Ireland: Aviva announces completion of Ark Life transaction

Aviva plc (“Aviva”) announced on 22 November 2005 that it had entered into a contract for a new bancassurance joint venture between Hibernian Life & Pensions Limited (“Hibernian Life & Pensions”), the third largest company in the Irish long-term savings market, and Ark Life Assurance Company Limited (“Ark Life”), the fourth largest, owned by Allied Irish Banks plc ("AIB").

Aviva today confirms the completion of this transaction, following the approval of the European Commission and the financial regulator.

The vehicle for the joint venture is Hibernian Life Holdings which is the owner of Hibernian Life & Pensions and Ark Life. Hibernian Life Holdings is jointly owned by Aviva's wholly-owned subsidiary Hibernian Group plc (75.01%) and AIB (24.99%).

The joint venture includes an exclusive five-year bancassurance distribution agreement with AIB which may be renewable for further five-year periods up to 2031. The joint venture will employ approximately 800 staff.

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Enquiries:

Analysts
Charles Barrows, investor relations director +44 (0)20 7662 8115
Nicole Marques, investor relations manager +44 (0)20 7662 8302

Media
Hayley Stimpson, director of external affairs +44 (0)20 7662 7544
Sue Winston, head of group media relations +44 (0)20 7662 8221

Notes to editors:

• Aviva is the world’s sixth-largest insurance group based on gross world-wide premiums and market capitalisation (at 31 December 2004); it is one of the leading providers of life and pensions in Europe and has substantial businesses in other markets around the world.
• Aviva’s main activities are long-term savings, fund management and general insurance, with world-wide total income of Ł40 billion and assets under management of Ł280 billion at 31 December 2004.
• The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.