Phau’s appointment, which is subject to regulatory approval, will be effective on August 18. She will also take on additional roles as executive director and CEO of both of the group’s two Singapore licenced insurers, Singlife and Aviva Singapore.
The scheme of transfer, which will combine both entities, has been approved by the Monetary Authority of Singapore (MAS). It is now subject to the approval of Singapore courts.
The appointment comes after the closure of the transaction in November 2020 when Singlife announced its merger with Aviva, making this one of the region’s largest insurance deals, and the largest in Singapore. Aviva Singlife is valued at $3.2 billion.
Phau will replace Nishit Majmudar, who is currently the CEO of Aviva Singapore. Majmudar will step down from his executive and board roles on the same dad. He will become a senior advisor to the board.
Walter de Oude, who was acting group CEO prior to Phau’s appointment, will continue on the board as deputy chairman at Aviva Singlife Holdings.
Phau comes with a wealth of experience in the financial services industry, including various senior leadership roles within the DBS Group in Singapore and Hong Kong. She is currently the group head of consumer products, marketing and ecosystems partnerships at the bank, and oversees product lines in the region.
“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,” says Ray Ferguson, chairman at Aviva Singlife Holdings.
“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,” he adds.
“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,” says Majmudar.
“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,” adds de Oude.
“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,” says Phau.
Source: The Edge Singapore