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Aviva (LON:AV) Life Insurance has approached IRDA for necessary approvals, regarding the appointment of TR Ramachandran, as the CEO for its Indian operations. Mr Ramachandran will succeed Bert Paterson, who has led Aviva India since September 2006.

Mr Ramachandran was with Citibank (NYSE:C) for the last 19 years where he held different roles in credit cards, assets, commercial and retail banking.

In his last role, he was head of retail banking where he was responsible for the entire retail bank, including wealth management, branch banking, investments and insurance, consumer assets and the NRI business.

Comments:

Simon Machell, CEO Asia Pacific, said: "Bert has been a part of the Aviva group since 1986 and we recognize his contribution towards the growth and development of the company. He has served in various roles in the actuarial, planning and strategy areas of the group. He has contributed to the success of the group in various countries including Turkey, Czech Republic, Romania, Hungary and most recently India. After 22 years with Aviva, Bert has now decided to pursue interests outside the Aviva group and we wish him all the very best in his future endeavors."

He added: "We welcome TR Ramachandran as the CEO of the Aviva India operations. Ram is a veteran in the financial services sector with 19 years of experience, and joins us with a proven track record of achievements. Aviva in the Asia Pacific region has a growth target of 20%, on a year-on-year basis and India is expected to be one of the key contributors towards the same. We are confident that Ram will lead the company to even greater success."

Bert Paterson, MD & CEO, Aviva India, said: "We have made enormous progress in Aviva India over the last two and a half years. We have grown strongly and, at the same time, laid the foundations for even more robust growth. Hence, this is the right time to hand over the reins to my successor. I am confident that in TR Ramachandran we have the right leader to take Aviva India forward. I would like to take this opportunity to thank the staff and board of directors of Aviva India for the support that they have always shown me. I know that they will provide Ram with the same support."

Speaking on the occasion, TR Ramachandran said: "India is one of the fastest growing insurance markets and being under-penetrated, continues to display tremendous potential. I am excited at the opportunity to leverage my sector experience, in strengthening Aviva's business in India and working with the management team at Aviva India, in leading it to the next phase of aggressive growth."