Aviva announces today that Chetan Singh has been appointed Managing Director of Annuities and Equity Release* with effect from 1 May 2021.
Chetan, who is currently Aviva’s Chief Strategy and M&A Officer, led the transformation of Aviva’s portfolio, delivering eight divestments in the last eight months that will generate £7.5bn of total cash proceeds. In his new role, he will report to Doug Brown, Chief Executive of Aviva UK and Ireland Life. Prior to joining Aviva five years ago, Chetan held senior roles with JP Morgan and Citigroup.
Amanda Blanc, Aviva Chief Executive Officer, said:
“Aviva is a market leader in annuities and equity release and we have major ambitions to grow further in these attractive and strategically important markets. Chetan’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.”
Chetan Singh said:
“I’m delighted to take on this exciting new role. 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. Our equity release and individual annuity businesses form an integral part of the retirement options we offer to our customers in the UK.
“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. Aviva is a leading player across the annuities and equity release markets and I am excited at the potential to build on this and support our customers in their retirement.”
*subject to regulatory approval
Notes to editors:
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