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Publish Date : 30-Jun-2014

Aviva has appointed Great Eastern Holding's group chief executive Chris Wei for the role of CEO global life insurance and Asia chairman.

The UK-headquartered insurer said that in this new role Wei will be responsible for leading its life insurance businesses across the group and provide "strategic direction" to the business.

Llong with the important strategic priorities, he will be in charge of making sure the "continued success" of Aviva's UK life insurance business, which is a important contributor to the group's profitability and also drive the future growth of its Asian operations.

Aviva as part of its Asia expansion drive had in January signed into an agreement with Indonesian listed company Astra International to establish a joint venture to sell and distribute life insurance products in Indonesia.

Mark Wilson, group CEO said: "Chris brings an outstanding track record and has the strategic and financial acumen to make a difference to our life insurance businesses."

Calling it a "superb opportunity", Wei said: "The progress Aviva has made in the last year has been striking. I cannot imagine a more exciting time to be joining this vibrant and ambitious company."

Wei will continue with Great Eastern until 30 September and join Aviva in October.

From 2008 to 2011, Chris was a member of the group executive committee of AIA, and was in addition a part of the company’s listing team in Hong Kong. He was moreover a CEO of AIG United Guaranty Insurance in Hong Kong and has held a variety of leadership positions in the Canadian insurance market with Allstate and ING Canada.

In his almost 3-year tenure as CEO of the Singapore Exchange-listed Great Eastern Holding, the new business measure of total weighted new sales surpassed the S$1bn (Ł0.46bn, $0.8bn) mark for the first time in 2013.

Great Eastern in a separate statement, said it has begun its search for a new group CEO.

Chairman, Norman Ip, will take on an executive role and oversight during the leadership transition period.

In a statement from Great Eastern, Wei said: "My decision to leave has been strongly influenced by personal factors and geography and the desire to spend more time with family in Hong Kong."

Great Eastern, a subsidiary of OCBC Bank is the oldest life insurance group in Singapore and Malaysia with S$61.8bn in assets and around 4.7m policyholders. The group in addition functions in Indonesia, Vietnam and Brunei and has a joint venture in China as well as a representative office in Myanmar.

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