Aviva has appointed Chetan Singh as its new managing director of annuities and equity release.
Singh who currently works for Aviva as chief strategy and M&A officer will take up the new role from May 1.
In his current role he has led the transformation of Aviva’s portfolio, delivering eight divestment in the last eight months that have generated £7.5bn in cash proceeds.
Prior to working with Aviva, Singh held senior roles with JP Morgan and Citigroup. In his new role he will report to Doug Brown, chief executive of Aviva UK and Ireland Life in
Aviva chief executive officer says: “Aviva is a market leader in annuities and equity release and we have major ambitions to grow further in these strategically important markets.
“[Singh’s] strong commercial strength and industry knowledge will help Aviva seize the considerable growth opportunities in annuities and equity release. In the bulk purchase annuity market alone, current forecasts estimate £30-50bn of flows per annum over the next decade. That’s a tremendous opportunity for Aviva to sustain the record volumes we have delivered in 2020 – and to go further.”
Singh adds: “The annuity and equity release business is a vital part of our Group strategy and a key growth area for Aviva. The Bulk Purchase Annuity business had a record year last year with sales of £6bn and has strong underlying growth potential.
He adds: “We will continue to work closely with Aviva Investors to seek infrastructure investment opportunities that support our annuities business and are in line with our commitment to be Net Zero by 2040.”