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Mark Wilson: Aviva's New CEO

Insurance veteran Mark Wilson is filling Aviva's vacant CEO spot at the start of 2013

Vincent Lui, CFA 21 November, 2012 | 12:16AM

Aviva (AV.) has appointed Mark Wilson to its CEO post effective January 1, 2013. Wilson will also be joining the insurance company's board this December. This comes after the company's former chief executive stepped down in May and clears the overhang related to the CEO search.

Wilson is charged with the responsibility of turning Aviva toward higher profitability and returns, which have been lagging as the company is burdened by its heavy exposure to Europe. The company is struggling to find the right balance of product mix and key markets to boost profitability and protect its capital position under the soon-to-be-implemented Solvency II. 

Wilson, an insurance veteran with 25 years of experience, was CEO and president of Hong Kong-based AIA Group (01299) until 2010. A highlight of Wilson's tenure at AIA was the company's high profile IPO in 2010, which raised a record $18 billion and put its US parent AIG (AIG) on course to repay its bailout.

After AIA, Wilson was involved with private equity firms. Earlier this year, he was rumoured to be joining forces with the Blackstone Group (BX) in bidding for ING's (INGA) insurance business in Asia.

We believe Wilson's experience in leading AIA and his turnaround expertise will be valuable to the revival of Aviva. 

Prior to AIA, Wilson was CEO of AXA's (CS) Hong Kong business--AXA China Region Ltd--and also performed other key roles in Hong Kong, China, and Southeast Asia.

The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Securities Mentioned in Article
Security NamePriceChange (%)Morningstar
Rating
American International Group Inc55.78 USD1.40
Aviva PLC495.00 GBX3.00
AXA SA19.31 EUR0.36
Blackstone Group LP34.34 USD0.23
ING Groep N.V.10.75 EUR-1.74
友邦保險控股有限公司42.50 HKD3.41
About Author

Vincent Lui, CFA  Vincent Lui, CFA is an equity analyst for Morningstar, covering life insurance companies.