Aviva Singlife Holdings has appointed Pearlyn Phau as Executive Director and Group Chief Executive Officer, which will come into place in August.
This follows the closure of last year’s transaction when Singapore Life (Singlife) announced it would combine with Aviva Singapore in one of the Singapore’s largest insurance deals, valuing the company at S$3.2 billion.
Phau will also assume the additional roles of Executive Director and Chief Executive Officer of both of the group’s two Singapore licensed insurers, Singlife and Aviva Singapore.
The scheme of transfer, which will combine the two entities, has been approved by the MAS. It is now subject to the approval of Singapore courts and is expected to complete later this year.
Nishit Majmudar, the current CEO of Aviva Singapore, will step down from his executive and Board roles and become a Senior Advisor to the Board.
Walter de Oude, who has acted as Group CEO prior to Phau’s appointment, will continue on the Board as Deputy Chairman, Aviva Singlife Holdings.
Both de Oude and Majmudar will assist Phau to ensure a smooth transition into her new role.
Phau has held various senior leadership roles within DBS Group, both in Singapore and Hong Kong.
She is currently the Group Head of Consumer Products, Marketing and Ecosystem Partnerships with oversight across the product lines in the region and a mandate to scale growth exponentially via strategic partnerships.
Prior to this, Phau was the Deputy Group Head of Consumer Banking & Wealth Management and has also spent 4 years in Hong Kong as the Head of Consumer Banking & Wealth Management, DBS Bank Hong Kong.
Ray Ferguson, Chairman, Aviva Singlife Holdings commented: “We are delighted that we have been able to attract someone of Pearlyn’s calibre to lead our Group in Singapore and beyond.
“Pearlyn brings to Aviva Singlife her deep knowledge across a wide spectrum of financial products and services. She is a strong leader with a digital mind-set and a demonstrable track record in transformation strategies and operational execution.
“Nishit has ably led Aviva Singapore for the past 8 years and has been instrumental in building Aviva into one of the leading insurers in Singapore, serving 1.5 million customers. The Board looks forward to his continued involvement as a Senior Advisor.”
Majmudar said, “As this exciting combination moves into its next stage with upcoming legal merger, I am delighted to have been working with the Board on putting in place solid long term leadership succession. In Pearlyn we have the Group’s future in very capable hands. I look forward to supporting her and the Board into the future as Senior Advisor.”
de Oude further noted: “The Singlife and Aviva businesses have demonstrated phenomenal growth over the past years. Now as we bring them together, Pearlyn is the catalyst for our new era – one where we push for new heights to further the ambition of the Group, and continue to challenge the industry in its evolution, both in Singapore and beyond.”
Phau added: “The powerful Aviva Singlife combination, harnessing the best that Singlife brings in technology and Aviva Singapore in quality advice, alongside the Board’s vision and commitment to see a new breed of financial services emerge in this unique and challenging time, presents a compelling opportunity for me.
“I am delighted to have been entrusted with this exciting role and look forward to delivering on that vision for the benefit of Singaporeans and the region.”