Royal London will appoint Standard Life Aberdeen board member Kevin Parry as its chairman this week.
The company is set to announce that Parry will replace former Bank of England deputy governor Rupert Pennant-Rea, who has been in the role for five years, Sky News reported.
The appointment will see Parry step down from his role on the board of asset management firm Standard Life Aberdeen after joining in 2014.
He had been tipped to replace Sir Gerry Grimstone as the asset management firm’s chairman, however that job went to former HSBC chairman Douglas Flint in October.
Royal London is the UK’s largest mutual life insurance, pensions and investment company and has around £118.9bn of funds under management.
Investment company Standard Life Aberdeen was formed last year following the mega-merger between Standard Life and Aberdeen Asset Management.
The company has faced a number of challenges following the deal and has suffered from substantial outflows.
A spokesperson for Royal London declined to comment.