Insurance giant Aviva has appointed Maurice Tulloch, the head of its international arm, as its new chief executive.

He will replace Mark Wilson, who is standing down after more than five years at the helm.

Mr Tulloch, who joined Aviva in 1992 and was appointed to the board in 2017, will receive a basic salary of £975,000 (€1.1m) and will be eligible for an annual bonus that pays out up to 200pc of that figure.

He will also be eligible to receive an award under Aviva’s long-term incentive plan for 2019, which typically pays out 300pc of base salary.

The new boss will also pocket pension contributions of 14pc of salary and £250,000 (€290,000) to assist with his relocation from Canada.

Mr Wilson is credited with turning the company around, but a decision in March 2018 to join the board of rival asset manager BlackRock angered some shareholders.

Chairman Adrian Montague said the new man in the hot seat knows Aviva “inside out” and is “exceptionally well qualified to re-energise” the firm.

Mr Tulloch himself said: “There is a clear opportunity to realise Aviva’s significant but untapped potential. Aviva is financially strong, we have a well-known brand and excellent businesses. But there is more to do to improve returns for shareholders.

“We must focus on the fundamentals of insurance and giving our customers the best possible experience – being there when they need us, protecting what’s important to them and helping them save for the future.

“With the care and professionalism of our dedicated people, I know Aviva will thrive.”

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