Company Announcements

9 March 2023

Aviva plc to commence buyback of its ordinary shares for up to a maximum aggregate consideration of £300 million

Aviva plc ("Aviva") announces it will commence a share buyback programme of its ordinary shares ("Shares") for up to a maximum aggregate consideration of £300 million¹ (the "Programme"), commencing on 10 March 2023.

Aviva has entered into a non-discretionary agreement with Citigroup Global Markets Limited ("Broker") to undertake the Programme by making market purchases of the Shares. The Broker shall make trading decisions under the Programme independently of Aviva, as principal (except for Aviva's ability to terminate the Broker's mandate in certain limited circumstances). Shares acquired by the Broker will subsequently be sold on to Aviva and, to the extent permitted by law, such purchased Shares will be cancelled. The purpose of the Programme is therefore to reduce Aviva's share capital.  The maximum number of Shares to be acquired under the Programme is 100 million¹ and the Programme is expected to complete by 30 June 2023.

Note: Any purchase of Aviva Shares contemplated by this announcement will be executed in accordance with Aviva's general authority to repurchase Shares granted by its shareholders on 9 May 2022, Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), and Chapter 12 of the Financial Conduct Authority's Listing Rules.

¹ During the Programme, the Broker has discretion to notify Aviva of a reduction in the Programme size due to a decrease in trading liquidity of the Shares.  If such notification is received, a further announcement will be made.

-ends-

Enquiries:

Media:

Andrew Reid                                                                                                     +44 (0)7800 694 276

Sarah Swailes                                                                                                    +44 (0)7800 694 859

Marion Fischer                                                                                                 +44 (0)7800 693 219

Analysts:

Rupert Taylor Rea                                                                                          +44 (0)7385 494 440

Joel Von Sternberg                                                                                             +44 (0)7384  231 238

Michael O' Hara                                                                                                    +44 (0)7387 234 388

Notes to editors:

· We are the UK's leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.

· We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we'll be there to put it right.

· We have been taking care of people for 325 years, in line with our purpose of being 'with you today, for a better tomorrow'. In 2022, we paid £23.2 billion in claims and benefits to our customers.

· Aviva is a market leader in sustainability. In 2021, we announced our plan to become a Net Zero carbon emissions company by 2040, the first major insurance company in the world to do so. This plan means Net Zero carbon emissions from our investments by 2040; setting out a clear pathway to get there with a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. Find out more about our climate goals at www.aviva.com/climate-goals  and our sustainability ambition and action at www.aviva.com/sustainability

· While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. More information can be found at https://www.aviva.com/sustainability/climate/

Aviva is a Living Wage and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/

· As at 31 December 2022, total Group assets under management at Aviva Group are £352 billion and our Solvency II shareholder capital surplus is £8.7 billion. Our Shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.

· For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us

· The Aviva newsroom at www.aviva.com/newsroom  includes links to our spokespeople images, podcasts, research reports and our news release archive. Sign up to get the latest news from Aviva by email.

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