Aviva has appointed Chetan Singh, who is currently its chief strategy and M&A officer, to be managing director of annuities and equity release, effective from 1 May.
Singh was part of the team that led the transformation of Aviva’s portfolio, including eight major divestments over the last eight months. Most recently he worked on the divestment of Aviva Poland to Allianz. The proceeds will generate £7.5bn ($10.3bn) of total cash.
In the new role, Singh will report to Doug Brown, chief executive of Aviva UK and Ireland Life.
"Our annuities and equity Release products create synergies, with equity release assets being held long-term to back longer-term annuity liabilities, alongside assets sourced by Aviva Inrestors," a spokesperson told Insurance Asset Risk, adding that equity release sales were £580m in 2020.