Aviva has appointed Mark Wilson as chief executive officer of the firm.
Wilson, who was chief executive officer and president of insurance firm AIA Group, was tipped to be the front-runner for this role and will assume his position at the start of next year.
During his time at AIA, between 2006 and 2010, he prepared the company for its initial public offering, which stood at $36 billion at the time of listing. AIA currently has a market capitalisation in excess of $46 billion.
Overall Wilson has more than 25 years’ experience in the insurance industry across life and general insurance, as well as asset management, across markets.
Since leaving AIA, he has been involved in private equity, with Blackstone and other private equity firms.
John McFarlane (pictured), chairman of the firm – who had been acting chief executive pending the appointment of a CEO – will become non-executive chairman at the start of next year.
McFarlane said: ‘His [Wilson's] appointment follows a comprehensive global search process which produced a shortlist of exceptional internal and external candidates.
‘The decision to appoint Mark was unanimous and I am confident he will not only execute the initial agenda currently in progress, but also steer the group forward successfully over the medium term.’
In his new role, Wilson will receive a basic annual salary of £980,000, as well as a bonus opportunity for 2013 that will pay up to a maximum of 150% of his salary.
Earlier in the year, Aviva’s chief executive Andrew Moss left the firm, telling the company it was in Aviva’s best interests that he left, following controversy over pay.
Moss was one of a number of high profile bosses to come under attack over pay at the insurer.
At Aviva's annual general meeting, he opted for forego his £45,000 pay rise, which would have nudged his basic salary up over £1 million.