AVVIY - Aviva Fully Committed To A Simpler Lower-Return Model

• Aviva has rapidly shed non-core assets since bringing a new CEO on board in mid-2020; Aviva is soon to be a focused player in UK life/protection and UK/Canada general insurance.
• Focusing on the UK life and UK/Canadian general insurance operations leans into the company's core strengths and should set the stage for a slower-growing, lower-return, but more predictable business.
• Asset sales will drive significant debt reduction and a special distribution in 2022; the new operational core will require less capital to support, increasing the long-term capitals return to shareholders.
• The new Aviva is a more conservative, slower-growing company, but the total long-term annualized return potential is still attractive today.

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