16.7
(11.3)
(318)
2,845
(11.2)
0.2
50
(11.1)
(318)
2,895
(11.2)
4.0
165
2,895
5.7
6 months 2011
Full year 2011
Per share
Total
Weighted average
number of shares
Per share
25.8
1,438
2,845
50.5
(0.4)
50
(0.8)
25.4
1,438
2,895
49.7
3.3
93
2,845
3.3
(0.1)
50
(0.1)
3.2
93
2,895
3.2
28.6
1,531
2,895
52.9
A7 Dividends and appropriations
Ordinary dividends declared and charged to equity in the period

Final 2011 16.00 pence per share, paid on 17 May 2012
Interim 2011 10.00 pence per share, paid on 17 November 2011
Final 2010 16.00 pence per share, paid on 17 May 2011
Preference dividends declared and charged to equity in the year

Coupon payments on direct capital instruments and fixed rate tier 1 notes
6 months
6 months
Full year
2012
2011
2011
465
287
451
451
465
451
738
17
58
474
460
813
A8 Insurance liabilities
(a) Carrying amount
Insurance liabilities at 30 June/31 December comprise:
Long-term business provisions

Participating
Unit-linked non-participating
Other non-participating
Outstanding claims provisions

Provision for claims incurred but not reported
Provision for unearned premiums

Provision arising from liability adequacy tests
Other technical provisions
Total
Less:
Obligations to staff pension schemes transferred to provisions
Amounts classified as held for sale
(b) Movements in long-term business liabilities

The following movements have occurred in the long-term business provisions during the period:
Carrying amount at 1 January

Provisions in respect of new business
Expected change in existing business provisions
Variance between actual and expected experience

Impact of operating assumption changes
Impact of economic assumption changes
Other movements
Change in liability recognised as an expense
Effect of portfolio transfers, acquisitions and disposals
Deconsolidation of Delta Lloyd
Carrying amount at 30 June/31 December
(c) Movements in general insurance and health liabilities
The following changes have occurred in the general insurance and health claims provisions during the period:

Impact of changes in assumptions
Claim losses and expenses incurred in the current year
Decrease in estimated claim losses and expenses incurred in prior years
Exceptional strengthening of general insurance latent claims provisions
Incurred claims losses and expenses
Less:
Payments made on claims incurred in the current year
Payments made on claims incurred in prior years
Recoveries on claim payments
Claims payments made in the year, net of recoveries
Unwind of discounting
Other movements in the claims provisions
Change in claims reserve recognised as an expense
Other movements

(d) Movements in unearned premiums
The following changes have occurred in the provision for unearned premiums (UPR) during the period:

Premiums written during the period
Less: Premiums earned during the period
Change in UPR recognised as income
Gross portfolio transfers and acquisitions
Other
30 June 2012
30 June 2011
Long-term business

health
Total
Long-term business

health
52,905
59,084
10,065
11,027
70,182
62,517
52,905
10,065
70,182
133,152
133,152
132,628
1,304
7,805
9,109
1,273
8,398
2,687
2,687
2,518
1,304
10,492
11,796
10,916
4,676
4,676
1,273
12
12
134,456
15,180
149,636
133,901
15,763
(1,633)
(1,633)
132,823
15,180
148,003
6 months
6 months
Full year
2012
2011
2011
133,893
160,946
160,946
4,317
5,289
11,149
(4,080)
(4,166)
(8,964)
the period:
133,901
4,847
(149)
15,614
138
(172)
(2,279)
(40)
(20)
(61)
(377)
1,023
5,663
103
(90)
(623)
61
1,864
4,885
272
(6)
(6)
(32,159)
(32,159)
(1,074)
1,983
227
133,152
132,628
133,893
6 months
6 months
Full year
2012
2011
2011
10,745
12,263
12,263
50
149
3,021
3,366
6,520
(125)
(19)
(140)
45
2,946
3,350
6,574
(1,264)
(1,450)
(3,393)
(1,838)
(2,149)
(3,514)
142
135
313
(2,960)
(3,464)
(6,594)
17
26
47
(2)
(6)
(12)
(94)
15
(149)
(1,445)
(1,445)
(112)
187
(87)
(1)
ovisions during the period:
10,492
10,916
10,745
6 months
6 months
Full year
2012
2011
2011
4,483
4,855
4,855
4,955
5,612
10,364
(4,718)
(5,265)
(10,099)
237
347
265
(161)
(424)
(424)
(43)
69
(52)
(1)
4,676
4,847
4,483
during the period:
30 June 2011
31 December 2011
Total
Long-term business

health
Total
59,084
55,594
55,594
11,027
10,168
10,168
62,517
68,131
68,131
132,628
133,893
133,893
9,671
1,311
8,099
9,410
2,518
2,646
2,646
12,189
1,311
10,745
12,056
4,847
4,483
4,483
13
13
149,664
135,204
15,241
150,445
(149)
(344)
(344)
149,515
134,860
15,241
150,101
A9 Liability for investment contracts

(a) Carrying amount
The liability for investment contracts at 30 June/31 December comprised:
Long-term business
Participating contracts
Non-participating contracts at fair value
Non-participating contracts at amortised cost
Less: Amounts classified as held for sale

Total
(b) Movements in participating investment contracts
The following movements have occurred in the year:

Other movements
Other movements
(c) Movements in non-participating investment contracts

Other movements
Change in liability
Other movements
30 June
30 June
31 December
2012
2011
2011
63,426
71,253
64,985
44,130
46,391
43,990
1,628
1,640
1,669
45,758
48,031
45,659
(1,798)
107,386
119,284
110,644
6 months
6 months
Full year
2012
2011
2011
64,985
69,482
69,482
1,544
2,169
3,433
(1,185)
(1,288)
(2,195)
(136)
339
(2,708)
(4)
(27)
(72)
(46)
45
631
(75)
(2)
211
98
1,236
(700)
(2,523)
(2,523)
(1,657)
3,049
(1,284)
63,426
9
71,253
10
64,985
6 months
6 months
Full year
2012
2011
2011
45,659
48,305
48,305
1,905
2,253
3,863
(1,455)
(1,689)
(2,558)
(17)
(488)
(2,796)
(1)
17
(78)
(123)
450
(1,606)
(832)
(832)
(340)
558
(206)
(11)
(2)
45,758
48,031
45,659
A10 Reinsurance assets

(a) Carrying amounts
The reinsurance assets at 30 June/31 December comprised:
Long-term business
Insurance contracts
Participating investment contracts
Non-participating investment contracts1
Less: Amounts classified as held for sale
General insurance and health

Provisions for claims incurred but not reported
Provision for unearned premiums
Total
1. Balances in respect of all reinsurance treaties are included under reinsurance assets, regardless of whether they
transfer significant insurance risk.
(b) Movements in respect of long-term business provisions
The following movements have occurred in the reinsurance asset during the period:

Asset in respect of new business
Expected change in existing business asset

Impact of other operating assumption changes
Other movements
Change in asset
(c) Movements in respect of general insurance and health outstanding claims provisions and IBNR

Impact of changes in assumptions
Reinsurers share of claim losses and expenses
Incurred in current period
Incurred in prior periods
Exceptional strengthening of general insurance latent claims provisions
Reinsurers share of incurred claim losses and expenses
Less:
Reinsurance recoveries received on claims
Incurred in current period
Incurred in prior periods
Reinsurance recoveries received in the period
Unwind of discounting
Other movements
Change in reinsurance asset recognised as income
Other movements

(d) Reinsurers share of the provision for unearned premiums (UPR)

Premiums ceded to reinsurers in the period
Less: Reinsurers share of premiums earned during the period
Change in reinsurance asset recognised as income
Reinsurers share of portfolio transfers and acquisitions
Other movements
30 June
30 June
31 December
2012
2011
2011
4,152
3,280
3,747
1,707
1,556
1,626
5,862
4,838
5,373
134
127
125
5,996
4,965
5,498
(244)
5,752
4,965
5,498
818
929
974
405
392
395
1,223
1,321
1,369
264
284
245
1,487
1,605
1,614
7,239
6,570
7,112
6 months
6 months
31 December
2012
2011
2011
5,373
5,115
5,115
94
296
187
ets, regardless of whether they
(37)
(141)
104
290
(9)
13
433
143
(149)
(260)
320
18
648
201
(1)
(2)
(375)
(375)
(32)
81
(13)
5,862
4,838
5,373
6 months
6 months
Full year
2012
2011
2011
1,369
1,558
1,558
26
17
87
105
115
247
(17)
(44)
(84)
10
88
71
173
(38)
(42)
(138)
(83)
(148)
(196)
(121)
(190)
(334)
19
(1)
(1)
(93)
(56)
(143)
28
(153)
(153)
(5)
(1)
(2)
(6)
provisions and IBNR
1,223
1,321
1,369
6 months
6 months
Full year
2012
2011
2011
245
307
307
340
345
650
(315)
(344)
(678)
25
(28)
(30)
(30)
(4)
(4)
(2)
264
284
245
A11 Effect of changes in assumptions and estimates during the period
Assumptions
Long-term insurance business
Interest rates
Expenses
Persistency rates
Mortality for assurance contracts
Mortality for annuity contracts
Tax and other assumptions
Investment contracts
Interest rates
Expenses
Persistency rates
Tax and other assumptions
General insurance and health business
Change in loss ratio assumptions
Change in discount rate assumptions
Change in expense ratio and other assumptions
Total
period
Effect on profit
Effect on profit
Effect on profit
6 months
6 months
Full year
2012
2011
2011
271
(897)
(2,403)
(3)
(3)
19
(4)
35
90
(21)
(3)
31
99
(2)
(79)
(82)
28
28
(3)
(18)
(8)
(90)
(4)
15
22
347
(908)
(2,406)
A12 Unallocated divisible surplus

Change in participating contract assets
Change in participating contract liabilities
Other movements
Other movements
6 months
6 months
Full year
2012
2011
2011
650
3,428
3,428
2,269
(183)
(3,016)
203
101
244
34
70
2,506
(82)
(2,702)
(144)
(144)
10
57
60
(4)
(14)
3,162
3,273
650
A14 Pension obligations and other provisions

(a) Pension scheme deficits in condensed consolidated statement of financial position
Deficits in the main staff pension schemes

Deficits in other staff pension schemes
Total obligations to staff pension schemes
Restructuring provisions
Other provisions
Total
Less: amounts classified as held for sale
(b) Movements in the main schemes surpluses and deficits
Net surpluses/(deficits) in the schemes at 1 January

Employer contributions
Current and past service cost
Gains on curtailments and settlements
Charge to finance costs
Actuarial gains
Disposals
Exchange rate movements on foreign plans
Net surpluses in the schemes at 30 June/31 December
Comprising:
Surpluses
Deficits
(c) Pension expense

(i) Recognised in the income statement
Current service cost
Gains on curtailments
Total pension cost from continuing operations
Total pension cost from discontinued operations
Total pension cost charged to net operating expenses
Expected return on scheme assets
Interest charge on scheme liabilities
Charge to finance costs from continuing operations
Charge to finance costs from discontinued operations
Total charge to finance costs
Total charge to income arising from continuing operations
Total charge to income arising from discontinued operations
Total charge to income
(ii) Recognised in the statement of comprehensive income
Expected return on scheme assets
Actual return on these assets
Actuarial (losses)/gains on scheme assets
Experience gains/(losses) arising on scheme liabilities
Changes in assumptions underlying the present value of scheme liabilities
Actuarial gains from continuing operations
Actuarial gains from discontinued operations

Total actuarial gains recognised in other comprehensive income
Attributable to equity shareholders of Aviva plc

Attributable to non-controlling interests
position
30 June
30 June
31 December
2012
2011
2011
497
483
406
84
75
86
581
558
492
147
83
106
376
479
398
1,104
1,120
996
(7)
(17)
(4)
1,097
1,103
992
6 months
6 months
Full year
2012
2011
2011
Pension scheme
surpluses/ (deficits)
Pension scheme
Pension scheme
1,264
(3)
(3)
80
240
452
(11)
(43)
(58)
(42)
(60)
(100)
123
17
991
(31)
(31)
(8)
1,423
112
1,264
1,920
595
1,670
(497)
(483)
(406)
1,423
112
1,264
6 months
6 months
Full year
2012
2011
2011
(11)
1
(36)
(51)
(10)
(36)
(51)
(7)
(7)
(10)
(43)
(58)
215
224
452
(257)
(271)
(539)
(42)
(47)
(87)
(26)
(26)
(42)
(73)
(113)
(52)
(83)
(138)
(33)
(33)
(52)
(116)
(171)
6 months
6 months
Full year
2012
2011
2011
(215)
(224)
(452)
151
192
1,815
(64)
(32)
1,363
16
(40)
(46)
171
94
(321)
123
22
996
11
11
123
33
1,007
123
28
1,002
123
33
1,007
A15 Cash and cash equivalents
Cash at bank and in hand

Cash equivalents
Bank overdrafts
30 June
30 June
31 December
2012
2011
2011
10,967
10,158
8,854
14,693
12,988
14,215
25,660
23,146
23,069
(665)
(886)
(668)
24,995
22,260
22,401
A16 Related party transactions

Services provided to and by related parties
Income earned in Expenses incurred in

period
period
m
Associates
(1)
Joint ventures
11
(1)
17
(2)
Employee pension schemes
6 months 2012
6 months 2011
Payable at period end
Receivable at period
end
Income earned in
period
Expenses incurred in
period
Payable at period end
(48)
(1)
(54)
161
10
(48)
170
15
(1)
(54)
6 months 2011
Full year 2011
Receivable at period
end
Income earned in year
Expenses incurred in
year
(3)
(49)
404
23
125
13
412
36
(3)
(49)
134
Payable at year end Receivable at year end
A20 Analysis of general insurance

(i) United Kingdom (excluding Group reinsurance and agencies in run-off)
Personal
Motor
Homeowner
Other
Commercial
Motor
Property
Other
Total
(ii) France
Motor
Property and other
Total
(iii) Ireland
Motor
Property and other
Total
(iv) Canada
Motor
Property
Liability
Other
Total
Underwriting result
6 months
6 months
Full year
6 months
6 months
2012
2011
2011
2012
2011
611
705
1,387
22
38
376
396
797
26
20
239
278
510
1,226
1,379
2,694
57
67
313
303
618
(11)
(18)
333
340
640
(20)
215
200
419
861
843
1,677
(29)
(12)
2,087
2,222
4,371
28
55
Underwriting result
6 months
6 months
Full year
6 months
6 months
2012
2011
2011
2012
2011
200
193
347
23
258
263
442
(4)
17
458
456
789
19
21
Underwriting result
6 months
6 months
Full year
6 months
6 months
2012
2011
2011
2012
2011
88
98
179
(18)
15
86
102
188
(11)
174
200
367
(12)
Underwriting result
6 months
6 months
Full year
6 months
6 months
2012
2011
2011
2012
2011
602
579
1,130
76
60
349
322
701
18
(8)
101
99
204
(7)
29
25
48
1,081
1,025
2,083
105
46
Underwriting result
Combined operating ratio
Full year
6 months
6 months
Full year
2011
2012
2011
2011
58
96%
94%
96%
87
95%
96%
89%
39
96%
97%
93%
184
95%
94%
91%
(76)
101%
106%
113%
11
103%
98%
99%
(9)
97%
99%
102%
(74)
101%
101%
105%
110
97%
96%
96%
Underwriting result
Full year
6 months
6 months
Full year
2011
2012
2011
2011
(14)
84%
95%
104%
84
99%
89%
80%
70
92%
92%
90%
Underwriting result
Full year
6 months
6 months
Full year
2011
2012
2011
2011
14
119%
85%
93%
(19)
95%
111%
111%
(5)
106%
Underwriting result
98%
102%
Full year
6 months
6 months
Full year
2011
2012
2011
2011
89
86%
91%
92%
(14)
95%
101%
102%
97%
106%
96%
13
75%
89%
67%
97
90%
96%
95%
A21 Funds under management
Total IFRS assets included in the consolidated statement of financial position

Less: third party funds included within consolidated IFRS assets
Third party funds under management
Non-managed assets
Funds under management
30 June 2012
Saturday, December 31, 2011
Life and related

businesses
General insurance
and other
Total
Total
282,892
29,717
312,609
312,376
(11,142)
(11,142)
(11,814)
282,892
18,575
301,467
300,562
71,590
67,557
373,057
368,119
(31,144)
(31,558)
341,913
336,561
A22 Operational cost base

The Aviva operating cost base is calculated from reported IFRS expenses as set out in the table below:
Other expenses (as reported) 1

Less: Non-operating items included above (amortisation and impairments)
Add: Claims handling costs1 & 2
Non-commission acquisition costs3
Operating cost base from continuing operations
Operating cost base from discontinued operations
Operating cost base
1. 2011 includes RAC Limited (RAC), disposed on 30 September 2011.
2. As reported within Claims and benefits paid of 13,646 million (HY 2011: 14,538 million).
3. As reported within Fee and commissions expense of 2,389 million (HY2011: 2,533 million).
Movement in operating cost base
Total operating cost base 30 June 2011

Delta Lloyd costs from 1 January 2011 to 6 May 20111
Total operating cost base from continuing operations 30 June 2011
Less: restructuring and integration costs for the six months to 30 June 2011
European levies2
Impact of acquisitions/disposals3
Foreign exchange
30 June 2011 like-for-like operating cost base
Inflation4
UK & Ireland
France
USA
Other Developed Markets
Developed Markets
Higher Growth Markets
Other businesses (including Aviva Investors and Group centre)
30 June 2012 like-for-like operating cost base
Restructuring and integration costs for the six months to 30 June 2012
European levies2
Total operating cost base 30 June 2012
1. Delta Lloyd associate status effective from 7 May 2011 onwards.
2. Levies and sales taxes charged to European Businesses.
3. Impact of acquisitions/disposals restatement of the HY 2011 cost base for the
impact of acquisitions and disposals in both 2011 and 2012 (including the RAC
disposal) to achieve a cost base on a like-for-like basis.
4. Inflation Notional level of Inflation that would have impacted the operating cost base
during the period. This is calculated at an individual country level, and applied to
operating expenditure i.e. excluding restructuring and integration costs (but including
adjustments for acquisitions and disposals). The overall weighted average is calculate at
2.5%.
the table below:
6 months
6 months
2012
2011
2,394
1,422
(1,170)
(334)
189
306
594
584
2,007
1,978
362
2,007
2,340
lion).
2,340
(362)
1,978
(81)
(32)
(62)
(27)
1,776
46
(51)
(18)
11
9
e at
(49)
(1)
14
1,786
186
35
2,007
B1 Geographical analysis of life, pension and investment sales
Life and pensions business

United Kingdom
Ireland
United Kingdom and Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
China
Hong Kong
India
Singapore
South Korea
Other
Higher growth markets
Total life and pensions continuing operations
Total life and pensions discontinued operations4
Total life and pensions
Investment sales3
Aviva Investors
Total investment sales continuing operations
Total investment sales discontinued operations 4
Total investment sales

Total long-term savings sales continuing operations
Total long-term savings sales discontinued operations 4
Total long-term savings sales
1. Present value of new business premiums (PVNBP) is the present value of new regular premiums plus 100% of single premiu
calculated using assumptions consistent with those used to determine the value of new business.
2. Growth rates are calculated based on constant rates of exchange.
3. Investment sales are calculated as new single premiums plus the annualised value of new regular premiums.
4. Prior period discontinued operations represent the results of Delta Lloyd up to 6 May 2011 only.
Present value of new business premiums1

% Growth
6 months
6 months
2012
2011
Sterling
currency2
5,387
5,434
(1)%
(1)%
342
553
(38)%
(34)%
5,729
5,987
(4)%
(4)%
1,944
2,345
(17)%
(12)%
2,073
1,658
25%
22%
705
1,015
(31)%
(26)%
1,259
1,778
(29)%
(25)%
98
155
(37)%
(31)%
11,808
12,938
(9)%
(7)%
201
305
(34)%
(26)%
161
207
(22)%
(27)%
63
83
(24)%
(26)%
56
50
12%
27%
309
244
27%
24%
235
242
(3)%
(2)%
270
248
9%
17%
1,295
1,379
(6)%
(3)%
13,103
14,317
(8)%
(6)%
1,085
(100)%
(100)%
13,103
15,402
(15)%
(13)%
823
782
5%
5%
1,043
931
12%
18%
68
117
(42)%
(43)%
1,934
1,830
6%
8%
170
(100)%
(100)%
Local
1,934
2,000
(3)%
(1)%
15,037
16,147
(7)%
(5)%
1,255
(100)%
(100)%
15,037
17,402
(14)%
(11)%
gular premiums plus 100% of single premiums,

new business.
e of new regular premiums.
May 2011 only.
B2 Product analysis of life and pensions sales
Life and pensions business

Pensions
Annuities
Bonds
Protection
Equity release
United Kingdom
Ireland
Savings
Protection
France
Life
Annuities
United States
Pensions
Savings
Annuities
Protection
Italy, Spain and Other
Developed markets
Total life and pensions sales continuing operations
Total life and pensions sales discontinued operations 3
Total life and pensions sales
calculated using assumptions consistent with those used to determine the value of new business.
2. Growth rates are calculated based on constant rates of exchange.
3. Prior period discontinued operations represent the results of Delta Lloyd up to 6 May 2011 only
Present value of new business premiums1

% Growth
6 months
6 months
2012
2011
Sterling
currency2
2,762
2,708
2%
2%
1,555
1,610
(3)%
(3)%
253
466
(46)%
(46)%
608
490
24%
24%
209
160
31%
31%
5,387
5,434
(1)%
(1)%
342
553
(38)%
(34)%
5,729
5,987
(4)%
(4)%
1,842
2,244
(18)%
(13)%
102
101
1%
7%
1,944
2,345
(17)%
(12)%
613
456
34%
31%
1,460
1,202
21%
19%
2,073
1,658
25%
22%
170
272
(38)%
(34)%
1,688
2,346
(28)%
(24)%
19
22
(14)%
(10)%
185
308
(40)%
(36)%
2,062
2,948
(30)%
(26)%
11,808
12,938
(9)%
(7)%
1,295
1,379
(6)%
(3)%
13,103
14,317
(8)%
(6)%
1,085
(100)%
(100)%
13,103
15,402
(15)%
(13)%
gular premiums plus 100% of single premiums,

new business.
Local
May 2011 only
B3 Trend analysis of PVNBP cumulative
Life and pensions business Present value of new business premiums 1

Pensions
Annuities
Bonds
Protection
Equity release
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
Investment sales2
Total long term saving sales continuing operations
Total long term saving sales discontinued operations 3
Total long term saving sales
those used to determine the value of new business.
1Q11 YTD
2Q11 YTD
3Q11 YTD
4Q11 YTD
1Q12 YTD
1,105
2,708
3,963
5,279
1,251
785
1,610
2,434
3,832
662
271
466
638
801
128
250
490
749
1,025
300
83
160
234
317
89
2,494
5,434
8,018
11,254
2,430
280
553
757
917
199
2,774
5,987
8,775
12,171
2,629
1,271
2,345
3,224
4,047
1,092
786
1,658
2,796
3,932
1,034
524
1,015
1,425
1,926
402
874
1,778
2,517
2,993
673
79
155
228
262
50
6,308
12,938
18,965
25,331
5,880
149
305
403
487
107
426
902
1,343
1,782
442
91
172
237
320
87
666
1,379
1,983
2,589
636
6,974
14,317
20,948
27,920
6,516
869
1,830
2,682
3,473
949
7,843
16,147
23,630
31,393
7,465
921
1,255
1,255
1,255
8,764
17,402
24,885
32,648
7,465
gular premiums plus 100% of single premiums, calculated using assumptions consistent with
May 2011 only.
2Q12 YTD
% Growth on 2Q11
YTD
2,762
2%
1,555
(3)%
253
(46)%
608
24%
209
31%
5,387
(1)%
342
(38)%
5,729
(4)%
1,944
(17)%
2,073
25%
705
(31)%
1,259
(29)%
98
(37)%
11,808
(9)%
201
(34)%
913
1%
181
5%
1,295
(6)%
13,103
(8)%
1,934
6%
15,037
(7)%
(100)%
15,037
(14)%
B4 Trend analysis of PVNBP discrete
Life and pensions business Present value of new business premiums 1

Pensions
Annuities
Bonds
Protection
Equity release
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
Higher growth Markets
Investment sales2
Total long term saving sales continuing operations
Total long term saving sales discontinued operations 3
Total long term saving sales
those used to determine the value of new business.
1Q11
2Q11
3Q11
4Q11
1Q12
1,105
1,603
1,255
1,316
1,251
785
825
824
1,398
662
271
195
172
163
128
250
240
259
276
300
83
77
74
83
89
2,494
2,940
2,584
3,236
2,430
280
273
204
160
199
2,774
3,213
2,788
3,396
2,629
1,271
1,074
879
823
1,092
786
872
1,138
1,136
1,034
524
491
410
501
402
874
904
739
476
673
79
76
73
34
50
6,308
6,630
6,027
6,366
5,880
149
156
98
84
107
426
476
441
439
442
91
81
65
83
87
666
713
604
606
636
6,974
7,343
6,631
6,972
6,516
869
961
852
791
949
7,843
8,304
7,483
7,763
7,465
921
334
8,764
8,638
7,483
7,763
7,465
gular premiums plus 100% of single premiums, calculated using assumptions consistent with
May 2011 only.
2Q12
% Growth on 1Q12
Sterling
1,511
21%
893
35%
125
(2)%
308
3%
120
35%
2,957
22%
143
(28)%
3,100
18%
852
(22)%
1,039
303
(25)%
586
(13)%
48
(4)%
5,928
1%
94
(12)%
471
7%
94
8%
659
4%
6,587
1%
985
4%
7,572
1%
7,572
1%
B5 Geographical analysis of regular and single premiums life and pensions sales
Pensions
Annuities
Bonds
Protection
Equity release
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
continuing operations
discontinued operations1
and pensions sales
May 2011 only.
6 months 2012
Local currency
Present value
6 months 2011
growth
WACF
302
(13)%
4.7
1,425
346
88
13%
6.9
608
78
390
(8)%
5.2
2,033
424
20
(33)%
4.0
80
32
410
(10)%
5.2
2,113
456
40
(9)%
7.0
280
47
59
23%
10.3
608
47
36
(28)%
5.5
199
53
39
5%
5.4
210
39
(30)%
8.9
62
11
591
(8)%
5.9
3,472
653
18
(31)%
7.6
137
29
155
11%
5.0
780
139
34
(6)%
4.1
138
39
207
2%
5.1
1,055
207
798
(6)%
5.7
4,527
860
(100)%
73
798
(13)%
5.7
4,527
933
Regular premiums
Local currency
Single premiums
Present value
6 months 2012
6 months 2011
growth
WACF
66%
4.5
1,562
1,337
1,146
1,555
1,610
253
466
(1)%
6.3
490
209
160
48%
4.8
2,052
3,354
3,382
(11)%
3.9
125
262
428
41%
4.8
2,177
3,616
3,810
(13)%
6.6
308
1,664
2,037
2%
9.6
453
1,465
1,205
(10)%
5.7
300
506
715
5%
5.5
215
1,049
1,563
(21)%
9.2
101
36
54
23%
5.4
3,554
8,336
9,384
7.6
219
64
86
17%
4.9
678
133
224
44%
3.4
133
43
39
18%
5.0
1,030
240
349
21%
5.3
4,584
8,576
9,733
(16)%
9.1
663
422
17%
5.6
5,247
8,576
10,155
Single premiums
Local currency
growth
17%
(3)%
(46)%
31%
(1)%
(35)%
(4)%
(13)%
19%
(25)%
(29)%
(31)%
(9)%
(16)%
(42)%
19%
(30)%
(10)%
(100)%
(13)%
B6 Geographical analysis of regular and single premiums investment sales
Investment sales

Aviva Investors
Total investment sales continuing operations
Total investment sales discontinued operations 1
Total investment sales
estment sales
May 2011 only.
Regular
Single
6 months
6 months
Local
6 months
6 months
2012
2011
currency
2012
2011
growth
819
782
1,040
928
68
117
4
3
133%
1,927
1,827
170
133%
1,927
1,997
Single
PVNBP
Local
Local
currency
currency
growth
growth
5%
5%
18%
18%
(43)%
(43)%
8%
8%
(100)%
(100)%
(1)%
(1)%
B7 Life and pensions new business net of tax and non-controlling interests
Life and pensions (net of tax and non-controlling interests)
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
Total life and pensions sales continuing operations
Total life and pensions sales discontinued operations 1
ling interests
May 2011 only.
Present value of new business premiums
Value of new business
6 months
6 months
Full year
6 months
6 months
2012
2011
2011
2012
2011
5,387
5,434
11,254
138
140
256
415
688
(3)
5,643
5,849
11,942
135
141
1,588
1,947
3,376
35
53
2,073
1,658
3,932
(90)
(55)
391
555
1,054
17
549
792
1,336
15
98
155
262
(1)
10,342
10,956
21,902
87
173
183
276
440
13
14
903
889
1,756
29
27
181
172
320
12
1,267
1,337
2,516
54
50
11,609
12,293
24,418
141
223
599
599
11,609
12,892
25,017
141
223
Value of new business
New business margin
Full year
6 months
6 months
Full year
2011
2012
2011
2011
281
2.6%
2.6%
2.5%
(3)
(1.2)%
0.2%
(0.4)%
278
2.4%
2.4%
2.3%
79
2.2%
2.7%
2.3%
(85)
(4.3)%
(3.3)%
(2.2)%
28
1.0%
3.1%
2.7%
23
0.7%
1.9%
1.7%
(1.0)%
1.3%
1.5%
327
0.8%
1.6%
1.5%
34
7.1%
5.1%
7.7%
55
3.2%
3.0%
3.1%
16
6.6%
5.2%
5.0%
105
4.3%
3.7%
4.2%
432
1.2%
1.8%
1.8%
432
1.2%
1.7%
1.7%
C1 Capital management objectives and approach

Capital Management
FY 2011 Economic Capital Position

Adjusted MCEV Movement1
Net impact of fixed rate note issuance / call
Impact of credit hedging
Capital requirement benefits of Delta Lloyd sell-down
Other items
Proforma HY 2012 Estimated Economic Capital Position
1. The adjusted MCEV movement reflects changes in MCEV attributable to ordinary
shareholders during the year (0.5 billion adverse) adjusted for items which do not
impact the economic capital position such as the impairment of goodwill and
intangibles (0.8 billion) and movements in IFRS pension scheme valuations.
bn
3.6
0.3
0.2
0.2
0.2
0.2
4.7
C2 Capital performance
C2 i Capital generation and utilisation
Operating capital generation:

Life in-force profits
General insurance, fund management and other operations profits
Operating capital generated before investment in new business
Capital invested in new business
Operating capital generated after investment in new business
Operating capital generation comprises the following components:
Operating Free surplus emergence, including release of required capital, for the life in-force business (net of tax and
non-controlling interests);
Operating profits for the general insurance and non-life businesses (net of tax and non-controlling interests);
Capital invested in new business. For life business this is the impact of initial and required capital on free surplus. For
general insurance business this reflects the movement in required capital, which has been assumed to equal the
regulatory minimum multiplied by the local management target level. Where appropriate movements in capital
requirements exclude the impact of foreign exchange and other movements deemed to be non-operating in nature.
Post deconsolidation on 6 May 2011, all Delta Lloyd capital generation, including life business, has been included
within general insurance, fund management and other operations profits on an IFRS basis.
The amount of operating capital remitted to Group is dependent upon a number of factors including non-operating items an
Operating capital generated after investment in new business

Interest, corporate and other costs
External dividend net of scrip
Net operating capital generation after financing
C2 ii Capital required to write new business, internal rate of return and payback period
The internal rates of return on new business written during the period are set out below.
30 June 2012
United Kingdom
Ireland

France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
Higher Growth markets
Total
30 June 2011
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
Total excluding Delta Lloyd
Delta Lloyd1
Total
31 December 2011
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other
Delta Lloyd1
Total
1. Comparative periods include the results of Delta Lloyd up to 6 May 2011.
The capital invested data above is stated gross of non-controlling interests and valued on a point of sale basis. This differs
which is stated net of non-controlling interests, valued on a year-end basis and benefits from the writing of new business in
6 months 2012
Total capital invested

Benefit of RIEESA on new business funding
Timing differences (point of sale versus year end basis)
New business impact on free surplus
C2 iii Analysis of IFRS basis return on equity
Life assurance
Fund management
Other business
Corporate2
Return on total capital employed (excluding Delta Lloyd)
Delta Lloyd
Return on total capital employed (including Delta Lloyd)
Subordinated debt
External debt
Return on total equity
Less: Non-controlling interests
Preference capital
Return on equity shareholders funds
1. The operating return is based upon Group adjusted operating profit, which is stated before impairment of goodwill, amort
intangibles, exceptional items and investment variance.
2. The Corporate loss before tax of 234 million comprises costs of 64 million, net finance charge on the main UK pensio
of 18 million and interest on internal lending arrangements of 158 million offset by investment return of 6 million.
Life assurance
Fund management
Other business
Corporate2
Delta Lloyd
Subordinated debt
External debt
Direct capital instruments
Preference capital
2. The Corporate loss before tax of 439 million comprises costs of 138 million, net finance charge on the main UK pensi
* Notes E7 and E9 are included in Supplement 2 MCEV financial statements.
C2 iv Analysis of MCEV basis return on equity
Life assurance
Fund management
Other business
Corporate2
Delta Lloyd
Subordinated debt
External debt
Preference capital
2. The Corporate loss before tax of 234 million comprises costs of 64 million, net finance charge on the main UK pensio
Life assurance
Fund management
Other business
Corporate2
Delta Lloyd
Subordinated debt
External debt
Direct capital instruments
Preference capital
2. The Corporate loss before tax of 439 million comprises costs of 138 million, net finance charge on the main UK pensi
6 months
6 months
Full year
2012
2011
2011
bn
bn
bn
1.0
1.0
2.3
0.3
0.3
0.6
1.3
1.3
2.9
(0.4)
(0.5)
(0.8)
0.9
0.8
2.1
e in-force business (net of tax and

non-controlling interests);
equired capital on free surplus. For

as been assumed to equal the
priate movements in capital
ed to be non-operating in nature.
fe business, has been included

RS basis.
actors including non-operating items and local regulatory requirements.
6 months
6 months
Full year
2012
2011
2011
bn
bn
bn
0.9
0.8
2.1
(0.4)
(0.4)
(0.6)
(0.4)
(0.3)
(0.5)
0.1
0.1
1.0
ack period
ow.
Initial capital
Required capital Total invested capital
IRR
Payback period
years
80
75
155
15%
15
21
2%
20
95
81
176
13%
20
62
82
11%
42
156
198
14%
14
25
39
16%
13
47
60
12%
11
11
8%
10
195
371
566
13%
12
16
22%
28
16
44
12%
11
15
29%
48
27
75
17%
243
398
641
13.6%
Initial capital
Required capital
Total invested capital
IRR
Payback period
years
41
80
121
16%
13
15
28
8%
54
95
149
15%
22
76
98
11%
36
127
163
14%
12
41
53
23%
20
63
83
12%
13
14
8%
157
403
560
14%
15
20
20%
27
16
43
13%
12
16
23%
50
29
79
17%
207
432
639
14.3%
26
27
53
10%
10
233
459
692
13.9%
Initial capital
Required capital
Total invested capital
IRR
Payback period
years
155
187
342
15%
27
22
49
6%
12
182
209
391
14%
45
127
172
11%
27
301
328
14%
25
70
95
23%
24
117
141
12%
25
26
9%
328
825
1,153
14%
25
34
24%
56
31
87
13%
12
15
12
27
22%
96
52
148
17%
424
877
1,301
14.4%
26
27
53
10%
10
450
904
1,354
14.3%
ed on a point of sale basis. This differs from the analysis of life and pensions earnings in notes E7* and E9*
fits from the writing of new business in the UK Life RIEESA. The reconciliation is as follows:
641
(70)
(99)
(23)
449
30 June 12
Operating return1
Before tax
After tax
Opening
shareholders funds
including noncontrolling interests
1,010
769
15,079
10.2%
455
335
5,875
11.4%
38
27
218
24.8%
Return on capital
(102)
(72)
(1,102)
13.1%
(234)
(248)
(228)
217.5%
1,167
811
19,842
8.2%
112
84
776
21.6%
1,279
895
20,618
8.7%
(146)
(109)
(4,550)
4.8%
(12)
(9)
(705)
2.6%
1,121
777
15,363
10.1%
(90)
(1,530)
11.8%
(990)
(9)
(200)
8.5%
678
12,643
10.7%
ed before impairment of goodwill, amortisation of
finance charge on the main UK pension scheme

by investment return of 6 million.
31 December 2011
Operating return1
Before tax
After tax
Opening shareholders
funds including noncontrolling interests
2,123
1,583
14,856
10.7%
903
657
4,747
13.8%
99
69
215
32.1%
(207)
(148)
(119)
124.4%
(439)
(394)
(997)
39.5%
2,479
1,767
18,702
9.4%
352
288
5,089
5.7%
2,831
2,055
23,791
8.6%
(302)
(222)
(4,572)
4.9%
(26)
(19)
(1,494)
1.3%
2,503
1,814
17,725
10.2%
(223)
(3,741)
6.0%
(43)
(990)
4.3%
Return on capital
(17)
(200)
8.5%
1,531
12,794
12.0%
et finance charge on the main UK pension scheme

30 June 2012
Operating return1
Before tax
After tax
Opening
shareholders funds
including noncontrolling interests
1,228
881
15,211
11.6%
455
335
5,875
11.4%
218
4.6%
(96)
(67)
(1,102)
12.2%
(234)
(248)
(228)
217.5%
1,360
906
19,974
9.1%
112
84
776
21.6%
1,472
990
20,750
9.5%
(146)
(109)
(4,550)
4.8%
(12)
(9)
(705)
2.6%
1,314
872
15,495
11.2%
(146)
(1,476)
19.8%
(990)
(9)
(200)
8.5%
717
12,829
11.2%
Return on equity
finance charge on the main UK pension scheme

31 December 2011
Operating return1
Before tax
Restated Opening
shareholders funds
including non-controlling
After tax
interests
Return on equity
3,129
2,219
18,533
12.0%
903
657
4,747
13.8%
32
22
215
10.2%
(204)
(144)
(119)
121.0%
(439)
(394)
(997)
39.5%
3,421
2,360
22,379
10.5%
444
331
3,892
8.5%
3,865
2,691
26,271
10.2%
(302)
(222)
(4,572)
4.9%
(26)
(19)
(1,494)
1.3%
3,537
2,450
20,205
12.1%
(253)
(3,977)
6.4%
(43)
(990)
4.3%
(17)
(200)
8.5%
2,137
15,038
14.2%
et finance charge on the main UK pension scheme

C3 Group capital structure
Long-term savings
Fund management
Other business
Corporate1
Delta Lloyd
Total capital employed
Financed by
Equity shareholders funds
Preference shares
Subordinated debt
External debt
1. Corporate includes centrally held tangible net assets, the staff pension scheme surplus and also
reflects internal lending arrangements. These internal lending arrangements, which net out on
consolidation, arise in relation to the following:
Aviva Insurance Limited (AI) acts as both a UK general insurer and as the primary holding company for
our foreign subsidiaries. Internal capital management mechanisms in place allocate a portion of the
total capital of the company to the UK general insurance operations, giving rise to notional lending
between the general insurance and holding company activities. These mechanisms also allow for
some of the assets of the general insurance business to be made available for use across the Group.
Certain subsidiaries, subject to continuing to satisfy stand alone capital and liquidity requirements,
loan funds to corporate and holding entities. These loans satisfy arms-length criteria and all interest
payments are made when due.
Shareholders funds, including non-controlling interests
Life assurance
United Kingdom
Ireland
France
United States
Spain
Italy
Other
Developed markets
Poland
Asia
Other

United Kingdom
Ireland
France
Canada
Other
Developed markets
Fund management
Other business
Corporate
Total capital employed (excluding Delta Lloyd)
Delta Lloyd
Subordinated debt
External debt
Total equity
Less:
Preference capital
Equity shareholders funds
Less: goodwill and intangibles1
Equity shareholders funds excluding goodwill and intangibles
1. Goodwill and intangibles comprise 1,794 million (FY 2011: 2,640 million) of goodwill in subsidiaries, 927 million (FY 2011:
subsidiaries, 131 million (FY 2011: 131 million) of goodwill and intangibles in joint ventures and 148 million (FY 2011: 11
net of associated deferred tax liabilities of 165 million (FY 2011: (241) million) and the non controlling interests share of int
(228) million).
30 June
31 December
2012
2011
15,288
15,211
6,111
5,875
243
218
(1,408)
(1,102)
(132)
(228)
609
776
20,711
20,750
12,279
12,829
1,808
1,476
1,382
990
200
200
4,340
4,550
702
705
20,711
20,750
plus and also

et out on
ding company for

portion of the
onal lending
so allow for
cross the Group.
equirements,
and all interest
30 June 2012
31 December 2011
Closing shareholders funds
IFRS net assets
Internally generated
AVIF
Total Equity
IFRS net assets
Internally generated
AVIF
4,732
1,654
6,386
4,794
1,421
628
394
1,022
684
365
5,360
2,048
7,408
5,478
1,786
1,740
1,233
2,973
1,825
1,091
3,211
(2,885)
326
3,842
(2,779)
1,035
337
1,372
1,160
384
1,316
(729)
587
1,266
(1,405)
232
(135)
97
238
(140)
12,894
(131)
12,763
13,809
(1,063)
251
1,059
1,310
263
1,063
939
46
985
865
58
140
90
230
142
74
1,330
1,195
2,525
1,270
1,195
14,224
1,064
15,288
15,079
132
3,492
3,394
378
408
3,870
3,802
486
480
1,149
1,034
505
468
6,010
5,784
101
91
6,111
5,875
243
218
(1,408)
(1,102)
(132)
(228)
1,064
20,102
19,842
132
609
776
1,064
20,711
20,618
132
3,492
378
3,870
486
1,149
505
6,010
101
6,111
243
(1,408)
(132)
19,038
609
19,647
(4,340)
(702)
14,605
1,064
(4,340)
(4,550)
(702)
(705)
15,669
15,363
132
(1,808)
(1,382)
(200)
12,279
(2,616)
9,663
ll in subsidiaries, 927 million (FY 2011: 1,062 million) of intangibles in

ventures and 148 million (FY 2011: 115 million) of goodwill in associates,
the non controlling interests share of intangibles of 219 million (FY 2011:
31 December 2011
Total Equity
m
6,215
1,049
7,264
2,916
1,063
1,544
(139)
98
12,746
1,326
923
216
2,465
15,211
3,394
408
3,802
480
1,034
468
5,784
91
5,875
218
(1,102)
(228)
19,974
776
20,750
(4,550)
(705)
15,495
(1,476)
(990)
(200)
12,829
(3,479)
9,350
C4 Regulatory capital
Regulatory capital Group: European Insurance Groups Directive (IGD)
Insurance Groups Directive (IGD) capital resources

Less: capital resource requirement
Insurance Group Directive (IGD) excess solvency
Cover over EU minimum (calculated excluding UK life funds)
The EU Insurance Groups Directive (IGD) regulatory capital solvency surplus has increased by 0.9 billion since 31 Decem
period are set out in the following table:
IGD solvency surplus at 31 December 2011

Operating profits net of other income and expenses
Dividends net of scrip
Market movements including foreign exchange1
Movement in hybrid debt
UK reinsurance transactions
Increase in Capital Resources Requirement
Other regulatory adjustments
Estimated IGD solvency surplus at 30 June 2012
1. Market movements include the impact of equity, credit spread, interest rate and
foreign exchange movements net of the effect of hedging instruments.
Regulatory capital UK Life with-profits funds
NWPSF
OWPSF
WPSF4
Aggregate
1. These realistic liabilities include the shareholders share of future bonuses of 0.4 billion (FY 2011: 0.3 billion). Realistic
bonuses are 37.0 billion (FY 2011: 38.8 billion). These realistic liabilities make provision for guarantees, options and pr
provision included within realistic liabilities is 2.0 billion, 0.3 billion and 3.7 billion for NWPSF, OWPSF and WPSF res
2. Estimated realistic inherited estate at 31 December 2011 was nil, 0.3billion and 1.6 billion for NWPSF, OWPSF and W
3. The support arrangement represents the reattributed estate (RIEESA) of 1.3 billion at 30 June 2012 (FY 2011: 1.1 billi
4. The WPSF fund includes the Provident Mutual (PM) fund which has realistic assets of 1.7 billion and realistic liabilities o
inherited estate.
5. The risk capital margin (RCM) is 3.6 times covered by the inherited estate and support arrangement FY 2011: 2.7 times).
Investment mix
The aggregate investment mix of the assets in the three main with-profit funds was:
Equity
Property
Fixed interest
Other
UK life
Other
30 June
31 December
funds
business
2012
2011
bn
bn
bn
bn
6.6
9.3
15.9
14.1
(6.6)
(6.2)
(12.8)
(11.9)
3.1
3.1
2.2
1.5 times
1.3 times
creased by 0.9 billion since 31 December 2011 to 3.1 billion. The key movements over the
bn
2.2
0.4
(0.4)
0.6
0.2
0.1
(0.1)
0.1
3.1
30 June 20
Estimated realistic
assets
Realistic liabilities1
Estimated realistic
Estimated risk Capital
inherited estate2 Support Arrangement3
Margin5
bn
bn
bn
bn
bn
17.8
(17.8)
1.3
(0.3)
2.9
(2.6)
0.3
(0.1)
19.0
(17.0)
2.0
(0.6)
39.7
(37.4)
2.3
1.3
(1.0)
billion (FY 2011: 0.3 billion). Realistic liabilities adjusted to eliminate the shareholders share of future
provision for guarantees, options and promises on a market consistent stochastic basis. The value of the
on for NWPSF, OWPSF and WPSF respectively (FY 2011: 1.9 billion, 0.3 billion and 3.1 billion).
1.6 billion for NWPSF, OWPSF and WPSF respectively.
on at 30 June 2012 (FY 2011: 1.1 billion).
ts of 1.7 billion and realistic liabilities of 1.7 billion and therefore does not contribute to the realistic
pport arrangement FY 2011: 2.7 times).
30 June 2012
31 December 2011
20%
22%
15%
17%
51%
54%
14%
7%
30 June 2012
31 December 2011
Estimated excess
Estimated excess
bn
bn
1.0
0.7
0.2
0.2
1.4
1.0
2.6
1.9
C5 IFRS Sensitivity analysis

Sensitivity test results
Sensitivity factor
Interest rate and investment return
Equity/property market values

Expenses
Assurance mortality/morbidity (life insurance only)
Annuitant mortality (life insurance only)
Gross loss ratios (non-life insurance only)
Long-term businesses
Impact on profit before tax

m
Insurance participating
Insurance non-participating
Investment participating
Investment non-participating
Assets backing life shareholders funds
Impact on shareholders equity before tax

m

m

m
General insurance and health businesses

m
Gross of reinsurance excluding Delta Lloyd

Net of reinsurance excluding Delta Lloyd

m

m


m

Fund management and other operations businesses

m

m

m

m
Description of sensitivity factor applied

The impact of a change in market interest rates by a 1% increase or decrease. The test allows consistently for similar
changes to investment returns and movements in the market value of backing fixed interest securities.
The impact of a change in equity/property market values by 10%.
The impact of an increase in maintenance expenses by 10%.
The impact of an increase in mortality/morbidity rates for assurance contracts by 5%.
The impact of a reduction in mortality rates for annuity contracts by 5%.
The impact of an increase in gross loss ratios for general insurance and health business by 5%.
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(120)
70
(90)
(30)
(110)
90
20
(55)
(70)
(25)
20
15
(45)
(10)
(10)
10
15
(20)
(15)
35
(40)
45
(45)
(110)
(40)
165
(255)
(125)
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(130)
30
70
(90)
(30)
(785)
575
20
(55)
(70)
(25)
20
15
(45)
(10)
(100)
20
15
(20)
(15)
(50)
35
45
(45)
(1,090)
680
165
(255)
(125)
31
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(45)
(155)
(95)
(45)
(135)
85
55
(45)
(75)
(35)
40
50
(75)
(10)
(15)
15
15
(15)
(20)
135
(15)
35
(35)
(95)
(30)
160
(265)
(150)
31
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(80)
(115)
(95)
(45)
(500)
455
55
(45)
(75)
(35)
40
50
(75)
(10)
(110)
25
15
(15)
(20)
35
85
40
(40)
(690)
490
165
(270)
(150)
30 June 2012
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(250)
245
40
(45)
(75)
(305)
310
40
(45)
(75)
30 June 2012
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(250)
245
40
(45)
(25)
(305)
310
40
(45)
(25)
31 December 2011
Interest rates
Interest rates
Equity/property
Equity/property
Expenses
+1%
1%
+10%
10%
+10%
(205)
180
50
(55)
(130)
(275)
275
50
(55)
(130)
31 December 2011
Interest rates
Interest rates
Equity/ property
Equity/ property
Expenses
+1%
1%
+10%
10%
+10%
(205)
180
50
(55)
(30)
(275)
275
50
(55)
(30)
30 June 2012
Interest rates
Interest rates
Equity/ property
Equity/ property
+1%
1%
+10%
10%
(15)
15
(65)
110
30 June 2012
Interest rates
Interest rates
Equity/ property
Equity/ property
+1%
1%
+10%
10%
(15)
15
(65)
110
31 December 2011
Interest rates
Interest rates
Equity/ property
Equity/ property
+1%
1%
+10%
10%
(10)
10
(40)
75
31 December 2011
Interest rates
Interest rates
Equity/ property
Equity/ property
+1%
1%
+10%
10%
(10)
10
(40)
75
allows consistently for similar

est securities.
by 5%.
30 June 2012
Assurance mortality
Annuitant mortality
+5%
5%
(40)
(55)
(465)
(50)
(505)
30 June 2012
Assurance mortality
Annuitant mortality
+5%
5%
(40)
(55)
(465)
(50)
(505)
31 December 2011
Assurance mortality
Annuitant mortality
+5%
5%
(10)
(50)
(60)
(470)
(70)
(520)
31 December 2011
Assurance mortality
Annuitant mortality
+5%
5%
(10)
(50)
(60)
(470)
(70)
(520)
30 June 2012
Gross loss ratios
+5%
(140)
(140)
30 June 2012
Gross loss ratios
+5%
(140)
(140)
31 December 2011
Gross loss ratios
+5%
(300)
(290)
31 December 2011
Gross loss ratios
+5%
(300)
(290)
D1 Total assets
30 June 2012
Goodwill and acquired value of in-force business and intangible assets

Interests in joint ventures and associates
Investment property
Loans
Debt securities
Equity securities
Other investments
Reinsurance assets
Deferred tax assets
Current tax assets
Assets of operations classified as held for sale
Total
Total %
FY11 as reported
FY11 Total %
Less assets of
operations classified
as held for sale
Policyholder assets
Participating fund
assets
3,551
3,551
(108)
237
1,129
1,316
2,682
(14)
42
131
272
445
3,813
6,248
966
11,027
(26)
481
5,907
20,530
26,918
14,659
80,083
59,975
154,717
(1,441)
20,807
9,571
1,076
31,454
(1,248)
23,141
4,468
2,529
30,138
(350)
1,548
554
5,381
7,483
(244)
262
262
74
74
372
2,861
5,244
8,477
(21)
97
6,437
6,535
(91)
146
1,390
1,650
3,186
(10)
4,442
12,285
8,933
25,660
(409)
3,962
69,689
124,724
118,196
312,609
22.3%
39.9%
37.8%
100.0%
0.0%
70,367
124,631
117,378
312,376
22.5%
39.9%
37.6%
100.0%
0.0%
Shareholder assets Total assets analysed
Balance sheet total

m
3,443
2,668
445
11,001
26,918
153,276
30,206
29,788
7,239
262
74
8,456
6,444
3,176
25,251
3,962
312,609
100.0%
312,376
100.0%
D2 Total assets Valuation bases/fair value hierarchy
Total assets 30 June 2012

Investment property
Loans
Debt securities
Equity securities
Other investments
Reinsurance assets
Deferred tax assets
Current tax assets
Total
Total %
FY11 Total
FY11 Total %
1. Within the Groups statement of financial position, assets are recognised for deferred tax and current tax. The valuation basis
these assets does not directly fall within any of the categories outlined above. As such, these assets have been reported toge
with equity accounted within the analysis of the groups assets.
Total assets Policyholder assets 30 June 2012

Investment property
Loans
Debt securities
Equity securities
Other investments
Reinsurance assets
Deferred tax assets
Current tax assets
Total
Total %
FY11 Total
FY11 Total %
Total assets Participating fund assets 30 June 2012

Investment property
Loans
Debt securities
Equity securities
Other investments
Reinsurance assets
Deferred tax assets

Current tax assets
Total
Total %
FY11 Total
FY11 Total %
Total assets Shareholder assets 30 June 2012

Investment property
Loans
Debt securities
Equity securities
Other investments
Reinsurance assets
Deferred tax assets
Current tax assets
Total
Total %
FY11 Total
FY11 Total %
Fair value hierarchy
Total assets
30 June 2012
Investment properties
Loans
Debt securities
Equity securities
Other investments (including derivatives)
Total
Total %
FY11 Total
FY11 Total %
Fair value
Amortised cost
Equity accounted/tax
assets1
Total
3,551
3,551
2,682
2,682
208
237
445
11,027
11,027
18,159
8,759
26,918
154,717
154,717
31,454
31,454
30,138
30,138
7,483
7,483
262
262
74
74
8,477
8,477
6,535
6,535
3,186
3,186
25,660
25,660
271,363
38,228
3,018
312,609
86.8%
12.2%
1.0%
100.0%
269,812
39,356
3,208
312,376
86.4%
12.6%
1.0%
100.0%
red tax and current tax. The valuation basis of

such, these assets have been reported together
Fair value
Amortised cost
assets1
Total
237
237
29
13
42
3,813
3,813
481
481
14,659
14,659
20,807
20,807
23,141
23,141
1,548
1,548
372
372
146
146
4,442
4,442
66,891
2,561
237
69,689
96.0%
3.7%
0.3%
100.0%
67,310
2,804
253
70,367
95.6%
4.0%
0.4%
100.0%

Fair value
Amortised cost
assets1
Total
1,129
1,129
19
112
131
6,248
6,248
1,011
4,896
5,907
80,083
80,083
9,571
9,571
4,468
4,468
554
554
2,861
2,861
97
97
1,390
1,390
12,285
12,285
113,685
9,910
1,129
124,724
91.1%
7.9%
1.0%
100.0%
113,287
9,884
1,460
124,631
90.9%
7.9%
1.2%
100.0%

Fair value
Amortised cost
assets1
Total
3,551
3,551
1,316
1,316
160
112
272
966
966
17,148
3,382
20,530
59,975
59,975
1,076
1,076
2,529
2,529
5,381
5,381
262
262
74
74
5,244
5,244
6,437
6,437
1,650
1,650
8,933
8,933
90,787
25,757
1,652
118,196
76.8%
21.8%
1.4%
100.0%
89,215
26,668
1,495
117,378
76.0%
22.7%
1.3%
100.0%

Level 1
Level 2
Level 3
Sub-total fair value
Amortised cost
11,027
11,027
18,159
18,159
8,759
102,793
43,327
8,597
154,717
30,381
585
488
31,454
22,345
5,020
2,773
30,138
155,519
78,118
11,858
245,495
8,759
61.9%
31.1%
4.7%
97.7%
3.5%
156,641
78,520
11,368
246,529
9,630
61.2%
30.7%
4.4%
96.3%
3.8%
Less: Assets of
operations classified
as held for sale
Balance sheet total
(26)
11,001
26,918
(1,441)
153,276
(1,248)
30,206
(350)
29,788
(3,065)
251,189
(1.2)%
100.0%
(347)
255,812
(0.1)%
100.0%
D3 Analysis of asset quality

D3.2 Investment property
Investment property Total
Leased to third parties under operating leases

Vacant investment property/held for capital appreciation
Total
Total %
Investment property Shareholder assets
Leased to third parties under operating leases

Vacant investment property/held for capital appreciation
Total
Total %
D3.3 Loans
Loans Total assets

30 June 2012
Policy loans
Loans and advances to banks
Mortgage loans
Other loans
Total
Total %
FY11 Total
FY11 Total %
Loans Total shareholder assets

30 June 2012
Policy loans
Loans and advances to banks
Mortgage loans
Other loans
Total
Total %
FY11 Total
FY11 Total %
Mortgage loans Shareholder assets
30 June 2012
Non-securitised mortgage loans

Residential (Equity release)
Healthcare
Commercial
Securitised mortgage loans

Total
FY11 Total
(Non-securitised mortgage loans)
Gross exposure by loan to value and arrears
Shareholder assets
30 June 2012
Not in arrears
0 3 months
3 6 months
6 12 months
> 12 months
Total
United States
(Non-securitised mortgage loans)

Commercial
Gross exposure by loan to value and arrears
Shareholder assets
30 June 2012
Neither past due nor impaired

0 3 months
3 6 months
6 12 months
> 12 months
Total
Total %
D3.4 Financial investments
Total Assets
Debt securities
Equity securities
Other investments
Total
D3.4.1 Debt securities
Debt securities Shareholder assets
UK Government
Non-UK Government
Europe
North America
Asia Pacific & Other
Corporate bonds Public utilities

Corporate convertible bonds
Other corporate bonds
Other
Total
Total %
FY11
FY11 %
Debt securities Shareholder assets

30 June 2012
Government
UK Government
UK local authorities
Non-UK Government
Corporate
Public utilities
Convertibles and bonds with warrants
Other corporate bonds
Certificates of deposits
Structured
RMBS1 non-agency ALT A2
RMBS1 non-agency prime
RMBS1 agency
CMBS3
ABS4
CDO (including CLO)5
ABCP6
Wrapped credit
Other
Total
Total %
FY11
FY11 %
1. RMBS Residential Mortgage Backed Security.
2. ALT A Alternative A paper.
3. CMBS Commercial Mortgage Backed Security.
4. ABS Asset Backed Security.
5. CDO Collateralised Debt Obligation, CLO Collateralised Loan Obligation.
6. ABCP Asset Backed Commercial Paper
D3.4.2 Equity securities
Equity securities Shareholder assets
Public utilities
Banks, trusts and insurance companies
Industrial miscellaneous and all other
Non-redeemable preferred shares
Total
Total %
D3.4.3 Other investments
Other investments Shareholder assets
Unit trusts and other investment vehicles

Derivative financial instruments
Deposits with credit institutions
Minority holdings in property management undertakings
Other
Total
Total %
D3.4.5 Exposures to peripheral European countries
Direct sovereign exposures to Greece, Ireland, Portugal, Italy and Spain (net of non-controlling interests, excluding policyho
30 June 2012
Greece
Ireland
Portugal
Italy
Spain
Total Greece, Ireland, Portugal, Italy and Spain
FY11 Greece, Ireland, Portugal, Italy and Spain
Direct sovereign exposures to Greece, Ireland, Portugal, Italy and Spain (gross of non-controlling interests, excluding policy
30 June 2012
Greece
Ireland
Portugal
Italy
Spain
Total Greece, Ireland, Portugal, Italy and Spain
FY11 Greece, Ireland, Portugal, Italy and Spain
D3.4.6 Non UK Government Debt Securities (gross of non-controlling interests)
Non UK Government Debt Securities
Austria
Belgium
France
Germany
Greece
Ireland
Italy
Netherlands
Poland
Portugal
Spain
European Supranational debt
Other European countries
Europe
Canada
United States
North America
Singapore
Sri Lanka
Other
Asia Pacific and other
Total
D3.4.7 Exposure to worldwide bank debts
Direct shareholder and participating fund assets exposures to worldwide bank debts (net of non-controlling interests, exclud
30 June 2012
Debt securities
Austria
France
Germany
Ireland
Italy
Netherlands
Portugal
Spain
United Kingdom
United States
Other
Total
FY11 Total
Direct shareholder and participating fund assets exposures to worldwide bank debts (gross of non-controlling interests, exc
30 June 2012
Debt securities
Austria
France
Germany
Ireland
Italy
Netherlands
Portugal
Spain
United Kingdom
United States
Other
Total
FY11 Total
30 June 2012
Level 1
Level 2
Level 3
Total
11,005
11,005
22
22
11,027
11,027
100.0%
100.0%
30 June 2012
Level 1
Level 2
Level 3
Total
947
947
19
19
966
966
100.0%
100.0%
United Kingdom &

Ireland
France
United States
Canada
m
35
835
427
12
4,284
18,397
2,760
31
81
22,747
844
3,192
81
15
84.5%
3.1%
11.9%
0.3%
0.1%
23,964
949
3,067
80
16
85.2%
3.4%
10.9%
0.3%
0.1%
United Kingdom &

Ireland
France
United States
Canada

m
230
125
17,389
2,631
31
17,552
2,866
85.4%
0.0%
14.0%
0.4%
0.1%
17,849
2,743
80
16
86.1%
0.0%
13.2%
0.4%
0.1%
United Kingdom &

Ireland
United States
Total
2,677
2,677
3,977
3,977
8,730
2,631
11,361
15,384
2,631
18,015
2,005
2,005
17,389
2,631
20,020
17,668
2,507
20,175
115
110
105
100
>120%
120%
115%
110%
105%
345
237
827
1,389
1,412
12
104
372
237
827
1,397
1,523
81
81
12
3
15
115
110
105
100
>120%
120%
115%
110%
105%
14
17
31
0.3%
0.3%
0.0%
0.2%
1.2%
30 June 2012
Unrealised gains
Impairment and
Unrealised losses
Fair value
145,509
13,319
(4,111)
154,717
30,857
4,316
(3,719)
31,454
29,624
2,153
(1,639)
30,138
205,990
19,788
(9,469)
216,309
Cost/amortised cost
30 June 2012
Level 1
Level 2
Level 3
Total
2,471
119
2,590
6,787
4,278
72
11,137
5,986
286
41
6,313
520
3,646
4,166
281
346
31
658
2,982
3,102
16
6,100
105
28
140
9,555
23,947
323
33,825
1,640
4,482
61
6,183
23,442
36,033
500
59,975
39.1%
60.1%
0.8%
100.0%
23,038
35,001
561
58,600
39.3%
59.7%
1.0%
100.0%
External ratings
AAA
AA
BBB
Less than BBB
2,389
36
5,962
2,021
1,928
980
172
8,351
2,057
1,928
980
172
23
335
3,809
1,719
74
43
60
1,209
3,604
12,761
10,229
1,510
1,240
3,939
16,613
12,008
1,584
86
158
92
97
19
122
104
24
31
1,174
1,281
27
19
153
1,511
140
373
90
167
710
163
157
56
63
58
27
2,221
330
537
146
288
195
110
84
44
59
14
66
35
31
13,153
6,648
19,415
13,364
2,369
21.9%
11.1%
32.4%
22.3%
3.9%
13,011
7,831
17,903
12,101
2,416
22.2%
13.4%
30.6%
20.7%
4.1%
30 June 2012
Level 1
Level 2
Level 3
Total
11
12
75
86
330
491
211
12
223
350
350
297
436
343
1,076
27.6%
40.5%
31.9%
100.0%
30 June 2012
Level 1
Level 2
Level 3
Total
328
516
844
204
1,091
94
1,389
184
25
218
16
16
54
62
724
1,116
689
2,529
28.6%
44.1%
27.3%
100.0%
controlling interests, excluding policyholder assets)

Participating fund
assets
Shareholder assets
Total
billion
billion
billion
0.3
0.1
0.4
0.2
0.2
4.9
0.6
5.5
0.7
0.3
6.1
1.0
7.1
6.9
1.3
8.2
on-controlling interests, excluding policyholder assets)
Participating fund
assets
Shareholder assets
Total
billion
billion
billion
0.3
0.1
0.4
0.3
0.3
8.8
0.9
9.7
1.0
0.6
1.6
10.4
1.6
12
11.3
1.9
13.2
ts)
Policyholder
Participating
30 June
31 December
30 June
31 December
2012
2011
2012
2011
28
28
649
512
41
30
1,184
1,029
200
215
8,491
7,529
214
239
1,958
1,751
46
37
33
328
378
287
273
8,794
9,670
51
63
1,446
1,284
589
509
819
720
251
204
45
46
966
1,046
134
114
3,030
2,376
223
125
593
410
1,849
1,675
28,515
26,955
20
18
195
195
131
129
71
66
151
147
266
261
287
309
21
21
384
391
1,057
1,262
412
420
1,346
1,573
2,412
2,242
30,127
28,789
(net of non-controlling interests, excluding policyholder assets)
Shareholder assets
Total
Total
senior
subordinated
Total
debt
debt
debt
bn
bn
bn
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.5
0.2
0.7
0.5
0.1
0.6
0.8
0.6
1.4
1.3
0.9
2.2
0.8
0.3
1.1
4.2
2.2
6.4
3.7
2.2
5.9
(gross of non-controlling interests, excluding policyholder assets)
Shareholder assets
Total
Total
senior
subordinated
Total
debt
debt
debt
bn
bn
bn
0.1
0.1
0.1
0.1
0.2
0.1
0.1
0.1
0.1
0.2
0.5
0.2
0.7
0.9
0.2
1.1
0.8
0.7
1.5
1.3
0.9
2.2
0.9
0.3
1.2
4.8
2.5
7.3
4.3
2.3
6.6
31 December 2011
Level 1
Level 2
Level 3
Total
11,552
11,552
86
86
11,638
11,638
100.0%
100.0%
31 December 2011
Level 1
Level 2
Level 3
Total
1,076
1,076
10
10
1,086
1,086
100.0%
100.0%
Higher Growth
markets
Total
38
1,347
4,284
21,158
129
39
26,918
0.1%
100.0%
40
28,116
0.1%
100.0%
Higher Growth
markets
Total
15
264
125
20,020
121
16
20,530
0.1%
100.0%
39
20,728
0.2%
100.0%
95
90
80
70
100%
95%
90%
80%
<70%
1,005
711
1,115
559
756
31
21
64
108
1,229
714
1,115
559
757
95
90
80
70
100%
95%
90%
80%
<70%
25
30
172
453
1,897
25
30
175
453
1,897
1.0%
1.1%
6.7%
17.2%
72.0%
31 December 2011
Cost/amortised cost
Unrealised gains
Impairment and
Unrealised losses
Fair value
147,537
12,395
(6,587)
153,345
33,055
3,637
(4,009)
32,683
30,362
553
(538)
30,377
210,954
16,585
(11,134)
216,405
Non-rated
Total
138
2,563
27
27
74
11,137
239
13,727
140
6,100
29
140
4,512
33,825
4,681
40,065
21
455
150
159
1,174
1,483
2,281
24
1,173
58
34
24
3,546
56
489
210
5,026
59,975
8.4%
100.0%
5,338
58,600
9.0%
100.0%
31 December 2011
Level 1
Level 2
Level 3
Total
36
37
166
99
333
598
275
10
287
371
371
477
472
344
1,293
36.9%
36.5%
26.6%
100.0%
31 December 2011
Level 1
Level 2
Level 3
Total
141
100
453
694
253
820
14
1,087
184
24
208
16
16
53
61
586
936
544
2,066
28.4%
45.3%
26.3%
100.0%
Shareholder
Total
30 June
31 December
30 June
2012
2011
2012
86
58
763
132
176
1,357
1,756
1,634
10,447
954
792
3,126
10
89
216
454
853
1,056
9,934
199
136
1,696
361
329
1,769
251
637
639
1,648
1,063
856
4,227
179
91
995
6,313
5,993
36,677
2,392
2,342
2,607
1,774
1,631
1,976
4,166
3,973
4,583
158
211
452
108
139
131
392
227
1,833
658
577
2,416
11,137
10,543
43,676
Participating fund assets

Total
Total
senior
subordinated
Total
debt
debt
debt
bn
bn
bn
0.2
0.2
3.2
0.9
4.1
0.5
0.7
1.2
0.3
0.1
0.4
1.5
0.3
1.8
0.1
0.1
0.8
0.2
1.0
0.8
1.3
2.1
0.9
0.1
1.0
2.0
0.6
2.6
10.3
4.2
14.5
10.6
3.6
14.2
Participating fund assets

Total
Total
senior
subordinated
Total
debt
debt
debt
bn
bn
bn
0.2
0.2
3.6
0.9
4.5
0.5
0.7
1.2
0.5
0.2
0.7
1.6
0.3
1.9
0.1
0.1
1.2
0.3
1.5
1.0
1.3
2.3
1.1
0.1
1.2
2.3
0.7
3.0
12.1
4.5
16.6
12
3.9
15.9
Total
m
8,356
48
36
169
121
8,730
Total
m
2,606
3
5
17
2,631
100.0%
Total
31 December
2011
m
598
1,235
9,378
2,782
48
627
10,999
1,483
1,558
212
1,731
3,346
626
34,623
2,555
1,826
4,381
528
162
1,880
2,570
41,574
D4 Pension fund assets

Plan assets comprise:
Equities
Bonds
Property
Other
Total
30 June 2012
United Kingdom
Ireland
Canada
Total
United Kingdom
664
44
88
796
735
8,671
237
123
9,031
8,663
834
16
850
657
1,051
86
13
1,150
1,135
11,220
383
224
11,827
11,190
31 December 2011
Ireland
Canada
Total
46
76
857
233
129
9,025
13
670
90
14
1,239
382
219
11,791
D5 Available funds
30 June 2012
Expiring in one year

Expiring beyond one year
Total
635
1,480
2,115
2012 financial calendar

Announcement of third quarter
Interim Management Statement
Dividends
Ordinary shares 2012 interim dividend
Ex-dividend date
Record date
Scrip dividend price announcement date
Last date for receipt of Scrip elections
Dividend payment date*
08 November 2012
19 September 2012
21 September 2012
26 September 2012
19 October 2012
16 November 2012

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IFRS condensed consolidated financial statements

Condensed consolidated income statement

Notes to the condensed financial statements

Condensed consolidated income statement

(Loss)/profit before tax

(Loss)/profit for the period

Earnings per share

Continuing operations Basic (pence per share)

Continuing operations Discontinued operations

Condensed consolidated statement of comprehensive income

(Loss)/profit for the period from continuing operations

Other comprehensive income from continuing operations:

Other comprehensive income, net of tax from discontinued operations

Total comprehensive income for the period from continuing operations

Condensed consolidated statement of changes in equity

Condensed consolidated statement of financial position

Shares held by employee trusts

Equity attributable to shareholders of Aviva plc

Condensed consolidated statement of cash flows

Cash flows from operating activities

Interest paid on borrowings

A3 Subsidiaries, joint ventures and associates

Book value and fair

Gross written premiums

Net investment income

Profit/(loss) before tax

Gross written premiums

Premiums ceded to reinsurers

Net investment income

Gross written premiums

Net investment income

Change in insurance liabilities, net of reinsurance

(iv) Segmental statement of financial position as at 30 June 2012

Gross written premiums*

Net written premiums

Net investment income

Gross written premiums*

Net investment income

Tax attributable to policyholder returns

Gross written premiums*

Net investment income/(expense)

Change in investment contract provisions

Interests in, and loans to, joint ventures and associates

Gross insurance liabilities

Total equity and liabilities

ehensive income were 8 million and nil respectively.

nsurance and agencies in runoff.

tors Pooled Pension business.

ehensive income were 8 million and nil respectively.

nsurance and agencies in runoff.

tors Pooled Pension business.

ehensive income were 21 million and nil respectively.

nsurance and agencies in runoff.

tors Pooled Pension business.

General insurance and

od ended 30 June 2012

iod ended 30 June 2011

General insurance and