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:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 19.6 million (as at 31 August 2024) 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 more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at at www.aviva.com/sustainability/climate and our sustainability ambition and action at www.aviva.com/sustainability.
- Aviva is a Living Wage, Living Pension 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 30 June 2024, total Group assets under management at Aviva Group were £398 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2024 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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