Zurich Australia Life & Investments CEO Colin Morgan has been promoted to CEO of the group’s life business in the Asia-Pacific region.

He will be replaced in Sydney by Zurich Global Life Chief Risk Officer Tim Bailey, who will relocate from Switzerland. Mr Bailey has extensive experience in the group, including roles in risk management and finance and a spell as Zurich Global Life head of strategy.

Zurich Financial Services Australia Chairman Terry Paradine says Mr Morgan has repositioned the Australian life and investments business since joining in 2009.

“He has overseen a period of extraordinary growth in revenues, customer satisfaction and profitability,” Mr Paradine said. “As regional CEO, Mr Morgan will retain strong oversight of the Australian life and investments business, which has grown to become one of the key drivers of revenue within Asia-Pacific.”