Aviva has appointed Matt McGill as managing director of its equity release unit, who plans to build on the investment group’s “recognised strength in this market”.

Aviva veteran McGill replaces Greg Neilson, who moves to a new role within Aviva Investors.

McGill is currently the managing director of the group’s workplace savings and retirement division.

However, he has worked for the business for just under 24 years in a variety of roles, such as director of Aviva investment solutions, head of propositions – Aviva corporate and business solutions and proposition development manager.

Aviva’s equity release business is number three in the UK, according to its 2020 annual report.

Its equity release mortgage sales slumped 38.8% to £562m last year, compared to 2019.

The report said: “Volumes were impacted by our ability to conduct in-person property valuations owing to lockdowns, nevertheless with £3trn of housing equity owned by over 55s, we expect demand for equity release mortgages to continue to grow into the future.”

The group says the new managing director of its equity release unit “brings significant experience and strong leadership to the team, with extensive experience in senior management roles in Aviva”.

McGill adds: “I am delighted to be taking on the role of managing director equity release and look forward to building on Aviva’s recognised strength in this market, which has great potential for further growth.

“Equity release has an important role to play as part of the range of solutions we offer to our customers to help with their retirement planning.”