InsurTech

Aviva Singlife Appoints DBS Exec as Group CEO Following S$3.2 Billion Merger Deal

Insurer Aviva Singlife announced that it has appointed former DBS’ senior exec Pearlyn Phau as its Executive Director and Group Chief Executive Officer following its S$3.2 billion merger deal.

The merger transaction between Singlife and Aviva is said to be one of the region’s largest insurance deals and the largest in 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.

Pearlyn’s appointment as Group CEO will be effective on 18 August 2021 and is subject to regulatory approval.

A veteran in the financial services industry, Pearlyn has held various senior leadership roles within DBS Group, both in Singapore and Hong Kong. She is currently its 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, Pearlyn was the Deputy Group Head of Consumer Banking and Wealth Management and has also spent 4 years in Hong Kong as the Head of Consumer Banking and Wealth Management, DBS Bank Hong Kong.

Pearlyn has an exceptional track record of executing key strategies and business transformation initiatives across regional retail and wealth franchises, including being a key driver of emerging digital banking strategies. She was also instrumental in the negotiation, construction, management and delivery of DBS’ principal bancassurance partnerships and has built a deep network within the wider insurance community in Singapore and the region.

Following Pearlyn’s appointment in August, Nishit Majmudar, currently Chief Executive Officer of Aviva Singapore, will step down from his executive and Board roles and become a Senior Advisor to the Board.

Meanwhile, Walter de Oude, who has acted as Group Chief Executive Officer prior to Pearlyn’s appointment, will continue on the Board as Deputy Chairman, Aviva Singlife Holdings.

Pearlyn Phau

Pearlyn Phau said,

“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.”

Walter de Oude

Walter de Oude, Deputy Chairman, Aviva Singlife Holdings said,

“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.”

Featured image: Pearlyn Phau